Now Paypal allows us to withdraw BTC to third party wallets

[cheezcarls]

Despite that we don’t have the full custody of Bitcoin and other cryptocurrencies stored on Paypal, this latest move from them is likely a big move!

Source: https://gadgets.ndtv.com/internet/news/paypal-cryptocurrency-wallet-third-party-bitcoin-price-withdraw-digital-coin-allow-users-2450112

But the real question are the withdrawal fees from Paypal to third party wallets. And will they freeze our account if we withdraw a large amount of Bitcoin to our third party wallet? Although this news is a bit of a big news for Bitcoiners out there, it’s still “not your keys, not your coins”.

Any thoughts on this one guys?

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[OmegaStarScream]

But the real question are the withdrawal fees from Paypal to third party wallets. And will they freeze our account if we withdraw a large amount of Bitcoin to our third party wallet? Although this news is a bit of a big news for Bitcoiners out there, it’s still “not your keys, not your coins”.

That's no different than what centralized exchanges do, there is always that risk. Still, letting their users withdraw their crypto is a big step forward. I was actually expecting it since Skrill did the same thing not a long time ago.

Does anyone know if crypto services are still only available for U.S citizens? and whether it's soon coming to the rest of the world?

[BlackHatCoiner]

But the real question are the withdrawal fees from Paypal to third party wallets.

It'll probably charge a high fee, because he-he, it's PayPal.

And will they freeze our account if we withdraw a large amount of Bitcoin to our third party wallet?

Why would they freeze your account for such reason? They literally say that you're free to send your bitcoins to other custodial wallets. They surely have a limit of withdrawal, although it shouldn't be smaller than your current BTC balance.

This may be an improvement, if you didn't want your coins IOU to sit in just one place.

[UserU]

Does anyone know if crypto services are still only available for U.S citizens? and whether it's soon coming to the rest of the world?

Looks like its still exclusive to the US for now. We might see gradual expansion by the end of 2021 and beyond.

Currently, buying, selling, holding, and checkout with Crypto on PayPal is available in the U.S. (excluding Hawaii) and U.S. territories. All trades must be executed in USD. We plan to expand this service to select global markets in 2021.

https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398?app=searchAutoComplete

[Vishnu.Reang]

Does anyone know if crypto services are still only available for U.S citizens? and whether it's soon coming to the rest of the world?

My understanding is that they need to do a lot of paperwork and formalities if they want to make cryptocurrency available for the other countries. Still, looking at the pace at which they are adding new features to their cryptocurrency services, I won't be surprised if they make their service available to users in cryptocurrency friendly jurisdictions such as Japan, Canada and European Union within the next few months. For users in more restrictive countries (such as Indonesia and Philippines), it may take some more time.

[UserU]

Does this mean that PayPal is now part of the crypto ecosystem?

You could say that.

If you are aware of the ROBINHOOD incident, PayPal is pretty much a similar entity, being run as a traditional corporation that might pull any tricks if the markets become too volatile against its interests.

[Charles-Tim]

Despite that we don’t have the full custody of Bitcoin and other cryptocurrencies stored on Paypal, this latest move from them is likely a big move!

What a big move? I do not use PayPal and I can not use PayPal to buy or sell cryptocurrencies. When PayPal has no option is the reason for the move. But the best way to buy and sell cryptocurrencies  still remain using decentralized platforms. Although, people are using centralized platforms but not privacy oriented.

[Ararbermas]

ever since before there's a bunch of news about paypal will add bitcoin on their platform but so far this one seems legit.. But there's no difference with some wallet out there that implement bitcoin wherein the same as usual, so im wondering what will be a big move on this? Perhaps this cannot give a big contribution even its been a decentralised trusted wallet for how many years as well.. Just saying correct me if i'm wrong guys.

[20kevin20]

Well, now this neutralizes my earlier fears of PayPal selling fake BTC. But I suppose they're gonna charge fees so high people would rather not take their money off the platform..

Anyway, glad to know they at least offer this option - high fees or not, it's much better than selling something you can't claim.

[dkbit98]

PayPal black hole is finally opening slightly, maybe because lot of people asked them for Bitcoin withdrawal option, but they are probably still worse than average centralized exchanges,
and I think they are doing this only because they want to attract more crypto users as there are some rumors that they are working on their own centralized stablecoin, maybe called PayPal coin.
I can't find more information about this and how much are fees going to be for withdrawing Bitcoin, but I am sure they will be premium high and this option will only be available to citizens of United States.
Better read their terms carefully before using your PayPal account for anything crypto related.

