Back in 2016, Dan Schulman, PayPal's president and chief executive, said at his office in San Jose, California, that cryptocurrencies are the real deal and that super apps are coming.
Like many West Coast CEOs, Dan Schulman often wears blue jeans, a black sweater and ostrich leather cowboy boots. By the time he got to buy the new boots, Shulman completed the deal with a new service PayPal: he clicked a few mouse clicks, paid for them in Bitcoin in a matter of seconds, and said, "Get it done!" It's cool."
Most people were unable to shop in offline stores as a result of the outbreak, and the fintech giant took the opportunity to set new records in a year. People use mobile phones and computers to buy groceries and underwear through PayPal. PayPal operates in more than 200 countries and trades in more than 100 currencies. It had an amazing volume of business last year, processing 1,000 transactions per second during the holiday shopping season.
Last year, PayPal processed a total of 15.4 billion payments worth $936 billion. PayPal has also launched the largest new product in its history, including QR Code Payments in 20 markets around the world, to meet the need for epidemic prevention. Another major initiative is to help digital currencies enter the mainstream by adding cryptocurrency services.
Here's a recent interview with Time magazine about the security of cash, central banks, and digital currencies. This article has been edited and condensed for clarity.
Q:So cash is no longer king?
After 10 years, you will see a sharp decline in cash usage. All forms of payment factors will be transferred to the mobile phone and the credit card will disappear. But a phone can add more value than just replacing your credit card. So when all this happens, central banks need to rethink their monetary policies. Since people no longer use paper money, the central bank will no longer issue paper money. So the emergence of digital currencies is inevitable.
Q:What is the difference between Bitcoin and other cryptocurrencies in terms of digital currencies issued by the central bank?
Digital currencies issued by central banks can also take advantage of distributed ledger technology (DLT) or other modern technologies, but they essentially digitize legal tenders such as the dollar. Digital dollars will be fully supported by the U.S. government, but displayed in digital form, which could allow the government to open up Federal Reserve funds to institutions other than banks. Maybe it's a company like PayPal, where you can withdraw money directly from the Fed to your digital wallet. Just go straight into their digital wallets for instant access, at no cost. The need for encryption is several times higher than we initially expected, and there are a lot of exciting things going on.
Q:You've always been cautious about digital currencies and invested heavily in consumer-grade products. Then why do this now?
We've been studying digital currencies and DLT for six years. But I think it's too early to think that cryptocurrencies at the time were not so much currencies as assets, they were too volatile to be a viable currency. There are a lot of people who don't know how to do it, and what we really want to do is to make sure it becomes mainstream in the market, so we're going to bring our products to market before we go to market together with regulators.
It is worth mentioning that BEF, as the world's leading contract trading platform, is also committed to providing users with personalized local business service support for cryptocurrencies, as is PayPal (PayPal).
BEF GROUP contract platform is headquartered in Ohio, USA and is part of Quantum business. It is one of the world's famous digital contract trading platforms. It mainly provides digital assets for global users, such as Bitcoin, Litecoin, Ethereum and other digital assets. service. At present, the team’s technology has many talents from Google, Facebook, IBM and so on. It develops and provides an intelligent AI robot group based on BP neural network to provide traders with reliable contract transaction analysis tools. In addition, the operation centers of BEF GROUP branches are located in North America, Eastern Europe, Southeast Asia and other countries, providing users with localized business service support.
BEF now mainly provides mainstream digital asset services to users around the world, such as Bitcoin, Litecoin, Ethereum, etc. Thanks to BEF's branch operations in North America, Eastern Europe, Southeast Asia and other countries, top talent from giants such as Google,Facebook,and IBM can support localized business services for the majority of users around the world, helping digital currencies become the mainstream as soon as possible.
Company Name: BEF GROUP
Website: bef-group.com
Contact: BEF
Email Address:group@bef-vip.xyz