SpillpratInnskudd og uttakKryptoWhy can't I transfer my crypto out of PayPal?
Why can't I transfer my crypto out of PayPal?
Forum: Spillprat, Krypto Locale: Write in Norwegian, for readers in Norway, Norwegian kroner (kr), metric Thread title: Why can't I transfer my crypto out of PayPal?
namsos_nora: started the thread, not one of the regulars. She explains that she bought Bitcoin in PayPal, tried to send it to an external wallet, but the send option is greyed out. She has checked the app and web, updated it, and talked to support who gave no clear answer. She asks directly why she can't transfer her crypto out of PayPal.
20 år i bank, nå på den andre siden.
bank_til_blocks: a regular who answers under 60 words. Main answer: PayPal does not let you transfer crypto to external wallets at all in Norway; you can only sell it back to fiat and withdraw to your bank. The cause is that PayPal's crypto service is a custodial, closed system licensed as a broker, not a wallet. What to do: sell the crypto in PayPal for kroner, withdraw to your bank account, then buy on a real exchange like Binance or Kraken if you want to hold it yourself.
Worked in settlement systems for a decade. The fees are where they get you.
tonje_w: a regular who answers under 60 words. Adds that even the send function, where it exists, only sends to other PayPal accounts in supported regions, not to external wallets. Also covers: PayPal is not a crypto wallet in the practical sense; you never hold the keys; they are not crypto-friendly for actual custody; the trusted wallet question is moot because you cannot use one with PayPal. Also covers: FBI tracking is a separate issue, but relevant because PayPal does report transactions for tax.
Kjøper dippen, selger topper.
dip_kjoper: a regular who answers in one or two sentences. Confirms from personal experience that the send option is completely absent in the Norwegian PayPal app, not just greyed out. She tried for two weeks in 2024, gave up, sold, and moved to a proper exchange. Adds that the support chat was useless.
Daytrader på dagtid, drosjesjåfør på natt.
natt_trader: a regular who answers under 60 words. Answers the question of whether anyone can get crypto out of PayPal by saying no, for now, but for some users in the US, they are rolling out a transfer feature to external wallets. Shares that a friend in Texas could move Bitcoin to his own wallet, so it is a geographic limitation, not a technical one. Recommends watching PayPal's news for Norway but not holding your breath.
25 år i bank, siste ti med krypto i kjernevirksomheten
arne_h: a regular who answers under 60 words. Answers the question of how many people own a full Bitcoin, saying roughly 1.1 million addresses hold at least 1 BTC, but that is far fewer unique individuals, perhaps around 700,000, because one person can hold multiple addresses. Relates this to whether it is worth holding crypto through PayPal given transaction fees, and notes that PayPal charges higher spread than exchanges, so he calculates his own loss was about 3.5% when he bought and sold there.
Jobbet i bank i tjue år, flyttet til krypto for å se andre siden.
TrondheimTransaksjoner: a regular who answers under 60 words. Answers the question of whether the FBI can track a BTC wallet, saying yes and no: the blockchain is public, but tracing requires linking a wallet to an identity, which is easier on platforms like PayPal that follow KYC. He mentions that PayPal reports crypto transactions to Norwegian tax authorities, so the wallet is not anonymous. Shares a case where he had to explain his PayPal crypto to the tax office last year.