In April , PayPal also added crypto buying features to its social payments service Venmo , with customers also gaining a "cash back to crypto" feature in August Crypto buying is already proving a popular option among PayPal users, helping to propel the payments service to record numbers in the first quarter of —so how do you get started?
The experience is broadly similar across the PayPal website and the PayPal app; for this walkthrough, we're using the website. Next, select the cryptocurrency you wish to buy. Additionally, PayPal has provided resources to learn about cryptocurrency; it also lists the risks involved. Below the purchase option, PayPal includes a brief description of the asset being purchased.
Next comes the fun part: buying Bitcoin. You can add other cards or bank accounts, at this point, too. After the purchase is complete, the account will be updated to reflect the amount of crypto purchased and the current value. Return to the home page and see your Bitcoin purchase under "crypto" with the option to buy and sell.
PayPal has included its fee chart and conversion spread for users to determine how much in fees they can potentially incur. Buying Bitcoin on other sites using PayPal When PayPal first announced its crypto offering, it restricted users to buying, selling and holding crypto. That left many Bitcoin advocates arguing that PayPal's crypto features were antithetical to the very ideals that underpin Bitcoin ; namely, the idea that Bitcoin holders are their own bank. PayPal has since softened its stance, announcing in May that it would add support for third-party wallets.
That feature has yet to be implemented, however; for the time being, you can't transfer crypto out of PayPal's digital wallet, other than to make purchases at which point it's converted into fiat at the point of sale. At the moment, if you want to use PayPal to buy Bitcoin from other sources such as exchanges, in order to retain full ownership of your Bitcoin, your options are limited; relatively few sites support it as a payment method.
The main reason is that PayPal, like other credit companies, lets buyers request a chargeback in the event of a fraudulent transaction. Credit companies like PayPal typically side with the buyer in resolving a dispute, and because Bitcoin is pseudonymous, PayPal has no way to verify that the dispute is fraudulent. Bitcoin transactions are also irreversible, meaning that in the event of a fraudulent dispute, the seller will likely be left out of pocket while the buyer pockets both the Bitcoin and the chargeback.
For those who want to buy Bitcoin using PayPal, but retain the freedom to move their crypto as they wish, there are some workarounds available. In most cases you'll also want to set up a wallet to receive your Bitcoin; these are software or hardware cryptocurrency wallets that can store public and private keys, allowing you to send and receive cryptocurrencies.
There are a few options you can choose when it comes to buying cryptocurrency with PayPal. Hold, sell, and buy cryptocurrency Curious about crypto? Get confident with the app. Use the app to buy, transfer, and sell cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Learn at your own pace Read our latest articles and know the basics about crypto directly from the app.
All your crypto in one place Transfer your crypto into your PayPal Balance account or send some to a friend in just a few steps. How to get started with cryptocurrency Explore crypto articles to learn about digital currencies and how they work.
Go to Finances and select Crypto from the dashboard. Do more with your digital currency Select crypto at checkout on eligible purchases when checking out at millions of online stores worldwide. How to check out with crypto Get set up Complete your W-9 tax form in advance in the app to use your crypto as a payment method. Crypto is considered volatile because of how much, and how quickly, its value can change. There's potential for gains and losses. Keep in mind that we can't protect you from losses as a result of market volatility.
Transferring cryptocurrency on the blockchain is also risky and your crypto may be delayed or lost. Be sure to do your research and buy and sell carefully.
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