Purchased 500 USD in btc from Paypal early last year. Assumed I could transfer to my wallet. No such option. Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?
It's disappointing that PayPal doesn't allow withdrawing Bitcoin to one's own wallet, but maybe it has to do with legal issues. When you withdraw fiat, you get it to your bank account, and bank accounts aren't anonymous, so your identity is effectively verified. If you withdraw cryptos to your own private wallet, it's less obvious. I'm sorry that you're not able to withdraw Bitcoin directly. I guess for now the best option would be to sell of fiat, buy Bitcoin on an exchange, and then withdraw Bitcoin. Or you can hodl on PayPal, waiting for things to change. They're a reputable company, so I don't think your money's in danger with them, but they will be able to restrict your access to it if they feel like you're doing something illegal. They can also impose whatever documentation requirements they feel are necessary to ensure they comply with AML policies. So it's better to hodl your BTC in your own wallet, of course. 
Topic: Anyone else with BTC stuck in Paypal? (Read 235 times)
BTC stuck in Paypal? let's just say it's a long term investment, but I believe Paypal is a trusted company and it is impossible to take BTC from a user's wallet on paypal. it's just a matter of withdrawing and sending BTC to another address.
if you don't want to be stuck on paypal, you can buy bitcoin on other exchanges such as Coinbase, Binance and several other trusted exchanges.
What about kuckoin and binance. Both are very trusted exchange but people still lose their money inside them. No matter how trusted the company but if the hacker is good, they can always access it. I think this is one of the reasons why the OP is worrying too much or simply he is not into long term that is why he wants his money right now.if you don't want to be stuck on paypal, you can buy bitcoin on other exchanges such as Coinbase, Binance and several other trusted exchanges.
I think paypal announces it before that you cannot withdraw your bitcoin to another external wallet so I am not sure how he missed it. It's his fault anyway on why his money got stuck but what if he converts his btc into paypal money? and then exchange the paypal for btc here in the forum.
No more updates about their plan to add the Bitcoin withdrawal option on Paypal even on Twitter I never heard any news.
Maybe they are going to add a withdrawal option for Bitcoin in the next blockhalving year 2024.
For now, they keep Paypal users safe and I think that's the only way they know to protect people from hackers and scammer that is why they still didn't add the withdrawal option for Bitcoin. There is no problem with having BTC on Paypal if your plan is to hold BTC then Paypal is a good place where you can exchange them back to USD once the price is high. The only problem is you didn't actually own that BTC because you don't have any backup keys or private keys.
Maybe they are going to add a withdrawal option for Bitcoin in the next blockhalving year 2024.
For now, they keep Paypal users safe and I think that's the only way they know to protect people from hackers and scammer that is why they still didn't add the withdrawal option for Bitcoin. There is no problem with having BTC on Paypal if your plan is to hold BTC then Paypal is a good place where you can exchange them back to USD once the price is high. The only problem is you didn't actually own that BTC because you don't have any backup keys or private keys.
BTC stuck in Paypal? let's just say it's a long term investment, but I believe Paypal is a trusted company and it is impossible to take BTC from a user's wallet on paypal. it's just a matter of withdrawing and sending BTC to another address.
if you don't want to be stuck on paypal, you can buy bitcoin on other exchanges such as Coinbase, Binance and several other trusted exchanges.
if you don't want to be stuck on paypal, you can buy bitcoin on other exchanges such as Coinbase, Binance and several other trusted exchanges.
What is wrong with that company?
Nothing wrong. PayPal is a large company trusted by people from all over the world. I think its executives only consider purchasing bitcoins as an investment option for their customers. I believe that the Paxos company still stores all of PayPal's bitcoins, so these assets are indeed backed by real coins on the BTC blockchain.
Perhaps PayPal is wary of possible malicious actions by its customers such as sending BTC to the wrong persons and so on. Currently, PayPal simply makes money from trading commissions. I doubt they allow clients to withdraw coins to BTC addresses in the foreseeable future.
Purchased 500 USD in btc from Paypal early last year. Assumed I could transfer to my wallet. No such option. Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?
