Renowned payments facilitation platform PayPal has found themselves in dark waters after crypto savvy Twitter users went bezerk over their description of Ethereum, Litecoin, and Bitcoin Cash.
The payments platform tried to simplify the digital assets’ definitions, which has proved to be a terrible move. Most often than not, when the crypto community on Twitter comes together to either support or oppose something, they usually do it en masse.
The backlash from the community is generally massive, especially when it involves a traditional payments institution. With the latest happenings, the community has refused to accept the definition and has reacted in a big way to show its displeasure.
PayPal got it wrong after its definition of cryptocurrencies
After an announcement in October, PayPal decided to venture into the digital assets market to allow its customers to store, sell, and buy crypto. Giving a sneak peek into the coins that would be made available, the firm mentioned Bitcoin, Litecoin, Ethereum, and Bitcoin Cash with a further promise to increase their crypto offering in the coming years.
The news was a welcomed development on the part of the Twitter crypto community, especially after Bitcoin experienced a bull run after the announcement.According to most users, this move by PayPal will drive the acceptance of crypto to the mainstream. After that, PayPal went a step further to announce that the service was ready for use in America on November 12.
Everything was going well, and things looked like they were going on the right path until PayPal started to introduce crypto to a wide range of customers that have never used a wallet in their lives. With the introduction of Bitcoin, other digital assets, and wallets to users, PayPal went further to explain what the digital asset is to its users.
Twitter crypto community claims that Paypal’s definition was very basic
In their definition, PayPal noted that Bitcoin leads the charge for introducing innovations, which showed that crypto could be used for payments just like cash.
“The creation of the coin has set off a chain of events which has seen different variations of Bitcoin created. In the coming years, you will be able to buy most things with the use of Bitcoin and other digital assets,” PayPal explained.
According to the crypto community on Twitter, the definition of Bitcoin was very simple, as was the definition of other digital assets. PayPal said that Bitcoin Cash could only facilitate smaller day to day payments while Users can run crypto oriented applications on Ethereum. In their definition of Litecoin, the payments firms said it focuses on cheap and fast transactions while it called altcoins smaller versions of Bitcoin.
After their definition, the Twitter crypto community was enraged as users publicly showed their heartfelt disgust. One of the most famous people that criticized the definition was Messaris Dan McArdle, who noted that PayPal needs to put some more work into its definition of the coins.
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