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Title: PayPal allows users to withdraw Bitcoin to external wallets Post by: Rikafip on June 07, 2022, 03:39:44 PM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction.
Quote from: https://decrypt.co/102210/paypal-lets-users-transfer-bitcoin-and-ethereum-to-external-wallets Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," said the financial giant in a statement. The ability to conduct external transfers on PayPal's crypto platform, an image of which can be seen below, will start rolling out to users today and be available to everyone in the U.S. in the next week or two. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: jackg on June 07, 2022, 03:44:36 PM That looks like a very fast rollout if it's going to cover the whole of the US within a few weeks.
They opened bitcoin trading/custody in Europe a few months ago too I think so there could be a move to allowing that there too in the next few months. It'd be interesting to find out if this is being done because crypto is seen as a strong competitor or if it's being done to try to profit off hype (might be both). Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: _act_ on June 07, 2022, 03:59:01 PM I hope this should be true, in regard to cryptocurrencies, I see paper worse than Coinbase and other custododial wallets before as you can buy and sell cryptocurrencies supported by PayPal using PayPal but you can neither receive or send cryptocurrencies, but if Paypal users are able to do that now, it is good to hear, although there are varieties of options before that can be used to access crypto and noncustodial wallet. Crypto gives the ability of self custody, I always wonder why people still prefer to use custododial ways to keep their cryptocurrencies in a way they can never have complete control of their coins.
Title: Re: PayPal allows to withdraw Bitcoin to external wallets (and send to Paypal) Post by: DdmrDdmr on June 07, 2022, 03:59:34 PM So far, their press release (https://newsroom.paypal-corp.com/2022-06-07-PayPal-Users-Can-Now-Transfer-Send-and-Receive-Bitcoin-Ethereum-Bitcoin-Cash-and-Litecoin) is not mentioning there being fees on behalf of Paypal, and only refers to the necessary network fees:
- No fees to receive crypto (bitcoin, Ethereum, Bitcoin Cash, Litecoin) on your Paypal account, other than the network fee you pay when sending them over. - No additional fees to send from your Paypal account, other than the network fees (I figure the user won’t have much of a saying here, so there may be some implicit part of these fees kept by paypal if they overcharge and then send at a lower rate – my speculation). - No fees at all for sending crypto from one Paypal account to another. As usual, we’d need to get hold of the detailed information in either the TOS or the Fees page to see if there is any fine print and/or limits/restrictions to bear in mind. Title: Re: PayPal allows to withdraw Bitcoin to external wallets (and send to Paypal) Post by: stompix on June 07, 2022, 04:16:24 PM As usual, we’d need to get hold of the detailed information in either the TOS or the Fees page to see if there is any fine print and/or limits/restrictions to bear in mind. Well, the fees page for the US is still not updated with any potential fees on such transactions but I'm pretty confident at least for a while they will keep their word on this one and keep it to zero, after all this is just a transfer in their internal database just like gifts, the only tricky past will probably be the withdrawals but again they will probably not make such a large fuss from it from the start. But the whole thing about allowing users to get their coins so they are no longer paypalcoins but real bitcoins is indeed a step further, I'm so damn curious how much bitcoins Paypal users have in their wallets, and I have a feeling it's quite a large number, judging by the fact that they had to raise the upper limit twice last year up to $100k. Quite unexpected, I would have never thought they would allow this. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: cheezcarls on June 07, 2022, 04:34:07 PM Although that this is truly a welcoming development for all of us who are into crypto (especially Paypal users who are storing BTC and other cryptos), the fees are the big question here. I am not sure how much fees will be deducted in BTC for external wallet withdrawals. There's no final fee structure yet as of now, but later on they would finally reveal it.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: LoyceMobile on June 07, 2022, 04:35:15 PM If they add Bitcoin LN, their users will realize they don't need Paypal anymore :)
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: stompix on June 07, 2022, 04:43:38 PM If they add Bitcoin LN, their users will realize they don't need Paypal anymore :) You still need a way to buy Bitcoins to send them over LN, right? ;D Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: dkbit98 on June 07, 2022, 04:43:53 PM This is good coming from PayPal but question is how much fees are they going to charge for that withdrawal, and somehow I highly doubt this is going to be only transactional fee without anything extra.
Even if people can withdraw Bitcoin from Paypal they should know that this BTC will now be connected to their identity, in similar way like withdrawing from centralized exchanges with kyc registration. I think this is only available for United States so rest of the world will probably have to wait to see Bitcoin support on their paypal account. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: avikz on June 07, 2022, 04:52:24 PM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction. Quote from: https://decrypt.co/102210/paypal-lets-users-transfer-bitcoin-and-ethereum-to-external-wallets Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," said the financial giant in a statement. The ability to conduct external transfers on PayPal's crypto platform, an image of which can be seen below, will start rolling out to users today and be available to everyone in the U.S. in the next week or two. It seems that the change management team of Paypal is quick and agile. They are also taking actions based on the market requirements. Because I know many people did not use Pypal's crypto service because they were not allowed to move their bitcoins outside. Paypal's executive team seen that demand and has implemented the change. Good for people who have purchased bitcoin through a centralized entity like Paypal. It will be interesting to see how many holders actually use this facility to move their bitcoins. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: bitmover on June 07, 2022, 05:11:34 PM If they add Bitcoin LN, their users will realize they don't need Paypal anymore :) I think nobody really need PayPal, but an alternative payment method might be good. It is common to see some discounts using PayPal payment method in Brazil. It might be safe to use it when you are buying something in website where you don't feel safe using your credit card. It would not be a problem for me if I could add some bitcoin to my PayPal account and pay for an Airline company using PayPal, for example. Sadly, payal and cryptocurrencies are available only US AFAIK. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: fiulpro on June 07, 2022, 05:34:52 PM PayPal realized that if they won't do it, if they won't allow moving to external sources then at the end of the day, the customers will have to choose other bank accounts which will ultimately lead to decrease in the customer inflow and also their business therefore it's only rational to make this decision of supporting Bitcoins as a currency and also allowing inflow and outflow. Also if I remember there are many banks in my country that banned the exchange of Bitcoins and thereby my accounts were frozen I just withdrew and choose to go to some other international bank for trading, it's just business and the need of the hour is cryptocurrencies like Bitcoins.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: BlackHatCoiner on June 07, 2022, 05:44:03 PM So, people who use PayPal can now move a thing they didn't have before to begin with. Great move.
