Pay with Crypto Using PayPal: Heres How
paying with cryptocurrency makes it simple and convenient to pay for an online purchase with a digital currency, all from your paypal account
Payment processing companies are finding new ways to meet the growing needs of their customers. PayPal is no exception. recently, paypal announced that your us account. uu. users can now use cryptocurrencies to make payments. this new feature is called crypto payment.
Reading: Paypal pay with bitcoin
This feature is available to anyone with cryptocurrency in the US. uu. Read on to learn more and to see how you can pay with crypto when you use PayPal.
how crypto payment works
on March 30, 2021, paypal introduced crypto payment. this new feature makes it fast and easy to pay for your online purchases with cryptocurrencies. PayPal users will be able to use the digital currency to make purchases at the 29 million merchants that accept PayPal.
When you use crypto payment, your cryptocurrency will be converted to fiat currency (national currency, such as the US dollar) during the payment process. then you will be shown the cryptocurrency conversion spread. no additional transaction fees are charged for this service.
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Here’s how to use this new feature:
- choose a store or online store that accepts paypal payment and add items to your cart as you normally would.
- if you have enough of a single type of cryptocurrency in your wallet paypal, crypto will be displayed as a payment option.
- if you have multiple types of cryptocurrencies available, you can select from the following options: bitcoin, ethereum, bitcoin cash, or litecoin.
- you can do not mix cryptocurrencies when making a purchase. instead, you can only select one type. Also, you cannot partially fund a payment with cryptocurrencies and then use another payment method.
- After you choose which type of cryptocurrency you want to use, it will be converted to fiat currency and the transaction will then be completed.
paypal is already known for protecting its users, and this now includes digital currency payments. Eligible purchases made with cryptocurrencies will include PayPal’s 24/7 fraud protection and return and purchase protection.
buy, sell and hold crypto with paypal
the cryptocurrency payment feature extends paypal’s cryptocurrency services. Introduced in October 2020, PayPal users within the US. uu. (except Hawaii) and USA uu. territories can also buy, sell and hold cryptocurrencies with paypal.
To buy cryptocurrencies with paypal, you must use your paypal cash or cash plus balance or a linked debit card or bank account. you will not be able to use a credit card. this is similar to other cryptocurrency exchanges and apps.
You can save the cryptocurrencies you buy in your paypal account, but you cannot transfer the cryptocurrencies purchased outside the paypal platform. Currently, the following cryptocurrencies are available:
- cash bitcoin
If this is your first time buying and selling crypto, you can start with small purchases. You can safely buy bitcoin and other cryptocurrencies with as little as $1. Since the cryptocurrency market works 24/7, you can buy or sell at any time of the day.
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Once you make a purchase, you cannot reverse the charge or cancel your order. however, if unauthorized activity occurs within your account and results in the purchase of cryptocurrency, you will not be liable.
there are no fees for holding crypto in your paypal account. But there are fees associated with buying and selling digital currencies within PayPal. here’s a closer look at what you’ll pay.
Want to trade cryptocurrencies? See coinbase vs paypal rise comparison.
always be careful when it comes to cryptocurrencies
It is important to understand the risk you are taking when purchasing digital currencies. crypto is still new and unregulated in many states. states and territories. therefore it can be a risky investment.
To learn more about being smart and careful with your money, take a look at our personal finance resources.
the end result
In addition to buying, selling and holding cryptocurrency in your PayPal account, you can now make purchases with your cryptocurrency. This new feature gives Paypal users more financial options and offers more convenient ways to use their cryptocurrencies.
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