PayPal allows users to withdraw Bitcoin to external wallets

[m2017]

TX Limits state that:

•   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.

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?

Most likely you misread. The weekly maximum limit is $10,000 USD. Per month, that means $40,000 USD.

TX Limits state that:

•   Weekly send limit: Crypto Assets totaling the equivalent of $10,000 USD
•   Minimum “send” transfer amounts:

What you have read is the minimum withdrawal amount per week: 0.001 BTC.

TX Limits state that:

•   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.

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.

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[NotATether]

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.

[skinnyjeans77]

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.

[cryptosize]

Revolut should be next...

[masterrex]

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.   

[barbara44]

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.

[tygeade]

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.

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.

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.

[The Cryptovator]

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.

[evichi]

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.