PayPal Will Let You Use Bitcoin. But Why Would You?
If you think the price is going to the moon, what’s the benefit of exchanging it for ostrich boots?
Is it an investment or a form of payment?
Photographer: Dan Kitwood/Getty Images
Are Bitcoin and other cryptocurrencies truly currency?
I’m hardly the first person to ask this question, but it looks increasingly likely that the world will get answers soon. PayPal Holdings Inc. on Tuesday announced a new service called “Checkout with Crypto,” which promises to allow customers to select either Bitcoin, Litecoin, Ethereum or Bitcoin Cash as a payment method to buy goods from millions of merchants worldwide. Once the purchase is confirmed, PayPal will convert the cryptocurrency to fiat on behalf of the customer, who will receive both a receipt and a record of the crypto sale. Chief Executive Officer Dan Schulman demonstrated the service in a video that showed him buying ostrich cowboy boots. The company says the new feature “expands the utility of cryptocurrency” and follows Elon Musk’s announcement that Tesla Inc. will accept Bitcoin for cars.