PayPal has long enabled customers to “purchase and sell” certain cryptocurrencies via the online payment network. However, the business stated in June 2022 that customers may now transfer cryptocurrencies acquired via PayPal to other digital wallets, including their own non-PayPal Wallets.
What does this imply for users? What does this imply for PayPal? What does this signify for digital currencies?
You Can Now Send Crypto on PayPal
“PayPal allows the native transfer of cryptocurrencies between PayPal and other wallets and exchanges,” stated PayPal’s SVP and GM of crypto and blockchain Jose Fernandez da Ponte when the upgrade was announced. “This function has regularly been regarded as one of the most desired upgrades by users since we started allowing cryptocurrency purchases.”
Allowing PayPal users to transfer their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects our best-in-class platform’s ongoing innovation and allows customers to participate with the larger crypto ecosystem.
The functionality would be accessible beginning June 7, 2022, according to the statement. As of this writing, the buttons promised in the release and in PayPal’s video lessons were yet to appear on the desktop interface and mobile app. If you don’t already have it, it’s probable that the functionality is still being rolled out and will be accessible shortly.
How to Transfer Cryptocurrency on PayPal
To begin, go to your PayPal account’s cryptocurrency page. This may alter depending on whether you’re using the desktop interface or the mobile app. Once you’ve located the PayPal component of your account, the remainder of the procedure is the identical regardless of how you access the platform.
How to Find Crypto on PayPal
After signing in, there’s a little Crypto symbol underneath the Send button on the main page if you’re in desktop mode. You may also use the toolbar at the top of the screen to access the Finances tab.
When using the mobile app, the crypto component of your account is represented by a huge button at the top of the screen next to your balance. To begin, press that button.
How to Transfer Crypto on PayPal
Each cryptocurrency supported by PayPal has its own button. Tap the button for the cryptocurrency with which you wish to engage to launch a new screen with information about that cryptocurrency, such as the most current market price and a graph of recent activity.
The only buttons in the first PayPal crypto interface, which debuted in 2021, were Buy and Sell. The redesigned UI includes a Transfer button with arrows. Tap this button to access the Send and Receive menus.
The Receive button sends a QR code to the bitcoin wallet inside PayPal. You may input or scan a wallet address using the Send button.
The most intriguing aspect about this is that it works with non-PayPal wallets. This opens up the network and lets users to utilize PayPal to purchase cryptocurrencies and then transfer it to another account.
Why would someone do anything like this? Because PayPal is simpler to use than many other exchangers. Furthermore, adding cryptocurrency to PayPal may pique the curiosity of more individuals, but they may now want to retain their cryptocurrency elsewhere. This is a difficult question. PayPal’s first cryptocurrency strategy was more akin to a bitcoin exchange than a cryptocurrency wallet.
Is PayPal a Crypto Wallet?
A cryptocurrency wallet enables you to store a cryptocurrency, while when you purchased bitcoin via PayPal, PayPal retained it for you until you sold it. So, although you could invest in cryptocurrency, you didn’t truly own it. Now that you can use the cryptocurrency you purchase on PayPal to pay for goods, it’s beginning to behave more like a true crypto wallet.
The situation becomes increasingly difficult. What sort of wallet is PayPal now that it is a crypto wallet?
What Kind of Wallet Is it?
The press statement announcing the addition of cryptocurrency transfers to PayPal made no mention of handing over keys. That implies PayPal is (at least for the time being) a “custodial wallet.” Custodial wallets keep your keys, giving the custodian additional control over your account while also preventing you from locking yourself out.
This change will thrill some individuals. Some may continue to boycott PayPal’s cryptocurrency services by chanting “not your keys, not your coins.” However, this is really an updated version of the company’s initial crypto approach: an intriguing method to get new people interested in new technology via technology that they already know and use.
An Interesting Move from PayPal
Some people will be excited about this move. Some people will chant “not your keys, not your coins” and continue avoiding PayPal’s crypto offerings. But this is really just an evolved form of the company’s original crypto approach: an interesting way to get new people more interested in new tech through the tech that they already know and use.
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