Problem Selling bitcoins for PayPal | Bitcointalksearch.org

btcney

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Quote from: richardfield7 on July 03, 2017, 09:32:17 AM

Hello people Wink

I've been using BitVanilla (https://www.bitvanilla.com) regularly to buy bitcoins with Vanilla Giftcard at 0.5% fee and selling it for PayPal at 5% and making a steady income ( $500-$700 profit per day) for the past 3 months. However, today suddenly I got my PayPal account limited and an e-mail asking for the purpose of the transactions. I have been asking the buyers to send payment " as gift " to avoid the paypal fee so I can't tell them that its payment for Bitcoins.
I still have $800 locked on my paypal and no clue what to answer them.
I'm really worried if I can continue to accept PayPal for selling Bitcoins and if yes, how to avoid such issues created by PayPal. Should I receive the payment as " Goods & Services " or something and let paypal know I sell bitcoins? Is it against their policies?
Help me out guys! They expect an answer from me soon. Undecided

Unfortunately yes, it is against the paypal policy to sell bitcoin, apparently.

In fact it is even against their terms and conditions to exchange paypal funds to anything, from perfectmoney to skrill to bitcoin, doing any of that will carry the risk of your account getting restricted by paypal potentially.

One of their clauses prohibits

Quote

(h) involve currency exchanges or check cashing businesses

One of the people on paypal community has had a similar but not same experience as yours: https://www.paypal-community.com/t5/About-Business/Selling-Bitcoin-is-Against-PayPal-Policy/td-p/1215793. Worth a read i think about how paypal actually goes about their terms and conditions.

xusxuquade

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Quote from: richardfield7 on July 03, 2017, 09:32:17 AM

Hello people Wink

I've been using BitVanilla (https://www.bitvanilla.com) regularly to buy bitcoins with Vanilla Giftcard at 0.5% fee and selling it for PayPal at 5% and making a steady income ( $500-$700 profit per day) for the past 3 months. However, today suddenly I got my PayPal account limited and an e-mail asking for the purpose of the transactions. I have been asking the buyers to send payment " as gift " to avoid the paypal fee so I can't tell them that its payment for Bitcoins.
I still have $800 locked on my paypal and no clue what to answer them.
I'm really worried if I can continue to accept PayPal for selling Bitcoins and if yes, how to avoid such issues created by PayPal. Should I receive the payment as " Goods & Services " or something and let paypal know I sell bitcoins? Is it against their policies?
Help me out guys! They expect an answer from me soon. Undecided

you can't use paypal account before problem limit solved
you only follow in problem solved case in youre paypal account, because if account limit paypal give solution

timerland

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Quote from: richardfield7 on July 03, 2017, 09:32:17 AM

Hello people Wink

I've been using BitVanilla (https://www.bitvanilla.com) regularly to buy bitcoins with Vanilla Giftcard at 0.5% fee and selling it for PayPal at 5% and making a steady income ( $500-$700 profit per day) for the past 3 months. However, today suddenly I got my PayPal account limited and an e-mail asking for the purpose of the transactions. I have been asking the buyers to send payment " as gift " to avoid the paypal fee so I can't tell them that its payment for Bitcoins.
I still have $800 locked on my paypal and no clue what to answer them.
I'm really worried if I can continue to accept PayPal for selling Bitcoins and if yes, how to avoid such issues created by PayPal. Should I receive the payment as " Goods & Services " or something and let paypal know I sell bitcoins? Is it against their policies?
Help me out guys! They expect an answer from me soon. Undecided

No. You should not accept paypal for bitcoins at all. Paypal is reversible, bitcoin is not. This is obviously bad as if someone reverses a payment from your paypal you can't do the same to your bitcoins. I think it is definitely because you received way too many gift payments than it is natural for someone to receive, and paypal has limited your account. I suggest that you answer truthfully, or say that it's for in game items.

I find it surprising that though this unheard of site is able to offer such great rates on vanilla gift cards. If this is actually real then one could easily go onto their site, convert their vanilla gift card to bitcoin, and use the bitcoin to buy vanilla gift cards on paxful for like 10% less than market price and rinse and repeat for more profit than you are making - so here is a business idea for you, without having to use your wife's paypal or anything like that and have a risk of getting it limited as well.

BitMaxz

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Send it as a gift i think the only i think you can give reason that you are dealing with your real friends that is why you use send as a gift.
Just tell them that you are using send as a gift for a long time dealing with your friends.
But if its still not working and it totally lock like other said there are many ways to get the funds someone are offering buying limited paypal accounts or offering to remove limited in your account..

bL4nkcode

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Quote from: richardfield7 on July 03, 2017, 09:40:17 AM

--snip--
If they block my account i guess i can use my wife's paypal so no worries. But do you think they will release the amount they have put on hold??

Most probably the answer is No. If you tell them what you're doing, in which you're selling bitcoin with Paypal (that's what I understand) which is really against their TOS IMO (correct me if I'm wrong here). But there are some services here that unlock some hold/limited Paypal accounts but I don't think if they can help you out here so just contact them. Anyways good luck.

digaran

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Am I the only one smelling bull shit from 200 miles away? there is no place accepting gift cards to sell you Bitcoins for it, I have tried this 1.5 years ago without success, and even if there is then you'll have to pay for gift cards it's not like they're free of charge. I just can't honestly believe any body making money in that way, this is just a marketing strategy to promote and advertise a possible scam service.

