Can You Send Crypto From PayPal?

Can you send cryptocurrency from PayPal? Here’s what you need to know about using PayPal to buy or sell Bitcoin and other digital currencies.

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Introduction

Although PayPal has been very hostile to Bitcoin and other cryptocurrencies in the past, things might be changing. In February, 2020, PayPal announced that it would start allowing its users to buy and sell cryptocurrencies through its platform. This move could potentially make PayPal one of the biggest players in the cryptocurrency space overnight.

So, what does this mean for you? Can you now send cryptocurrency from PayPal?

Unfortunately, the answer is no. At least, not yet.

For now, PayPal is only allowing its users to buy and sell cryptocurrencies. This means that you can use your PayPal balance to purchase Bitcoin, Ethereum, or any of the other supported cryptocurrencies on the platform. However, you cannot send cryptocurrency from PayPal to another wallet or exchange.

This could change in the future, but for now, you’ll need to look elsewhere if you want to send crypto from PayPal.

What is PayPal?

PayPal is a popular online payment system that facilitates money transfers and payments. Launched in 1998, PayPal has since grown to become one of the world’s largest internet payment companies, with over 200 million active users. While PayPal initially focused on providing online payment solutions for individuals and small businesses, the company has since expanded its services to include merchant accounts, peer-to-peer payments, and even crypto trading.

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What is cryptocurrency?

Cryptocurrency is a digital or virtual asset designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Since then, numerous other cryptocurrencies have been created. These are often called altcoins, as a combination of alternative coin.

One of the main reasons that people use cryptocurrency is that it offers greater privacy than traditional methods such as cash or credit cards. Bitcoin transactions are recorded on a public ledger called a blockchain, but the names of the buyers and sellers are never revealed. While this may provide some peace of mind for users, it also makes cryptocurrency attractive to criminals who may use it for illegal activities such as money laundering or drug trafficking.

How to send crypto from PayPal

You can now buy, hold and sell cryptocurrencies on PayPal – making it easier for customers to manage their cryptocurrency alongside everything else they do in their digital wallets.

Log in to your PayPal account, go to ‘Settings’, and select ‘Crypto’. From there you can buy, sell, or hold cryptocurrencies. Or, if you want to trade more than $10,000 worth of cryptocurrency at a time, you can connect your PayPal account to Coinbase and trade directly from there.

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If you have a business account with PayPal, you can now accept payments in cryptocurrency, too. To do this, go to your ‘Business Settings’ and select ‘Crypto’. You can then choose which cryptocurrencies you want to accept as payment.

Fees

When you buy or sell crypto on PayPal, you will always be charged a transaction fee. The amount of the fee will depend on the total value of your transaction, as well as whether you are buying or selling.

For transactions under $10,000, you will be charged a flat fee of $0.99. For transactions over $10,000, you will be charged a variable fee of 2.49%.

There are no fees for transferring your crypto to another wallet or to convert it back to fiat currency. However, if you convert your crypto back to fiat and then withdraw the funds from your PayPal account to your bank account, you may be charged a withdrawal fee by PayPal.

Conclusion

Based on the information we gathered, it appears that you cannot send cryptocurrency from PayPal at this time. While PayPal has been supportive of Bitcoin in the past, it does not appear that they have developed any capabilities to allow for crypto transactions. This could change in the future, but for now, it seems that PayPal is not an option for sending or receiving cryptocurrency.

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