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PayPal has announced that they will be adding support to buy, sell and hold select cryptocurrencies. This will have a direct influence on the state of online gambling with regard to crypto. Having a top-tier payment processor add the ability to use these currencies is a very good thing for players at casinos that accept PayPal.
Cryptocurrencies Coming to PayPal
In the online casino industry, payment processing is a pretty big part of the overall equation. Without the ability to move funds to and from an online casino, you won’t be doing much playing. Over the past several years, more players have shown an interest in using cryptocurrencies like Bitcoin. While a lack of stable, reputable options and a bit of a learning curve have kept many from using it for deposits and withdrawals, a new announcement from PayPal could change all of that.
By the end of the year, PayPal has announced that they will be offering services for the most popular cryptocurrencies.
This is obviously a pretty big deal for cryptocurrencies in the general sense. However, it’s a big deal for online casino players in particular. This is because it marks the first time that a highly regarded processor with a long history and reputation will be using payments compatible with the top crypto options.
Which Cryptocurrencies Are Included in This?
The four top cryptocurrencies are going to be made available first. This includes Bitcoin, Bitcoin Cash, Litecoin and Ethereum. These are already the four used the most often in the online gambling industry. As a result, players who already use crypto will simply have an easier time moving it back and forth. However, players who haven’t can try it out and see what all of the fuss is about.
Some players may wonder why more obscure crypto options like Dogecoin, which are accepted at some online casinos, will not be available. The reason is pretty simple: With the right technical knowledge, anyone can create a cryptocurrency. Likewise, there are a ton of them out there. PayPal has certain standards to uphold, but they also have to limit the resources they have on this to what’s reasonable. As such, only the top four are being supported.
What Will Change for Crypto Players?
The question on a lot of players’ minds, especially if they already use crypto to play, is what will change for them. The fact of the matter is that we simply don’t know yet. However, we can make some pretty strong guesses as to the following based on what has happened leading up to this moment:
- We think it’s unlikely that any sites that offer Bitcoin and other cryptocurrencies will stop doing so due to this.
- It’s likely that more casinos will add cryptocurrency support as long as it comes through PayPal.
- We also think that this will increase the demand for casino sites to offer PayPal as a payment processing partner.
Other than that, it’s hard to say what the changes and affects on the industry will be. One thing we can say for sure is that this is going to increase the legitimacy of the digital currencies in the minds of the members of the general public. As such, we can only imagine that this is going to increase the demand for it. Subsequently, this includes an increase in demand for use in online casino deposits and withdrawals.
Are You Ready to Get Started With Crypto?
Now is an excellent time to hop in and check out how playing with cryptocurrencies like Bitcoin, Litecoin, Bitcoin Cash and Ethereum really works. While different sites can handle them differently, the learning curve isn’t as bad as people think. If you’ve learned how to use PayPal or another digital wallet to fund your account, then you’ll have no problem learning how to do so with any of the top four crypto options. On top of that, it’ll become even easier once they’re fully integrated into PayPal’s platform.