• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • About
  • Financial Disclaimer
  • Privacy Policy
  • Contact Us

Cryptocurrency

By Onaolapo Adeyemi

About Cryptocurrency

Crypto is a computer-generated file designed to be a completely digital store of value that isn’t connected to anything tangible in the real world. Short for cryptocurrency, many believe crypto could one day be as commonly used as cash and credit, but as of the date of this article, this form of currency is not widely accepted yet and currently cannot be used as a way to pay or send money on financial platforms like PayPal. Rather than paper bills, crypto is counted in digital units or “tokens” that can be purchased and sold in fractions.

Crypto has grown significantly since the introduction of Bitcoin in 2009. But it’s still relatively young compared to centuries-old stock markets around the world. Volatility is part of the growing pains as the market reacts to each new development.

Cryptocurrency: Regulation

For the time being, cryptocurrencies aren’t regulated by governments or central authorities like federal regulatory agencies because they don’t belong to any nations, organizations, or private companies.

Most cryptos work on an ecosystem of computer programs running on thousands of devices around the world, known as blockchain technology. Since many of the most prominent blockchains are public, the information in these networks is protected using cryptography, or complex computer-generated code — this is what puts the encryption or “crypto” in cryptocurrency.

Every day, people around the world are developing new cryptos and apps to advance the technology. Some ideas are full of potential, some ideas don’t pan out. And because innovations affect the rate of adoption, each success and failure can have a strong impact on the entire crypto market.

Cryptocurrency: Getting started

Crypto, short for cryptocurrency, is a digital currency that you can buy and sell. The value of crypto will rise and fall — sometimes very quickly. We recommend doing your research and considering the risks before buying. You can buy fractions of crypto for as little as $1. It’s ok to start small and grow as you go. Crypto is considered volatile because of how much and how quickly its value can change. And while there’s potential for profit if your crypto goes up in value, you also face the risk of losing money if the value goes down. Here are some factors that may help to understand why crypto is volatile.

There are many platforms that provide you the opportunity to buy and sell a cryptocurrency, but I personally use Paypal. With PayPal, you can buy four different cryptos: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. You can also sell the crypto you buy on PayPal or hold it in your PayPal account. If you have a PayPal Cash account, all you need to do is confirm some account info during your first purchase. If you don’t have a PayPal Cash account, you can apply for one during your first purchase.

When buying and selling crypto, there is a transaction fee and a currency conversion spread, which is included in the exchange rate. You’ll see the transaction fee and final exchange rate before confirming any purchase or sale of crypto (See rates and fees at https://www.paypal.com/en/webapps/mpp/paypal-fees). There are no fees for holding crypto in your account. Since crypto is digital money, you’re essentially swapping one currency for another when you buy and sell it. The exchange rate tells you how much crypto or dollars you’ll get in the swap and refreshes often because the value of crypto is constantly changing.

Currently, you can only hold the crypto that you buy on PayPal in your account. Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal.

Will PayPal protect my crypto?

PayPal works 24/7 to prevent theft and fraud. If you suspect fraudulent activity on your account, please contact customer service by visiting https://www.paypal.com/us/smarthelp/home or call (888) 221-1161 immediately to report it and we’ll review your account activity.

What we can’t protect you from are losses that result from crypto prices going way down. Yes, crypto can be fun and exciting, but it’s also volatile, so we recommend doing your research and making decisions carefully.

Will I get a private key for the crypto I buy on PayPal?

You own the crypto you buy on PayPal but will not be provided with a private key. In case you’re wondering, a private key is a person’s secret code to access and manage their crypto. If lost, stolen, or even forgotten they can never get to their crypto again — pretty risky in its own right. As long as you can log in to your PayPal account, your crypto will always be at your fingertips.

Where does the money go when I sell my crypto?

The money goes directly to your PayPal Cash or PayPal Cash Plus balance where you can use it as you normally would.

How long does it take to receive money from selling crypto?

Usually, the money you receive from selling crypto will be available instantly in your PayPal Cash or PayPal Cash Plus balance. As with all transactions, crypto sales are subject to review and could be delayed or stopped if there’s an issue.

 

 

Filed Under: Buy and Sell Crypto, How It Works Tagged With: crypto, PayPal

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Crypto Market At A Glance

Name Price
Relevant
Relevant (REL)
$0.73
TICOEX Token
TICOEX Token (TICO)
$0.001366
bitcoin
Bitcoin (BTC)
$27,691.00
ethereum
Ethereum (ETH)
$1,763.45
tether
Tether (USDT)
$1.01
binancecoin
BNB (BNB)
$325.88
usd-coin
USD Coin (USDC)
$1.01
ripple
XRP (XRP)
$0.460563
cardano
Cardano (ADA)
$0.357603
dogecoin
Dogecoin (DOGE)
$0.075217
Powered by CoinGecko API
BuyBitcoinswithDebitCard

Categories

  • Buy and Sell Crypto
  • Cryptocurrency Types
  • History
  • How It Works
  • S&P 500

Recent Posts

  • S&P 500 Market Index
  • Foreign Currency Exchange
  • Bitcoin
  • Cryptocurrency
  • Trade Now With These Forex Trading Tips

EXCELLENT BLOGS I FOLLOW

Cryptomate
Shane Melaugh's IM Impact
The Social Sales Girls
Stuart Walker's "NicheHacks"
Mathew Woodward's Blog
Kim Roach's "BuzzBlogger
Amy Porterfield's Blog
John Carlton's "The Rant"

FORUM LISTINGS

FindAForum.net

Tags

Anything in here will be replaced on browsers that support the canvas element

  • foreign exchange trading
  • forex trading
  • foreign exchange market
  • forex market
  • foreign exchange
  • currency pair
  • currency pairs
  • stop loss orders
  • stop loss
  • canadian dollar

Footer

Legal

  • Adsense Disclaimer
  • Anti Spam Policy
  • Copyright/DCMA Notice
  • FTC Statement
  • Privacy Policy
  • Terms Of Use

Categories

  • Buy and Sell Crypto
  • Cryptocurrency Types
  • History
  • How It Works
  • S&P 500

Copyright © 2023 ยท Log in

Go to mobile version
pixel