Does PayPal Accept Bitcoin for Payments: An Update

Online payment giant PayPal has made headlines for its recent announcement allowing users to pay with Bitcoin (BTC) and other major cryptocurrencies. In this article, we provide a detailed overview of PayPal's cryptocurrency policies, including current limitations and supported currencies.

Current Status of Bitcoin on PayPal

As of February 2022, PayPal has started accepting Bitcoin and other cryptocurrencies at 29 million global merchants through its checkout services. This move reflects the company's ongoing efforts to integrate cryptocurrencies into its payment ecosystem.

Eligibility for Using Cryptocurrencies on PayPal

US Customers:

Personal PayPal accounts in the US, excluding Hawaii, can buy, sell, and hold cryptocurrencies. Business accounts do not currently support these features.

US Territories:

Purchase, sales, and holding of cryptocurrencies using PayPal is currently only available in the US, excluding Hawaii and US territories.

Transaction Fees:

There are no fees for holding cryptocurrencies in your PayPal account, but a transaction fee applies when buying or selling cryptocurrencies. Instructions and additional fee information can be found here.

Limitations and Current Features

Use in Payment or Sending Money:

Currently, you cannot use Bitcoin or other cryptocurrencies to pay or send money on PayPal.

Transferring Cryptocurrencies:

You can only hold cryptocurrencies that you buy on PayPal in your account and these cannot be transferred to other accounts on or off PayPal.

Supported Cryptocurrencies:

As of February 2022, four major cryptocurrencies are supported on PayPal: Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Bitcoin Cash (BCH)

Future Plans and International Expansion

PayPal is planning to expand its cryptocurrency services to select global markets in the future. The current scope is limited to the US, excluding Hawaii, and US territories, with all trades settled in USD.

Conclusion

In summary, PayPal has successfully integrated Bitcoin and other major cryptocurrencies into its payment platform, providing users with the opportunity to make purchases and pay at checkout with these digital assets. While there are currently some limitations, the future looks promising as PayPal looks to expand its services internationally.