Topic: How degenerate is it buying and sitting on PayPal Bitcoin ? (Read 1193 times)

Hurr durr muh name is Berb and I just burt sum mur $100 USB worth of PPBTC @ $28,690.62 becurse meesa durr.

Alcohol is definitely involved.

I just did it again. Just stacked another $100 in PPBTC @ $28,852.21 USD/BTC.

Going full-retard here.

Yeehaw.

I don't love Paypal much at all.  I have used them for 17 maybe 18 years.

I sold a lot of modded mac mini's on eBay 2006 to 2014 then apple made the gear too hard to mod. I shift to BTC and pc builds.  SO I would like to thank ebay ,PayPal, and apple for being here on bitcointalk.

I will end up buying around 1000 usd over 2021 . added to my 550+

I have seen reports that PayPal is planning to introduce these features next year and we have already seen reports about them purchase huge amounts of coins directly from the miners.

I am yet to purchase using PayPal as i am not comfortable with the current process as you cannot hold the coins and when they start allowing to withdraw the coins then i might use the platform. When filing the tax all the other incomes can be termed as long term capital gains and i did file like that in the past when i profited from the last rally.

Absolutely nothing is stopping me from doing this.

I figured I'd dip my toes into this PPBTC shit to the tune of at least 4 digits USD, and see what happens.

As others mentioned already, I kinda get the "moral imperative" part of supporting any new Bitcoin on-ramp, but it's distasteful AF to me.

Won't be cashing out the coins until at least this time next year, for long-term capital gains reasons. Hopefully Paypal allows withdrawal of BTC into your own custody by then so I won't have to cash out at all.

I would say paypal money is a lot better used buying bitcoin directly instead of from them. I mean what stops you from withdrawing that money to your own bank account, then use that money to buy bitcoin? If you are involved with bitcoin that is a better way to do it. Obviously for people who are not familiar with bitcoin, it makes sense to spend that money on paypal itself to buy bitcoin, since you are not very familiar with bitcoin you may not know where else you should do it and could maybe trust paypal more than you trust other places, so it makes sense to buy directly from paypal.

However if you are already in the crypto world and if you already own bitcoin yourself, and if you already did all of this before, withdrawing that money to your bank account and buying bitcoin and putting it in your wallet is a lot safer and a lot better option if you ask me.

Post made me smile, chortle a bit too loud for my comfort really haha, would merit if I had any but yeah man, that is pretty much as degen as it gets. Would definitely have stuffed some in myself if I had the option open.

Kind of crazy to see the weekend rally ongoing. Still surreal to remember $1000 BTC and wondering if it would hold...

I gave you 1 merit bob how about that.


I am doing 3 things at the same time.

stacking in PayPal
selling on coinbase.
holding mining coins.

I have reached a point of being confused as what to do next.

I just bought another $100 worth of PPBTC @ $26,666.

What are you gonna do about it. Huh ?

I'm ok with that, but aren't exchanges real companies?
I'm also ok with new companies entering the space, why shouln't I be, but this doesn't mean I'm to support every single one.
I don't like how PayPal's idea works for both fiat and cryptocurrencies that's why I've never used them for fiat and I'm not going to use them for bitcoin.


They aren't mainstream YET, but some are on the right track with millions of fiat curencies exchanged every day.


You're right but I'm going to buy as much time as possible and avoid companies that are going to spy on me for sure like Coinbase, Gemini, PayPal and similar. Some people here use  
For now I don't pay no capital gains if I hold for more than a year but I'm also doing my best not to get tagged because it's hard to explain how you got those bitcoins in the first place. If you have a lot of bitcoins that you haven't bought on exchange with KYC you're seen as either dark web trader, sex worker or some other money launderer.

Fine, I'm half your age and I don't know what I'd do if I were at my 60s, but I still wouldn't be ok with PayPal spying on me and not providing me with my private keys. Not saying that you shouldn't use them but many people won't because the same thing can be done cheaper, without KYC and with less fee somewhere else.

Degeneracy continues. Just bought another $100 worth of PPBTC. Stacked about 0.07 PPBTC total, so far.

