![]() Users have to undergo a similar approval process with crypto exchanges But, there are several crucial catches that users should be aware of before they choose to use the platform for their crypto purchases. Buying Bitcoin with PayPal is a breeze for most users living in eligible countries. ![]() PayPal makes purchasing digital currencies easy. But, everyday retail consumers might experience greater risk aversion because they don't understand the technology behind cryptocurrencies. When it comes to purchasing cryptocurrencies, users have a wide array of options like using a centralized exchange (CEX), a decentralized exchange (DEX), or a crypto wallet. ![]() Why you shouldn't buy Bitcoin with PayPal Now that the positive aspects have been covered, the article presents popular arguments for why users shouldn’t use PayPal to buy Bitcoin and other cryptocurrencies. Users may be best served by recalling the old crypto adage: Not your keys, not your coins. Regardless, many ardent crypto proponents in the community view this move as a sham to trick people out of direct ownership. Doing so allows PayPal users to make eligible purchases of products and services with their crypto holdings. Moreover, PayPal incentivizes users further by partnering up with interested stores. What about the transfer of Bitcoin to PayPal? Instant. These users might find purchasing crypto on a trusted platform like PayPal to be a more friendly path to crypto “ownership.” PayPal is one of the most recognizable brands in online payment, and their adoption of crypto may be interpreted as a vote of confidence.īitcoin can take 10 minutes or longer to appear in a user’s actual wallet when transferring via the blockchain. This benefit applies mostly to people with low-risk tolerance. In fact, novice users who have been newly introduced to cryptocurrencies will benefit the most from this offering. This hunger for knowledge should result in a desire for direct ownership over their own digital assets. Therefore, sufficient further research down the crypto rabbit hole is inevitable. After all, it is natural to wish to understand what one owns. Since they have now invested in it, this investment should prompt them to conduct further research online about their new asset and about cryptocurrencies in general. Say a PayPal user purchases cryptocurrencies on the platform. The crypto community may be reluctant to admit it, but PayPal is providing a benefit to the industry by introducing a low-risk approach to crypto ownership. Introducing more than a quarter-billion users to cryptocurrencies definitely comes with upsides. Comparing exchange requirements with PayPal's may prove prudent when investing.īefore users go ahead and start buying cryptocurrencies with their PayPal account, it’s prudent to look at both the positive aspects and downsides of purchasing Bitcoin on PayPal. Thus, interested PayPal users should do their due diligence and research exchange requirements. Doing so can come with added benefits such as lifting the maximum daily withdrawal limit. As mentioned, however, exchanges require users to undergo similar procedures like submitting a driver’s license for identity verification to comply with KYC as well as Anti-Money Laundering (AML) measures. Interested users must also submit a W-9 tax form.Īs readers should be able to tell, the requirements for purchasing crypto via the PayPal platform are straightforward. Verification may involve submitting a copy of users' identity cards and proof of address. KYC verification involves submitting documents that verify user identity like a driver’s license. This may involve linking users' credit or debit cards or a bank account.ĭue to the strict requirements and regulations surrounding crypto, PayPal also requires that users undergo Know Your Customer (KYC) verification. Once logged in, they will need to have funds readily available. For users wondering, “Can I buy Bitcoin with PayPal?” This article shows how to do just that.įirst, users have to log in to their PayPal account. This article examines why PayPal’s move has elicited such responses and explores the benefits as well as the more negative aspects of purchasing crypto on the PayPal platform. Specifically, nearly 350 million Paypal account holders now have an easy way to own the fastest growing asset class in history.īut, the crypto community has received this news of PayPal's new offering with mixed reactions, ranging from cautious optimism to outright attacks. PayPal's cryptocurrency services have introduced millions of its users to cryptocurrencies including Bitcoin. Everyone in this world has heard of Bitcoin ( BTC).
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