I always wonder why people still prefer to use custododial ways to keep their cryptocurrencies in a way they can never have complete control of their coins. Misinformation, ignorance, arrogance.If they add Bitcoin LN, their users will realize they don't need Paypal anymore :) Not if they need PayPal to move them. :PTitle: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: franky1 on June 07, 2022, 06:16:40 PM gotta laugh at some replies..
paypal offer a way to exit a custodial wallet to a sole control address.. and certain replies then hint at a silly altnet that locks funds into a multisig 50% controlled by another party.. .. putting it into an altnet (like certain people shamelessly advertised) still requires the network fee to lock/peg those funds up. and also requires forming a relationship with another entity that you require authorisation from. so ... jump out of the fire, fall into a pot of boiling water.. .. gotta laugh Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Anonylz on June 07, 2022, 06:32:56 PM In the end, PayPal listened to the customer's demand and do what was necessary. When the news of PayPal accepting btc was first published this was the concern of the majority of the BTC community, but now it is no longer an issue, PayPal users are at liberty to either keep or withdraw their btc to a personal wallet, it is up to them. I hope users will be wise enough to do the right thing. Good update.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Rikafip on June 07, 2022, 06:34:57 PM Crypto gives the ability of self custody, I always wonder why people still prefer to use custododial ways to keep their cryptocurrencies in a way they can never have complete control of their coins. Because majority of people will never want that responsibility, to be their own bank. The more crypto goes into mainstream, the more people will use centralized exchanges and custodial wallets. It sucks, but that's reality and anyone who thinks that people will suddenly open their eyes and ditch all that centralized stuff is extremely naive. Even if people can withdraw Bitcoin from Paypal they should know that this BTC will now be connected to their identity, in similar way like withdrawing from centralized exchanges with kyc registration. I don't think that people who are buying Bitcoin via Paypal care much about that, as if the do they certainly wouldn't use PayPal to buy Bitcoin in the first place.I think nobody really need PayPal, but an alternative payment method might be good. PayPal used to be quite useful back in the day when you didn't have much options, but situation is completely different now so I guess they have to introduce some changes to stay relevant. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: dunfida on June 07, 2022, 06:57:32 PM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction. This does really proves out that everything could really changed unexpectedly even though how centralized they are but still they have reconsidered on adopting bitcoin or integrating it and now they do allow for externaltransfers which is something that a good option or good news to those people who would tend to make use Paypal.Yes, the numbers might not really be that great but at least we do really have some choices. Hope other platforms would be doing the same thing too but lets see on how this recognition would really be more rampant on other services/platforms as well. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Bitstar_coin on June 07, 2022, 07:07:06 PM Congratulations to PayPal users this will be a relief for those who use the platform to buy btc and couldn't withdraw, although I don't think many PayPal users mind, just like the way people don't mind leaving their money in some trusted exchange. I believe PayPal must have some policies that protect users' funds in the event of losses from the company's side.
This is an individual opinion so whether users keep their money in their personal wallet or leave it in exchange is totally up to them. However, it is better to have the option than not to have it, they really have made tremendous progress since the beginning of this journey. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Fortify on June 07, 2022, 07:20:56 PM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction. Quote from: https://decrypt.co/102210/paypal-lets-users-transfer-bitcoin-and-ethereum-to-external-wallets Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," said the financial giant in a statement. The ability to conduct external transfers on PayPal's crypto platform, an image of which can be seen below, will start rolling out to users today and be available to everyone in the U.S. in the next week or two. It looks like Paypal decided to change their strategy from trying to corner the market by trying to suck in as much Bitcoin as possible to their closed ecosystem, by using their huge existing user base. It actually makes sense from two different angles - they probably don't want a potential headache from customers saying they were missold since the price has started to fall and they're also probably more interested in getting more customers to use their Bitcoin rather than just sit on it as an asset. If there are more people moving money in and out, then there is more opportunity to charge fees rather than the relatively static deposits-only setup. Maybe they are starting to see it as less of a threat and more of a money maker, but they're probably also more confident in the underlying exchange system that they have established as well. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: a1 Hashrate LLC2022 on June 07, 2022, 07:24:41 PM If they add Bitcoin LN, their users will realize they don't need Paypal anymore :) Wrong sellers will realize they don't need Paypal if they have a good reputation. And buyers will need paypal when they do not trust a seller. So there is room for both. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: franky1 on June 07, 2022, 07:53:30 PM It looks like Paypal decided to change their strategy from trying to corner the market by trying to suck in as much Bitcoin as possible to their closed ecosystem, by using their huge existing user base. there is more to it then that.. there is what i call the 'stirring the pot' problem if funds are locked into a system with no desire/ability to exit those coins. then people just end up swapping within the system. this means no buying new coin(at corporate paypal level) no exiting with the coin(at customer level). and so its just the same coin stirring in the pot.. being held in custody but not blockchain moving. and instead just changing users account balance numbers. where users are upset by having to sell at a loss when the only option to exit paypal was $$ where as letting people exit holding btc and allowing new users to buy and exit. means new buyers are then requesting coins, which paypal doesnt have to give(less in custody). so paypal buys more to then give. which at this precise moment is good because its cheap to buy them. new coins get to stir in the custodial pot at a new lower average cost.. EG instead of stirring the pot of coins where they initially may have been bought at $60k by paypal corporate, and lots of users were at a 50% loss when selling yesterday within paypal(as their only way out previously). those users can exit holding their coin and be happier to be non custodial holders. and not forced to sell at a loss whereby fresh customers can buy fresh coins. at lower prices. and paypal is then able to 'average down' its custody value of coins it has and keep customers happy Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Yogee on June 07, 2022, 09:56:30 PM Although that this is truly a welcoming development for all of us who are into crypto (especially Paypal users who are storing BTC and other cryptos), the fees are the big question here. I am not sure how much fees will be deducted in BTC for external wallet withdrawals. There's no final fee structure yet as of now, but later on they would finally reveal it. What it says on their released statement provided by dmrdmr, Quote PayPal will provide an estimate of your network fees on the confirmation screen. I'm guessing they will allow you to customize the fee to a certain extent like giving you the option to choose from lowest to highest priority. The problem there is that their estimate will be higher than what you see on mempool.space Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: franky1 on June 07, 2022, 10:18:48 PM I'm guessing they will allow you to customize the fee to a certain extent like giving you the option to choose from lowest to highest priority. The problem there is that their estimate will be higher than what you see on mempool.space custodial services usually dont send transactions out one by one where the user pays the whole fee of one transaction. they usually batch it up as being like a 1in100out which works out cheaper then a 1in 2out EG bc1qexchangecoldwallet (5000btc) -> bc1qcustomer1wallet (0.99999860btc) bc1qexchangecoldwallet (4999btc) (140 vbyte) (customer pays 140sat fee at 1sat per vbyte) vs bc1qexchangecoldwallet (5000btc) -> bc1qcustomer1wallet (0.99999968btc) bc1qcustomer2wallet (0.99999968btc) .... bc1qcustomer99wallet (0.9999968btc) bc1qexchangecoldwallet (4901btc) (3179 vbyte)(customer pays 32sat fee each at 1 sat per vbyte) Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: sheenshane on June 07, 2022, 10:50:59 PM At least they heard of what their customers demand.
