Cryptocurrencies were at a huge hike in 2017 and the hype does not end in 2018 as well. There are a lot of people who supported cryptocurrencies but also a lot of people who disliked and opposed it. Recently, the chief executive officer and president of Paypal gave his view on cryptocurrencies. During his speech at the Economic Club of New York which was present in Manhattan, Dan Schulman referred to cryptocurrencies as an uncertain investment. He said that it is an uncertain investment because it has an uncertain future, which might even be correct but nobody knows, as of now.
Moreover, according to him, cryptocurrencies are nothing but an experiment and it is very unclear if it will stay or just vanish away. There are many things he does not like about the cryptocurrencies and believes that the regulations need to be gone through and be sorted out.
Does Paypal Want To Expedite Transactions Through Virtual Currency?
A news broke out earlier this week and it said that PayPal is not considering Cryptocurrencies a good choice and hence have filed for a patent to expedite transactions via virtual currency. Some Bitcoin lovers and enthusiasts assumed that PayPal is not at all supporting Cryptocurrencies. The fun fact, however, is that many analysts are saying that it has been 18 months since the patent has been filed by the company. It was actually made public recently and nobody but special analysts knew about it.
Moreover, one of the spokeswomen had made the statement that they are interested to accept any kind of technology that would help them accomplish their mission and indulge financial potentials. According to Schulman, blockchain is way more reliable and effective in comparison to cryptocurrencies. It is also believed that blockchain has the perspective to transfigure each and every steps underlying transaction followed by the growth of the community.
Paypal Is Not Getting Into Cryptocurrencies (Bitcoin) For Now
There was a lot of hype which could be seen regarding PayPal’s take on cryptocurrencies and recently it has been made clear. They may give it a second thought in the coming time, but for now, they are not getting into Cryptocurrencies. PayPal is open to new technologies, but it must have the potential to serve their goals. Many Bitcoin enthusiasts are already questioning this decision by PayPal and they’re receiving a lot of criticism from people on Twitter as well. As we all know that Ethereum is the top-notch blockchain-based portal available for digital transactions, So there is a huge controversy if it can be purchased using PayPal.
The answer is very similar to the statement made by CEO of PayPal against the cryptocurrencies. Some say it is possible and some are still in a dilemma. There are two methods specified using which one can buy Ethereum with the aid of Paypal. The process begins with logging into the coinbase followed by selecting the required Ethereum and then entering the amount that is to be invested. Before clicking the buy button it is highly recommended to go through the details carefully. There’s another method as well for people from different countries. So, the irony is it isn’t accepting the tokens, but trading it.
What Does Paypal Have To Say About Blockchain?
Schulman is more excited about blockchain than cryptocurrencies even though they believe that cryptocurrencies will succeed. He told everyone who would listen that blockchain will be a different scenario altogether. He anticipates that it is going to be a larger picture and cryptocurrencies are just one mere application. The spokeswoman also said that PayPal is looking for various potential ways through which it can make full use of the blockchain. PayPal definitely assumes that blockchain is the next big thing.
It is of utmost importance to manipulate the administrative controls in order to maintain a proper regulation of organizational systems. The solution is blockchain as it embeds in it the digital code for the shared data and makes it transparent at both the ends. Revolutionizing business with the aid of blockchain is within spitting distance. It is beyond question that blockchain will engender endowment for our community-based systems. Unlike cryptocurrencies for blockchains, there are a plethora of miners with high powered enumerated resources.
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