Topic: Why You Should Not Buy Bitcoin with PayPal (Read 682 times)
I have no plans of buying bitcoin with PayPal, anytime soon. Well for some of us, we' ve never liked the operation of PayPal. It comes with too much restrictions coupled with unnecessary KYC verification with the least of transactional issues. Moreover, accounts are not allowed in a number of countries around the world.
I was very happy when I found out that Paypal accepted Bitcoin purchases, and also this news made the Bitcoin price soar up. But after reading
the rules, I was really surprised. The rules have been mentioned in the opening post, so I don't need to repeat them. In conclusion, I also became
not interested in buying Bitcoin on Paypal, with all these rules. Maybe those who buy Bitcoin on Paypal are only Paypal users who have no knowledge of
the crypto world. But indeed Paypal can't blame for making these rules, that's their right, and we can't do anything. But I believe in the future Paypal
will definitely improve these rules, because if Paypal does not improve these rules it will be unable to compete with exchanges or other platforms.
the rules, I was really surprised. The rules have been mentioned in the opening post, so I don't need to repeat them. In conclusion, I also became
not interested in buying Bitcoin on Paypal, with all these rules. Maybe those who buy Bitcoin on Paypal are only Paypal users who have no knowledge of
the crypto world. But indeed Paypal can't blame for making these rules, that's their right, and we can't do anything. But I believe in the future Paypal
will definitely improve these rules, because if Paypal does not improve these rules it will be unable to compete with exchanges or other platforms.
To be fair you should be buying anything with Paypal. I have always hated it so much. I hate that so many places support it but no other better methods. It is by far not the best method it is just the most well known and one of the first ones to come out which is directly connected to your bank account and I guess the fact they hae been around for such a long time makes people trust them.
Yeah people who buy crypto on PayPal are probably the same type of people that investing the Grayscale Bitcoin Trust lol
It's more like personal choice. Those who want to keep their BTC with PayPal and Grayscale are fully aware of the dangers. The same goes for cryptocurrency users who want to keep their coins in exchange wallets. Even the experienced users are divided on how to store their coins. Some want to go for hardware wallets such as Trezor and Ledger, while some others prefer paper wallets. And there is another section that favors online wallets and lite wallets. In the end, the choice lies with the user.
i do agree with this. we cant blame users to buy btc under paypal platform as it is their funds in the first place. but they should know the risks involved if they are not holding their private keys. if nothing else, paypal is a good introduction to noncrypto users. once they become knowledgeable with crypto, i am sure, they will look for other options how to manage their crypto portfolio.
paypal will pave the way for noncrypto users to become crypto users. so that alone, is already a good deal with this move from paypal. and to add, i dont think forum users will use paypal for crypto purposes, because they already know how to deal with crypto on their own.
Obviously i wouldn't like to let my bitcoin allow on their wallet cause thus i would lost freedom of my owenship cause paypal wouldn't give the access of that fund i mean private key.as well as i would also lost the facilities of transactions too.can't sent bitcoin to any friend or relative if i need to sent.even i don't know if I'm really buying the real bitcoin or the virtual one cause there is no way to find out.so not going to buy bitcoin from paypal
This statement from their FAQ is, in practical terms, false: “You own the Cryptocurrency you buy on PayPal but will not be provided with a private key.” No-one should consider money held entirely by a third party as owned by them. Time after time, exchanges have lost user funds, often leaving them with no recourse.
Yeah people who buy crypto on PayPal are probably the same type of people that investing the Grayscale Bitcoin Trust lol
It's more like personal choice. Those who want to keep their BTC with PayPal and Grayscale are fully aware of the dangers. The same goes for cryptocurrency users who want to keep their coins in exchange wallets. Even the experienced users are divided on how to store their coins. Some want to go for hardware wallets such as Trezor and Ledger, while some others prefer paper wallets. And there is another section that favors online wallets and lite wallets. In the end, the choice lies with the user.
because no one really knows is bitcoin on paypal real or not. While you cant withdraws money from there you shoudnt by crypto there
Exactly, basically people who buys bitcoin in paypal uses their service just for holding coin and nothing more, sort of investment but they don't fully own the investment that they bought.It's really silly because that also mean people buying imaginary things just because profit. Might aswell buy the real thing just for sure so there's no possibility of manipulation to the assets.
