cryptointuition posted: " Photo by Tetiana SHYSHKINA on Unsplash https://anchor.fm/s/5a96ee20/podcast/rss Summary Paypal is only getting started. #bitcoin --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app Support this"
Welcome to Crypto Intuition. I would like to begin by saying that I am not a financial advisor. Anything I say should not be mistaken for financial advice. This is for entertainment purposes only.
As Paypal continues its journey into the realm of cryptocurrency, it once again seeks to improve its market share by adding experts in compliance and money-laundering prevention, an indication to me that Paypal takes its customers' concerns top priority. In addition to those aforementioned, Paypal also seeks positions in the blockchain, crypto and digital currencies business unit. In a March interview, Dan Schulman, CEO of Paypal quoted, "There is a ton of opportunity for us to be helpful in creating that next generation of infrastructure. That's what this business is all about."
The Paypal crypto platform is still quite young, having only begun in December of 2020. They have huge plans to add more crypto assets, but as of now are only limited to four cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. This isn't always a bad thing. For instance, Paypal is a good place to start if you are just a beginner. It forces you to not be overloaded with clouds, meaning not being exposed to too much at once. With thousands of crypto assets out there, it could be overwhelming in terms of which crypto one should invest in.
Out of all cryptocurrencies out there, the management team picked Litecoin, Bitcoin, Ethereum, and Bitcoin cash to start. Why? They all have long proven durability. They have been around for quite awhile and have proven time and time again their staying power through bad times in the market and good times in the market. It will be possible to transfer your crypto to other exchanges in the future as well. They are still improving.
The platform is very simple. Right now, it's too simple, perfect for a beginner to start in crypto. There are fees, of course, but that's insignificant. And, most importantly, they provide account statements with crypto transactions and will provide you with a 1099-B that you can reference when you file for your taxes. Talk about convenience.
Thanks for listening to Crypto Intuition. Good morning, good afternoon, and good night, depending on which side of the world you may be listening from. Remember to bookmark my podcast anchor.fm/cryptointuition. 'Til next time.
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