Coinbase Links With Paypal
Coinbase, one of the leading international cryptocurrency exchanges now offers the chance for customers to link their PayPal accounts for buying and selling cryptocurrency.
“Opening the Coinbase option with PayPal is a big step to bringing cryptocurrency even more mainstream.” says an independent analyst.
Paypal is widely accepted as a way to do digital business and is widely accepted with banks around the world as a viable option to link digital merchants to the traditional banking system.
Interac E-Transfer Faces Security Issues
In other news, the Interac E-Transfer system used to send money is capable of 3rd party manipulation according to some experts.
Having users hack into online banking systems and using the e-transfer method to digital currency buyers and sellers allows people to be victimized as “money mules” according to Jill from ATB Financial.
“Accepting money through Interac e-transfers can be risky if you don’t know the person who is sending it to you,” says Jill.
While there is some legitimacy to having brokers and buyers handling purchasing on behalf clients, as illustrated by the IBM World Wire Blockchain program, the concept of getting funds to brokers and buyers in a secure and timely fashion continues to be a challenge.
The solutions Bitcoin and Ethereum, and other cryptocurrencies offer more reliable systems without having security control issues and limitation on money usage.
Trying to gridlock the money supply by regulating through 3rd parties is not effective anymore. Only by offering the opportunity to endorse the cryptocurrency system through traditional banking methods, will the next generation be able to succeed in achieving financial freedom.
Sending money to friends on Facebook using Libra is another example of 3rd party money transfers that potentially offer security and fraud issues.
Is the financial system spiraling out of control?
Taking a closer look at the evolution of the blockchain and bitcoin from the past five years, the quick answer, but more work needs to be done. Banks have to be ready to adapt to larger volumes and more innovative ways to send and receive money than before the invention of cryptocurrency.
Security issues and money regulations need to be eased to accommodate the next generation buyers and spenders.