Cryptocurrency on PayPal - FAQs
What did PayPal announce around Crypto?
PayPal users in the U.S. can buy, sell, hold, and checkout with Cryptocurrencies directly through PayPal using their Personal or Premier PayPal account. Users will be able to learn about Crypto, track crypto prices, all without leaving the PayPal app. Currently not available for Business accounts.
What is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that is created by Cryptography. It isn’t physical and not issued by a central authority. It uses a decentralized network and works through a distributed ledger technology, known as a Blockchain.
What Cryptocurrencies does PayPal support?
Customers in the U.S. (except Hawaii) can buy, sell, hold, and pay at checkout with 4 different Cryptocurrencies on PayPal: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Will this be available globally? When are you planning on launching internationally?
Currently, buying, selling, holding, and checkout with Crypto on PayPal is available in the U.S. (excluding Hawaii) and U.S. territories. All trades must be executed in USD. We plan to expand this service to select global markets in 2021.
You can find our Terms and Agreements and Acceptable Use Policy by clicking Legal at the bottom of any PayPal page.
What is the difference between Cryptocurrencies?
- Bitcoin: invented in 2009 by Satoshi Nakamoto, it is the largest Cryptocurrency by value.
- Ethereum: also known as Ether, it is the 2nd largest Cryptocurrency by value. It is a decentralized Blockchain featuring smart contract functionality.
- Bitcoin Cash: created in 2017, the group behind Bitcoin Cash say transaction times are faster than the original Bitcoin.
- Litecoin: designed to be a future payment method and can be mined more quickly than Bitcoin - producing one new coin every 2.5 minutes (whereas Bitcoin produces one every 10 minutes).
Do I need to sign up for anything?
For Personal or Premier PayPal Cash and PayPal Cash Plus account all you need to do is confirm some account information during your first purchase. If you don’t have a Personal or Premier PayPal Cash and PayPal Cash Plus account, you can apply for one during your first purchase.