If you are a user of Bitcoin then you know how much trouble is involved in simply getting your money in fiat currency. At least in the United States. With this partnership between Paypal and Bitcoin, we are seeing a step, albeit a small one, towards making trading Bitcoin for United States dollars easier. The problem with this deal is, it is currently one way only and only in the United States.
That is right, for now you can only cash out your Coinbase held Bitcoin via Paypal. You cannot purchase the cryptocurrency with your Paypal money unless you have a credit card from the online payment service. With a credit card from Paypal you can currently purchase Bitcoin through many services, not just Coinbase.
For now, you can only cash out your Coinbase Bitcoin to Paypal, not buy.
To enable Paypal transactions on your Coinbase account you will need to visit your “payment methods page” in a browser. The other option is to use the Coinbase app, for Android and iPhone, and click “settings” then click “Payment Methods”.
For those that are reading this wondering what is so great about this development. Paypal has purportedly over 180 million users. If Bitcoin users are able to easily transfer their Bitcoin to Paypal and use that domestically then it will surely add value to Bitcoin in general.
The mainstream media seems to only be interested in promoting the illegal activities in conjunction with Bitcoin. This has given the cryptocurrency a shady image, one that is not whole heartedly deserved. There are plenty of legal uses for Bitcoin and more are becoming mainstream every day. This announcement between Coinbase and Paypal is a small step, yes, but it is a step in the right direction for mainstream acceptance of Bitcoin.
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