Since the expansion of their financial system by allowing crypto trading on their platform, PayPal is working toward bringing new enhancements. One of the newest announcements is that they are including options to send, receive and transfer cryptocurrencies. So, what does this announcement imply? Can you send bitcoin from PayPal now?
So, can you send bitcoin from PayPal? Yes, you can now send, transfer, and receive bitcoin and other cryptocurrencies using your PayPal account. Whether you want to exchange Bitcoin, Ethereum, Litecoin, or Bitcoin Cash with other users, send it to an external wallet or address or receive it, you can do so from June 2022.
According to their users, this is probably the most anticipated enhancement since the introduction of crypto trading in 2020. With it, users are allowed to send and receive digital currency from external addresses or transfer it between different PayPal accounts.
The ability to buy and sell different cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, or Bitcoin Cash, has been available for some time for PayPal users. The first introduction of crypto trading in 2020 was limited, but it was later on expanded into commercial crypto payments in 2021. However, the inability to send or receive digital money to or from external addresses was widely criticized, so the platform decided to expand its financial system further. In 2022, the company allowed the transfer of cryptocurrencies to other digital wallets and external addresses.
You can begin the transfer by navigating to the crypto page within your PayPal account. If you are using the desktop version, it will be a slightly different process than through the app. In the desktop mode, a small icon for Crypto will be located below the Send icon. Its location is found on the main page right after you log in. Another way to reach it is to select the Finances tab, located in the toolbar at the top of the screen.
In the mobile PayPal app, there is a large button for the Crypto section. It is located on the top of the screen, right next to Balance. To get started, you should tap that button.
To be able to continue, you should know that each type of digital currency has its own button. After you decide which of the available currencies you want to transfer, do the following:
- Tap the corresponding button for the cryptocurrency in question.
- Once you tap it, a new screen will open. It features all the information on that currency, with a graph of recent activities and the most recent market price.
- There will be three buttons available – Buy, Sell, and Transfer.
- Tap on Transfer in order to choose between Send or Receive options.
- If you choose the Receive option, you will be granted a generated QR code for that digital currency within the platform.
- If you choose the Send button, you will be allowed to scan or enter an address manually for an external wallet.
The best thing about this option is that it’s easy to use with non-PayPal wallets. Many people now decide to use their PayPal account for cryptocurrency trading and transfers because this platform is a lot easier to use than many other exchanges.
The initial approach this platform had for cryptocurrencies was more close to a cryptocurrency exchange than an actual crypto wallet. What exactly is a crypto wallet? It’s a wallet that allows you to hold any cryptocurrency. Once, when you used your PayPal wallet to buy crypto, the wallet served only to hold it until you sold it again. It enabled you to invest in digital currencies without actually owning any.
Since they have added the option to use the cryptocurrency you’ve bought on this platform and make payments, it’s started to be more of a real crypto wallet. But their wallet isn’t there yet. Instead, it’s currently more like a custodial wallet that lets you hold onto the keys, where a custodian has more control over it. At this point, there is still no mention from PayPal about giving up keys, but with promised expansions into the crypto, and new features and enhancements, there might be some progress to be expected.
Keep in mind that external transfers have a Blockchain Network Fee. This fee for this kind of transaction will be determined by network congestion and some other factors, and it may change. Although the platform will give you an approximation of the network fees that will appear on the confirmation screen, this fee is not a PayPal fee.
In addition to sending cryptocurrencies to external addresses or other wallets, you can also receive them or transfer them between users on PayPal. The table below shows the steps you will take in order to complete these transactions.
|Transfer crypto from an external exchange or another wallet||Receive or send crypto to other PayPal users|
|Tap or click on the crypto section||Tap or click on the crypto section|
|Choose the type of cryptocurrency||Choose the type of cryptocurrency|
|Click or tap on the transfers button||Click or tap on the transfers button|
|Select the Receive button||Select the Send button|
|Perform an ID verification||Choose the PayPal user you wish to send cryptocurrency to|
|You will be given the option of entering the other cryptocurrency app with a specific address or a QR code||Confirm the transfer|
PayPal Has Announced Other Enhancements for Their Crypto Features
PayPal prides itself as a payment platform that is committed to innovation. That is why they work toward expanding the accessibility to different cryptocurrencies. However, while many of their users have embraced new crypto features right away, others still avoid PayPal’s crypto offers. But this is still a fantastic new addition many users have requested.