Paypal now supports buying and selling cryptocurrencies (Bitcoin, Ethereum, etc.) » AndroidTechVilla

PayPal has officially announced that it has started supporting Cryptocurrency, meaning you can now buy, sell and store Cryptocurrency on your PayPal account, this has been rumored for a few months but as the saying goes, “In everyone Rumor there is an atom of truth,” fintech giant PayPal announced on Wednesday, September 21, 2020 that users in the United States can now trade cryptocurrencies (BTC, Eth, BCH, Ltc) on PayPal.

PayPal officially confirmed Wednesday that it is entering the cryptocurrency market. The payments giant, with 346 million active accounts around the world, has pledged to make cryptocurrency “a source of funding for purchases at its 26 million merchants worldwide.However, their access is currently only available in the United States, according to PayPal officials, they plan to expand and support more countries before halfway through 2021.

At the moment PayPal only supports four cryptocurrencies, Bitcoin, Ethereum, Bitcoin Cash and Litcoin, plus there are some unfriendly restrictions on what you can do with your purchased maximum purchase limit and account verification process.

PayPal’s service does not allow withdrawal or deposit of Bitcoin or other cryptocurrencies. Once you buy the coins, they stay in your account until you sell them.

Crucially, users are not allowed to ship their cryptos around.

“You can only hold the cryptocurrency you buy on PayPal in your account. Also, the cryptocurrency in your account cannot be transferred to other accounts inside or outside of PayPal,” the help page reads.

PayPal support for cryptocurrency is a welcome development, but it’s more of a buy-and-hold thing since you can’t deposit or withdraw crypto from your other cryptocurrency wallets.

Note that PayPal Cryptocurrency support is only available in the United States (USA PayPal accounts). We hope they will expand their support soon.

Best regards..

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