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Over the past couple of days I have been trying to withdraw out of my Coinbase account with Paypal and have been unsuccessful. I even went as far as taking my Paypal account out and reconnecting the two accounts. That did not work either.
Today when I logged into my Coinbase account to try and link the two accounts together again I noticed that Paypal is no longer available as a payment option. The only way to withdraw from Coinbase is with a bank account.
This is not a good thing. Not everybody has a standard banking account. Some people have prepaid bank accounts and are unable to get a normal account based on whatever reason.
Now that Paypal is not available all funds on Coinbase are basically locked in unless you move your currency into a different wallet or onto another exchange. Even then you still cannot withdraw your money.
Is this just a glitch that will get worked out or is their more to this? Hopefully this is just a glitch that worked out. Paypal is one of the easiest ways to make online transactions.
With Stripe announcing the other day they would no longer be accepting Bitcoin, I can only imagine that Paypal is doing the same thing. The best thing for Paypal would be to continue doing business with Coinbase. They would definitely have an advantage over Stripe.