But in exchange for this action, as I read in the article Paypal was planning to increase their identity verification process for users before they can send out their Bitcoin or other altcoins completely outside the Paypal's wallet. So what it is? However, it turns out better than before because you are now able to transfer your fund to an external wallet. I think this system will be going to adopt them is the same as other custodial wallets locally. The same in our local wallet, there's no fee when you send from the same wallet and if it's external transaction will vary only on the network fee and which is sounds great. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Darker45 on June 08, 2022, 02:40:05 AM At least they heard of what their customers demand. Indeed. I guess that's the most important point here. It's been more than a year since PayPal allowed its users to buy Bitcoin, Ethereum, and Litecoin. It's only now that they finally allow them to really own their cryptocurrencies. So the issue on fees is a different one. For now, the issue on withdrawal is addressed. Quote But in exchange for this action, as I read in the article Paypal was planning to increase their identity verification process for users before they can send out their Bitcoin or other altcoins completely outside the Paypal's wallet. So what it is? What's the big deal? This isn't a catch anymore. It is PayPal, after all. What do you expect? Your identity is already there. Not only that, your bank information is also there already. So what else is there to hide? Apparently, this PayPal thing is only for a specific kind of people, though. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: yazher on June 08, 2022, 02:53:56 AM Changes such as this one will bring positive views for bitcoins, it came from trusted sources therefore critics have no room to criticize them. This is now convenient for the people who wanted to keep their BTC with them in their personal wallet for security reasons and they don't have to worry about transaction fees using any 3rd parties to get their cryptocurrencies. As for the other payment apps, they should make it possible to have this kind of feature so that they won't be left behind and lose some users.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: cryptoaddictchie on June 08, 2022, 03:08:13 AM But in exchange for this action, as I read in the article Paypal was planning to increase their identity verification process for users before they can send out their Bitcoin or other altcoins completely outside the Paypal's wallet. So what it is? Its gonna mixed up of users. Some will agree to this and those who preserved their privacy will surely end up not using paypal at all. Anyway, there are much other ways other than paypal to do buy and sell of bitcoin.But its great to see that PayPal are now in the league with others relating to bitcoin. It just show that bitcoin adoption is slowly but surely. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: pooya87 on June 08, 2022, 03:36:36 AM So after almost 2 years (from October 2020) of letting people deposit bitcoin and trade it on their platform, they have accumulated enough bitcoin from their customers to feel safe to let people withdraw some of it (considering not everyone would withdraw)!
Basically they sold and held fake bitcoin for a long time. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: ChiBitCTy on June 08, 2022, 03:50:43 AM This was a long time coming, sure took long enough. Despite this positive new coming out of PayPal, it’s some of the only good news you’ll ever hear from this company. I would still highly suggest people buy their crypto elsewhere, and not support such a corrupt company. Buy OTC or on exchange like Kraken.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: cabron on June 08, 2022, 04:00:05 AM So after almost 2 years (from October 2020) of letting people deposit bitcoin and trade it on their platform, they have accumulated enough bitcoin from their customers to feel safe to let people withdraw some of it (considering not everyone would withdraw)! Basically they sold and held fake bitcoin for a long time. That's what it appears to be. When the price dropped below $30K, probably used the funds to buy to be distributed to whoever wants to get out of paypal. Anyone may also have that hunch. 2 years ago, the price was less than $20K, that's a lot of money that could triple BTC holdings. Allowing users to have their coins in custody I think earns then the trust at least for the paypal users. Maybe those who refuse to used paypal may start using it again. If Paypal fully become an exchange competing coinbase I wouldn't be surprise. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Nrcewker on June 08, 2022, 05:45:28 AM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction. Quote from: https://decrypt.co/102210/paypal-lets-users-transfer-bitcoin-and-ethereum-to-external-wallets Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," said the financial giant in a statement. The ability to conduct external transfers on PayPal's crypto platform, an image of which can be seen below, will start rolling out to users today and be available to everyone in the U.S. in the next week or two. It's only available in the U.S. right ? Paypal still needs to think about the people from other countries as well. I might be wrong, but yes Paypal isn't allowing other countries for this, as Bitcoins aren't legal in other countries. But what about the countries like El Salvador? Aren't the people of that country be allowed to buy,sell,transfer Bitcoins in paypal ? At least what they can do is stop banning Paypal account of the users or set some sort of warning limits for the ones who buys or trade Bitcoins in Paypal. Willing to hear other people's thought on this manner. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: pooya87 on June 08, 2022, 07:33:48 AM If Paypal fully become an exchange competing coinbase I wouldn't be surprise. I don't think it is going to happen. Coinbase has been around much longer and is more trusted than the shady PayPal that has a history of being against bitcoin, not to mention that it offers more options compared to PayPal. In fact PP is best for those who have an account with them already with funds that they want to dump for bitcoin.Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: lovesmayfamilis on June 08, 2022, 07:35:28 AM It's only available in the U.S. right ? Paypal still needs to think about the people from other countries as well. I might be wrong, but yes Paypal isn't allowing other countries for this, as Bitcoins aren't legal in other countries. But what about the countries like El Salvador? Aren't the people of that country be allowed to buy,sell,transfer Bitcoins in paypal ? At least what they can do is stop banning Paypal account of the users or set some sort of warning limits for the ones who buys or trade Bitcoins in Paypal. Willing to hear other people's thought on this manner. That is why I will not use this payment system. I don't live in the USA, but even if all the privileges are available to residents from other countries, PayPal will be the last one I trust with my bitcoins. I once got burned by the fact that, for no reason, my account was blocked. Therefore, whatever they do, I will constantly feel "guilty", since the complete identification and expectation of any surprises I remember well from my previous communication with this company. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: NeuroticFish on June 08, 2022, 07:48:53 AM If Paypal fully become an exchange competing coinbase I wouldn't be surprise. I don't think it is going to happen.It cannot happen simply because PayPal fees may be much higher than any of the competition's. And, as said, they were selling IOUs called Bitcoin for so long. So I expect they may try to find ways to not have to work much with actual bitcoin (hence put a discouragingly big enough withdrawal fee). PayPal has its own role in trades: it's a pretty well known and reputed escrow. Bitcoin is just another currency they'll be escrowing, they have no good reason to compete with Bitcoin Exchanges. