UK customers can now buy Bitcoin through Paypal

[nullama]

PayPal doesn't allow you to withdraw your bitcoins though...

If you don't have your bitcoins in your own wallet, then they're not truly yours, as you have to trust the company holding them for you.

I think we're starting to see more and more "fake" bitcoins, where people think they have it, but in reality it's just an IOU.

Probably there might even be a difference in price in the future for "free" bitcoins instead of bitcoins that are trapped in a specific system like PayPal.

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[Sithara007]

PayPal doesn't allow you to withdraw your bitcoins though...

Right now, they don't allow you to do that. But they have already made it clear that this functionality will be added soon.

https://www.coindesk.com/business/2021/05/26/paypal-will-let-customers-withdraw-crypto-exec-says/

PayPal Will Let Customers Withdraw Crypto, Exec Says

Global payments giant PayPal plans to let users withdraw cryptocurrency to third-party wallets, its blockchain lead said. Speaking Wednesday at CoinDesk’s Consensus 2021 conference, Jose Fernandez da Ponte told moderator Jeff John Roberts that a withdrawal function is in the works. At present, PayPal does not let users move cryptocurrency holdings off-platform, though it has let customers buy bitcoin (BTC, 4.57%) and other cryptocurrencies since October 2020.

Just give them some time. They implemented the Bitcoin integration to their platform less than a year ago. Adding additional functionalities will take time. They need to make sure that everything works properly, or else the coins can be easily stolen by hackers. I no longer use centralized exchanges nowadays, but I would say that PayPal looks much more secure to store my BTC, compared to any of the cex platforms. If you are a non-tech savvy user, and you have small amounts of crypto, then PayPal looks like a good option.

[Wendy Simth]

In the cryptocurrency industry, bitcoin has become a currency in the mainstream payment system. PayPal's move is an important milestone in the evolution of bitcoin to a payment transaction tool.

[slaman29]

I think the problem now with Paypal is that more and more people are realizing what many users here have also noted, that this is not real Bitcoin and just a balance in the PP app account.

That said, Paypal is supposedly building their own wallet (real wallet) and if this is true, when they do roll it out they will need to buy a lot of real BTC in 2022, that should be nice for us!

[MrcMrc]

I think the problem now with Paypal is that more and more people are realizing what many users here have also noted, that this is not real Bitcoin and just a balance in the PP app account.

That said, Paypal is supposedly building their wallet (real wallet) and if this is true, when they do roll it out they will need to buy a lot of real BTC in 2022, that should be nice for us!

What impact will the creation of wallet by PayPal have on the price of Bitcoin, because those already using PayPal to buy and sell Bitcoin on the PayPal account are already complaining of high fees, so I believe the situation will be the same in the wallet they will keep taking a high fee on a transaction which will not be beneficial to users in the long run.