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If you’re wondering whether you can send crypto from PayPal, the answer is a resounding yes! In fact, PayPal has been one of the most active companies in the space, partnering with major exchanges and wallets like Coinbase and BitPay.
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What is PayPal?
PayPal is a popular online payment system that allows users to send and receive money. You can also use PayPal to purchase goods and services online. Some retailers even allow you to pay with PayPal in-store.
Because PayPal is such a popular payment method, many people are wondering if they can use it to send or receive cryptocurrency. Unfortunately, the answer is no – you cannot use PayPal to send or receive cryptocurrency.
What is cryptocurrency?
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies are decentralized and often anonymous, making them popular with individuals seeking privacy.
How to send crypto from PayPal
Here’s how to send crypto from PayPal:
1. Log in to your PayPal account.
2. Click “Wallet” and then “Add Money.”
3. Click “Add Money at a Bank,” and then select the cryptocurrency you want to add from the drop-down menu.
4. Enter the amount of cryptocurrency you want to add and click “Add.”
5. Your cryptocurrency will be added to your PayPal balance and will be available to use immediately.
Pros and cons of using PayPal to send crypto
PayPal is one of the world’s most popular online payment platforms, with over 254 million active users. Recently, the company has taken steps to enter the cryptocurrency space. In October 2020, PayPal announced that it would allow its customers to buy, hold, and sell cryptocurrency on its platform.
So, can you send crypto from PayPal? Unfortunately, the answer is no. At this time, PayPal does not allow users to send cryptocurrency to other users or merchants. This means that if you want to use PayPal to send crypto, you’ll need to first convert your cryptocurrency into fiat currency (e.g., USD), and then send the fiat currency through PayPal.
While this process may be a bit inconvenient, there are some benefits to using PayPal to buy and hold cryptocurrency. For one, PayPal is a well-established and trusted company with a long history of handling online payments. Additionally, by allowing users to hold crypto in their PayPal accounts, PayPal makes it easy for users to convert their crypto into fiat currency when they need to make a purchase or withdraw funds from their account.
Of course, there are also some disadvantages to using PayPal to buy crypto. For one, because PayPal does not currently allow users to send crypto to other users or merchants, it can be difficult to use PayPal as your primary cryptocurrency wallet. Additionally, because PayPal converts all crypto purchases into fiat currency immediately (rather than allowing users to hold their crypto in their account), users may miss out on potential gains if the value of their chosen cryptocurrency increases over time.
