Transfer, send, and receive Bitcoin, Ethereum, and Litecoin using PayPal
The payment facilitator expands on what its users can do with their digital assets.
PayPal announced on Tuesday that users can now transfer, send and receive Bitcoin, Ethereum, Bitcoin Cash, and bitcoin on its platform. Users can transfer their digital assets between PayPal users and external wallets and exchanges.
According to the press release, only PayPal US users can choose to take advantage of the new feature for now, but the company said it will be available globally in the coming weeks.
In addition, users who transfer their digital assets from an external wallet or exchange them to PayPal can use them for purchases. Choose the "checkout with crypto" option when shopping with retailers who are eligible to use crypto to fund the transaction.
To transfer crypto from an external wallet to PayPal, users need to navigate to the cryptocurrency section of the PayPal app and choose the assets they wish to transfer.
From there, users can select "Receive" and complete the required identity verification steps. Next, put the unique PayPal address in the external wallet from which you send the crypto, and start the transfer. Just be sure to double-check the correctness of the address. An incorrect address will result in a non-refundable loss for the currency you are trying to send.
The PayPal wallet address is unique, meaning a new one is created every time you want to transfer a coin to PayPal. Although PayPal will not charge a fee for the transfer of tokens, keep in mind the network fee will still apply.
Users can send Bitcoin, Bitcoin Cash, Ethereum, and Litecoin to external wallets using the same steps. Just choose "Send" instead of "receive" and you're good to go. Similarly, use the same" Send " button to transfer encryption to other PayPal users within the app. According to the company, the transfer of digital assets between PayPal contacts will not incur any fees.
This means that if you want to send manners to a friend, you won't have to worry about high gas fees as long as you keep the currency inside PayPal. Getting Ethereum in PayPal, however, will incur network fees.
"Allowing PayPal customers the flexibility to transfer their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) to, from, and within our PayPal platform reflects the continued evolution of our best-in-class platform and enables customers to interact with the broader cryptocurrency ecosystem," the company said in the press release.
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