[ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! - page 2.

giszmo

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WalletScrutiny.com

Quote from: Raoul Duke on June 26, 2012, 07:11:45 PM

Quote from: Yankee (BitInstant) on June 26, 2012, 06:51:41 PM

Quote from: Raoul Duke on June 26, 2012, 06:46:17 PM

Quote from: mcorlett on June 26, 2012, 06:43:12 PM

Why the multiple threads?

People tend to think that by posting on the "Bitcoin Discussion" board will get them more views.

Sorry, I didnt realize I made 2 threads. Feel free to delete the other one.

I can't delete it. Also, it's the other one that is posted on the correct board.

Well … don't know official policies but for tis long awaited feature it's the right board. Move it else where in a week.

SuperTramp

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Quote from: Yankee (BitInstant) on June 26, 2012, 10:05:40 PM

Quote from: SuperTramp on June 26, 2012, 09:51:46 PM

So the 6% is all inclusive of fees? Just want to be sure, I give a BTC-E USD code
for $100 and I will receive net $96.00 in my PayPal account?

$94.00 in your Paypal account

Thanks for the prompt response. nice math fail eh? Grin

justusranvier

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The best measure of end-to-end fees would be to start with $100 cash and an empty PayPal account, convert the cash to bitcoins, sell the bitcoins, deposit the result in a PayPal account, use a PayPal debit card to withdraw the money from an ATM and see how much cash you end up with at the end. (assume a theoretical ATM that could produce exact change)

Serge

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Quote from: Yankee (BitInstant) on June 26, 2012, 09:27:59 PM

The funds will come from 'Virtual World Services GmbH'.
They have been using Paypal for withdrawals for over 5 years, and they are (as far as our research tells us) the only approved virtual currency account.

last i've checked PP's terms and UA about month ago there were no mention of "virtual currencies" but they do prohibit currency exchange services utilizing their network

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

Quote from: SuperTramp on June 26, 2012, 09:51:46 PM

So the 6% is all inclusive of fees? Just want to be sure, I give a BTC-E USD code
for $100 and I will receive net $96.00 in my PayPal account?

$94.00 in your Paypal account

cbeast

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Activity: 1736

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Let's talk governance, lipstick, and pigs.

Quote from: rjk on June 26, 2012, 09:54:45 PM

"Virtual World Services GmbH" is going to be rich as fuck pretty soon, if they aren't already. At least until PayPal boots them out.

Let's bet: How long until they are forced to cease operations that are even slightly Bitcoin related? I give them 4 months, tops.

I agree, even though PayPal assumes no risk, they will still bully baby Bitcoin. When Bitcoin grows up, he will remember who the bullies are.

Gladamas

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Bitcoin today is what the internet was in 1998.

Thank you soooo much for this! Grin

notme

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Quote from: SuperTramp on June 26, 2012, 09:51:46 PM

So the 6% is all inclusive of fees? Just want to be sure, I give a BTC-E USD code
for $100 and I will receive net $96.00 in my PayPal account?

Last I checked 6% of $100 was $6, so I'd expect $94.

rjk

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Activity: 448

Merit: 250

1ngldh

"Virtual World Services GmbH" is going to be rich as fuck pretty soon, if they aren't already. At least until PayPal boots them out.

Let's bet: How long until they are forced to cease operations that are even slightly Bitcoin related? I give them 4 months, tops.

SuperTramp

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Activity: 1073

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So the 6% is all inclusive of fees? Just want to be sure, I give a BTC-E USD code
for $100 and I will receive net $96.00 in my PayPal account?

Yankee (BitInstant)

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Charlie 'Van Bitcoin' Shrem

Good questions all around!

Quote from: Serge on June 26, 2012, 07:55:21 PM

As far as I know Paypal charges fees on receiving end.

You've mentioned that part of 6% is paypal's fee, does that mean paypal's receiving account will not pay any additional paypal fee on their end? And if so could you please point to paypal's terms where they explain charging fees on sender's side instead of receiving and who is eligible for it. Thanks.

Sure, we are using Mass Pay, however since the Paypal account is a European one Paypal charges 2% on this transaction

Quote from: justusranvier on June 26, 2012, 08:31:54 PM

Quote from: Yankee (BitInstant) on June 26, 2012, 06:39:14 PM

Step 1) Sell your coins at Gox, BitStamp, BTC-E, or Crypto, and withdraw a USD coupon.

Are there any plans to automate this step in the future and just let people give you the Bitcoins directly?

Yes, we're planning on integrating with Paysius so we can accept Bitcoin directly.

Quote from: Serge on June 26, 2012, 08:29:58 PM

another question
what will receiving account in paypal be seeing on transaction's label/description? will there be any mention of word 'bitcoin'?

The funds will come from 'Virtual World Services GmbH'.
They have been using Paypal for withdrawals for over 5 years, and they are (as far as our research tells us) the only approved virtual currency account.

TheKoziTwo

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Wow!! Congratulations and good job finding an approved partner! Would it be allowed to use this service to say, pay other people? Or only to fund ones own paypal account?

I think this service will be useful for many, especially if you can lower that fee.

justusranvier

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Activity: 1400

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Quote from: Yankee (BitInstant) on June 26, 2012, 06:39:14 PM

Step 1) Sell your coins at Gox, BitStamp, BTC-E, or Crypto, and withdraw a USD coupon.

Are there any plans to automate this step in the future and just let people give you the Bitcoins directly?

CA Coins

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Sounds like a good service. Good luck!

Serge

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another question
what will receiving account in paypal be seeing on transaction's label/description? will there be any mention of word 'bitcoin'?

Jointops420

full member

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You guys are on fire with what you are doing for btc, I doubt if I will need this service but I bet there are many who will. The more options the better methinks, I hope you can get some services in Australia sometime too.

jgarzik

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This new service is a welcome addition to the community.

Serge

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oh yeah, i forgot about mass pay function. hopefully Virtual World Services GmbH won't be sending single transactions through mass pay feature - else that would be quickly limited by paypal, i know it from first hand experience )) on the other hand it looks like transactions will be processed almost instantly, which i'm not sure how they could utilize mass pay in this case unless they have multiple transactions going at any given moment in time - even then, paypal could potentially limit it to once a day if they feel mass pay is being abused

Raoul Duke

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Quote from: Serge on June 26, 2012, 07:55:21 PM

As far as I know Paypal charges fees on receiving end.

You've mentioned that part of 6% is paypal's fee, does that mean paypal's receiving account will not pay any additional paypal fee on their end? And if so could you please point to paypal's terms where they explain charging fees on sender's side instead of receiving and who is eligible for it. Thanks.

I know of a case where the sender pays the fees. It's called "Mass Pay". Maybe that's what they're using.

Serge

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Merit: 1000

As far as I know Paypal charges fees on receiving end.

You've mentioned that part of 6% is paypal's fee, does that mean paypal's receiving account will not pay any additional paypal fee on their end? And if so could you please point to paypal's terms where they explain charging fees on sender's side instead of receiving and who is eligible for it. Thanks.

Topic: [ANN] Finally, Bitcoin withdrawals to PayPal from BitInstant! - page 2. (Read 11238 times)