Quick question re Paypal | Bitcointalksearch.org

Pmalek

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Quote from: Stalker22 on November 06, 2021, 06:44:42 PM

No, he can't. PayPal cryptocurrencies are only available to customers with personal PayPal accounts in the US (except Hawaii). ^[source] But, even in that case, PayPal can only be used for buying, selling and holding crypto within a PayPal account. You cannot deposit crypto from an external wallet into a PayPal account, or vice versa.

That's true. Although it has been reported that Paypal accounts will have an option to withdraw their "coins" to private wallets, I think it's still not possible. According to their crypto TOS, you still can't send coins to other accounts or withdraw them from your cryptocurrency hub.

@Montane
Although PayPal does deal with Bitcoin in a way, I don't think you are supposed to use your account to make such deals on your own. What I am trying to say is that you aren't allowed to accept fiat by selling BTC to someone and vice versa. But you are allowed to use their cryptocurrency hub and buy crypto if you are located in a legal jurisdiction. If you aren't, you can't. I am pretty sure if you do the first thing I mentioned, you are in breech of their TOS.

Coin_trader

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Quote from: Montane on November 06, 2021, 04:31:33 PM

If I sell some btc with paypal. The transaction occurs and I get the paypal in my account. Then I use the paypal instantly. Will the buyer be able to reverse the transaction once the paypal has been used form my account?

Base on my previous experience and transaction he can't retrieve if the PayPal funds is already been transfer out to your account but the buyer can report your account in case he want to dispute your transaction which might cause to closure of your PayPal in case you don't have proof that you have a legit transaction for that money.

It's very hard now to dispute on PayPal but still possible if the buyer has an evidence. This is a very transaction and I don't recommend it.

Jawhead999

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Quote from: Stalker22 on November 06, 2021, 06:44:42 PM

No, he can't. PayPal cryptocurrencies are only available to customers with personal PayPal accounts in the US (except Hawaii). ^[source] But, even in that case, PayPal can only be used for buying, selling and holding crypto within a PayPal account. You cannot deposit crypto from an external wallet into a PayPal account, or vice versa. Basically, it's like trading with crypto futures and not actual cryptocurrencies.

Even using the Paypal digital wallet aren't really protecting our wallet wouldn't be frozen/suspend, it's makes them have more control of our assets.

Well, I'd say using Paypal digital wallet is the worst way to buy Bitcoin since you must hold it on your Paypal account aka centralized. I know they don't let you deposit and withdraw crypto from/to other wallet/exchanges because they're very strict when it comes to AML and regulations. But restrict those option it kills the usage of cryptocurrency, you can't send and receive money in crypto they only let you use your coins after you convert to fiat.

mk4

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I really don't recommend using PayPal for cryptocurrency-related transactions. Not sure if their rules have changed, but I know of a good number of people that got their PayPal accounts banned due to digital goods-related transactions.

But yea, the buyer can still reverse it. I think your PayPal balance just ends up being negative.

jrrsparkles

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Quote from: Montane on November 06, 2021, 04:31:33 PM

If I sell some btc with paypal. The transaction occurs and I get the paypal in my account. Then I use the paypal instantly. Will the buyer be able to reverse the transaction once the paypal has been used form my account?

Yes if the claim is approved by the PayPal then your funds will be debited from PayPal whenever you credit funds to your account so you can take fund and leave your PayPal account forever or better avoid trading with untrusted traders when it comes to p2p trading involves paypal as payment mode.

sunsilk

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PayPal transactions are reversible. AFAIK, if you get to use the fund already while the seller disputed for it, there should be a valid reason for that dispute.

Well for this information, you only need to read this article of theirs.

https://www.paypal.com/us/brc/article/customer-disputes-claims-chargebacks-bank-reversals

Stalker22

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Quote from: Yogee on November 06, 2021, 04:53:52 PM

You may as well use the paypal app for selling BTC if the buyer doesn't have other options and if you want to minimize the risk of payment reversal. I don't use the app so explore it on your own https://www.paypal.com/us/digital-wallet/manage-money/crypto

No, he can't. PayPal cryptocurrencies are only available to customers with personal PayPal accounts in the US (except Hawaii). ^[source] But, even in that case, PayPal can only be used for buying, selling and holding crypto within a PayPal account. You cannot deposit crypto from an external wallet into a PayPal account, or vice versa. Basically, it's like trading with crypto futures and not actual cryptocurrencies.

coupable

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Quote from: Montane on November 06, 2021, 04:31:33 PM

If I sell some btc with paypal. The transaction occurs and I get the paypal in my account. Then I use the paypal instantly. Will the buyer be able to reverse the transaction once the paypal has been used form my account?

Usually, exchange btc for paypal can be made with trusted sellers within trusted platforms or in decentralized exchanges with enforcement of KYC verification.
The refund option with paypal is a real issue for those who are willing to buy cryptocurrencies in general and in a P2P way in particular.

Better to choose another option if you are not using a third part entity who can ensure the transaction acting as an escrow.

Yogee

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You may as well use the paypal app for selling BTC if the buyer doesn't have other options and if you want to minimize the risk of payment reversal. I don't use the app so explore it on your own https://www.paypal.com/us/digital-wallet/manage-money/crypto

Montane

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If I sell some btc with paypal. The transaction occurs and I get the paypal in my account. Then I use the paypal instantly. Will the buyer be able to reverse the transaction once the paypal has been used form my account?

Topic: Quick question re Paypal (Read 122 times)