How PayPal and cryptocurrencies help Ukrainians save money

minfin.com.ua

4 min

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After the invasion of the Russian army in Ukraine, PayPal stopped working on the territory of the Russian Federation. And already on March 17, it began to fully function in Ukraine. We tell you what PayPal is, what cryptocurrencies have to do with it and how to use these technologies during the war.

What is PayPal

PayPal is an international payment system designed for instant transfers. By opening a PayPal electronic account, you get the opportunity to send money around the world, as well as pay for goods and services. To do this, you need to register in the system and link your bank card.

In essence, PayPal is an intermediary between users' bank accounts. This makes it possible not to transfer your bank card details to third parties. For example, instead of entering your card number to pay on the site, you enter your email associated with your PayPal account. This is how you protect your personal data.

If you have an online business, you can get paid through PayPal. Using the service, you can instantly transfer money to other users, as well as to a bank account by details or by card number. In addition, you can request a transfer from someone who is not a PayPal user by sending an email request.

Key features of PayPal:

• safe shopping in online stores;
• fast transfers between users;
• providing business owners with the opportunity to receive payment from cards around the world;
• the ability to create requests for payment for services outside of PayPal.

PayPal and cryptocurrencies

One of the founders of PayPal was Elon Musk, a well-known entrepreneur and crypto influencer. Despite this, in 2017, The Merkle reported on PayPal's negative attitude towards cryptocurrencies.

Cryptocurrencies are digital money that has no physical expression, but has a real value. For example, one bitcoin at its peak was trading in the region of 67 thousand dollars.

Trust in cryptocurrencies gradually increased, but PayPal still “frozen” the accounts of users who had digital assets on their account. Users who were actively selling cryptocurrencies through PayPal were considered "currency dealers". But later everything changed.

In 2020, PayPal opened up access to cryptocurrencies to US customers, giving them the ability to buy, store, and sell digital assets using the service. And starting March 30, 2021, US PayPal customers can use cryptocurrency to pay for purchases. Against the backdrop of this news , the bitcoin rate rose sharply and exceeded 59 thousand dollars.

Despite the fact that initially PayPal had a negative attitude towards cryptocurrencies, today one of the most popular payment services in the world fully supports and takes part in the development of digital money.

Today, due to the depreciation of the hryvnia against the backdrop of the invasion of the Russian army, interest in cryptocurrencies is increasing. With their help, you can save your savings against the threat of inflation.

There are stablecoins for this, the most popular of which is Tether (USDT). The exchange rate of this cryptocurrency is pegged to the US dollar at a ratio of 1:1. In fact, this is a cryptodollar, which is easy to buy and just as easy to exchange for the hryvnia. In contrast to the fiat (ordinary) dollar, which fell under the NBU restrictions on foreign exchange transactions.

This means that you can buy USDT and not worry about the change in the hryvnia exchange rate in the same way as if you kept your savings in dollars.

How to buy USDT via PayPal

To buy USDT, bitcoin and other cryptocurrencies, you need to use the exchange service. The easiest way is a P2P platform, which is suitable for both one-time and regular buying and selling of cryptocurrencies.

Among more than 50 payment methods, on the Bitcoin Global P2P platform , you can choose PayPal. This makes it possible to carry out secure and confidential transfers. In addition, there are no commissions on the platform for a transaction between users and for deposits in BTC, USTD and ETH.

In addition to PayPal, you can use the hryvnia card of a Ukrainian bank in order to buy cryptocurrency. It's very simple:

1. Register on Bitcoin Global. To do this, it is enough to have an email address. One of the main advantages of P2P is that you don't have to provide your personal details. After registration, you get your convenient and secure cryptocurrency wallet where your cryptocurrency will be stored (BTC, USTD TRC-20, USDT ERC-20, ETH and HOGE are currently available on Bitcoin Global).
2. Now go to the "Buy crypto" or "Sell crypto" tab, select the digital asset of interest, fiat currency and specify the price. Choose your location and enter PayPal or any other convenient payment method and click on the search icon.
3. In the drop-down list, select the appropriate ad and start the transaction by following the instructions.
4. Pay for the cryptocurrency, click the "I paid" button and wait a few minutes for the cryptocurrency to be transferred to your account. At Bitcoin Global, all transactions are protected by an escrow system. This means that the seller's cryptocurrency is "frozen" during the opening of the transaction, and, after receiving payment, is automatically transferred to the buyer's account. This eliminates fraud situations.

In addition to a one-time purchase of cryptocurrency on Bitcoin Global, you can engage in trading and earn money on rate changes. It is most convenient to do this in a mobile application for Android and iOS .

For more information on how Bitcoin Global works, look in the instructions section of the website.

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