Yeah people who buy crypto on PayPal are probably the same type of people that investing the Grayscale Bitcoin Trust lol
because no one really knows is bitcoin on paypal real or not. While you cant withdraws money from there you shoudnt by crypto there
Exactly, basically people who buys bitcoin in paypal uses their service just for holding coin and nothing more, sort of investment but they don't fully own the investment that they bought.It's really silly because that also mean people buying imaginary things just because profit. Might aswell buy the real thing just for sure so there's no possibility of manipulation to the assets.
Indeed, the initial goal of Paypal to accept Bitcoin transactions is only to provide servers to Paypal users. Especially for Paypal users in America to
get to know Bitcoin better. So it is very natural that Paypal while only allows its users to make Bitcoin transactions only on the Paypal platform.
But by looking at the data that shows Paypal users enthusiasm for Bitcoin, it is possible that in the future Paypal will provide full service.
So users can deposit or withdraw Bitcoin, so Paypal can function like any other exchange. So for now it's best not to buy Bitcoin with Paypal, because
we cannot withdraw the Bitcoin that we have out of the Paypal platform. But if we intend to buy Bitcoin for a long-term investment there is nothing
wrong with buying Bitcoin with Paypal.
get to know Bitcoin better. So it is very natural that Paypal while only allows its users to make Bitcoin transactions only on the Paypal platform.
But by looking at the data that shows Paypal users enthusiasm for Bitcoin, it is possible that in the future Paypal will provide full service.
So users can deposit or withdraw Bitcoin, so Paypal can function like any other exchange. So for now it's best not to buy Bitcoin with Paypal, because
we cannot withdraw the Bitcoin that we have out of the Paypal platform. But if we intend to buy Bitcoin for a long-term investment there is nothing
wrong with buying Bitcoin with Paypal.
It's a gateway for people to start into crypto while getting the chance to earn from it too. It is definitely an underwhelming release but for sure they will release updates in the future that will make the cryptocurrency feature of PayPal much more bearable, enjoyable, and easy to use. For now, us old-timers have no reason to invest on it other than to test it out, but this works well for people who got into the cryptocurrency industry a bit later than us.
^ I have no reason to use PayPal. in my country, Paypal lost from local digital wallets, and for transactions via digital wallets, I use the wallet. I have already bought Bitcoin in Kucoin, Probit, and Indodax and can make withdrawals to my personal wallet at will. if those who buy Bitcoin on PayPal can't withdraw their Bitcoin, so why would they buy Bitcoin there!
valid no debat. you are from indonesia 
in my opinion paypal still best for payment in ebay and other merchant also become gas fuel for bitcoin price but this
- No deposits or withdraws of cryptocurrency.
- No paying with cryptocurrency or sending cryptocurrency to other users.
- You will not have access to your private keys.
kinda true maybe in further they start fixing it
and dont forget the spread guys
Wait so if you have btc... you can't send the btc to your paypal account? Im confused with this. But you do have a btc balance in your paypal account though when you buy btc with your paypal balance. So you can't withdraw the btc and transfer it to say coinbase or your own wallet or someone?
PayPal’s cryptocurrency integration is an embarrassing attempt to deceive non-crypto people
Don't know why not many talk about this, but PayPal will not allow.
- No deposits or withdraws of cryptocurrency.
- No paying with cryptocurrency or sending cryptocurrency to other users.
- You will not have access to your private keys.
https://temporaryerror.com/why-you-should-not-buy-bitcoin-with-paypal/
Don't know why not many talk about this, but PayPal will not allow.
- No deposits or withdraws of cryptocurrency.
- No paying with cryptocurrency or sending cryptocurrency to other users.
