Author: Ben Ganson
PayPal is always evolving and taking innovative updates to cater for their customer needs. Well, it is undeniable that cryptocurrencies or electronic money are gaining more spotlight today. That’s why PayPal announced the support for the native transfer of cryptocurrencies and assets, including Bitcoin Cash, Ethereum, and Litecoin.
With the latest update regarding the expansion of their service, PayPal users can now receive, send, or transfer cryptocurrencies between PayPal and other exchanges and wallets.
If you are thinking about the cause of this, well, it is because the feature is one of the most requested updates.
Let’s know more about the latest update by exploring the step-by-step guide below.
Transferring Cryptocurrencies from an External Wallet or Exchange to PayPal
To efficiently take advantage of the latest digital currency capabilities, you need to be familiar with transferring cryptocurrencies from an external wallet or exchange to PayPal. The steps are as follows:
- Log in to PayPal.
- Enter the crypto section and choose the electronic coin you want to transfer.
- Tap or click the transfers button.
- Select “Receive.”
- Complete additional ID verification step, if there is any.
- Share the unique address to the sender or use the QR code. Avoid making mistake because PayPal will not be responsible for recovering the coins sent to the wrong address.
Sending and Receiving Cryptocurrencies with PayPal
PayPal always makes sure that each update is worth announcing. That’s why convenience is highly prioritized in the app’s new digital currency capabilities. Check out the steps below to learn how to send and receive cryptocurrencies with other PayPal users.
- Log in to PayPal
- Enter the crypto section and choose the electronic coin you want to send.
- Tap or click the transfers button.
- Select “Send.”
- Find and select the PayPal contact you want to send the crypto to.
- Confirm the transfer.
As for the payments, PayPal does not charge fees when transferring cryptocurrencies. Still, there are network and sender fees that might apply to some transactions. Some fees may vary based on certain conditions.
The Pros and Cons of using PayPal in Cryptocurrency Transactions
Certainly, the new digital currency capabilities innovation has been positive news to the crypto world. Let’s delve into the general pros and cons of using PayPal in cryptocurrency transactions:
Pros
- PayPal accommodates millions of users. That makes it a great, readily available platform for cryptocurrency transactions and trading.
- PayPal is user-friendly. At the same time, it is easy and convenient to use. So, using it in cryptocurrency transactions and trading won’t be a problem.
- It is a highly secured platform for online transactions.
Cons
- Some fees are associated with purchases of cryptocurrency with PayPal .
- There are strict limitations on how much cryptocurrency you can buy using PayPal .
Conclusion
Despite some notable flaws associated with PayPal’s new digital currency feature, the platform is still worth trying because of its advantages. After all, PayPal is known for being user-friendly, easy-to-use, and high security. On top of that, a high level of security is a must in the crypto world — this explains why many positively viewed PayPal’s latest update.