PayPal accepts cryptocurrency

[Yugocean]

PayPal has updated its crypto campaign. Now PayPal users will be able to transfer crypto between other wallets and exchanges as well. PayPal has also received a full bitlicense by the New York Department of Financial Services (NYDFS).

Currently, PayPal supports only four cryptocurrencies, which are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. While it will take time for PayPal to add other cryptos, its customers can now use their cryptocurrency to pay for goods and services with PayPal merchants.

PayPal, made this promise a year ago, has finally fulfilled it, yet people are not very exieted. People believe that PayPal cannot compete with crypto, and crypto dosen't need PayPal, so it prefers to adopt crypto.

Some people also believe that PayPal will steal user's BTC. Paypal has been confiscating money by freezing people's accounts for many reasons in the past. As well as being infamous for charging double fees, it can also charge additional fees on crypto.​

 

[saoussen5765]

I have just a question: Why all crypto wallet allows guest payment with crypto and PayPal not? Means you have to pass by create account to only send money with a debit card which seems not the perfect solution?

 

[mathawmio]

PayPal only allowed US users limited transactions with cryptocurrencies. Users in other countries have not yet received this feature. Meanwhile, there are many other international e-wallets already accepting payments and storing multiple cryptocurrencies. I hope that PayPal maintains this situation for another 5 years so that other e-wallets develop stronger.

 

[saoussen5765]

Means I have to activate VPN when checkout with PayPal to pay with cryptocurrency?

 

[mathawmio]

No. Only accounts of US users have this feature. Even if you change your IP address, your PayPal account verification information remains the same.

 

[Yugocean]

I have just a question: Why all crypto wallet allows guest payment with crypto and PayPal not? Means you have to pass by create account to only send money with a debit card which seems not the perfect solution?

Sorry for late reply.
PayPal isn't a crypto wallet, it is just doing business with crypto by including BTC and others, PayPal once was against cryptocurrency, now it accepts for business.

PayPal only allowed US users limited transactions with cryptocurrencies. Users in other countries have not yet received this feature. Meanwhile, there are many other international e-wallets already accepting payments and storing multiple cryptocurrencies. I hope that PayPal maintains this situation for another 5 years so that other e-wallets develop stronger.

Yes, first it will only allow US citizens, and also there is no privacy for PayPal users if they invest in crypto via PayPal, or Hodl using the wallet service provided by PayPal.

 

[Suba]

Even though it's been more than a year that PayPal has entered crypto into its platform, PayPal users also allow buying goods using crypto to merchants registered with Paypal. But personally I still have doubts, because every time we convert USD to crypto or vice versa PayPal will charge a 15% income tax, We will also deduct conversion transaction fees, especially if we transfer crypto to another wallet, of course, we will incur high fees. Moreover, if the user is not from the US, the crypto will be subject to double taxes in his country. But I don't understand how to calculate tax rates and transaction fees if we transfer crypto from another wallet to PayPal.

 

[cmoneyspinner]

Currently, PayPal supports only four cryptocurrencies, which are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. While it will take time for PayPal to add other cryptos, its customers can now use their cryptocurrency to pay for goods and services with PayPal merchants.

I have a PayPal account and I have no idea how to access this feature. The only thing that I have been able to do is link my Coinbase account to my PayPal and buy cryptocurrency that way. If I were selling merchandise I am not convinced that I would offer a customer the ability to pay in crypto because I don't know about the associated PayPal fees for the transaction. But now you have me thinking again. Medium.com is now allowing people to tip the writers. I wonder if I could use my paypalme link and give the tipper the ability to tip me in cryptocurrency. I'm going to do some research. If I find out anything I'll report back here in the forum.

 

[NurseFlo]

Well I am from the UK but this news still excites me as it could mean maybe paypal would do that here too eventually.