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: goldkingcoiner on June 08, 2022, 07:57:37 AM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction. Quote from: https://decrypt.co/102210/paypal-lets-users-transfer-bitcoin-and-ethereum-to-external-wallets Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," said the financial giant in a statement. The ability to conduct external transfers on PayPal's crypto platform, an image of which can be seen below, will start rolling out to users today and be available to everyone in the U.S. in the next week or two. Paypal needs to die out. It's completely redundant and pointless. Between non-existent customer service and arbitrary bans, it basically borders on between being a scam and being a useless fiat service. I really cannot put into words how much I want Paypal to burn. Although that they finally decided to give back people a sliver of their own freedom back, so they can buy Bitcoin, is very good news. The least they can do is unban the people who were unjustly banned. But I'm guessing that's impossible just because of the sheer amount. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: PrivacyG on June 08, 2022, 08:00:26 AM So after almost 2 years (from October 2020) of letting people deposit bitcoin and trade it on their platform, they have accumulated enough bitcoin from their customers to feel safe to let people withdraw some of it (considering not everyone would withdraw)! I suspect this is the case. They let you deposit Bitcoin to their account and they gave you a number for it. Now that with the bear market a lot of people sold even on a loss, what PayPal did was set the number of their account to zero, keep the Bitcoin and give them back Fiat. With this kind of strategy, they can accumulate Bitcoin without paying anything for it really. It is the users who gave them the Bitcoin. Had they wanted to allow deposits, they would have done it straight from the start.Basically they sold and held fake bitcoin for a long time. But it is easy to fool people like this when the education level about Bitcoin is very low to inexistent for the average person and it is even rarer for someone to know why custodial is a mistake. They are basically making money off customers they can fool into believing they are truly holding Bitcoin. - Regards, PrivacyG Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: bakasabo on June 08, 2022, 08:23:58 AM It's only available in the U.S. right ? Paypal still needs to think about the people from other countries as well. I might be wrong, but yes Paypal isn't allowing other countries for this, as Bitcoins aren't legal in other countries. But what about the countries like El Salvador? Aren't the people of that country be allowed to buy,sell,transfer Bitcoins in paypal ? At least what they can do is stop banning Paypal account of the users or set some sort of warning limits for the ones who buys or trade Bitcoins in Paypal. Willing to hear other people's thought on this manner. Right, this is for US only. I live in Europe and I dont an option to withdraw Bitcoin on PayPal, as well as buy or trade it there, or add Bitcoin as currency I wish to make action with. I wont say that here PayPal is as popular as in US, people still prefer to make payment by cards, but still a lot of people use PayPal. PayPal already tried to become more popular in Europe, as they charge zero fees for PayPal > bank transactions in some countries. Adding Bitcoin for Europe users might be a solution to increase popularity, but they dont rush to do it. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: ForMeritt on June 08, 2022, 08:24:43 AM It's possible that a Paypal wallet can be an option to move Bitcoin to a paypal wallet, and it seems that this will be the discussion and discussion about the issue of Fees, I myself don't know for sure about the Fees, maybe in the near future this Fee problem will be solved.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: LoyceMobile on June 08, 2022, 10:01:00 AM So after almost 2 years (from October 2020) of letting people deposit bitcoin and trade it on their platform, they have accumulated enough bitcoin from their customers to feel safe to let people withdraw some of it (considering not everyone would withdraw)! That will depend on their withdrawal fees, many exchanges use high fees to deter people from withdrawing, and many people don't even care about having their own wallet.Paypal needs to die out. Paypal used to be the standard on eBay and Chinese webshops. Those days are gone already, the large webshops (think Amazon and Aliexpress) use cheaper and more reliable creditcard payments. I can't believe both of them have my card details on file, and I'd love to see them accept Bitcoin LN instead, but I don't expect it as long as the majority of their customers doesn't use it.It's completely redundant and pointless. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Lucius on June 08, 2022, 10:22:06 AM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I don't believe that PP officials have a different view of Bitcoin than they did when they banned people for crypto/PP transactions, but that it's just a matter of profit and they will take the opportunity. I would also not be surprised if in the future they change their minds again and thus close the circle. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction. I think most will continue to keep their BTC the way they have done so far, because if PP was their crypto bank, they will not see this option as an advantage. Still, maybe this opportunity will attract some new customers who know the benefits of controlling their private keys. If they were to pull off a smart business move, then they should lower the service fee so that they are competitive with those who still charge dearly for it. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: rdbase on June 08, 2022, 10:53:47 AM At least they heard of what their customers demand. Just read the article from a different source:But in exchange for this action, as I read in the article Paypal was planning to increase their identity verification process for users before they can send out their Bitcoin or other altcoins completely outside the Paypal's wallet. So what it is? However, it turns out better than before because you are now able to transfer your fund to an external wallet. I think this system will be going to adopt them is the same as other custodial wallets locally. The same in our local wallet, there's no fee when you send from the same wallet and if it's external transaction will vary only on the network fee and which is sounds great. https://cryptobriefing.com/paypal-adds-cryptocurrency-withdrawals-and-deposits/ Yeah but having it so their customers were only about to buy their crypto on their platform and not telling them they were not allowed to withdraw it for over a year pretty much made it a pointless process. But now those customers are able to, the price of their asset has gone done since they bought it off of paypal when it was first introduced. Also having their customer front the transaction fee(s) and probably some handling fee aswell knowing paypal from what they already do to their fiat based customers and their transactions already (paying by good and services) adding an additional transaction fee to send payments. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: DdmrDdmr on June 08, 2022, 12:36:53 PM It seems like the TOS were updated yesterday to reflect the changes. Besides some minor additions, there’s an explicit section on sending crypto assets and another one on receiving them. I don’t think there is anything exceptionally weird here (do note if you see something odd), but they make no explicit reference to the type of BTC supported addresses for inbound/outbound TXs (which likely should).
