by 
blackRain
ANSWERS: 3
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you sign up, register a credit card and/or bank account, and then you can send and receive money. to sell things using paypal you MUST register a bank account with them. You dont need either to receive money, but there is a minimum before they'll send you a check, and you pay a fee for that as well.
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PayPal Is sort of like an online bank, when you use It to pay someone you can tell PayPal to take the money from your credit card, from money you've added to your PayPal balance, or from a bank account you've linked to your PayPal account =)
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In most cases, it's like an escrow account. Money is held there until the agreements of a transaction have been met (30 days to test the product, etc.). Each party gives their banking information (account number, etc) to PayPal, but the other parties in the transaction NEVER KNOW that information. PayPal electronically links to the accounts for the purpose of pulling out money, or depositing money. Once the transaction is complete, both parties recieve an official email statement that gives all the details of the transaction, including dates of money transfers. +5
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