LeGaulois

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No matter if people pay you with "send as gift/friend family" or "Goods and service". Paypal terms of service doesn't accept transactions related to money exchange/cryptocurrencies. So if you tell them this they will terminate your account in no time. You can't even say, this transactions are donations, because you need a business account to accept donations in paypal. If you have suposed friends sending you 500$ daily, then you may have great friends but Paypal wont buy your story

Cherylstar86

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Quote from: CUNÉGONDE on July 04, 2017, 03:07:22 AM

lol...

you are brave, still sell BTC with Paypal

good luck with you, and wish you never met scamer.

There's no problem if ever you have an escrow for selling btc to paypal's client, because you can have that assurance and I think you will not met a scammer if you will follow the advice. That's right to be defensive at all times and hopefully btc will be sold with paypall with the legit customers who honestly pays off their money to you. Nowadays with the biggest network wide interactive connections, can be so fearing and you don't know who or when to trust good and honest individuals.

CUNÉGONDE

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lol...

you are brave, still sell BTC with Paypal

good luck with you, and wish you never met scamer.

sweetdesirez

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I think this will work:
Get a backdated doctor's certificate that you or someone in your family is critically ill. Give Paypal the certificate and tell them that you have approached your families and relatives for help and they were sending your donations.
Don't forget to send me some coffee when they lift the limitations. Grin

lizardbtc

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Also if you are an USA citizen you will have to get a license to do these kind of things... I know that some people went to jail for buying and selling bitcoin without a license.

PayPal is a pain in the ... simply because they don't want others to take their business. I think that you lost your 800$ there simply because you will need a good story to be able to pull this. I personally don't like them. But again what did you think? You received high amount of money from to many people as gift (friends and familiarly?) Of curse they want to defend them selfs from money laundering.

Prodigan786

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good one its really good strategy for regular income i hope paypal people definitely take comision or transaction charge its not charity but one thing you can do by requesting them given credit to friend for helping him now he is transferring back by installement or some thing personal reason.

Kprawn

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Well, if you made a total income of $45 000 at a minimum of $500 per day, you should be able to take a $800 knock if they stop you from doing

that. Huh

This is exactly why we need to get rid of centralized services like PayPal, because they can do what they want. PayPal has not accepted

Bitcoin transactions for a reason, because they want to retain their market share and hold on the world. Why would they give you some slack? Sad

jacee

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Quote from: richardfield7 on July 03, 2017, 09:32:17 AM

I'm really worried if I can continue to accept PayPal for selling Bitcoins and if yes, how to avoid such issues created by PayPal. Should I receive the payment as " Goods & Services " or something and let paypal know I sell bitcoins? Is it against their policies?

afaik it is. You will get your account in more trouble if you say you use it in buyingGand selling bitcoin.
I,hardly encounter any issue with my paypal tho I think it's because I only made small transactions. To avoid your accojnt from being limited or locked do not ever accept any payments be it personal or service payment from unverified users. Usually that's the cases where some people I know got their account limited.

richardfield7

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Quote from: NUFCrichard on July 03, 2017, 09:34:49 AM

If you are recieving very large amounts of money 'from friends and family' they can quite rightly ask you what you are doing!
They are a business after all, they want 4% or so of your transaction, not that you send and receive money using paypal for nothing.

You can tell them what you are doing, I guess they will block your account. You could always open a new one anyway, though that is obviously against the rules again.

That's a bummer Cry

I've also been using this paypal for my business transactions. I think you're right i should tell them and be honest. Lets hope they don't block my account and i'll start accepting as goods and services and increase my commission to 10%.
It shouldn't be a problem as most of the people do 15% paypal to bitcoin Wink

If they block my account i guess i can use my wife's paypal so no worries. But do you think they will release the amount they have put on hold??

NUFCrichard

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If you are recieving very large amounts of money 'from friends and family' they can quite rightly ask you what you are doing!
They are a business after all, they want 4% or so of your transaction, not that you send and receive money using paypal for nothing.

You can tell them what you are doing, I guess they will block your account. You could always open a new one anyway, though that is obviously against the rules again.

richardfield7

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Hello people Wink

I've been using BitVanilla (https://www.bitvanilla.com) regularly to buy bitcoins with Vanilla Giftcard at 0.5% fee and selling it for PayPal at 5% and making a steady income ( $500-$700 profit per day) for the past 3 months. However, today suddenly I got my PayPal account limited and an e-mail asking for the purpose of the transactions. I have been asking the buyers to send payment " as gift " to avoid the paypal fee so I can't tell them that its payment for Bitcoins.
I still have $800 locked on my paypal and no clue what to answer them.
I'm really worried if I can continue to accept PayPal for selling Bitcoins and if yes, how to avoid such issues created by PayPal. Should I receive the payment as " Goods & Services " or something and let paypal know I sell bitcoins? Is it against their policies?
Help me out guys! They expect an answer from me soon. Undecided

Topic: Problem Selling bitcoins for PayPal (Read 805 times)