The information on Fees and Pricing has also been updated, being the following something to read with consideration: Quote The fee we will charge you is our estimate of the fee the network will take to process your transfer. The fee that you will pay to us may be higher or lower than the actual fee paid to the network, based on market conditions. If the actual network fee is higher, that amount is PayPal’s or its Service Provider’s responsibility. If the actual network fee is lower, PayPal or its Service Provider will retain the difference. We can bet that it will be lower (in the above context) almost every time …TX Limits state that: Quote • Weekly send limit: Crypto Assets totaling the equivalent of $10,000 USD Those are the limits I wanted to know about.• Minimum “send” transfer amounts: o BCH: 0.01 BCH o BTC: 0.001 BTC o ETH: 0.01 ETH o LTC: 0.01 LTC We may change the above limits for safety, security or other lawful reasons. You can view your current limits by logging into your personal PayPal account. Restricted Activities states that: Quote • Send or receive Crypto Assets for any unlawful purpose or in relation to any unlawful activity, including in violation of any applicable sanctions regime; Ups… (not totally unexpected though).<…> Actions We May Take if You Engage in Any Restricted Activities the actions we may take include, but are not limited to, limiting your access to or use of the Cryptocurrencies Hub, and/or suspending your Cryptocurrencies Hub, immediately and without penalty to us, including limiting your ability to buy or sell Crypto Assets. You authorize PayPal to seize your Crypto Assets if we believe a transaction relating to those Crypto Assets involves money laundering, terrorist financing, fraud or any other type of crime. Liability for Unauthorized Transactions, Errors and Support: Quote PayPal also works to prevent unauthorized transfers of Crypto Assets, and will reimburse you for unauthorized transfers out of your Cryptocurrencies Hub in the form and quantity of the Crypto Asset that was removed from your account, up to a maximum lifetime cap of an equivalent of $50,000 USD (based on the U.S. Dollar value of the Crypto Asset at the time of the unauthorized transaction), as long as you cooperate with us, and follow the procedures described below. The above are some extracts I considered interesting, but it may be worth a proper read for anyone interested. I’ve looked at an archived version of the TOS, but neglected playing spot the difference between the two versions. See: https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: m2017 on June 08, 2022, 12:58:47 PM This is good coming from PayPal but question is how much fees are they going to charge for that withdrawal, and somehow I highly doubt this is going to be only transactional fee without anything extra. Without additional withdrawal fees, the whole point of bitcoin in paypal is generally lost. Otherwise, what will paypal earn on? All this paypal started in order to earn. Therefore, I also expect that the transaction will be charged an additional fee on top of the commission already due on bitcoin network.Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: sklopan on June 08, 2022, 01:19:54 PM And it's really very convenient. Considering that now many people work with cryptocurrency in order to simply protect themselves and not show their income.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: pawanjain on June 08, 2022, 02:37:12 PM Now that's a good move from Paypal. Although it might not benefit Paypal at revenue level but it is facilitating an ever wanted service from their side.
There were so many negative talks earlier when Paypal had restricted the withdrawals in their wallet but now since they are allowing the withdrawals it seems like this might bring a positivity in the market. The last bull run started when Paypal had announced that it is accepting bitcoins and may be this move by them may give bitcoin a little spike in the price. Let's hope for the best of bitcoin and see how it goes. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: hosseinimr93 on June 08, 2022, 02:54:28 PM Without additional withdrawal fees, the whole point of bitcoin in paypal is generally lost. Otherwise, what will paypal earn on? Even if they don't charge extra withdrawal fee, they will still earn from the spread between sell and buy prices. Of course, I doubt they process withdrawals without extra fee and like other custodial services, they will probably charge extra fee. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: a1 Hashrate LLC2022 on June 08, 2022, 02:59:21 PM If they add Bitcoin LN, their users will realize they don't need Paypal anymore :) Wrong sellers will realize they don't need Paypal if they have a good reputation. And buyers will need paypal when they do not trust a seller. So there is room for both. I want to follow up a bit I read a post which gave a pdf link to the new bill for btc gains. there is a 200 usd exemption. I made this post on my main accounts difficulty thread. We will need to wait and see how this unwinds. BTW this bill that is up for passage for sale of BTC for cash or stablecoin [/quote]Has a $200 gains exception this is a federal bill. https://www.lummis.senate.gov/wp-content/uploads/Lummis-Gillibrand-Responsible-Financial-Innovation-Act-Final.pdf I read it a a real boost to btc "SEC. 201. GAIN OR LOSS FROM DISPOSITION OF VIRTUAL CURRENCY. (a) In General.—Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section: “SEC. 139J. GAIN OR LOSS FROM DISPOSITION OF VIRTUAL CURRENCY. “(a) In General.—Gross income shall not include gain or loss from the disposition of virtual currency in a personal transaction (as such term is defined in section 988(e)) for the purchase of goods or services. “(b) Limitation.— “(1) IN GENERAL.—The amount of gain or loss excluded from gross income under subsection (a) with respect to a disposition shall not exceed $200. “(2) AGGREGATION RULE.—For purposes of this subsection, all dispositions which are part of the same transaction (or a series of related transactions) shall be treated as one disposition. “(3) OTHER DISPOSITIONS.—For purposes of this subsection, subsection (a) shall not include dispositions in which virtual currency is sold or exchanged for cash, cash equivalents, digital assets (as defined in section 9801, title 31, United States Code), or other securities or commodities." Quoted from link above So if I buy a 1000 dollar miner using 801 worth of btc that went to up to 1000 it is a tax free gain. Means a lot of book keeping. It could also be I buy 800 worth of btc it goes to 999 and I buy a gpu. It counts as no gain of the 199. I could also have 400 in purchased btc and pay 599 for pc also no tax on that gain. This is a big encouragement to making more purchases with btc. Obviously you need to track the value of the btc you spend. Now that paypal lets you pull btc from its account it will encourage spending some btc. I am going to buy 100 in btc today on my paypal account knowing that if it goes up to 299 and I spend it it is a non taxable event. -snip ... So I now have $97.45 worth of btc it dropped since I paid 100 for it. If that BTC goes to $299 I would be up 199 a fully exempted gain if I use that to buy gear from a seller like newegg. This is quite a tax break if you understand it and use it properly. It ties in with paypal allowing btc withdrawal. I have 3 accounts with paypal I could do 100 in all three and buy gear when the btc is worth 299 or I would get 597 dollars of tax free gains. So it helps a small btc investor. Note all USA tax laws and the fed law is not passed as of today. Above is a case that more then makes up for the fees. This is good coming from PayPal but question is how much fees are they going to charge for that withdrawal, and somehow I highly doubt this is going to be only transactional fee without anything extra. Without additional withdrawal fees, the whole point of bitcoin in paypal is generally lost. Otherwise, what will paypal earn on? All this paypal started in order to earn. Therefore, I also expect that the transaction will be charged an additional fee on top of the commission already due on bitcoin network.so the bitcoin + paypal setup is very good if you want a 199 or less tax break . Its small but in my case I can set it up 3 times which is a tax exemption on 597 dollars. Still small but a real break if the law passes. It also means you do not need to track any btc you spend if the gain is under 200. Prior to this every time I spent btc I had to account for it. The old law was spend 20k in btc in a year and all must be accounted for. Now I could spend 20k and as long as the gain on the spends is under 200 its exempt. trust me after my 2020 return was sent in with 200 pages of transactions this will be very helpful for me. BTW still waiting for my refund it has been over 8 months since I filed the 2020 return. so far 1 week longer than my 2019 return took to be refunded. