What does this mean?

You recently hit your PayPal sending limit and had your payment declined, but this is easy to fix.

Does that mean no one can send me money or I can't send money?

 

You can't send money. I believe you can still receive money, you just can't take it out.

You can remove the spending limit by adding a bank account to your paypal.

 

I'm really not sure what that means. Maybe check paypal help?

https://www.paypal.com/ca/cgi-bin/helpweb?cmd=_help

If you don't want to click the link, I understand >.< [new member].
So just go to www.paypal.com/ and click "Help" which is situated on the top of the screen, more towards the right, in small font.

 

You must of exceeded what you have spent. Didnt know PayPal has a cool down method with transactions.