You may have heard the name PayPal over and over again as one of the international payment methods, but you have never understood what PayPal really is and why you should use this service for payments. In this article, we intend to talk about the advantages and disadvantages of PayPal while introducing it in full and in detail. So join us.
History of PayPal
One of the most common ways to transfer financial transactions is to use PayPal. PayPal officially makes it easy for everyone and you do not need to go to a place like a bank to pay or transfer capital. All you need is a PayPal account. The interesting thing is that you do not need to pay in dollars to open a PayPal account. For this reason, it is better to get good information about this highly used and useful service so that it will be useful for you as well.
Peter Theil and Max Levchin were the two people who launched PayPal in 1998. Theil and Levchin planned to create a system by PayPal to operate outside the direct control of the government. The implementation of PayPal and similar ideas was extremely frightening at the time; Because it was difficult for people to trust PayPal and the US government was pessimistic about the service. The reason for the government's pessimism towards PayPal is quite obvious. Numerous criminals and hackers with the intention of money laundering decided to use PayPal for their own purposes. To this end, PayPal faced many challenges in its inception.
PayPal Rules to Fight Money Laundering
As mentioned above, there has been pessimism about the PayPal mechanism from the beginning; That's why PayPal decided to raise the issue of PayPal security policies and pursue it very seriously, in order to create transparency and trust between employees, the government and, of course, the people.
This means that, unlike digital currencies, electronic accounts operate centrally and under government supervision.
Now, if you have income from digital currencies and you are currently planning to exchange USDT to PayPal, you can register on platforms such as Paypax and charge your PayPal account.
Does PayPal receive a fee?
PayPal charges between 2 and 4 percent for the service it provides. PayPal's fees are much higher than fees for other electronic accounts such as WebMoney. You should know that PayPal’s fee seems somewhat reasonable for the various services it offers. On the other hand, you can easily manage your account balance and income and expenses in PayPal only by accessing the Internet. However, you may ask, has PayPal reached this level of popularity and fame just by receiving a fee?
Absolutely not! Before opening an account, PayPal sets rules and shows them to the user so that anyone interested in using this service can make an informed decision before entering the network. One of these rules is summarized in the fact that PayPal owns any profit that is generated in its network. Accordingly, PayPal allows itself to withdraw part of its inventory and invest elsewhere, and in some way contribute to a better and stronger economy by expanding its financial turnover.
The role of Elon Musk in the power of PayPal
It is interesting to know that in 1999, Elon Musk and a friend decided to launch an online payment service. The service was named X.com and came with a budget of $ 10 million. Theil and Levchin founded a company called Confinity, which later became the product of the PayPal service. After a year in the electronic payment service, Elon Musk decided to merge X.com with the company. He succeeded, and after that, in 2001, the merger made PayPal more serious and powerful than ever before.
Although Elon Musk owned a large stock in the company before the eBay affair, he was ousted by management due to a series of disagreements, and eBay officially bought the company directly by buying a stock in PayPal’s service. Which at one point was known as Confinity.
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