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Rikafip on June 09, 2022, 07:19:09 AM t direction. I agree, and I think that's the main reason why PayPal introduced this change as they know their users and they concluded that even if they allow people to move crypto to their own wallet, majority will still keep it on PayPal, as usual. I think most will continue to keep their BTC the way they have done so far, because if PP was their crypto bank, they will not see this option as an advantage. t direction. I remember when PayPal first introduced thing thing, many people complained how that is not really good news as people couldn't move their crypto, but I've always seen PayPal as an useful idiot who will help the bitcoin adoption. Still, maybe this opportunity will attract some new customers who know the benefits of controlling their private keys. If they were to pull off a smart business move, then they should lower the service fee so that they are competitive with those who still charge dearly for it. The information on Fees and Pricing has also been updated, being the following something to read with consideration: That's for sure, especially considering the fact that majority of their users are probably not tech savvy enough to check what's the actual fee, and that PayPal is ripping them off. Quote The fee we will charge you is our estimate of the fee the network will take to process your transfer. The fee that you will pay to us may be higher or lower than the actual fee paid to the network, based on market conditions. If the actual network fee is higher, that amount is PayPal’s or its Service Provider’s responsibility. If the actual network fee is lower, PayPal or its Service Provider will retain the difference. We can bet that it will be lower (in the above context) almost every time …Title: Re: PayPal allows to withdraw Bitcoin to external wallets (and send to Paypal) Post by: Leviathan.007 on June 10, 2022, 08:07:13 AM So far, their press release (https://newsroom.paypal-corp.com/2022-06-07-PayPal-Users-Can-Now-Transfer-Send-and-Receive-Bitcoin-Ethereum-Bitcoin-Cash-and-Litecoin) is not mentioning there being fees on behalf of Paypal, and only refers to the necessary network fees: - No fees to receive crypto (bitcoin, Ethereum, Bitcoin Cash, Litecoin) on your Paypal account, other than the network fee you pay when sending them over. - No additional fees to send from your Paypal account, other than the network fees (I figure the user won’t have much of a saying here, so there may be some implicit part of these fees kept by paypal if they overcharge and then send at a lower rate – my speculation). - No fees at all for sending crypto from one Paypal account to another. As usual, we’d need to get hold of the detailed information in either the TOS or the Fees page to see if there is any fine print and/or limits/restrictions to bear in mind. About 'no fees at all for sending crypto from one Paypal account to another.' when you are not actually transferring the bitcoin to another wallet and there is no network fee to pay for the transaction it's not really surprising to see them taking no fee for their internal transactions because it's not a big deal to see them doing this for the users. But the most interesting part is the second one, about fees to send from your Paypal account here is where people should pay the transaction fee but they will not take any additional fees. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: jrrsparkles on June 10, 2022, 05:52:15 PM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. I am just curious how many PayPal users will actually go for that option and start taking responsibility for their own money. Somehow I doubt that number will be huge, bits its a good thing to have that option and is a step in the right direction. Am I really seeing this? Sure this will be a next big move towards adoption. If I am not wrong PayPal helped bitcoin from the previous bearish trend to recover and reach great heights now it will really let the users to withdraw bitcoin to the external wallet may kill the business of exchanges but surely bring a lot more new people into this.Quote from: https://decrypt.co/102210/paypal-lets-users-transfer-bitcoin-and-ethereum-to-external-wallets Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," said the financial giant in a statement. The ability to conduct external transfers on PayPal's crypto platform, an image of which can be seen below, will start rolling out to users today and be available to everyone in the U.S. in the next week or two. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: DdmrDdmr on June 10, 2022, 06:10:24 PM <…> I wouldn’t think so really. Giving the chance to withdraw your crypto from Paypal is a feature that most novel crypto buyers on Paypal will likely not consider (sending to others perhaps more), and that probably benefits most those profiles of people that started off rather clueless, but have evolved to understand the value and virtues (and also the responsibility) of self-custody and crypto usage. When compared to the top Exchanges, Paypal looses by a thrashing currently, and is more like a very limited version at best. Having said that, Paypal’s virtue is to make it simple for its vast user base to acquire some crypto (delimited geographically at it may currently be), and that is where its fortitude resides. Normally, the people who will use the service will be rather novel, and that is the core target I figure. An Exchange will have a certain base of similar customers, but also a segment of much more allegedly savy people, that use them for their trading with products that are more complex to follow through. My doubt is whether Paypal will stop there in terms of functionality, or whether it will gradually evolve to incorporate lightweight products and features that we typically see in Exchanges. To be seen … Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: SFR10 on June 10, 2022, 06:18:03 PM I always wonder why people still prefer to use custododial ways to keep their cryptocurrencies in a way they can never have complete control of their coins. It has something to do with being convenient [for the most part (unfortunately, even some of the veteran users do it from time to time].But what about the countries like El Salvador? Aren't the people of that country be allowed to buy,sell,transfer Bitcoins in paypal ? As of this writing, these options aren't available for Salvadorans.- It's worth mentioning that the same thing applies to Hawaii [a US state]! Quote The fee we will charge you is our estimate of the fee the network will take to process your transfer. The fee that you will pay to us may be higher or lower than the actual fee paid to the network, based on market conditions. If the actual network fee is higher, that amount is PayPal’s or its Service Provider’s responsibility. If the actual network fee is lower, PayPal or its Service Provider will retain the difference. We can bet that it will be lower (in the above context) almost every time …Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Fivestar4everMVP on June 10, 2022, 06:44:07 PM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. Exactly the same story with Wikipedia, Wikipedia deleted their Bitcoin's page in 2010, and started accepting donations in Bitcoin in 2014 , what do we call this..? Irony of life ;D.Anyways, paypal deciding to come out from the hole and start allowing thier users to send and receive crypto through their platform is a welcome development, though I highly doubt alot of people are going to use it, but it's still great they made the feature available for those who really need it. - No additional fees to send from your Paypal account, other than the network fees (I figure the user won’t have much of a saying here, so there may be some implicit part of these fees kept by paypal if they overcharge and then send at a lower rate – my speculation). I totally agree with you, this is something that's very common with all centralized exchanges and custodial wallets.As long as PayPal is going to be offering a custodial crypto wallet to their users, I am 100 percent certain they are going to be keeping parts of the fees they charge their customers for network transaction fee. