Paypal PayPal is taking another step in its adoption of cryptocurrencies. The company, founded by Elon Musk, has announced in a statement that users of the platform will be able to send and receive cryptocurrencies in their Paypal wallets. In this way, you could now send your Bitcoin, Ethereum o Litecoin from Paypal to The Bit2Me wallet and vice versa. Here is what Paypal's statement says:
«We are excited to announce that starting today, PayPal supports native cryptocurrency transfers between PayPal and other wallets and exchanges. This feature has been consistently rated by users as one of the most requested improvements since we started offering crypto purchases on our platform.
This new functionality, which is already Available for some US users. starting today and rolling out to all eligible US customers in the coming weeks, and allows PayPal customers to
- Transfer supported currencies to PayPal.
- Move crypto from PayPal to external crypto addresses, including exchanges and hardware wallets.
- Send crypto to friends and family on PayPal in seconds, with no fees or network charges to send or receive.
- Allow PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash or Litecoin) in and out of our platform
How to transfer your PayPal cryptos to Bit2Me
- Once you're logged into PayPal, go to the crypto section of your app and choose the currency you want to transfer.
- Click or tap the transfer button and select “Send” to transfer crypto to another single crypto address.
- Complete any additional identity verification steps. This process is typically only required once per user.
- You will need to enter your email address. Your Bit2Me wallet If you want to transfer cryptocurrency out of your account, copy and paste an address, enter it manually, or scan a QR code by tapping the QR code button to the right of the search box.
- Cryptocurrency transfers are final and cannot be reversed. Please check the destination address carefully and make sure the destination address is of the same type (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) as the coins you are sending. Pay extra attention when sending crypto to unknown addresses.
- Fees: Sending cryptocurrency outside of PayPal will incur a Network Fee, also known as a Blockchain Network Fee. This is not a PayPal fee. This fee is generated depending on network congestion and other factors and may fluctuate. PayPal will provide an estimate of their network fees on the confirmation screen. Sending or receiving cryptocurrency to other users on PayPal will not incur a network fee.
- Confirm the external transfer.
How to get your cryptos to PayPal
Once logged into PayPal, go to the cryptocurrency section of the app and choose the currency you want to transfer. Click or tap the transfer button and then select “Receive.”
Share the unique address with the sender or enter it into the third-party cryptocurrency app you're sending from. PayPal recommends using the QR code or cutting and pasting the address directly to avoid errors. If you enter the address manually, double-check that it's correct. Neither PayPal nor the sender will be able to recover coins sent to a misspelled address.
The wallet address is created only for the currency you selected, not for your PayPal account. “To help protect your privacy, we generate a new ‘receiving’ address every time you want to send crypto to your account. PayPal does not charge fees for transferring crypto to PayPal, but network and sender fees may apply. Processing times vary,” they explain.
For the moment, this new service is only available to a small group of PayPal users in the United States and, according to the company, it will soon be operational for the rest of the country. It remains to be seen when it will be available in Spain and South American countries.
