Is This A Good Thing Or Bad thing: What’s Your Opinion?

I sometimes get this feeling whenever a big time centralised organisation like PayPal get involved in crypto. A year ago, Meta(formerly known as Facebook) backed out on their mission to launching their StableCoin. A lot of us were excited because Facebook is one of the most centralised platforms in the world, and they have been criticised for bridging user privacy. Most centralised companies are known for being the top dogs in the capitalist world, and top dogs in the capitalist world is all about being selfish and having the whole money all for theirselves. But this is different from what we believe in crypto. Crypto aims for fair wealth distribution, so what’s the point of running from Web 2.0 capitalist only to have them control us in the name of Web 3.0. you can change the branding but you can’t change the content.

Few months back, PayPal once updated their policy which means that they can charge you for spreading misinformation. If you pass a wrong information, PayPal has the right to charge you for that by deducting a certain amount from your PayPal account, thereby controlling your freedom of speech. Paypal has helped with crypto adoption has it is one of the fintech technologies that enabled the buying of crypto through its platform PayPal. Making it easier for people to buy their desired crypto from most exchanges and platforms. Now PayPal has launched a StableCoin called Paypal USD, just like other stable coins, it is backed by the U.S Dollar and U.S Treasuries. This StableCoins will be issued by Paxos, the same company that issues BUSD, remember few months back, SEC sued Binance for BUSD, Forcing Paxos to stop the minting of BUSD. If I am being sincere, PayPal launching a stable coin will definitely help crypto adoption, because a lot of people use PayPal and know PayPal, so what better way to promote crypto than use its customers through its platform. PayPal customers will have access to the stabelcoin. This StableCoin token will be issued on the ethereum blockchain, for better security I guess.

This will create a seamless conversion of fiat to crypto and crypto fiat by the PayPal users, which is beautiful, but dont forget that it is highly centralised and that means they can control your asset, from the moment they tried to slip the misinformation charge last year, my trust for PayPal has been shaky, what if they bring it back or bring back something that will be similar to bring some centralised control. This way we are deviating from the decentralised crypto feature. I wish people can focus more attention on decentralised StableCoins like the HBD, but unfortunately we dont have enough marketing power to help push it. HBD is more than other StableCoins coupled with the 20% APR, HBD remains by best StableCoins option. Its sad that exchanges have not listed it yet.

Posted Using LeoFinance Alpha