Paypal has moved into accepting and making payments using Bitcoin.
Bitcoin is an online currency that you can be purchased or mined to make transactions with all over the world, as well as in peer to peer transaction with zero or low payment fees. It manages to keep costs down as it is not using a central bank or authority to process the payment.
The fact that PayPal has now given the go-ahead for them to start using it as part of their online payment is a step in the right direction for the alternative payment company.
Bill Ready, CEO of PayPal subsidiary Braintree payments wrote on their website, “We’ll enable our customers to easily accept bitcoin in the coming months via a partnership with coinbase – a trusted, high quality bitcoin payment processor with 1.6M consumer wallets and 36,000 merchants globally.
However, to start with there will be a few restrictions as to what you can do with the online currency. Bitcoins will not be able to be kept in the virtual wallet like other currencies currently can be and only merchants that have adopted Braintrees V.zero SDK are the ones who can accept the payments.
Bitcoins are becoming more and more popular for online transactions. Ready continued on the website saying, “At Braintree, we’ve been an open platform from the beginning, striving to give merchants easy access to the most sophisticated payment tools, which now includes the most relevant wallets across platforms — all via a single integration, the Braintree v.zero SDK. Today, this includes PayPal, with over 150M active digital wallets, Venmo, which is processing more than $1.5B in mobile payment volume annually, Coinbase in the coming months, and whatever is relevant for developers and merchants in the future.”