Does Zelle Accept Bitcoin?
To answer the question directly, no. Zelle does not accept Bitcoin directly. The app, however, can be used to buy Bitcoin through third-party networks or platforms that facilitate the transfer of money to purchase the digital asset.
Zelle Only Deals In Dollars
While Zelle handles money transfers and payments, it does not directly deal with Bitcoin. Zelle only deals in US dollars because it is not designed as a cryptocurrency trading platform. So, essentially, the buying and selling of Bitcoin are out of its scope. Perhaps soon, if its developers have great incentive to do so, it will be able to. As of now, there has been no news about any plans for upgrades that will allow the Zelle network to accept Bitcoin or any other cryptocurrency. Although that can change at any moment, it will remain as it is for the time being. However, it is not all bad news for everyone. For anyone interested in buying Bitcoin and other digital assets, there are ways to go around the limited capabilities of Zelle.
How Bitcoin Is Bought And Sold?
There are cryptocurrency trading platforms like Coinbase or Kraken that make it possible for any person to trade money for digital assets like Bitcoin, Etherium, and many other types of cryptocurrencies. By creating an account on either platform, a user gets a wallet assigned to them. Once the user has a wallet, he or she gains access to buying, selling, trading and even giving away cryptocurrencies. With a digital wallet, any user can then link their bank account to whichever trading platform they’ve chosen and put money in their account. After doing so, the user will be free to purchase as much Bitcoin as he or she can afford.
Buying And Selling Using Bitcoin
In any case, if a person is selling some item for money and another person wants to purchase the item but pay for it in Bitcoin, the buyer will not be able to do so. He or she will have to convert the Bitcoin into money and then use Zelle to pay for the item. To do so, the buyer will first have to sell his or her Bitcoin for US dollars through whatever trading platform he or she chose to make a digital wallet with, and then move the money from the platform to the bank before using the Zelle app to finally pay the seller for the item purchase. Depending on what bank the buyer associates with, this process can take some time.
In another scenario where a person is selling an item but wants to get paid directly in Bitcoin, whoever wants to make a purchase would be unable to do so immediately with the Zelle app. Bitcoin can only be moved from one wallet to another, and since Zelle does not offer services like providing its user with a crypto wallet, a more roundabout method must suffice. Since the person wanting to pay for the item can only pay the seller with Bitcoin, he or she will first have to create a digital wallet through the method previously described, or install some other wallet software to give and receive digital currencies on their phones or computers. The buyer can then buy Bitcoin with dollars and then send the Bitcoin to the seller’s wallet provided that the seller gives the buyer his or her wallet address.
Although the processes involved in buying and selling using Bitcoin may appear complicated and tedious, after a few run-throughs, when a user’s wallet is established, the process gets easier after every transaction. The process will easily get taken in as procedural memory. It just takes a little getting used to before it becomes second nature.
Conclusion:
Zelle does not accept Bitcoin directly. It only accepts US dollars through your bank account. Although it does not accept Bitcoin, all hope is not lost. There are ways to trade Bitcoin using Zelle indirectly.
Can you buy items or transfer money to other people using the dollar amount in cryptocurrency platforms like Coinbase or Kraken?
Answer: No. You can only move money from a cryptocurrency platform to its linked bank account.
Will Zelle accept other cryptocurrencies?
Answer: No. IT will only accept money in the form of US dollars.
