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Sending Crypto From Paypal To External Wallet

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cryptonerd93
Contributor

Everyone needs to take a deep breath on this topic and relax, take a chill pill. The first implementation of cryptocurrency on PayPal was to only enable buy and hold. They are currently working on the next step, which is implementing crypto transactions to over 26 million of their merchants. This system has not yet been implemented, it takes time. Once it is, I have no doubt the 3rd step will be allowing users to transfer their cryptos. However, when you think about it, if they do allow crypto transfers, the currencies may be sent to websites/wallets offering illegal services, such as the darknet. PayPal could easily be held publically liable if the crypto is being used to purchase illicit goods - since the crypto can be easily traced back to their platform. It's a big problem. Users could be paying for child pornography with their crypto, along with all kinds of illicit items, such as drugs and other paraphernalia, and it would all be thanks to PayPal allowing the user to transfer cryptos to outsourced online wallets. With that said, I'm assuming their plan is to only allow crypto purchases through their approved 26 million merchants, which is still pretty cool. It all makes sense. And now that I think about it, I find that acceptable. I do not believe it's malpractice, PayPal is only trying to be ethical. Either it's like this, or we don't get any crypto at all, which would suck. Either way, I enjoy being able to buy and hold my cryptos and watch my money increase for my investment. And who knows, maybe in the future they can figure a way around the darknet problem. It's a process, people. Stay tuned, and thank you PayPal for adding crypto!!! God Bless

Sending Crypto From Paypal To External Wallet

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pixelm
New Community Member

nah you need to take a reality pill.   With crypto and allowing people to buy it, you do not build out the framework without having the ability to transfer funds.   The fact you are ignorantly defending this is laughable.    Seriously, imagine if a bank opened up and said they're accepting your money but you can't do any withdrawls or transfers because we're just starting out and we haven't figured that out yet.  That's **bleep**, and you know it.  Why are you defending this crappy practice?  Oh yeah, you can't.   Don't contribute.

Sending Crypto From Paypal To External Wallet

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DeceivedThem
Contributor

I 1000% percent agree that it is a disgrace. I lost over $30 to deposit fees and buying/selling fees. They literally swindled me out of my money. 

 

It is completely false advertising and beyond that it is a lie and fraud. It clearly says "buy crypto". Buy means that I have full possession of the crypto. Instead, it needs to say "invest in crypto" because that is exactly what it is. That is the bare minimum. It also should have a link that says "please read full terms and conditions". 

 

I am going to demand a refund. If that doesn't work I will treat them exactly how they treated me. 

Sending Crypto From Paypal To External Wallet

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Ricky3903
Contributor
Word has it that PayPal is going to allow transfers to third-party wallets. That’s right! I believe the news just came out today and Paypal will allow you to transfer your crypto out of PayPal to a third-party wallet. They haven’t announced to go live date yet.

Sending Crypto From Paypal To External Wallet

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FennecTECH
Member

Your straight out wrong.  Paypal is not held liable as they have our info just like coinbase or any other exchange. If its traced back to paypal they look at the transaction and hand your info over to the authorities who come knock on your door.    They are not liable at all.      They are already compliant with the legislation put in place that requires exchanges like coinbase to hold personal information that they can hand over to the authorities.   This is straight up a scam.      If you buy CP with crypto on coinbase its easily traced back to you and you get a knock on the door cuz coinbase hands your info over to the authorities.    

Sending Crypto From Paypal To External Wallet

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temp20210319
Member
apparently you and many of those here did not read the TOS or bother to google this AT ALL. many people have explained this and warned users: not your keys = not your crypto. you dont 'own' those bitcoins. please dont buy bitcoin w PayPal. look into cashapp. or coinbase

Sending Crypto From Paypal To External Wallet

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Sreab
New Community Member

Same here! What a scam!  Shame on you paypal, crypto is the future and you will be left behind.  You may gain short term profit from this, but this will hurt you long term.  I used paypal a lot for online purchases, instead of filling out my CC info.  No more!  

Sending Crypto From Paypal To External Wallet

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radpiano
Contributor

Well this kind of defeats what I had in mind. Not like I have a lot of money invested here but would have and will look into a different vendor to purchase crypto currency. Think one should be able to buy sell AND send from here. Otherwise what's the use? 

But at least I got my feet wet!

 

Sending Crypto From Paypal To External Wallet

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BCCap
Contributor
I used PayPal briefly to day trade when they didn't charge fees for the first month. If you're a noob, start with an exchange like Coinbase then graduate to Binance(Binance.us if in the US) or Coin Gecko. Someone here mentioned Cashapp. For the past month+, I've been hearing loads of people getting hacked using CashApp and have not gotten a single reply from customer service. There are tons of resources out there. Utilize them, don't invest in something you don't understand, and only invest what you can afford to lose. If you're a noob you're most likely going to lose money. With cryptocurrencies' volatility and its extremely fast-changing ecosystem, I recommend investing in a blockchain EFT or wait until Crypto EFTs get SEC approval- which is set to happen in the coming month. Or buy $100 of BTC via Paypal and forget about it for 1 year.

Sending Crypto From Paypal To External Wallet

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radpiano
Contributor

Yes it seems to defeat the purpose. I thought PP was making things easy but the opposite seems to be true.

Besides buying them like a stock why would you buy through PP if you cannot use it elsewhere.

At least I didn't invest a lot

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