PayPal users received some exciting news in 2022. Since June, they have been able to transfer their cryptocurrency from or to their personal wallet. But many users also wonder how to withdraw bitcoin from PayPal and whether it’s a complex process.
How to withdraw bitcoin from PayPal? Once you’ve logged into your account, you should enter the crypto section of the app. You should then choose the coin you want to transfer. After you click on the button for transfers and select “Send,” choose the unique crypto address you are sending to.
Since the introduction of limited crypto trading on this online payment platform in 2020, and the addition of commercial payments in cryptocurrencies in 2021, this is the greatest news for their users.
How to Withdraw Bitcoin From PayPal?
The native transfer of different cryptocurrencies, such as Bitcoin and Ethereum, between your PayPal wallet and other exchanges and wallets has been supported since June 2022. This option allows users of this payment platform to withdraw cryptocurrencies to third-party exchanges, crypto addresses, and hardware wallets. Also, it’s a simple process with just a few steps included.
Moving Your Crypto From PayPal to an External Exchange or Wallet
To begin this simple process, you should ensure that you are logged on to PayPal and that you’ve entered the crypto section of the app. These are the next steps:
- Choose the type of coin you want to move to an external wallet.
- Tap (or click) the button for transfers and select the “Send” option.
- There will be additional ID verification steps, so ensure you complete them (usually required once).
- The next step is to enter an external address. You should copy and paste the address, enter it manually, or scan the QR code. The QR code scanning button is right of the search box.
- Confirm the transaction.
There are a few things to keep in mind. These crypto transfers are final and can’t be reversed. The destination address you’ve entered should be double-checked before you tap on “Send.” Also, this type of transaction will have a Blockchain Network Fee generated by network congestion and other variables, and it may change. This fee is not a PayPal fee, although the platform will provide you with an estimate of the network fees that will show on the confirmation screen.
You Can Exchange Crypto With Other Users or Import It From an External Wallet
The table below lists the steps required to transfer crypto between users in PayPal or to import it from an external address.
|Transferring crypto to or from other PayPal users||Transferring crypto into the PayPal wallet from an external address|
|Enter the crypto section and choose the type of coin||Enter the crypto section and choose the type of coin|
|Tap the transfer button, and select “Send”||Tap the transfer button and select “Receive”|
|Select the contact in your PayPal list to which you will transfer crypto||Go through the additional ID verification steps|
|Confirm the fee-free transfer||Give the sender access to the unique address or enter it in the third-party cryptocurrency program you are using to send|
This Was One of the Most Requested and Welcomed Enhancements
Since the beginning of the purchase of crypto on PayPal, transferring cryptocurrencies has been one of the most highly ranked requests. It was a welcoming enhancement that allowed users to move their crypto assets within the platform, from it, or into it. The available cryptocurrencies include Bitcoin, Bitcoin Cash, Ethereum, or Litecoin.
This move reflects the constant evolution of this payment platform, keeping it among the best on the market. Users already had the option to cash a check by sending a picture of it for approval. They also had the opportunity to claim money on their PayPal account. Also, the amount of money that its users can send is $60,000 and $4,000 for those without an account.
This new crypto enhancement allowed PayPal’s customers to interconnect with a wider crypto ecosystem. Those users that decided to import their cryptocurrencies into the PayPal account had the opportunity to utilize it in Checkout with Crypto.
PayPal Jumps Quickly to New Enhancements
PayPal is a payment platform that continues to grow and extend its options, and that’s why its constant evolution leaves them at the top among similar platforms. They also work fast to resolve any issues you might have. If you’ve noticed that your PayPal money is pending, you can reach out and inquire about how long PayPal pending usually takes. There are also ways to report PayPal fraud and get things sorted out.
But they are also on top of innovations – they are the first company that has converted a conditional Bitlicense to a full Bitlicense. NYDFS – the New York Department of Financial Services has given PayPal a full Bitlicense, allowing them to take a step further with their abilities to send, transfer and receive cryptocurrencies.
PayPal Is Committed to Responsible Innovation
This is one of the enhancements that signals to all PayPal users that this company is dedicated to responsible innovation, and it shows commitment to expanding the utilization and accessibility of cryptocurrencies. They are on this path while completely complying with all the regulatory guidelines and the best possible practices. They are working toward building a more effective and overall more inclusive financial system.
They have also announced that the users will witness more additional crypto features, services, and products up ahead. They are also open to community and customer feedback to be able to enhance their capabilities for digital currencies.