Paypal Now Supports Buying and Selling of Cryptocurrency(Bitcoin, Ethereum, etc)

Paypal has officially announced that it has commenced support for Cryptocurrency, that’s to say that one can now buy, sell and store Cryptocurrency on his PayPal account, this has been rumored for some months now, but as the saying goes “in every rumor there is an atom of truth”, on Wednesday 21 September 2020 to fintech Giant PayPal announced that users in the United States can now trade Cryptocurrency(BTC, Eth, BCH, Ltc) on PayPal.

PayPal officially confirmed Wednesday it is entering the cryptocurrency market. The payments giant, with 346 million active accounts around the world, pledged to make cryptocurrency “a funding source for purchases at its 26 million merchants worldwide.” however their entrance is only available in the United States at the moment, according to PayPal officials they plan to expand and support more countries before 2021 runs half.

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At the moment paypal supports only four Cryptocurrencies, Bitcoin, Ethereum, Bitcoin Cash and Litcoin, also there are some unfriendly restrictions on what you can do with your acquired, Maximum purchasing limit and account verification process.

PayPal’s service does not allow bitcoin or other cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell,

Crucially, users will not be allowed to send their crypto around.

“You can only hold the Cryptocurrency that you buy on PayPal in your account. Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal,” the help page says.

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PayPal support for Cryptocurrency is a welcome development however its more like a buy and hold thing since you can’t deposit Crypto from your other cryptocurrencies wallets or withdrawn to them either.

Note that paypal support for Cryptocurrency is only available in the United States(USA PayPal accounts) we hope they expand their support soon.