PayPal Unveils Huge Bitcoin Giveaway, But There’s a Catch

Group 1 - PayPal is giving away over $1 million in Bitcoin through a crypto sweepstake, with one winner receiving $100,000 and five others getting $10,000 each, alongside 162 additional prizes of $500 [1][4] - The sweepstake is open only to U.S. customers, and participants can earn entries through crypto transactions, with a maximum of 10 entries per week [2][4] - This initiative marks PayPal's first crypto giveaway, potentially attracting users from competitors like Coinbase and Binance [3] Group 2 - The total prize pool for the giveaway is approximately $1.386 million, with 1,008 users set to win prizes, and winners must respond within five working days [4] - PayPal's cryptocurrency offerings are limited compared to major exchanges due to regulatory concerns, currently including Bitcoin, Ether, Litecoin, Solana, Chainlink, and its own stablecoin [5] - PayPal's platform is noted for its usability, simplifying the process of opening a wallet and making purchases, which is a significant advantage over many crypto-focused trading platforms [6] Group 3 - PayPal has a first-mover advantage in allowing crypto to be used for purchases with millions of merchants, contrasting with Coinbase's focus on making stablecoins mainstream [7]