Should You Use PayPal for Crypto Casino Payments? The Pros and Cons
Both the new growing stories have fixated in unison. Thirty years back, there was no mention of PayPal and the online casino industry. Undoubtedly, the scenarios have changed now. From a non-existing mode of payment to the most popular choice, PayPal has come a long way. An estimated count shows the number of PayPal users worldwide.
The count says 400 million users across the world, with a rising trend. Thanksgiving goes on the internet, and the success story has a lot to narrate. Although the payment mode has numerous benefits, it brings along some disadvantages that we will note in the later section of the article.
Understanding PayPal in Crypto Casinos
Payment processing companies are slowly evolving and taking better turns to appeal to their ever-growing user needs. PayPal is not an exception. The recent feature that PayPal announced – Checkout with Crypto is now acquiring a significant appeal among customers. It allows users to make payments with cryptocurrencies.
The feature is for anyone with crypto holding in the US market. With an increase in the number of online casinos, the number of PayPal users is also increasing rapidly. There are several roles and reasons why PayPal is gaining profitability and popularity in the casino industry.
PayPal announced the welcoming of its cryptocurrency service in October 2020 and enhanced the scope for acceptance of Bitcoin and other currencies. How to use this feature?
You can visit your PayPal account; go to the Finances tab from the homepage. The symbol changes according to the browser and the interface. From the Finances tab, select Crypto purchase, sell and know more about Bitcoin, Bitcoin Cash, Ethereum, etc. Here, click on the buttons to buy, or click on the articles on the right side of the page to learn more. If you buy crypto from this mobile interface, the page displays your portfolio balance, mentioning how up or down you are.
An alternative way to use PayPal’s Checkout with Crypto feature is listed here:
Select an online store that accepts and allows PayPal checkout. Add items to your cart generally as you do.
- If you have more of a single currency mode in your PayPal account, crypto will be shown as a payment option.
- If you have several crypto options, you can select from these: Bitcoin, Bitcoin Cash, Ethereum, or Litecoin.
- Cryptocurrencies can’t be mixed while making a purchase. Instead, you are allowed to choose a type. Additionally, you can fund a partial payment with crypto followed by another payment method.
- Once you have chosen the type of cryptocurrency you wish to take, it will be transformed into fiat currency. After this, the transaction will be completed.
While selecting cryptocurrencies, remember Coinbase does not allow gambling transactions. It has blocked users from cashing any crypto into their accounts. Many users have received emails from Coinbase stating the same. The ones with emails can receive the crypto functions but are barred from using any payment function.
You can also visit https://www.btcmaniacs.com/ and find out more there.
Advantages of Using PayPal for Deposits and Withdrawals
As mentioned earlier, PayPal’s enormous decision impacted the entire casino market. The newly launched service allows players to buy, sell, and hold their currencies. The new launch changed the entire crypto casino market and created enormous waves in the Bitcoin community. Soon, the price of Bitcoin skyrocketed. This got several pros and cons in the crypto market as well. Let’s take a look at this.
Security: PayPal is one such crypto payment market that uses high levels of password protection and security. This ensures players about their data is protected against cyber threats. PayPal instills a zone of confidence within them to assure their dealings are safe from cyber-attacks and that the payments will be handled extra safely.
Speedy payment: casino players want to access their money as quickly as possible. Speedy deposits and withdrawals are what users want and what PayPal offers. While using a casino, players want to get their hands on the amount or the winnings quickly. PayPal allows its users to do so and assures them of safe and fast payment.
Convenience: Setting up a PayPal account is tedious, but once it is done, operating with it is the most convenient and easiest option available to users. Making payments through PayPal is far easier than any other card payment, which requires feeding in data every time. All you need to do is log in to your account and make the payment.
Flexibility: A positive balance in the PayPal account allows the user to do many things. The amount can be entirely transferred to their personal account or can be used for paying for external goods or services online. This flexibility adds to PayPal’s overall adaptive trends and makes it more usable for users.
Disadvantages of Using PayPal for Deposits and Withdrawals
PayPal has multiple benefits, but here are some of the major reflected disadvantages of the payment processing company. It isn’t easy to trade PayPal with Bitcoin and distinctive currencies. The fee is a huge turndown for some of the traders. If you don’t care about your transactions being run fast, you can go for an affordable option.
The fees are comparatively very lower when you are dealing with minor cryptos that offer inexpensive currencies. However, with Bitcoin being at $30,000 these days, the trade fee is actually very high. The price is extraordinarily high, especially if you deal with coins. The expenses are high when compared to debit or credit cards. This makes the biggest downside of paying with PayPal as a crypto.
PayPal is the fast-growing, popular choice among users when it comes to making payments with cryptos these days. It has various advantages over other modes of payment, including high security, convenient options, and fast payment procedures. On the other hand, the fee is slightly higher due to the increased price of BTC. The ongoing crypto market mostly relies on PayPal for major operations and offerings.