Anyone else with BTC stuck in Paypal? - page 2.

noorman0

hero member

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[Nope]No hype delivers more than hope

I don't have BTC PP, just some locked USD PP with non-existent unlock times.

Quote from: thirdeyeopen76 on January 26, 2022, 04:25:48 AM

Purchased 500 USD in btc from Paypal early last year.

I think no, you weren't buying real bitcoin. They just add a page for customer's btc balance, but still btc in their control like USD PP in general.

Quote from: thirdeyeopen76 on January 26, 2022, 04:25:48 AM

Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?

They mean, it's not transferring to a personal wallet (cold wallet). It is transferring between PP accounts and multiple platforms partnering with PP (in PP ecosystem). This compamy is absolutely BS.

dimonstration

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Dimon69

Quote from: thirdeyeopen76 on January 26, 2022, 04:25:48 AM

Purchased 500 USD in btc from Paypal early last year. Assumed I could transfer to my wallet. No such option. Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?

PayPal will take a lot of time for allowing BTC withdrawal since they will need a 3rd party or purchase there own BTC equivalent to there users currently holding Bitcoin. The price is so volatile that's why they are not that prepared for this since they just want to offer a virtual BTC to avoid the hassle on buying and selling it at the market. They will need to hold a huge amount BTC or hire a 3rd party that will offer BTC in exchange of fiat from them.

m2017

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Crypto Casino and Sportsbook

Quote from: thirdeyeopen76 on January 26, 2022, 04:25:48 AM

Purchased 500 USD in btc from Paypal early last year. Assumed I could transfer to my wallet. No such option. Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?

Yes, I also heard about this, that it will be possible to withdraw btc from paypal accounts, when exactly this function will operate is not known. It is not known how long this will have to wait, so I would not place high hopes on it.

Quote from: OmegaStarScream on January 26, 2022, 04:35:42 AM

If you're not willing to wait, you can just sell the BTC for USD again, and then find someone to buy BTC from using Paxful or Localbitcoins.

You can also directly exchange USD to BTC from paypal account in bestchange. But keep in mind that the conversion conditions will not be very favorable and there will be very few exchanges providing this direction.

NeuroticFish

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Quote from: thirdeyeopen76 on January 26, 2022, 04:25:48 AM

saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?

Well, you've just faced the difference between "the commercial" and the reality.
Nothing wrong, nor unusual. They didn't even lie, just made you have unrealistic expectations. Sorry.

As said, if you want to withdraw to your wallet, you'll have to convert back to fiat, withdraw, then use another exchange platform (which will come with its own rules, hence you better read carefully their expectations - like KYC and residence limitations - and their fees, especially withdrawal fees). Just make sure you go to a reputable platform, not a shady one.

Or you can still keep the coins at PayPal for longer, maybe someday (soon, lol!) they will implement proper crypto withdrawals.

Husires

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Quote from: thirdeyeopen76 on January 26, 2022, 04:25:48 AM

Purchased 500 USD in btc from Paypal early last year. Assumed I could transfer to my wallet. No such option. Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?

You now own $500 Bitcoin as an update in the PayPal database, but the only difference is that the real owner of these coins is PayPal, not you.
If your account has legal information and you trust PayPal, keep that money until the policy is changed, otherwise sell it and buy bitcoin from an exchange that has the ability to withdraw to the wallet.

I will quote PayPal reply: https://www.paypal.com/us/webapps/mpp/ua/cryptocurrencies-tnc

Quote

Can you withdraw Bitcoin on PayPal?

If you want to withdraw the value from your Cryptocurrencies Hub you will need to sell your Crypto Assets and withdraw the cash proceeds from their sale or use those cash proceeds to pay for purchases.

bakasabo

legendary

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What is your complain? The word soon in cryptocurrency can mean in an hour, next day, next month, in several years, some day. Nothing is wrong with PayPal, they did not gave exact date so there is nothing to complain about.

Since PayPal allowed only to buy and sell Bitcoin, and dont even allow to transfer among account, I assume that you have bought not a real Bitcoin, but just a number in your account with the name Bitcoin. An Air. But it still has a value within your account, because you can sell it.

mk4

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Quote from: thirdeyeopen76 on January 26, 2022, 04:25:48 AM

Article from early last year quoted their CEO as saying the option to transfer was coming soon.

You really can't take their word for it, and with pretty much any other company.

1. They could be bullshitting to gain hype
2. The option could've became less of a priority
3. Issues could arise(hence delays)

OmegaStarScream

staff

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If you're not willing to wait, you can just sell the BTC for USD again, and then find someone to buy BTC from using Paxful or Localbitcoins.

thirdeyeopen76

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Purchased 500 USD in btc from Paypal early last year. Assumed I could transfer to my wallet. No such option. Article from early last year quoted their CEO as saying the option to transfer was coming soon. Nearly a year later and nothing. What is wrong with that company?

Topic: Anyone else with BTC stuck in Paypal? - page 2. (Read 270 times)