No one can deny the utility of cryptocurrency and blockchain technology. Two years ago, big financial institutions have viciously attacked Bitcoin and everything which comes with it simply because it goes against their interests and leaves them unable to come up with a middle-man service to pocket fat fees off of your transactions. As Bitcoin started to lurk out of its shadows to the mainstream landscape people recognized how badly they were taking advantage of by their banks and payment gateways. As people started to make more free blockchain transactions online and for obvious reasons, the banks and payment processors desperately attempted to close the pandora box but failed miserably. Now that they are sure they cannot stop the adoption of blockchain technology and Bitcoin, they want to get a big piece of the action.
On March 30 of 2021, Paypal Ceo and president Dan Schulman introduced a new service called "Checkout with Crypto", the service will enable you to make crypto transactions on websites that accept Paypal Checkout, once you make transactions using Bitcoin or any other supported altcoin, Paypal will then convert your cryptocurrency into fiat and send it to the seller. There will be no fee for your crypto transactions done with Paypal. This news has launched an optimistic wave across cryptocurrency users and investors, it pumped the prices up, legimitated the use of cryptocurrency, and paved the way to greater mass adoption of crypto. But, is Paypal really that supportive of crypto and wants to decentralize the financial system? I doubt it.
When you make a crypto transaction with Paypal, your crypto is actually sent to Paypal, not the person you are buying from. Once Paypal verifies the transaction, it keeps the bitcoin or whatever altcoin for itself then pay the person you are buying from with fiat. If you don't consider this "stealing" then you are right, it is not, it's institutionalized pickpocketing.
"Checkout with Crypto" is nothing but another miserable attempt from Paypal to be the middle-man again.
