Paypal, Cryptocurrencies, and Fees

Paypal, Cryptocurrencies, and Fees

By The Lynx | Crypto Lynx | 1 Mar 2021


Those of us who have a PayPal account may have noticed the option to buy four different cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. You can buy as little as $1 (although I don't know why someone would purchase such a small amount).

Paypal acts as a wallet and does not charge during the holding process. You can currently hold the cryptocurrency as long as you want without fees. There will be fees when you sell your currency. It is not a flat fee. It is based on a percentage of the amount you sell. The lowest percentage is for those who are selling more than $1000.00 in once transaction, which is 1.5%. The following link will provide more details about their fees:

Fees | PayPal Consumer | PayPal US

 

I recommend looking at that chart before selling your crypto. For example, the difference in selling $1000.00 and $1000.01 is 1.8% and 1.5%. Paypal explains all of this and more on their site. The most difficult part of the process is opening the Paypal account. Once that is completed, buying is as simple as a few clicks of the mouse.

As far as security, Paypal does not provide a security key. They have their own security measures in place. Some buyers prefer to have a key; however, as some have learned the hard way, if you lose your security key, you have no access to your cryptocurrency. If you feel more comfortable with a security key, PayPal may not be the best crypto wallet for you.

Personally, I like Paypal. They are planning to add more cryptocurrencies later this year (possibly within the next couple of months). I sold about $2000.00 worth of Ethereum for which I had paid about $1250.00. I had only owned it for a few weeks. I did not mind paying the transaction and exchange fees for this amount of quick profit.

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The Lynx
The Lynx

A musician, artist, writer, hiker, gamer, avid reader, and crypto-enthusiast. I am a person always seeking for new ideas. My name "Lynx' goes back to a nickname in college. I have an online support group for those suffering with grief: www.lifelynx.net.


Crypto Lynx
Crypto Lynx

This blog will inform and entertain. From the perspective of a professional writer and educator with many hobbies, I take a common sense approach to sharing advice and information. I am not a professional trader; therefore, always buy, sell, and trade at your own risk. The information in this blog will be well-researched and factual to the best of my knowledge. Yet, what you do with this information is your decision. www.cryptolynx.co www.coinslynx.com

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