What was the reason for you purchasing with them? Always do proper research, if I were you I would go with the advice the first replier gave, I always see PayPal as a company not in any relation with crypto-currency, so for now I avoid doing any crypto deals with them, infact keeping BTC or Crypto in anything other than your decentralized Bitcoin wallet is a no for me 
PayPal might be the single worst place to buy bitcoin. For starters this is one of the most corrupt companies on the planet. PayPal has complaint lists a million miles long. They are constantly freezing accounts for absolutely no reason at all, making people jump through incredible hoops to un-freeze their accounts. PayPal doesn't want to allow you to send funds out because they then may not get the selling fees when the times comes for you to sell. My advice, stay away from PayPal period!
Tbh, is never their intention right from the beginning to develop the service properly. They integrated Bitcoin because it presented the potential to be the next bigger thing to facilitate payment. Meanwhile, this is also what Paypal does, in other to gain the trust of people using BTC and to keep their customers who might see Bitcoin potential as something incredible.
They join the system because they will lose the battle if they are against it.
Exactly !They join the system because they will lose the battle if they are against it.
The step was made as a consumption decision for old/new PP users just not to lose its status towards the huge wave of adoption.
Me myself i am not a PP user but i found it funny how you can purchase bitcoin using PP from PP itself without being able to transfer it outside the PP system. this is against the blockchain concept for which people chose bitcoin over classi currencies. It's just like holding money in a bank account without being able to transfer it to another bank user without cashing it out and pay a high fee for conversion/transfer.
I don't also think PP integrated Bitcoin because it representes the potential to be the next bigger thing to facilitate payment as they could just let crypto exchanges support PP services .
It's been known that if you buy bitcoin in PayPal, you're like holding it visually and in projection, there's no really bitcoin in your account. That development that they've promised should have rolled out soon if they want to increase their demand. Since many of the PayPal users also know about bitcoin, they should have done that and expedite the development. For the meantime OP, you have no choice but to wait for it to come. If they have given no assured time, just hope for the best that they'll surprise us with a positive news.
I don't this would happen soon. PayPal wasn't that interested in crypto adoption from day 1. Just adding another script to its GUI called cryptocurrencies to create more hype.I read a lot of similar complaints since the lunch of this service. And it becomes clear that it's not in their intention to develop the service properly.
I feel sorry for those who thought that finally crypto is recognized by the giant PP .
They have not given an exact time for it and by just allowing that withdrawal function to receive crypto, that's going to be one big thing if they ever allow that to happen, it's the one function that we're waiting for.
Was never available to me in either of my PayPal accounts (one in EU and one in Asia) and despite knowing it wasn't actual BTC, I still thought it would be cool as another option.
As many have already said, "soon" can mean anything in crypto speak (I shall not mention ETF yardsticks) but if you want to clutch at straws, they already missed out their 2020 roadmap to have a digital wallet by 2021 BUT in May did say they would start it off with 3rd party crypto w/ds so, just wait I guess. Or sell for USD and just buy your own BTC.
Just this month said it was looking at stablecoins (blockchain-based), so we know they're keen to not let hope spring uneternally.
As many have already said, "soon" can mean anything in crypto speak (I shall not mention ETF yardsticks) but if you want to clutch at straws, they already missed out their 2020 roadmap to have a digital wallet by 2021 BUT in May did say they would start it off with 3rd party crypto w/ds so, just wait I guess. Or sell for USD and just buy your own BTC.
Just this month said it was looking at stablecoins (blockchain-based), so we know they're keen to not let hope spring uneternally.
What is wrong with that company?
Paypal makes their living off locking people out of their account, even restricting merchant account over what they would claim to be "suspicious" activity. In the past they will let you sign up without KYC and randomly request verification, but then reject all your documents despite being perfectly legitimate.
Then they create Venmo for mobile devices because they want a new application that steers away from the Paypal name that is just as awful.
There's nothing wrong with them, these sort of restrictions are part of their business model.
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It's been known that if you buy bitcoin in PayPal, you're like holding it visually and in projection, there's no really bitcoin in your account. That development that they've promised should have rolled out soon if they want to increase their demand. Since many of the PayPal users also know about bitcoin, they should have done that and expedite the development. For the meantime OP, you have no choice but to wait for it to come. If they have given no assured time, just hope for the best that they'll surprise us with a positive news.
