PayPal is adding a feature that lets users transfer their crypto holdings between the platform and wallets or exchanges. The company says it has been “one of the most requested features” since it launched its bitcoin support last year. You can see your balances and move between crypto assets in the PayPal app or website and at checkout on ecommerce sites that accept bitcoin.
The process for doing this varies slightly depending on whether you’re using the desktop interface or mobile app. Log into your PayPal account and head to the crypto portion of your dashboard. The crypto hub will display a button next to each coin that PayPal supports. Tapping it will open a new screen that provides options to buy or sell the currency as well as information about that specific cryptocurrency, including market data and graphs. A transfer will only be considered complete once the blockchain network has confirmed the transaction. If a transaction is never confirmed by the blockchain, it will be displayed as failed in your activity history.
While some people will cheer this move, others may chant “not your keys!” Unlike services like Venmo or Cash App, which require you to use their digital wallets for keeping your crypto, PayPal keeps the private key to your funds. That means you can’t access your crypto without having the corresponding address (and sometimes a password). It also doesn’t support every cryptocurrency on its own blockchain and it may only support tokenized versions of coins on other platforms, like Ethereum or Binance. This makes it more like an exchange than a cryptocurrency wallet. how to transfer bitcoin to paypal