The campaign will award:

• 1 winner: $100,000 in Bitcoin

• 5 winners: $10,000 in Bitcoin each

• 162 winners: $500 in Bitcoin
  The total prize pool is valued at approximately $1.386 million, with 1,008 users set to receive rewards.

How to enter

PayPal users will earn one entry for every successful crypto transaction made on the platform, with a maximum of 10 entries per week. Transactions involving PayPal’s PYUSD stablecoin are not eligible. US residents may also enter for free via mail. Winners will be notified by email and must respond within five business days. As required by US law, prizes will be subject to IRS tax reporting.

Why PayPal is doing it

The company has been working to revive growth amid intense competition in the digital payments and crypto space. PayPal has offered crypto buying and selling to millions of customers ahead of many traditional finance peers, but this marks the first time it has launched a dedicated crypto giveaway.

Industry analysts say the move could attract users who currently trade on platforms such as Coinbase or Binance.

PayPal vs. Coinbase

PayPal offers a smaller selection of cryptocurrencies — including Bitcoin, Ether, Litecoin, Solana, Chainlink, and its own PYUSD stablecoin — largely due to regulatory considerations. While its asset list is limited, PayPal’s major advantage remains ease of use, especially for first-time crypto buyers.

Coinbase, by contrast, offers a far wider global presence and broader token selection. It is available in more than 100 countries, while PayPal’s crypto services are accessible only in the US, UK, and Germany, with more European markets planned.

Fee structures also differ, with PayPal often facing criticism for higher transaction costs compared to traditional exchanges.

In terms of stock performance, PayPal shares are down about 29% this year, while Coinbase has fallen around 2%.

Crypto giveaways gaining popularity

While “free Bitcoin” offers commonly appear in scams, legitimate competitions are becoming more common. One example is Cardsmiths’ “Currency Series” trading cards, which offer odds-based crypto rewards — including prizes up to 1 BTC or 1 ETH.

Analysts say such giveaways can encourage newcomers to open wallets, learn basic crypto concepts, and make initial purchases, helping expand broader adoption.