Bitcoin, Ethereum, Litecoin and Co. can not only be used to pay for a Tesla. Other companies are also jumping on the bandwagon and want cryptocurrencies. Now a company is starting with it, through which the breakthrough to the everyday means of payment can succeed.
Bitcoins are at the center of the hype and the sometimes wild speculation surrounding cryptocurrencies. But the most famous representative is not alone. The payment service PayPal accepts Litecoin, Bitcoin Cash and Ethereum as a means of payment in addition to the most famous digital currency. And not sometime in year X, but right now. This amounts to a new dimension for cryptocurrencies. Because it is now already possible to solve virtually all purchases with your Bitcoin wallet. At least everywhere where it is possible to pay with PayPal.
PayPal accepts Bitcoin
While Tesla, for example, has probably given cryptocurrencies a rather emotional boost, but probably only marginally increases the volume of purchases with Bitcoin and Co, Paypal’s decision pushes open a new door for the end consumer. You get a receipt for the purchase of the goods and a receipt for the sale of the coins after the payment process, according to PayPal. There are relatively few regulations or restrictions on this. You can only use one currency at a time. Further, only those currencies are displayed with which you also have enough funds to make the purchase.
Bet on the future
The whole thing is a game with fire with the still violent volatility of cryptocurrencies. And a bet on higher prices. At least on the part of PayPal. Because how many Bitcoins PayPal converts into dollars in order to pay is constantly changing and can sometimes fluctuate in the mid-double-digit percentage range. The real price of the goods in relation to the dollar remains unaffected. Only one industry is being lifted to the skies by cryptocurrencies with hefty price premiums. Graphics cards have been in short supply for months and prices are going through the roof.
Now before you pull out the Bitcoin wallet and your PayPal app, the bad news. PayPal has only integrated cryptocurrencies into its own system in the US so far. It’s not yet clear when that will change.
Buy bitcoin anonymously: What you need to know
Bitcoin is a cryptocurrency that you cannot buy anonymously as easily as other cryptocurrencies. We will show you what hurdles await you and how it can still work. Did you know, that you can also lend Cryptocurrencies?
Buy Bitcoin anonymously – this is how it works
Bitcoin is among the cryptocurrencies that are not inherently anonymous. In a transaction, at least one of the partners involved has to give up their anonymity to some extent.
- Bitcoin Exchanges: There are Bitcoin Exchanges especially in larger cities. Sellers and buyers meet there. Here you can buy Bitcoins for cash. This preserves your anonymity more securely than any other method.
- Bitcoin ATM: Find out where the nearest Bitcoin ATM can be found. There you can buy Bitcoin for cash just like at a cigarette machine. Do not provide a Bitcoin address when doing so.
- Paysafecard: Get yourself a Paysafecard. You can get these at numerous gas stations and supermarkets. This card can serve you as an anonymous means of payment for the purchase of Bitcoins.
- PayPal: Set up an anonymous PayPal account. You will need an anonymous credit card to do this.
- Bitquick: This is a platform that acts as an escrow account. After the seller deposits the bitcoin with Bitquick, the buyer pays and then receives the cryptocurrency. You need to provide a phone number for the transaction.
- Wall of Coins: you also need a phone number for this variant. It is a peer-to-peer network where all users can provide and accept services equally.
- Bitcoin Mining: If you mine Bitcoin yourself with your PC, you remain anonymous. However, efficient mining is hardly possible due to the computing power required and the electricity costs incurred.
Anonymity of cryptocurrencies – the backgrounds
At first glance, one would assume that cryptocurrencies inherently offer anonymity and security.
- In fact, however, Bitcoin transactions can be linked to users and thus tracked. Other cryptocurrencies, however, remain anonymous, such as Dash.
- When the first cryptocurrencies came onto the market, they were not yet regulated. Today, relevant laws exist that require trading platforms to share data for law enforcement purposes.
- These requirements differ from country to country. While they are stricter in Germany, for example, there are less strict rules in Switzerland.
- Even if your Bitcoin address is anonymous. Your user data is associated with it, for example, phone number, address, account data and some more. Many trading platforms do not use anonymization tools for transactions.
- A lot has happened since the development of cryptocurrencies, and the laws regarding them are also constantly changing.
- Under certain conditions, buying and selling Bitcoin is now taxable.
- So, should you trade Bitcoin anonymously, always stay well informed about the current regulations. This way, you can rule out any illegal actions on your part.