Topic: Buy 300€ BTC with PayPal, old account, serious buyer. (Read 888 times)

The purpose of using an escrow provider when engaging in bitcoin transactions with an untrusted party is to protect the bitcoin provider from the possibility that the bitcoin receiver may not deliver as promised.

By holding the bitcoins, the escrow provider can wait until the bitcoin provider has successfully received whatever was agreed upon before releasing the bitcoins to the bitcoin receiver.

Unfortunately, it is impossible to provide such protections in PayPal transactions.  It is possible for the person whose account was used to pay with PayPal to contact PayPal days (or even months) after the transaction and dispute the charges.  If they do this, PayPal will take the money back from the bitcoin provider (withdrawing it from their bank account or charging it to their credit card if necesary).  The bitcoin receiver will then have stolen free bitcoins from the bitcoin provider.

If PayPal is unable to take the money back from the bitcoin provider, they will sometimes cancel the bitcoin provider's PayPal account so that they can no longer use PayPal for any other transactions.

Because of these risks, and the fact that I'd have to hold the bitcoins for at least 6 months to feel comfortable that the PayPal transaction will not be charged back, I cannot hold escrow for PayPal transactions.

If you still want to take the risk and engage in a PayPal transaction you have two choices:

• Complete the transaction without escrow. Since escrow can't protect the seller anyhow, the risk of being scammed/robbed is the same with or without escrow.  If the seller believes that you wouldn't dispute the charges with PayPal, then they don't have anything to worry about anyhow.  If you steal their bitcoins, then you would have disputed the charges, so their risk is the same either way.
• Find another escrow provider that is willing to lie to you, and tell you that they can protect both parties in this transaction.  Hope that an escrow provider who is dishonest enough to provide a false sense of security is trustworthy enough not to run off with your bitcoins

You need to have good reputation here

Hello,

I need 300€ in bitcoin, i pay with PayPal.

You need to have good reputation here

Thanks