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I just saw on an ad that PayPal now do "something" with "cryptocurrency".

In spite of searching around everywhere on my PayPal account, I just cannot fathom what connection they now have to cryptocurrency.

This is clearly a somewhat major consumerization event for cryptocurrency (which one?) but what actually is it?

Can I in fact now buy bitcoin (or?) inside PayPal, is it just a wallet, or storage, or what?

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Here is what I see when I connect to my US account on the main page https://www.paypal.com/myaccount/summary:

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https://www.businessinsider.com/paypal-officially-launches-crypto-service-in-us-2020-11 (mirror) says that the feature is first made available for US customers only.


https://www.paypal.com/myaccount/crypto/:

Crypto on PayPal FAQ

What can I do with crypto on PayPal?

You can buy four different cryptos on PayPal: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. You can also sell the crypto you buy on PayPal or hold it in your account.

Do I need to sign up for anything?

If you have a PayPal Cash account, all you need to do is confirm some account info during your first purchase. If you don't have a PayPal Cash account, you can apply for one during your first purchase.

Can I use crypto to pay or send money?

While you can't currently use crypto as a way to pay or send money on PayPal, we like the way you think! Many people have big dreams for the future of crypto and so do we.

Are there any fees?

When buying and selling crypto, there is a transaction fee and a currency conversion spread, which is included in the exchange rate. You'll see the transaction fee and final exchange rate before confirming any purchase or sale of crypto (See rates and fees at https://www.paypal.com/en/webapps/mpp/paypal-fees). There are no fees for holding crypto in your account.

Why is there an exchange rate for crypto?

Since crypto is digital money, you're essentially swapping one currency for another when you buy and sell it. The exchange rate tells you how much crypto or dollars you'll get in the swap and refreshes often because the value of crypto is constantly changing.

Can I transfer crypto into and out of PayPal?

Currently, you can only hold the crypto that you buy on PayPal in your account. Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal.

Will PayPal protect my crypto?

PayPal works 24/7 to prevent theft and fraud. If you suspect fraudulent activity on your account, please contact customer service by visiting https://www.paypal.com/us/smarthelp/home or call (888) 221-1161 immediately to report it and we'll review your account activity.

What we can't protect you from are losses that result from crypto prices going way down. Yes, crypto can be fun and exciting, but it's also volatile, so we recommend doing your research and making decisions carefully.

Will I get a private key for the crypto I buy on PayPal?

You own the crypto you buy on PayPal but will not be provided with a private key. In case you're wondering, a private key is a person's secret code to access and manage their crypto. If lost, stolen, or even forgotten they can never get to their crypto again -- pretty risky in its own right. As long as you can log in to your PayPal account, your crypto will always be at your fingertips.

Where does the money go when I sell my crypto?

The money goes directly to your PayPal Cash or PayPal Cash Plus balance where you can use it as you normally would.

How long does it take to receive money from selling crypto?

Usually, the money you receive from selling crypto will be available instantly in your PayPal Cash or PayPal Cash Plus balance. As with all transactions, crypto sales are subject to review and could be delayed or stopped if there's an issue.

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  • Fantastic info here Franck. (It's quite incredible I was absolutely unable to find this.) Cordialement.. – Fattie Jan 29 at 13:17
  • That's amazing - crypto for the masses. No key idiocy to worry about, and soon enough you'll be able to pay others under the usual watchful eye of Consumer Protection Brother™. Amazing. – Fattie Jan 29 at 13:19

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