Why crypto communities are baffled by PayPal's Bitcoin and Ethereum descriptions

Industry executives and crypto investors are bewildered company's descriptions of Bitcoin, Ethereum, and Litecoin.

How did PayPal describe Bitcoin and other major crypto assets?

Albeit PayPal's descriptions of major crypto assets are not factually incorrect, industry executives pinpointed the awkward wording of the descriptions.

"Bitcoin introduced innovations that showed crypto could someday be as commonly used as cash and credit. It set off a revolution that has since inspired thousands of variations on the original. Someday soon, you might be able to buy just about anything and send money to anyone using bitcoins and other cryptocurrencies."

The descriptions of Ethereum, Litecoin, and Bitcoin Cash all carried a similar tone.

PayPal seemingly tried to word it in a simple manner that everyone, including individuals who never heard of Bitcoin before, would understand.

In contrast, Cash App, as an example, which processed $1.63 billion worth of Bitcoin sales in the third quarter of 2020, emphasized the technical specifications of BTC in its description.

Square's Cash App emphasized cryptography, cryptocurrency, decentralization, and peer-to-peer technology in its description of Bitcoin.

"Bitcoin is the first and most well known example of a new kind of money called a 'cryptocurrency.' It creates, holds, and transfers value using cryptographic equations and codes to ensure that transactions can only be completed once. One of Bitcoin's most important characteristics is that it is decentralized using peer-to-peer technology-meaning no single institution can control the Bitcoin network."

PayPal's integration of crypto purchases and major cryptocurrencies, like Bitcoin, is overall optimistic for the sector.