“PayPal and its upcoming stablecoin – will it become easier to buy cryptocurrencies online?

A few days ago, news broke that PayPal, the popular US fintech company, has added stablecoin to its roster. The move follows the company’s decision last year to allow users to send, receive and transfer popular coins such as BTC and ETH.

At Bintense, we are constantly monitoring the markets and trying to find out how the latest developments might affect the way people buy cryptocurrencies online. Today, we want to discuss the possible implications of the PayPal decision, as well as give you a glimpse into the fascinating world of stablecoins.

What is a stable coin?

A stablecoin is a cryptocurrency that is stable in value, unlike other cryptocurrencies such as Bitcoin, which can be very volatile. It is like digital money that aims to be priced close to a real-world asset such as a traditional currency like the US dollar or a commodity like gold.

One of the important advantages of stablecoins is that their value is more predictable, which can be useful for everyday transactions and for storing value. They can also be used to send money more easily and quickly to other countries and can be used to place capital without fear of sudden price changes.

This stability makes stablecoins a useful tool for people who want to buy cryptocurrencies online and use them without the uncertainty that comes with conventional cryptocurrencies.

Improving conditions for buying cryptocurrencies online?

“The launch of the PayPal USD (PYUSD) stablecoin has attracted the interest of large fintech companies in the blockchain field. However, in terms of the wider implications for how cryptocurrencies can be bought online, we do not believe there will be any major changes.

The PYUSD is not a pioneer of stable currencies. It was preceded by many others, including Tether, USD Coin, DAI and BUSD. Most of these tokens are also backed by the US dollar, so there is nothing new here in terms of the cryptocurrency market as a whole. However, it can certainly change the way you use PayPal.

On the other hand, PayPal’s example may soon be followed by more companies adopting stablecoin blockchain solutions, because of the unexplored potential in this area, as well as the potential to increase productivity, promote transparency and empower the unbanked.

Impact on the general public

Greater choice is one of the main advantages of digital assets. If you want to buy cryptocurrencies online, PYUSD is another coin to consider, but the list itself is very long. This token runs on the Ethereum blockchain and is issued by Paxos Trust, a company specialising in blockchain solutions, among other services.

In addition, as established fintech companies enter the blockchain space, traditional cryptocurrency brands are facing more competition, which encourages them to provide more competitive services to their customer base. Bintense is authorised to provide cryptocurrency exchange services, we are constantly striving to improve the conditions and aim to offer the right solution to anyone interested in cryptocurrency acquisition.

If you want to delve deeper into the topic of stablecoins, there is a wealth of information about them on the internet and on our Bintense blog.