I'm legitimately surprised they are incentivizing crypto purchases, especially with this large of a rebate. If customers only do the minimum purchase, that's a 25% rebate. It's still a zero fee period too.


No doubt about that. Square was going to eat them alive if they didn't make this move.

Well it is not for you.

But if you want to mainstream btc you need to use real companies.

Exchanges are not mainstream.
Paypal is mainstream.

So what is mainstream in your country?
You need to realize that in order for mainstream acceptance it is going to be tax reportable if your country charges taxes.

to quote you "...I don't want my name to go to some tax agency with a label "owns bitcoins". "

All mainstream in almost all countries will involve taxes.

So I am just saying most people in bitcointalk miss out on what mainstream is if they think it won't be taxable.

In my country USA both coinbase and PayPal will report my holdings to the IRS.  I will pay the tax and do my accounting correctly.

I did not ask "to be born in the USA"

My birthplace was decided with out my consent. At my older age of 63 I am not going to move out of USA. So for me to correctly support BTC I pay taxes.

Anyone in my position already playing the game legally that can buy PayPal BTC legally should.

Not that they need to buy a lot just some.  Hell PayPal just gave 25 dollars to buy 100 usd worth of BTC and I did.

Is Paypal charging a % fee to hold BTC or they will gain from the spread cost probably  ?    I checked for an email like you posted but I have not received anything about BTC just a general bonus if I log into a long time unused account, better then nothing I guess.   I do remember Paypal stating an inactivity fee coming into play but when I last looked it wasnt overly harshly enforced.


Pixie thats a fair point and its true generally if you dont have keys then you are effectively lending your BTC to that company for free.   However convenience means this is common and Paypal is hoping to capitalise on the mainstream population moving into the Bitcoin realm.    Its arguable who gains more here, Paypal from % business addition or crypto from reputation and the monetary inflow from people who wouldnt come into this sphere of influence otherwise.
  Alot of people took this as bullish and price no doubt rose from the news but I think its secondary effect further down the line that really matters, for now this is all speculative not hard line actual population increasing usage, reliance and utility via BTC.   The difference matters because speculative flows reverse far more easily and I still assume we can go back to 10k in stormy weather.

I want it to go mainstream and I want to buy it, but why should I use paypal to do it when there are easier, faster, cheaper ways?

I don't have a paypal account. I don't have a USD bank account. I don't live in the US. I know that PayPal's fees are ridiculous when it comes to foreign currency transfers and such.

I don't trust PayPal, I don't want my name to go to some tax agency with a label "owns bitcoins".

I value my privacy, therefore I will not be buying through paypal, which doesn't mean I will not be buying at all.

I don’t think there is anything wrong with investing in Bitcoin thru PayPal. The way that people get their Bitcoin stolen left and right it’s a good thing if the actual coins are not in their custody but instead inside PayPal’s which is more secure.

You don’t have to worry about someone hacking into your PayPal and stealing your Bitcoin, because they can’t withdraw it anyways.

Sure you can’t withdraw it but most people just are in it for the money and not technology so they don’t really care. As long as their in profit they are happy.

Only issue is the high fees that they will charge. It’s like 2% one way so 4% round trip pretty much. Which are crazy high but still cheaper than a Bitcoin Atm which is like 10%.

Oh yeah I tossed a few hundred into it so far



I think 380 usd which is now worth about 530 and a 25 dollar voucher to use with any PayPal purchase.

By Jan 1 2022 I will have put in around 500usd maybe 600usd

Yep, I would agree than buying PPBTC for than just fun isn't the smartest option around. I found the PPBTC as a way for PayPal to monetize over the hype without risking anything. PPBTC is similar to CFD - not the real deal.

It does not seem strange to me about Paypal, if only with the fees so high in front of each transaction made with Paypal, just thinking about the fee with Bitcoin will be something monumental, Paypal will never lose, if the big paypal clients like OP happened to something like that, it is difficult to enter there with small amounts to make transactions with Bitcoin.

I have been with them from 2002 or 2003.  No issues or real problems.

I do know someone that was closed out he did a 5 to 6k callback on mining gear that never arrived paid with PayPal.

PayPal did pay have and then closed him "out for life" IIRC