Bitcoin News

PayPal Increases Bitcoin Purchase Limit To $100,000 Per Week

PayPal announced that they are increasing their limit on Bitcoin purchases to $100,000 per week. It is a huge step in the right direction for many people who want to buy and sell huge amounts of Bitcoin but cannot due to PayPal’s previous limit of $20,000 per week. However, people from Hawaii are still restricted from buying Bitcoin on PayPal. Also, Not everyone will be able to buy with such a high limit, and eligible people in the United States will see their annual limits removed altogether.

PayPal has more than 26 million active customers worldwide, and their move to let people buy cryptocurrency was a great one. PayPal has been the most trusted name in online payments for more than 15 years, which gives them a massive edge over other payment processors.

The Crypto – PayPal Smile

The news of PayPal letting US customers buy cryptocurrencies such as Bitcoin, Litecoin, Ethereum, and Bitcoin Cash made every crypto fan smile.

However, a limit of $20k was making more significant transactions harder and demotivated crypto fans from using PayPal to buy crypto. However, recent news of PayPal letting Bitcoin purchase to $100,000 per week got a lot of attention from PayPal customers and the crypto world.

While we do not yet know the monthly cryptocurrency volume of PayPal, it is likely to have a high volume because of its global platform. PayPal’s excellent customer service with the most trusted name in online payments could prove as huge competition to other crypto exchanges.

PayPal – A Standalone Wallet?

However, Paypal does not own the cryptocurrency, due to which you can only hold crypto but not transfer it into other accounts. PayPal has partnered with Paxos Trust Company to offer customers crypto purchases and other digital assets via the PayPal platform.

Also, when you buy Bitcoin through PayPal, you do not truly own it, as the money is only transferred into your PayPal wallet, not an external exchange or personal wallet. One of the most significant issues with buying cryptocurrencies through PayPal is that they can do anything they like with your account – including shutting it down without warning.

Conclusion

If you want to own Bitcoin, purchase it from an exchange, such as Coinbase, Kraken, Binance, and hold them in there till you know how to store them in hardware or a paper wallet.

Cryptocurrency news enthusiast with a passion for writing and providing information to people.

1 Comment

  1. Chloe Cadieuxf Reply

    What’s the point of buying with paypal if i can’t transfer.

Write A Comment