Paypal, the company that initiated the electronic money transfer industry, has planned to <a href="https://www.cryptoknowmics.com/news/paypal-to-launch-crypto-services-directly-from-existing-accounts/">introduce cryptocurrency services</a> to customers directly from their existing accounts. But experts suggest the company might strip several salient Bitcoin features from its product.
<h2>Mixed Reactions to PayPal’s Crypto Services Offering</h2>
Some have rejoiced with the news of PayPal’s <a href="https://decrypt.co/45827/why-paypal-could-kickstart-bitcoin-mass-adoption">Bitcoin adoption</a> and cryptocurrency market entry. The crypto market responded favorably with the announcement, which led to a rally in the price of BTC, briefly hitting $13,000 on October 22, 2020. But others think the forthcoming feature is a bad look for the world’s largest cryptocurrency as it lacks private keys.

The crypto investors would seek to invest in assets that can be transferred, whenever they want to transfer it. However, the crypto in the respective account <a href="https://twitter.com/100trillionUSD/status/1318908402064625664">cannot be transferred</a> to other accounts on or off PayPal. It will be like holdings in a central database. 
<h2>Support for PayPal From Industry Leaders</h2>
PayPal does get support from Blockstream CEO Adam Back and Kraken's director Dan Held. Both suspect that the firm could follow the lead of other platforms and add withdrawal features later.

[embed]https://twitter.com/danheld/status/1318936752283742212[/embed]
<h2>Resistance to PayPal’s Crypto Services Offering</h2>
According to Casa CTO Jameson Lopp, PayPal is not introducing crypto services to trade but to keep it as a holding for a long-time, which is actually IOUs. In other words, it will have control over keys and coins.

[embed]https://twitter.com/lopp/status/1318903109553410048[/embed]

Moreover, SatoshiLabs, the creator of the Trezor <a href="https://blog.trezor.io/why-you-should-not-use-paypal-for-bitcoin-f6e2d436ca96">hardware wallet</a>, stated people not to use PayPal for Bitcoin. Indeed, from next year PayPal plans to allow users to actually use Bitcoin for payments, though merchants will receive dollars rather than BTC.

Experts Suggest to Resist Bitcoin Trading at Paypal

Experts suggest PayPal might strip several salient Bitcoin features from its cryptocurreny services, so it's better to exclude Bitcoin trading on PayPal.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. He also holds a Master's degree in Technology. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

Experts Suggest to Resist Bitcoin Trading at Paypal

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