Topic: Paypal to BTC price acceptable (Read 4087 times)

I wonder the same thing.  Was this delay only for the first one?  The FAQ seems to imply that:

"While most withdrawals to PayPal, NETELLER, Moneybookers, and Bitcoin accounts are processed instantly, we manually check some of them for security reasons"

(emphasis mine)

In any case, it's too expensive to do on a regular basis.  I was just curious how the process went.

Received this morning, about 45 hours after the transfer was initiated. I wonder if a second transfer will be quicker?

gonna send you back now now check pm

Got my BTC about an hour ago.  so about 40 hours later.  The FAQ said 48, so it's all good.

sent you some SLL

nope. but it said up to 48 hours, so if I don't have them by tomorrow I'll send them an e-mail.

Any communication at all from them?

24hours later and still no bitcoins in my wallet

if you are gonne leave them there, you can send them to me and if you would like I can send you the fraction of the bitcoin, else it could be a donation. I just dont like the idea of virwox eating it up forever

Just followed the same process on Virwox. Made an account, deposited the maximum amount (56USD) via paypal. Ended up with 14 BTC (with 80cents and some 630SLL left in account). This comes out to $4/BTC after all of the fees (assuming I never use the service again and just leave the leftover SLL and USD in there). Pretty steep.

I also got this "manual step" message as well though, we'll see how long the actual withdrawal takes.

Please let us know how long it eventually takes to get your BTC.  Thanks.

Don't think so. Those folks over at PP are determined to screw us over hard and soon.

It would take too long before Paypal discover the "sneaky" methods and plug the loopholes.

How does virwox do it for interest sake?

Keep in mind that Paypal forbids the use of their system to buy/sell bitcoins. Coinpal was a successful site to buy bitcoins with Paypal that ended up having its account frozen.
If your "sneaky way" doesn't include a way to hide yourself from Paypal, you won't go to far.
The only way I can see a paypal<->BTC exchange operating is under these terms, but that doesn't address the considerable chargeback risks, and I wouldn't call it a "simple and clean user experience" either.

Note that I have not disclosed my sneaky method, and I just checked out virwox for fun aswell

Within a few weeks you will be able to use VirWox (paypal, moneypak...) to fund your TradeHill / Gox / Intersango account using Bitinstant.com

All done in one easy process, by the company you all know and trust 
Will keep everyone updated

-Charlie

I did the VirWox purchase just to see how it all worked and what happens.

I signed up for Virwox and made up an avatar name at random.

I deposited $40 via Paypal.  After the fees (PayPal's) I had $38.34 in my Virwox account.

I bought  9486.76 SLL - $0.34 left over.

I then bought 9 BTC for 8630.96 SLL.  Virwox will only let you buy whole amounts - no 9.5 BTC for example.  I now have 855.71 SSL left over.

So, I effectively spent $35 for 9 BTC = $3.89 per BTC.  Plus I have some extra SLL and USD sitting in my VirWox account.

I tried to widthdraw my BTC and got this message "Your withdrawal request has been received. However, a manual step is required before it can be completed. More information can be found here"  "here" is a link to a FAQ:

"What is the "manual step" required to process some withdrawals, and how long does it take?

Withdrawals to bank accounts are usually processed on the morning of the next business day. While most withdrawals to PayPal, NETELLER, Moneybookers, and Bitcoin accounts are processed instantly, we manually check some of them for security reasons. They will be processed within 48 hours. In any case, you will receive an email confirmation when the withdrawal has been processed."

I've not gotten my BTC yet, but it's only been 10 minutes.  The FAQ says 48 hours.

Anyway, I can't see using this method unless you MUST use paypal. It's too expensive.

Hope I helped.

the only way to sell bitcoins right now via paypal or credit card that is even remotely safe is to sell physical bitcoins. However there is still a high possibility of charge back in that case as well and for instance Memory Dealers although doing it in the safest way possible is still assuming a decent amount of risk selling an irreversible coin to a very reversible paypal

Ya I wouldn't do this "sneaky way" if i were you