Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
With Bitcoin blasting through the $16,000 price level today for the first time since 2017, the cryptocurrency market could welcome more FOMO investors following’s PayPal’s latest announcement.
The American payment processing giant, PayPal, announced Thursday that it had ended the waitlist for its cryptocurrency trading service. In other words, the company will now allow U.S. customers to buy, sell, and HODL bitcoin and other cryptocurrencies directly on their PayPal accounts.
Recall that PayPal initially unveiled the new service last month when it integrated Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. At the time, the service was only available to some users, while others were on a waitlist.
According to PayPal, U.S. customers will be able to trade up to $20,000 weekly, which is twice the limit the company previously announced. Perhaps the reason for this is the increased interest the company saw on its waitlist. PayPal’s CEO, Daniel Schulman, said last week that the waitlist’s size was three times bigger than what the company expected.
Bitcoin is currently trading at $16,000 after reaching a new 2020 high of $16,155, a price level not seen since the bull run of 2017.
Speculators think that with PayPal’s U.S. customers gaining exposure to the cryptocurrency, retail traders who don’t want to miss out on the show will likely jump in, thus pushing BTC price new highs.
Mass Adoption For Bitcoin
Although the crypto service is currently available to PayPal’s customers residing in the United States, the company plans to expand the feature to its global audience before the end of the first half of 2021.
The company also has plans to allow users to shop with their crypto balance across 26 million merchants globally. This will undoubtedly be a big boost for crypto adoption as PayPal boasts of a userbase of 300 million customers across the world.