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: jrrsparkles on June 10, 2022, 09:49:31 PM <…> I wouldn’t think so really. Giving the chance to withdraw your crypto from Paypal is a feature that most novel crypto buyers on Paypal will likely not consider (sending to others perhaps more), and that probably benefits most those profiles of people that started off rather clueless, but have evolved to understand the value and virtues (and also the responsibility) of self-custody and crypto usage. When compared to the top Exchanges, Paypal looses by a thrashing currently, and is more like a very limited version at best. Having said that, Paypal’s virtue is to make it simple for its vast user base to acquire some crypto (delimited geographically at it may currently be), and that is where its fortitude resides. Normally, the people who will use the service will be rather novel, and that is the core target I figure. An Exchange will have a certain base of similar customers, but also a segment of much more allegedly savy people, that use them for their trading with products that are more complex to follow through. My doubt is whether Paypal will stop there in terms of functionality, or whether it will gradually evolve to incorporate lightweight products and features that we typically see in Exchanges. To be seen … Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: CaVO32 on June 10, 2022, 10:12:02 PM As the title says, PayPal is finally allowing their users to move their Bitcoin to their own wallets. PayPal went a long way, from getting people banned for buying Bitcoin using PayPal ( I know few people that lost their PayPal accounts due that) to now this. Exactly the same story with Wikipedia, Wikipedia deleted their Bitcoin's page in 2010, and started accepting donations in Bitcoin in 2014 , what do we call this..? Irony of life ;D.Anyways, paypal deciding to come out from the hole and start allowing thier users to send and receive crypto through their platform is a welcome development, though I highly doubt alot of people are going to use it, but it's still great they made the feature available for those who really need it. - No additional fees to send from your Paypal account, other than the network fees (I figure the user won’t have much of a saying here, so there may be some implicit part of these fees kept by paypal if they overcharge and then send at a lower rate – my speculation). I totally agree with you, this is something that's very common with all centralized exchanges and custodial wallets.As long as PayPal is going to be offering a custodial crypto wallet to their users, I am 100 percent certain they are going to be keeping parts of the fees they charge their customers for network transaction fee. It is like the same with the saying, if you can't beat them, join them. They have seen that the usage of crypto is fast multiplying, so they just swallowed their pride and accept the fact that bitcoin and crypto market will be a good addition to their services. They are now changing their approach as they have seen that crypto users won't use their platform if they can't withdraw their crypto out of their paypal wallets. Also, you won't buy from them if you are already a crypto user because you have better options. Like for example, I am a paypal user but won't buy crypto on their platform. I can directly buy it from exchanges which are offering better deals. It is good that they are changing their services for the benefit of its users. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: coupable on June 10, 2022, 10:16:22 PM It's possible that a Paypal wallet can be an option to move Bitcoin to a paypal wallet, and it seems that this will be the discussion and discussion about the issue of Fees, I myself don't know for sure about the Fees, maybe in the near future this Fee problem will be solved. It's just like withdraw from an exchange or a bet casino. The deducted fee will contain the network fee for miners and a small portion for the service which is paypal in this case. Most of users think that this upgrade was about to facilitate things for users without asking why it wasn't set from the beginning. the simple answer is that paypal wasn't about do this until found that almost nobody use paypal to purchase or save crypto. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: DoublerHunter on June 10, 2022, 11:25:34 PM It's possible that a Paypal wallet can be an option to move Bitcoin to a paypal wallet, and it seems that this will be the discussion and discussion about the issue of Fees, I myself don't know for sure about the Fees, maybe in the near future this Fee problem will be solved. It's just like withdraw from an exchange or a bet casino. The deducted fee will contain the network fee for miners and a small portion for the service which is paypal in this case. Most of users think that this upgrade was about to facilitate things for users without asking why it wasn't set from the beginning. the simple answer is that paypal wasn't about do this until found that almost nobody use paypal to purchase or save crypto. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: pooya87 on June 11, 2022, 03:45:40 AM So after almost 2 years (from October 2020) of letting people deposit bitcoin and trade it on their platform, they have accumulated enough bitcoin from their customers to feel safe to let people withdraw some of it (considering not everyone would withdraw)! That will depend on their withdrawal fees, many exchanges use high fees to deter people from withdrawing, and many people don't even care about having their own wallet.Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: Rikafip on June 11, 2022, 09:10:07 AM Like for example, I am a paypal user but won't buy crypto on their platform. I can directly buy it from exchanges which are offering better deals. It is good that they are changing their services for the benefit of its users. I haven't really bothered to check their rates as I stopped using PayPal 4-5 years ago after couple of my friends got their account banned due buying/selling crypto, but do other exchanges like Kraken or Coinbase offer better rates? I mean, what's the difference, percentage wise?^Probably from what I have understood, they realized that no one buys BTC from them because it cannot be withdrawn but now you can transfer it to the external wallet. I am not so sure that's the reason as I read somewhere that approximately 20% of the Paypal users in the United States bought/sold crypto. That number seems a bit too high, but even if its only 1/4 of that its still a big amount as PayPal has ~230 million users there. I think its more about PayPal realizing that majority of people won't withdraw bitcoin to their wallets, so why not offering that option for some good PR.Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: PrivacyG on June 11, 2022, 09:37:14 AM TX Limits state that: Wait. What? So this new 'withdraw' feature lets you only withdraw up to 0.001 BTC per week or 0.004 BTC per month? Am I reading this right?Quote • Weekly send limit: Crypto Assets totaling the equivalent of $10,000 USD • Minimum “send” transfer amounts: o BCH: 0.01 BCH o BTC: 0.001 BTC o ETH: 0.01 ETH o LTC: 0.01 LTC We may change the above limits for safety, security or other lawful reasons. You can view your current limits by logging into your personal PayPal account. If so, I have two questions. Why would there be this limit? I have two suspected answers. They either do not have enough Bitcoin in their wallets to cover the total of their users wallets or they are using this together with the fee terms so that they can draw even more money out of their users pockets. If you have a weekly limit of $30 at the current price and they retain the difference between their fee and the network fee in case the latter is smaller. Then if you want to withdraw $100 from your PayPal you need to pay the fee 4 times with their limit. Nuts! - Regards, PrivacyG Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: m2017 on June 11, 2022, 10:03:20 AM TX Limits state that: Wait. What? So this new 'withdraw' feature lets you only withdraw up to 0.001 BTC per week or 0.004 BTC per month? Am I reading this right?Quote • Weekly send limit: Crypto Assets totaling the equivalent of $10,000 USD • Minimum “send” transfer amounts: o BCH: 0.01 BCH o BTC: 0.001 BTC o ETH: 0.01 ETH o LTC: 0.01 LTC We may change the above limits for safety, security or other lawful reasons. You can view your current limits by logging into your personal PayPal account. TX Limits state that: What you have read is the minimum withdrawal amount per week: 0.001 BTC. Quote • Weekly send limit: Crypto Assets totaling the equivalent of $10,000 USD • Minimum “send” transfer amounts: TX Limits state that: This detail seems to me worthy of attention. It turns out that Paypal can change the conditions at any time. For example, reduce the maximum weekly limit. I don't like any such restrictions on services. And then it turns out a strange thing: the money seems to be yours, but you can't fully dispose of it.Quote • Weekly send limit: Crypto Assets totaling the equivalent of $10,000 USD • Minimum “send” transfer amounts: o BCH: 0.01 BCH o BTC: 0.001 BTC o ETH: 0.01 ETH o LTC: 0.01 LTC We may change the above limits for safety, security or other lawful reasons. You can view your current limits by logging into your personal PayPal account. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: NotATether on June 11, 2022, 10:17:36 AM The implications of this are huge. Executive summary is that it makes BTC <-> fiat conversion way easier for people (cuts out the exchange middleman).
