
PayPal Adds Crypto Transfer to External Wallets and Exchanges Functionality
PayPal said the feature is currently available to selected US users.
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Bitcoin Cash (BCH) is peer-to-peer digital money for the Internet. It sprang out on August 1, 2017, when bitcoin network was officially forked into two separate blockchains creating two cryptocurrencies – Bitcoin and Bitcoin Cash (BCH) respectively.
The main reason for the fork to take place was scalability problem – the original Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second. Although it was technically simple to raise this limit, crypto enthusiasts failed to reach any consensus, even after years of robust debates.
A new cryptocurrency is thought to be backed by a version of the blockchain that boasts a unique technical roadmap. In particular it means adjustable blocksize limit with an increased default of 8MB, replay protection and protection against hashrate fluctuations, improved hardware wallet security, and upgraded consensus rules.
Requiring no third parties in order to operate, Bitcoin Cash is fully decentralized and resistant to any political or social effects on protocol development.
PayPal said the feature is currently available to selected US users.
This news comes while the crypto industry is in a bear market. The Paris-based fashion house, however, has made it clear that its crypto plans are long-term.
The growing popularity of cryptocurrencies has continued to attract a lot of prominent fintech firms with PayPal coming off as one of the many.
Gucci is going to accept payments in 12 digital assets.
Bitcoin price traded around $38,530 at the time of reporting, having gained approximately 0.5 percent in the past 24 hours.