Unfortunately, transferring Bitcoin to the PayPal crypto wallet is not possible because PayPal doesn’t allow it. If you have a PayPal wallet with sufficient cryptocurrency then you can make the payment with the crypto coins. In fact, the USA PayPal users can buy, sell, hold, and checkout with cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin but can’t transfer Bitcoin.
Key Takeaways
- Bitcoin has a market value of $877,975,139,968.64 which makes it the world’s largest cryptocurrency by market value
- At present PayPal doesn’t support cryptocurrency transfer to any 3rd party crypto wallet
- PayPal considered cryptocurrency as an investment asset rather than a currency that people send to other people
- There are two ways you can buy Bitcoin with PayPal; you can either buy directly using the PayPal wallet or you can buy Bitcoin on Venom using PayPal
Transferring Bitcoin Via PayPal Crypto Wallet
Currently, PayPal doesn’t support cryptocurrency transfer to any 3rd party crypto wallet. However, it is expected that PayPal will allow its users to transfer cryptocurrency like bitcoin to another wallet. It’s not sure exactly when PayPal will enable transfers to external wallets. But, PayPal’s vice-president and general manager of blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, confirmed in an interview with CoinDesk (via Gizmodo) that PayPal will soon introduce the transfer feature. He said –
“We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay, they want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”
Last year PayPal added support for cryptocurrencies like Bitcoin, Ethereum, and Litecoin. But PayPal only allows people to buy, hold, sell and check out with those coins limited their utility. This is because PayPal considered cryptocurrency as an investment asset rather than a currency that people send to other people. Nevertheless, introducing cryptocurrency in PayPal will entice more people to explore crypto on the platform.
How To Buy Bitcoin With PayPal?
Buying Bitcoin on PayPal is very easy. It’s not rocket science to buy bitcoin using the PayPal crypto wallet. There are two ways you can buy Bitcoin with PayPal. You can directly buy the Bitcoin using the PayPal wallet or you can buy Bitcoin on Venom.
Steps To Buy Bitcoin On PayPal
1. First, log into your PayPal wallet, and from the top right of the dashboard, next to ‘Send’ and ‘Request’ you will find the Cryptocurrency option
2. Click on the Cryptocurrency and then from the available options select Bitcoin
3. Next, select the “Buy” option
4. Then select how much you want to buy or type the number of dollars that you want to spend
5. Now select the payment method
6. Finally, click on the “Buy Now” button to complete the process
Steps To Buy Bitcoin On Venmo
Venom is a social payment app owned by PayPal. If you don’t have PayPal but want to buy the Bitcoin conveniently then Venom will be a good option for you. Follow the below steps to buy Bitcoin on Venmo –
1. First Log into Venmo using your username and password
2. Now from the hamburger menu select Crypto
3. Then from the available options select “Bitcoin”
4. Next, select the “Buy” option
5. Then select how much you want to buy or type the number of dollars that you want to spend
6. Now select the payment method
7. Finally, click on the “Buy Now” button to complete the process
FAQs About How To Transfer Bitcoin To PayPal Crypto Wallet
What Cryptocurrencies Does PayPal Support In The US?
PayPal supports Bitcoin, Litecoin, Ethereum, and Bitcoin Cash in the USA.
Does PayPal Accept Bitcoin As A Deposit Method?
You can’t send, transfer or deposit Bitcoin within PayPal. But, with the help of crypto exchanges like Coinbase, you can sell Bitcoins to your PayPal account.
Is PayPal Better Than Coinbase?
No, PayPal is not better than Coinbase. Coinbase is an established cryptocurrency exchange and it offers around 90 tokens to its U.S. customers. On the other hand, PayPal only supports a handful number of cryptocurrencies. Moreover, cryptocurrency-related services offered by PayPal are also limited. You can only buy and sell Bitcoin within your PayPal account. You cannot deposit bitcoins in your wallet, nor can you withdraw bitcoins to your own wallet.
Can I Transfer From Coinbase To PayPal?
If you are a U.S. PayPal user then you can instantly withdraw Coinbase balances to PayPal. PayPal provides faster access to funds through one of the world’s easiest and most widely-used payment platforms.
References:
1. https://markets.businessinsider.com/currencies/news/paypal-venmo-allow-users-withdraw-crypto-bitcoin-third-party-wallets-2021-5-1030468629
2. https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-paypal-crypto-wallet-ethereum-b1854845.html
Last Updated on October 30, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.
