As many of you might have already noticed, during the times we’re living, buying cryptocurrency is easier than ever before. However, the fact that you can acquire digital currency so easily can also represent a huge opportunity for scammers. You need to be extra careful which exchange you choose because, as you will see, you may not own the crypto that you’re buying.
This brings us to PayPal crypto, a subject that has been going around for quite a while. Not many people truly understand what’s the deal with this. It all began last year when PayPal started allowing United States users to buy, sell, checkout, and hold the most popular crypto.
Besides that, Venmo, which a PayPal-owned mobile wallet, also lets clients buy and sell crypto. You don’t even need to open any crypto-related account to do this. Now it seems that the crypto you hold in your wallet may not be actually yours. Here are more details about PayPal crypto!
More on the PayPal crypto controversy
Usually, once someone buys cryptocurrency, they also receive a public and a private key. The public one is the actual address of your wallet. The private one allows you to control the said wallet. In the case of PayPal crypto, people don’t receive a private key. In fact, the FAQ section on the website clearly states this. Moreover, people cannot move their digital coins to cold storage or transfer them to any wallets that are not PayPal-owned.
However, according to some experts, this may seem bizarre but it can actually be beneficial. This can prevent money laundering triggered by e-wallet transfers. Besides that, there are a lot of people who don’t want yet another responsibility on their shoulders. So, it’s more comfortable for them to not have full control over their crypto at all times.
For example, a lot of people lose both of their keys and lose access to their cryptocurrency. In this case, having PayPal keep your private key can be a very good thing.
How to buy cryptocurrency
The interface created by PayPal is very intuitive and user-friendly. All you have to do in order to get some crypto is to click on a button located under bitcoin that says “Buy”. Clearly, this is a service for people who don’t want to buy a lot. Also, those who really want complete control over their e-wallet will most definitely not use this service. PayPal knows this and doesn’t even want to convince these people.
As for risks, there is always a degree of it whenever you go on an online exchange. For example, PayPal is known for freezing accounts out of the blue sometimes. Being a centralized exchange, there clearly is a potential threat floating around at any given time. This means that there is no right answer here and that people are free to choose their own path.
Of course, this doesn’t mean that the whole concept of PayPal crypto cannot change. There is nothing stopping the company from switching its views. However, until that happens, there are a lot of alternatives out there if you want to trade in crypto.
One of those is AlphaFXC Trading, a well-known brokerage firm that employs an innovative social network for faster and smarter trading activities. Besides that, this broker has a fresh vibe that might attract the younger traders too.
Their final goal is to be the world’s leading provider of investment advice and trading platforms. AlphaFXC Trading tries and succeeds in providing tailored customer service with a straightforward and user-friendly interface. The official AlphaFXC Trading website can answer all of your questions in case you’re thinking about working with them.
Our second recommendation is FinAcademy, a platform run by a team of professionals with over 20 years of experience who have one goal in mind: to educate both beginners and experienced people in the art of sophisticated trading and investing. This academy offers courses and e-books for those who really want to start learning how to trade, including crypto, Forex, stock market, indices, and CFD trading, among others.
Among the FinAcademy services and offerings, there is a series of incredible trading courses that all customers can have access to. The official website of the academy holds more details about these course packs and their whole educational offer. Check it out!