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How to withdraw Bitcoin from PayPal

 

How To Withdraw Money From Bitcoin Wallet To Paypal?



Bitcoin is still a hot issue right now, with new businesses getting on board to entice new users to their platforms or goods.



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PayPal is one of the companies that has announced support for Bitcoin. In October 2020, the online payment provider launched a new cryptocurrency service that allows customers in the United States to purchase, trade, and keep Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.


PayPal's bitcoin functionality, however, comes with certain constraints.


Is it possible to withdraw or send Bitcoin using Paypal?


PayPal presently does not enable users to move Bitcoin across wallets.


This may come as a surprise to some users, especially if you haven't read the PayPal Cryptocurrency Terms & Conditions.



In practice, this implies that cryptocurrency on the PayPal platform is only an investment; you may only purchase and sell Bitcoin, and PayPal controls all of your bitcoin assets. PayPal isn't alone in this; Robinhood likewise prohibits consumers from transferring Bitcoin. Indeed, some crypto enthusiasts argue that in these situations, you don't truly "own" the cryptocurrency.


Of course, there are a few benefits to this system, one being that you won't be at risk of losing your Bitcoin keys.


Asheesh Birla, a general manager at Ripple, told CNBC that the setting is similar to depositing money at a bank. "You're putting your confidence in Bank of America to have your US dollars in their bank accounts, and they're providing you an account number."


So, what's next?


So, you have two choices: keep your Bitcoin in your PayPal account or sell it and buy it again somewhere else.


If you want to pay for something using Bitcoin, you'll have to buy it through another site like Coinbase, Binance, or CashApp.


It's possible that PayPal will allow customers to withdraw or transfer crypto assets to other wallets in the future. According to Robinhood, "currently working on offering the option to deposit and withdraw supported cryptocurrency." However, there is no certainty that PayPal will follow suit.


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