[electronicash]

Well, now this neutralizes my earlier fears of PayPal selling fake BTC. But I suppose they're gonna charge fees so high people would rather not take their money off the platform..

Anyway, glad to know they at least offer this option - high fees or not, it's much better than selling something you can't claim.

that will probably the case. its still like stealing from users who are withdrawing their coins. they already got spread from them buying coins and after it the withdrawal fees too. this will force users not withdrawing but youd be surprise as well when they ask fees for storing coins on paypal lol i overthink it this time. 😄

these are just posibilities. its still good to have them on board.

[hatshepsut93]

PayPal is now less bad, but it's still pretty bad, their fees are horrendous and make centralized exchanges look like charity. I think most people who would trade crypto via PayPal are existing PayPal users who have balance, and newcomers who want to buy Bitcoin would almost always choose an exchange.

[avikz]

Despite that we don’t have the full custody of Bitcoin and other cryptocurrencies stored on Paypal, this latest move from them is likely a big move!

Source: https://gadgets.ndtv.com/internet/news/paypal-cryptocurrency-wallet-third-party-bitcoin-price-withdraw-digital-coin-allow-users-2450112

But the real question are the withdrawal fees from Paypal to third party wallets. And will they freeze our account if we withdraw a large amount of Bitcoin to our third party wallet? Although this news is a bit of a big news for Bitcoiners out there, it’s still “not your keys, not your coins”.

Any thoughts on this one guys?

Lol! Finally! But yes, the risk of banning your withdrawal is still there. It was always there with any centralized wallet service providers, and it's the same with Paypal as well. Especially when Paypal was very stringent in all their actions and policy formations.

Unfortunately, I couldn't find anything official from Paypal's website yet. All I am getting this news from different news websites. Is there anyone who can share an official link of this news?

[irsykes]

Since Paypal is really strict, not only for crypto but for anything else, i wouldn't think i do anything crypto related in there. But not means it is bad, i mean every adoption will be good for crypto, but as long my local  exchanges still allowing me to do anything common that we do in crypto, i prefer to choose it.

[20kevin20]

PayPal is now less bad, but it's still pretty bad, their fees are horrendous and make centralized exchanges look like charity. I think most people who would trade crypto via PayPal are existing PayPal users who have balance, and newcomers who want to buy Bitcoin would almost always choose an exchange.

I disagree - people choose convenience, and it's way easier to add fiat to PayPal and then directly purchase from their app rather than purchase from an exchange and transfer to your private wallet. Newcomers are actually probably the most likely to choose PP over exchanges since most of them care about profits..

[meanwords]

This is pretty huge. Paypal can actually be used as a custodial third-party wallet now instead of a pseudo-crypto exchange that bans people for trading lol.

[UserU]

This is pretty huge. Paypal can actually be used as a custodial third-party wallet now instead of a pseudo-crypto exchange that bans people for trading lol.

They are still in control of your coins as long as you haven't withdrawn them. So if your account gets flagged for some suspicious activity, even if it's about some merchant issues, the whole account standing is affected, crypto and fiat.

[meanwords]

This is pretty huge. Paypal can actually be used as a custodial third-party wallet now instead of a pseudo-crypto exchange that bans people for trading lol.

They are still in control of your coins as long as you haven't withdrawn them. So if your account gets flagged for some suspicious activity, even if it's about some merchant issues, the whole account standing is affected, crypto and fiat.

Yeah. All centralized services are like that so I'm not surprised about it. To be honest, they aren't really any different from those centralized exchanges except Paypal is reputable and trusted.

[dothebeats]

It’s a step towards the right direction, at least. A lot of people have been asking PayPal to allow actual htc eithdrawals to their wallets and not just let some numbers on the screen tell them they have that much. I knew that it’s only a matter of time before they enable btc withdraws on the platform, and I hope that there are no strings attached to the enabling of withdrawals (bans due to ‘suspicious activity’ etc), otherwise it’s a useless feature.

[UserU]

Yeah. All centralized services are like that so I'm not surprised about it. To be honest, they aren't really any different from those centralized exchanges except Paypal is reputable and trusted.

Well, I have been using Paypal for umpteen years and never had major issues with it. Except the fees and exchange rate are pretty exorbitant.