Topic: My 'vast' BTC hodl on PayPal - page 4. (Read 1287 times)

Are you able to see the txid of your bitcoins?

I hope so, otherwise I  have the feeling that paypal does add imaginary bitcoins to your account.

I think its good because unless you are tech savvy, you shouldn't be holding any actual crypto. Its way too easy to get scammed. Way too much malware on a typical Windows 10 computer. Some people get their crypto stolen and have no idea how. These days I am not even sure that Apple computers are safe either.

Hardware wallet is great however most people don't want to spend $100. And most of the time people buy the hardware wallet AFTER they acquire the crypto and can get it stolen before they even get it working. Sure there is cold storage on Electrum but the learning curve for that is pretty steep. So keeping it on Paypal is pretty safe in my opinion. Why would someone hack someone's account if they can't withdraw the BTC? They wouldn't.

I am old for bitcointalk.
I am 63.
I can remember christmas clubs at a bank. You opened it dec 1 or so and put in 2 dollars a week.

you did it for 50 weeks. 100 bucks and a 5 dollar bonus.

105 back just in time to spend on christmas.

I am not saying I am going to put in 20 a week until dec 2021 but you could set a goal.
put away 10 a week for a year. then decide if you want to sell or hodl.

this is a true path to large scale adoption. So I am in.

My goal is purchase 400-500 of my retailmenot rebates over the next 15 months.

yeah i may park a small bit there too. maybe robinhood too. mainly to support it on their platform, hopefully it takes off to a point.

yes its "paper" bitcoin that cant leave either platform. but its a start. people see it and hopefully wiull see its upsides (and of course downsides for that matter).

this may be peoples 1st real exposure to bitcoin. cant hurt imo. and seriously until people get the idea of real wallet security, seeds etc this may be their safest exposure for now.

I think they're just mainly promoting it as an investment? From what I read from their announcement that is, especially since their articles about crypto is more concentrated on the facts about the risks and benefits of investing/trading Cryptos/BTC. Also, you can "technically" buy using BTC, but according to Paypal themselves, they convert said BTC to the local currency of the merchant, so as to have 0 issues with difference in money/fees/etc. They cleared that up gladly enough, so I guess you can technically buy and sell crypto and use said crypto to buy stuff.

As we know PayPal has a chargeback issue. Since you bought BTC via PayPal account, I am a little curious to know if there is still a chargeback (dispute) option for crypto when you are using crypto PayPal to PayPal. PayPal also has not allowed us to create account from my country. So I can't read many details. I had opened an account when I was abroad, but unable to do KYC due to country restrictions. If chargeback exists even for the crypto off-chain transaction then I am not encouraged to hold cryptocurrency in a PayPal account.

Afaik it works for US customers only (for now) and for buy only (for now).
I am sure that a company like PayPal cannot afford to leave its customers having unspendable coins forever. From what I've read the plan is to allow selling too at the start of next year.
But no, they never mentioned actual Bitcoin withdrawal.



See? That's why the price grew this big. There's a new whale in town 

It's a great experiment. And it has to exist here on Bitcointalk because some non-bitcoiners may come and read, just because it's the main Bitcoin forum and also search engines may redirect here.
After the years long "Bitcoin is scam" and "Bitcoin is for drug dealers" narrative, PayPal is a very good help for us. Many people that were scared of Bitcoin now can buy (or at least have the illusion they've bought Bitcoin, not IOU tied to Bitcoin price). It will grow their confidence the coin is for real and it's good.

I actually didn't realize this went live already, I assumed it would go live in a couple of weeks. Haven't used Paypal in years and can't even find my password so didn't bother to look if I had the option to purchase BTC on Paypal.

According to their terms, it says you can't deposit or withdraw or transfer the crypto. So if you buy BTC on Paypal, what can you do with it exactly besides sell it back for US dollars sometime in the future. This is the part that I am confused. This seems like a good way to get people to invest in Bitcoin but will they ever be able to spend it?

Most likely they obviously need to hedge their exposure so if Philipma1957 bought $40 worth of BTC, they had to buy that BTC from somewhere.

I'm sure they will add more coins in the future or developers of other top coins will request their coin to be added, on that 4 coins alone they will rake millions of profit because many are going to buy more of these coins, and sell their coins as well I'm excited on this features and will be the one to try it wen then finally added it.

They are the first one to be granted permission of this kind of operation

Yup, just ribbing yah.

I have zero trust for PP but it does ad legitamasy to BTC with those normies and that's always a good thing. But I do expect they will morph into a fractional reserve as soon as they think they can get away with it.

If you could send these PP Bitcoins to other users, it would have made this whole thing much better, because the next day we would have people exchanging PP Bitcoin <-> real Bitcoin, which overall means more liquidity to the Bitcoin ecosystem. At the current state PayPal just acts as a broker, where you can get exposure to crypto investment and nothing more.

Look do I think anyone should have 25%-100% of their BTC on PayPal alone .

Hell no.

But a few bucks worth? yes.

Based on my past rebates earned on retailmenot.com. I will end up  buying 400 to 500 usd worth of btc from Oct 2020 to Dec 2021.