Now you can buy P2P bitcoin with paypal just by sending some money to the person's paypal account (which you could always do BTW), and then that person can simply buy the crypto using the internal PP buying feature, and then withdraw it without needing to have some bitcoin lying around in another wallet. But I wonder to what extent will PP allow this. After all, wouldn't they start to suspect that it might be money laundering? The second big thing from this is that the next step they take are quietly removing their banning policy for buying crypto using external websites. Because if you can buy bitcoin and withdraw it all from PP, there is no point in them stopping you from using other platforms to do the same, and it could even be seen as an anti-competitive manouvre. But I'm not sure how many people want to test and see that such a thing is going to happen, because PayPal accounts are still valuable to most people. Edit: And before I forget, Number 3 is that another big business is consolidationg transactions on L1 blockchain which applies a little extra nudge to the force that is pushing more users to the LN. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: skinnyjeans77 on June 11, 2022, 11:49:21 AM PayPal linking up better with cryptocurrency is such a huge leap towards better and more widespread cryptocurrency adoption.
Also, PayPal pushing something like this will trigger more business to do the same or to move towards making cryptocurrency more "easy" to use for the global market. Not too long ago one of the main counter-cryptocurrency statements was the lack of credibility, PayPal made its way and its name, this will help for sure. However, I would avoid using PayPal. I am not using it for years, I was using it only for small transactions. PayPal is known for their "account limiting" and holding of user's funds. Many users are using PayPal seamless, but there are some horrible reviews, see on TrustPilot for example. Recovering your account is nearly impossible unless you have a really good reason and even than it may be not enough. To open a new PayPal account after your first one has been "limited" is not allowed and will probably be banned too as soon as their system finds out it is the same person. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: cryptosize on June 11, 2022, 01:00:09 PM Revolut should be next...
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: masterrex on June 11, 2022, 02:02:31 PM IMO, I think PayPal has awakened from a deep sleep and started to realize the potential of crypto because how ironic is that move, to start adopting Bitcoin, when PayPal's approach in the very beginning is very rude against its users who transacting Bitcoin using their Paypal account. And now surprisingly base on PayPal's latest move to finally allow its users to withdraw Bitcoin into their external wallets hmmm! sounds interesting, Anyway thats good news for Paypal users and I believe sooner or later it will be implemented in all areas that Paypal has been accepted.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: barbara44 on June 12, 2022, 02:19:48 PM It is definitely the good way to go, Paypal is a digital company that deals with money, as such crypto is the digital money that millions are using right now. It was high time that they started to accept the withdrawal process as well, I am sure there must have been some legal stuff that they had to deal with, but after they are done, this is the path to go.
It will allow them to make a ton of profit as well but they need to make a lot more marketing about this situation, you can't just do something like this and keep it a secret. I am hearing about the withdrawal here on bitcointalk for the first time, they need to do a lot more marketing and ads about the crypto situation they have. Title: Re: PayPal allows to withdraw Bitcoin to external wallets (and send to Paypal) Post by: tygeade on June 12, 2022, 05:53:32 PM About 'no fees at all for sending crypto from one Paypal account to another.' when you are not actually transferring the bitcoin to another wallet and there is no network fee to pay for the transaction it's not really surprising to see them taking no fee for their internal transactions because it's not a big deal to see them doing this for the users. Unfortunately there are some places that still charge this as a "service fee", but the competition made it a bad thing. If all websites charged this, then all would continue to do it, but when a few big names start doing it for free, it became a forced thing to do for free otherwise everyone would go there.But the most interesting part is the second one, about fees to send from your Paypal account here is where people should pay the transaction fee but they will not take any additional fees. Like Binance does user to user transfers for free, the network fee is still taken, but if it is another user on the receiving end, you could get the network fee back, or send that to the receiver as well. When even the biggest one which is Binance does this, Paypal sort of had to do it, but still some charge you for it in the name of providing a service. Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: The Cryptovator on June 12, 2022, 06:36:11 PM The news is rolling out for a few days among news channels. It was expected though but wasn't expected that will happen very soon. However this is the right decision, users should have the freedom whether they want to hold assets on a PayPal account or move others' wallets. Bitcoin is decentralized and shouldn't limit to an internal wallet system. Definitely, this is good news for PayPal Bitcoin users.
Title: Re: PayPal allows users to withdraw Bitcoin to external wallets Post by: evichi on June 12, 2022, 11:27:25 PM Paypal team IMO are team of innovators. They have the foresight to see the future potentials of bitcoin and crypto in general. With huge money trading in crypto, as seen in Coinmarketcap, the are taking position early in the crypto space. I also see Paypal as a company that takes security serious, they take their their time before adopting a system. I think they are wise in taking their time to ensure the safety of their customers. For Paypal to allow users to withdraw Bitcoin to their external wallets, it is a unique positive development in the crypto space.
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