Cryptocurrencies have made efforts in the past few years to step out of their niche. Most users should primarily be put off by the secure storage and the limited possibilities of using the coins as a real means of payment. However, this could change now. As the payment service provider PayPal has announced, it intends to enable both the purchase and sale of cryptocurrencies via its own platform from the beginning of next year. Furthermore, there should be a corresponding wallet in which the digital coins can be safely stored. This is likely to mean that the acceptance of cryptocurrencies will increase in the future.

In addition, it should be possible to pay directly to retailers with digital currencies. However, the shops do not receive coins, but their equivalent in US dollars. Which means that fluctuating rates of the various crypto currencies will only play a role for the buyer. On October 1st 2020 a Bitcoin could be sold for around 9. 000 Euro can be purchased. As of today, a coin is just under 10. 900 Euro. Thus, the price development of Bitcoins in the coming year could have a considerable influence on the purchasing behavior of users.

Paypal currently intends to accept Ethereum, Bitcoin Cash and Litecoin in addition to Bitcoins . However, other currencies are likely to follow over time. It remains to be seen what exactly it will be. The test phase will also initially be limited to the US market. It is not yet known when German users will also be able to use the PayPal wallet for their own coins.

Should the new PayPal feature establish itself, it can be assumed that all supported currencies will experience massive exchange rates. This would mean that mining could play a major role again in the coming year. As a result, the currently scarce availability of graphics cards per year 2021 will not improve or the prices will rise massively.