PayPal - Send, Shop, ManageApp Store
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
PayPal was one of the more hostile companies towards Bitcoin, so it was some surprise in the community when they finally started taking a more positive stance.
On the store description there is no mention of Bitcoin or crypto but on their website here they state:
Crypto for the people
Now you can discover crypto in the PayPal app
Buy, hold, and sell crypto with PayPal
You can choose from Bitcoin, Ethereum, Litecoin, and Bitcoin Cash1
1 When you buy or sell cryptocurrency, including when you check out with crypto, we will disclose an exchange rate and any fees you will be charged for that transaction. The exchange rate includes a spread that PayPal earns on each purchase and sale.
“Buy, hold, and sell” is not sufficient to even call it a Bitcoin wallet. Can it send and receive BTC? There is actually one third thing you can do with “crypto”:
Let’s put the “currency” back into cryptocurrency
We’re making it possible to check out with crypto on eligible purchases at millions of online stores that already accept PayPal. Enjoy the same fast and easy checkout — now with crypto.
Here’s how to check out with crypto
Shop online and select PayPal at checkout. (Make sure you’ve filled in your W-9 in advance so that we can use your crypto for the purchase.)
On eligible purchases, PayPal will automatically make crypto available to you as a funding option, as long as you have enough crypto to pay in full at that time.
If you choose to check out with crypto, PayPal will automatically convert it into USD or other currency at no additional fee.1 No worries – we do it all for you.
So in summary, you can have part of your PayPal balance denominated in BTC but you won’t be able to pay a Bitcoin accepting merchant with your PayPal wallet.
Tests performed by Leo Wandersleb
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.