I earn 30-50 a month in rebates on retailmenot earned  mostly from buying pc/mining gear.

I normally transfer the rebates to the PayPal account. So nothing new there.
This account has been vested KYC'd yada yada yada for over 10 years.
Since I know I am putting in well under 1k usd spread out over 15 months I don't care about tax consequences  as I won't be selling the coins. (unless they jump 50-100x)

Should be fun to watch this.

No keys /P

In before exit scam.

Should be fun to see if they start running their own scam tokens next.

Some reason for documenting are:

1) historical reference point.
2) google searches for PayPal and BTC may land here.
3) bing searches may land here

Here are results for bing search of PayPal and BTC page 8
95-102 of 25,100,000 results


Bitcoin prices surge after Paypal jumps into the ...
https://www.cnn.com/2020/10/21/investing/paypal-bitcoin-cryptocurrencies/index.html
1 day ago · PayPal says its new service will give customers the ability to hold and exchange Bitcoin, Ethereum, Bitcoin Cash and Litecoin cryptocurrencies …

PayPal will start letting users buy and sell bitcoin ...
https://metro.co.uk/2020/10/22/paypal-will-start-letting-users-buy-and-sell-bitcoin...
11 hours ago · Bitcoin buying and selling will now be available through Paypal to US customers for the first time (Photo by Omar Marques / SOPA Images/Sipa USA) PayPal joined the cryptocurrency market this week ...

First Mover: PayPal Rushes In and Bitcoin Breaches $12K ...
https://www.coindesk.com/first-mover-paypal-bitcoin-12k-usdc-tether
1 day ago · First Mover: PayPal Rushes In and Bitcoin Breaches $12K, While USDC Gains on Tether Bitcoin blew past $12,000 to its highest price in two months, bringing into view the prospect of a fresh 2020 high.

Bitcoin surges past US$13,000 after PayPal embrace ...
https://www.straitstimes.com/business/banking/bitcoin-surges-past-us13000-after-paypal...
NEW YORK (BLOOMBERG) - Bitcoin surged past US$13,000 (S$17,620) for the first time since July 2019 after PayPal Holdings announced it will allow customers to …

Paypal to Bitcoin: The Payments Giant Steps Into ...
https://dailycoin.com/paypal-to-bitcoin
PayPal to Bitcoin: the online payments giant confirmed, it is entering the cryptocurrency market and launching cryptocurrency services.

PayPal to open up network to cryptocurrencies | Reuters
https://www.reuters.com/article/us-paypal-cryptocurrency-idUSKBN2761L6
1 day ago · PayPal’s shares were up 4% at 1418 GMT, set for their best day in a month. Bitcoin BTC=BTSP hit its highest since July 2019 on the news. It …

PayPal Announces Cryptocurrency Service With Support For ...
https://beebom.com/paypal-announces-cryptocurrency-service-with-support-for-bitcoin-e...
14 hours ago · PayPal has become the latest traditional online payments platform to have embraced cryptocurrencies. The company, on Wednesday, announced a new service that will enable customers to buy, sell and hold bitcoin and other digital currencies in its online wallets. The service, which has just started ...

Tether, And Not PayPal, Boosted Bitcoin BTC Price Above ...
https://bitrss.com/news/187850/tether-and-not-paypal-boosted-bitcoin-btc-price-above...
2 hours ago · It nearly 24 hours that payments giant PayPal announced the launch of its crypto trading services on Wednesday, October 21. Later on the day, the Bitcoin price surged past $13,000 as the bulls raged-in. Many attribute this BTC price surge to the PayPal news. However, there was a silent player possibly behind the Bitcoin price rise.


Now I used bing for a reason the reason is it is smaller then google and there were 25,100,000 hits on the search

those are big time numbers and a path to larger usage of BTC

They must be buying at least some Bitcoin-related instrument otherwise they can bankrupt themselves in a fortnight if Bitcoin moves like it often does.

For all those saying that this will "increase btc adoption" and "grandmas will buy btc on PayPal", I'm glad you are documenting this.

You are actually highlighting and showing how useless this extra step is, versus just buying stuff through PayPal with your CC or bank account directly.  

I'm almost wondering if PayPal is even buying any crypto behind the scenes at all. It could all just be a database ledger entry into their cash reserves balance sheet.

i for one am glad youre documenting it.

This is a good question. I have to ponder upon the answer.

May I ask what is the purpose of this "experiment"?
It's a very cool thing that PayPal accepts cryptocurrencies, but why did you choose this wallet to collect Bitcoin? Do you want to prove something by this? I am asking really seriously, because somehow I do not see any greater sense in what you do, of course I do not see also anything wrong with it.

  oh..
bch.. ugh..


It's a grand scheme for PP/banks to eventually own ALL of the BTCs and keep them all locked up in 3rd party holdings
No delivery, paper BTCs for the plebs only..

Surely may cause a bunch of buying-up of Bitcoins in any case.. It could hardly cause more sell-pressure.. If it is causing this pump, I don't know, but it seems so..