I don't this would happen soon. PayPal wasn't that interested in crypto adoption from day 1. Just adding another script to its GUI called cryptocurrencies to create more hype.I read a lot of similar complaints since the lunch of this service. And it becomes clear that it's not in their intention to develop the service properly.
I feel sorry for those who thought that finally crypto is recognized by the giant PP .
They join the system because they will lose the battle if they are against it.
This is a prime example of why non-custodial wallets should be the norm. While custodial platforms are still important, it kills me to see how many people have not informed themselves of how to use one.
If you have an opportunity to secure your own funds and not rely on any intermediary, why not take it? Or at the very least learn how to.
If you have an opportunity to secure your own funds and not rely on any intermediary, why not take it? Or at the very least learn how to.
It can be stucked because of development issues technically or it can be canceled forever because of government regulations. They can change everything with new regulations so it is bad when you decide to use a centralized platform and it is worse because that platform has yet allowed you to withdraw your Bitcoin after purchasing.
If you use centralized platforms, when you finish you business trades, withdraw your fund, coin to your non custodial wallet.
If you use centralized platforms, when you finish you business trades, withdraw your fund, coin to your non custodial wallet.
It's been known that if you buy bitcoin in PayPal, you're like holding it visually and in projection, there's no really bitcoin in your account. That development that they've promised should have rolled out soon if they want to increase their demand. Since many of the PayPal users also know about bitcoin, they should have done that and expedite the development. For the meantime OP, you have no choice but to wait for it to come. If they have given no assured time, just hope for the best that they'll surprise us with a positive news.
I don't this would happen soon. PayPal wasn't that interested in crypto adoption from day 1. Just adding another script to its GUI called cryptocurrencies to create more hype.I read a lot of similar complaints since the lunch of this service. And it becomes clear that it's not in their intention to develop the service properly.
I feel sorry for those who thought that finally crypto is recognized by the giant PP .
It's been known that if you buy bitcoin in PayPal, you're like holding it visually and in projection, there's no really bitcoin in your account. That development that they've promised should have rolled out soon if they want to increase their demand. Since many of the PayPal users also know about bitcoin, they should have done that and expedite the development. For the meantime OP, you have no choice but to wait for it to come. If they have given no assured time, just hope for the best that they'll surprise us with a positive news.
No other options for users like him. There is no way Paypal will really allow users to withdraw their BTC.
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I wouldn't be so sure about that. Skrill started supporting cryptocurrencies long before PayPal IIRC and although they didn't support withdrawals at the start, they ended up doing it: https://twitter.com/skrill/status/1364277436519772163
So if they're serious about acquiring more users and not losing their current ones, they will definitely follow Skrill's steps.
Purchased 500 USD in btc from Paypal early last year. Assumed I could transfer to my wallet. No such option. Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?
When you have purchased bitcoin from a centralized entity like Paypal, you should have done the due diligence and risk assessment before investing even a penny. It's sad to see that you didn't do it and wasn't aware of such risks.
So I would rather request you to sell your bitcoins to Paypal (the only method available) and come out of such centralized exchanges. Then buy from any Dex or p2p trading platforms to buy bitcoin. The price is at an optimum low level, so that should get you great returns in future.
No other options for users like him. There is no way Paypal will really allow users to withdraw their BTC. I wouldn't expect something good from a company that is already losing relevance and will still do fair things to their clients. A company previously owned by Elon I think Elon still has a hold of the important decision within this company. Paypal provides worse services when it comes to disputes and they are the ones whos scaming.
Purchased 500 USD in btc from Paypal early last year. Assumed I could transfer to my wallet. No such option. Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?
When you have purchased bitcoin from a centralized entity like Paypal, you should have done the due diligence and risk assessment before investing even a penny. It's sad to see that you didn't do it and wasn't aware of such risks.
So I would rather request you to sell your bitcoins to Paypal (the only method available) and come out of such centralized exchanges. Then buy from any Dex or p2p trading platforms to buy bitcoin. The price is at an optimum low level, so that should get you great returns in future.
Purchased 500 USD in btc from Paypal early last year.
I think no, you weren't buying real bitcoin. They just add a page for customer's btc balance, but still btc in their control like USD PP in general.Jump to: