PayPal Cash and PayPal Cash Plus Terms and Conditions Please read carefully all of these Cryptocurrency Terms and each of the other agreements and policies that apply to you, including our Privacy Statementwhich applies to the transaction and activity data we collect involving your Cryptocurrencies Hub. We may revise these Cryptocurrency Terms and any of the agreements and policies listed above from time to time.
The revised version will be effective at the time we post it, unless otherwise noted. If our changes to these Cryptocurrency Terms reduce your rights or increase your responsibilities, we will post a notice on the Policy Updates page of our website and provide you at least 21 days' advance notice, or such longer period as required by law.
By continuing to use our services, including by holding Crypto Assets as defined belowafter any change to these Cryptocurrency Terms, you agree to abide and be bound by those changes. If you do not agree with any changes to these Cryptocurrency Terms, you must sell your Crypto Assets and stop accessing your Cryptocurrencies Hub.
Bitcoin and cryptocurrencies
Please note that there may be tax consequences from any gain or loss you incur when you sell your Crypto Assets. You will not hold the digital Crypto Assets themselves in your Crypto Asset balance. If you are a New York resident, the Service Provider will be licensed or otherwise authorized by the New York State Department of Financial Services to the extent required to perform the activities described herein. You can only use the Cryptocurrencies Hub if you have a personal PayPal account and a Cash Account in good standing, and you can only use your Cryptocurrencies Hub as part of your Cash Account by accessing it through your personal Deposits bitcoin with interest and receipt account.
If you are a Hawaii resident, we will not allow you to establish a Cryptocurrencies Hub at this time.
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We will automatically link your Cryptocurrencies Hub to your personal PayPal account. Your login credentials for your personal PayPal account act as the credentials to access your Cryptocurrencies Hub as part of your Cash Account.
Before you are able to first access your Cryptocurrencies Hub, we must verify or have previously verified the required identifying information that you provide to us.
The required identifying information is: name, physical address, date of birth and taxpayer identification number. We may require additional information from you from time to time in order to verify the required identifying information, such as a copy of your government issued photo ID or evidence of your residency, like a utility bill.
You are responsible for maintaining adequate security and control of any and all IDs, passwords, personal identification numbers, or any other codes that you use to access your Cryptocurrencies Hub and the PayPal services. You agree to keep your physical address, mailing address, email address and other personal information current in your PayPal profile.
You can view more information about what happens if PayPal closes your Cryptocurrencies Hub here. You can terminate your relationship with us at any time without cost, but you will remain liable for all obligations related to your Cryptocurrencies Hub, Cash Account and personal PayPal account even after those accounts are closed.
You will not be able to transfer Crypto Assets from your Cryptocurrencies Hub to another cryptocurrency wallet. You currently are NOT able to send Crypto Assets to family or friends, use Crypto Assets to pay for goods or services, or withdraw Crypto Assets from your Cryptocurrencies Hub to an external cryptocurrency wallet.
If you want to withdraw the value from your Cryptocurrencies Hub you will need to sell your Crypto Assets and withdraw the cash proceeds from their sale. Supported Crypto Assets The term "Crypto Assets" means the particular digital assets that PayPal supports and that you may buy, sell and hold using your Cryptocurrencies Hub.
Comments on these FAQs may be submitted electronically via email to Notice.
We keep a record of your interest in that omnibus account based on the amount of each type of Crypto Asset that is reflected in your balance. You do not own any specific, identifiable, Crypto Asset. These Crypto Assets are held apart from PayPal's corporate assets and PayPal will neither use these assets for its operating expenses or any other corporate or business purposes, nor will it voluntarily make these Crypto Assets available to its creditors in the event of bankruptcy.
When you view your Cryptocurrencies Hub balance, we will show you the amount of each type of Crypto Asset you own, as well as a U. The price of Crypto Assets will rise and fall over time, and the price may sometimes change quickly and dramatically.
So, deposits bitcoin with interest and receipt if the number of each type of Deposits bitcoin with interest and receipt Assets you hold remains the same, the U.
The U. The value we show is the midpoint between the lowest recent sale price at which the applicable cryptocurrency was offered for sale and the highest recent price at which that same cryptocurrency was purchased, as reported by the Service Provider.
This estimate does not represent the value you will receive if you actually sell your Crypto Assets or the price you will pay to buy more Crypto Assets and does not include our spread or fees. Buying Crypto Assets You may use your Cryptocurrencies Hub to buy Crypto Assets using the following funding sources: a balance held in your Cash Account; a bank account in your name linked to your personal PayPal account; or a debit card in your name linked to your personal PayPal account.
We do not currently allow use of a credit card or other credit products including, without limitation, those offered by PayPal to purchase Crypto Assets. When you buy Crypto Assets, you agree deposits bitcoin with interest and receipt you have enough available funds in your selected funding source to complete your purchase. To buy Crypto Assets, PayPal will first show you the amount of Crypto Assets you would receive in exchange for the amount of money that you wish to spend.
Because the price of Crypto Assets fluctuates, the price we provide will only be valid for a limited time. If the price we provided expires, you won't be able to complete your transaction at that price.
If you still want to buy Crypto Assets, we will provide you with updated pricing information. The updated price you see may be much higher than a price that just expired.
This is because Crypto Assets are inherently volatile. Once you confirm your transaction, we will then execute your purchase with our trading Service Provider. Once you confirm your purchase, your transaction is not reversible. If we cannot complete your purchase for any reason, we will notify you.
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Once your transaction is complete, we will email you a receipt. You may also see your transaction history in your Cash Account. The timing of transfers of proceeds may be affected by holds or limitations we place on your Cash Account, including specific holds or limitations with respect to deposits bitcoin with interest and receipt proceeds of the sale of your Crypto Assets.
If you still want to sell your Crypto Assets, we will provide you updated pricing information. The updated price you see may be much lower than a price that just expired. Once you confirm your transaction, we will execute your sale with our trading Service Provider. Once you confirm your sale, your transaction is not reversible. If we cannot complete your sale for any reason, we will notify you. PayPal will charge a spread or margin between the market price we receive from our trading Service Provider and the exchange rate between USD and Crypto Assets displayed to you.
The amount that PayPal makes and the exchange rate provided may be different than what you would pay on other cryptocurrency platforms. You will also be charged a fee when you buy or sell Crypto Assets. At the time you buy or sell Crypto Assets, we will disclose to you the applicable exchange rate and the amount of fees that you will be charged for that transaction.
The exchange rate may include an estimated spread of one-half of one percent 0. We will not separately calculate or disclose the spread we earn on each transaction. By using your Cryptocurrencies Hub, you agree to pay all applicable exchange rates including spread and fees. If you use a linked bank account or debit card as a funding source to buy Crypto Assets, your bank may charge you its own fees, including overdraft fees or insufficient fund fees, if applicable.
PayPal is not responsible for any fees that may be charged to you by your bank.
Some employees are paid with Bitcoin, more than a few retailers accept Bitcoin as payment, and others hold the e-currency as a capital asset. Convertible virtual currency is subject to tax by the IRS Bitcoin is the most widely circulated digital currency or e-currency as of It's called a convertible virtual currency because it has an equivalent value in real currency.
We also reserve the right to not process, to cancel or, to the extent possible, to reverse a transaction, if i we believe that the transaction relates to any Restricted Activitiesii we have placed a hold or limitation on your PayPal account including your Cash Accountiii we have suspended your Cryptocurrencies Hub, iv we believe the transaction involves money laundering, terrorist financing, fraud or any other type of crime or v in response to a subpoena, court order, or other government order.
In such instances, regardless of the reason we have blocked, cancelled or reversed your transaction and regardless of the reason we have lifted or reversed that restriction, we do not guarantee you will be able to reinitiate your transaction at the same price or on the same terms as the transaction that we did not process, or that was cancelled or reversed.
Risk Disclosures While we will try to complete purchases and sales of Crypto Assets that you authorize and that comply with these Cryptocurrency Terms, we do not guarantee your ability to buy or sell Crypto Assets.
What are bitcoins and cryptocurrencies?
Your ability to buy or sell Crypto Assets may be delayed or unavailable due to the availability of the Crypto Asset or funds from your funding source, issues with the trading network or our ability to interface with our Service Provider ssystem downtime, limitations or suspensions we impose on your Cryptocurrencies Hub in our sole discretion, for required safety, security, or legal reasons, or for other reasons outside PayPal's or any Service Provider's control, and we are not liable to you if we are unable or delayed in executing your transactions.
Your access to the Cryptocurrencies Hub or your ability to hold, buy or sell Crypto Assets, including the price for buying and selling, can also change or be limited by extraordinary circumstances outside our control for example, fire, flood, accident, riots, war, terrorist act, epidemic, pandemic, quarantine, civil commotion, breakdown of communication facilities, breakdown of web host, breakdown of internet service provider, natural catastrophes, governmental acts or omissions, changes in laws or regulations, national strikes, fire, explosion, generalized lack of availability of raw materials or energy, or extreme financial market conditionswhich we either did not reasonably foresee or that happened despite our reasonable precautions "Extraordinary Circumstances".
PayPal will not be liable to you for limits, suspension, delay, or change to gk options Deposits bitcoin with interest and receipt Hub or your inability to transact in Crypto Assets because of Extraordinary Circumstances, including any changes in the buy or sell price of Crypto Assets because of Extraordinary Circumstances.
PayPal may buy and sell cryptocurrency through an affiliate of Paxos acting as a market maker to provide liquidity the "Paxos Affiliate". The Paxos Affiliate may in turn buy and sell cryptocurrency through Paxos' cryptocurrency exchange, provided, however, that a Paxos Deposits bitcoin with interest and receipt trading will always be designed to be revenue-neutral over the long term i.
The value of virtual currency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency, which may result in the potential for permanent and total loss of a value of a particular virtual currency should the market for that virtual currency disappear.
There is no assurance that a person that accepts virtual currency as payment today will continue to do so in the future.
Cryptocurrency assets in a given address are controlled by the private key of the holder of the address. If the private key is compromised or lost, the cryptocurrency assets in that address may be stolen or lost and otherwise unrecoverable.
Frequently Asked Questions on Virtual Currency Transactions
Cryptocurrency activity is not a regulated activity in many states, including California. The value of Crypto Assets can be extremely volatile and unpredictable, which can result in significant losses in a short time. The educational information available through your Cryptocurrencies Hub is provided as general educational background. The information is not tailored to individual PayPal users and therefore, is not provided based on your individual financial, investment, tax, legal or educational needs and circumstances.
The information is not investment, financial, tax, legal or trading advice.
The information may include content provided by third parties; we take no responsibility for third-party educational materials. Within the Cryptocurrencies Hub you will also find information on the market price of the Crypto Assets based on the data shared with us by our trading Service Provider.
Bitcoin and other cryptocurrencies
The market price for Crypto Assets may be different on different marketplaces. The market data that we provide to you is from an external source that we believe to be reliable. However, we do not control the external sources or the data they provide, and we do not always independently verify that the information provided is complete and accurate. Therefore, we cannot and do not guarantee that the information is accurate, complete, timely, or suitable for use, and it may be inaccurate, incomplete or out of date.
You should verify all information that you receive before relying upon it, and we have no liability to you if you make decisions based on the market information that you receive from or through us. You are solely responsible for all decisions to buy or sell Crypto Assets through your Cryptocurrencies Hub, and we do not manage your Cryptocurrencies Hub on your signal trading. Our sole responsibility is to execute trades and hold Crypto Assets on your behalf through our Service Provider, in each case based on your instructions and these Cryptocurrency Terms.
While PayPal provides certain educational content, it is provided for general background information and is not specifically tailored to you and your individual needs and circumstances. You must determine deposits bitcoin with interest and receipt any particular purchase or sale or Crypto Assets is appropriate for you, based on your own investment objectives, financial circumstances and risk tolerance. Crypto Asset Software Protocols and Forks The technology that creates cryptocurrency, including your Crypto Assets, is typically governed by underlying software protocols that are open source, which means that anyone can use, copy, modify or distribute them.
PayPal does not currently own or control the underlying software protocols and these software protocols can change suddenly and unexpectedly in a way that has a significant impact on your Crypto Assets. Because we don't control this technology, PayPal is not responsible for the operation of the underlying software protocols and cannot guarantee the continued functionality, security or availability of any Crypto Asset.