What are my risks holding BTC on PayPal?

I’m not too knowledgeable about Bitcoin. I purchased some when my PayPal balance was about $21k. Now that it has doubled, do you think I should keep it somewhere else?

Although I could have avoided paying a fee or commission on my purchase, the convenience was alluring. If I ever sell, I know I’d also have to pay a fee, but what are the major hazards I should think about, if any?

That you think you own the Bitcoin on PayPal

Those are simply not bitcoin. You won’t own any. To own bitcoin, you need your wallet to transfer them to.

Woah, congrats on doubling your Bitcoin. While PayPal’s easy for buying, it’s not the most secure for long-term storage. Think of it like having a receipt for gold in a bank vault, not the actual gold. With Bitcoin, you want more control. Bigger hazards? Limited access if PayPal restricts your account, or even a hack. Consider safer options like hardware wallets (like a super secure flash drive for Bitcoin) or reputable exchanges (like owning the actual Bitcoin online). Selling fees exist, but some exchanges are cheaper than others. If you’re holding onto that Bitcoin for a while, a more secure home might be a good idea