- You will not have access to your private keys.
https://temporaryerror.com/why-you-should-not-buy-bitcoin-with-paypal/
In PP you cannot buy cryptocurrencies, but some tokenized abomination.
I don't think that any person who has at least a clue about crypto will buy in PayPal.
You are right - stay away from PP!
Those restrictions were imposed almost a decade ago. The government was looking to shore up the collection of tax revenue and some of the officials were concerned that PayPal is being used to transfer payments to Indian freelancers from foreign nations and most of this money doesn't show up in tax returns. Therefore they removed most of the PayPal functionalities in India. For example, in India you can't store any money in your PayPal account. You can only make or receive payments through PayPal, using your bank account or credit card. But nowadays most of the freelancers here are getting their payment in Bitcoin or Ethereum instead of PayPal.
This is called karma) people will always find an alternative and any government restrictions will only popularize Bitcoin.
To be honest i have never purchased Bitcoins from PayPal.
In fact I didn’t know that PayPal has an option to Buy Bitcoins as well.
I can understand OP’s concerns. And the solution might to be it is P2P.
You can buy Bitcoins at P2P platforms through your PayPal funds , but again it’s not safe.
As PayPal has chargeback option, so better be careful.
Moreover i won’t advise to buy through PayPal, you can go with the other alternatives.
In fact I didn’t know that PayPal has an option to Buy Bitcoins as well.
I can understand OP’s concerns. And the solution might to be it is P2P.
You can buy Bitcoins at P2P platforms through your PayPal funds , but again it’s not safe.
As PayPal has chargeback option, so better be careful.
Moreover i won’t advise to buy through PayPal, you can go with the other alternatives.
Even I had my PayPal account a few years ago. But here in India, the government imposed all sort of restrictions on PayPal, making it useless for freelancers. And this is also one of the reasons why freelancers in India started accepting their wages in Bitcoin or Ethereum, rather than PayPal USD. The restrictions are still there and hardly anyone is using PayPal in India nowadays. And with all these limitations in place, I don't think that they (PayPal) will ever make Bitcoins available for Indian users.
wow, I just found out that there are countries like India which are famous for their renewable technology that don't accept paypal.
but indeed every government certainly applies something after it is calculated correctly and whether it can benefit its citizens or not make the country experience difficulties, after implementing this.
same as in my country paypal is not a problem but bitcoin is problematic and is not recognized as a legal payment, while exchanges and others are not problematic.
so each country certainly carries out the rules after receiving and accommodating the pros and cons of implementing it.
Those restrictions were imposed almost a decade ago. The government was looking to shore up the collection of tax revenue and some of the officials were concerned that PayPal is being used to transfer payments to Indian freelancers from foreign nations and most of this money doesn't show up in tax returns. Therefore they removed most of the PayPal functionalities in India. For example, in India you can't store any money in your PayPal account. You can only make or receive payments through PayPal, using your bank account or credit card. But nowadays most of the freelancers here are getting their payment in Bitcoin or Ethereum instead of PayPal.
The best part about the Paypal adopting Bitcoin is not the service that it provides, but the fact that it almost acts as a "gateway drug" for a lack of a better phrase. Its the gateway for non crypto personal to adopt a new, and exciting concept, all because a reputable, and large company such as Paypal has implemented it into their system, which by extension improves peoples perception of Bitcoin, and its related technologies. The Paypal adoption is a very good way of intriguing people enough about Bitcoin, that ultimately they'll look more into it, and quickly come to realize the flaws of the Paypal system.
I do think this has been discussed though, there's been plenty of users here talking about how poor the implementation of Bitcoin into Paypal is for the end user, and how much it benefits Paypal, but that is usually the case in a capitalism world.
good point. I have a question, will you use paypal or you're actually using it? Up to now, I have not used it yet out of the fear of risk. I do think this has been discussed though, there's been plenty of users here talking about how poor the implementation of Bitcoin into Paypal is for the end user, and how much it benefits Paypal, but that is usually the case in a capitalism world.
First of all, this service is fully managed, which means that users will not have their own private keys;
Secondly, PayPal intends to "provide educational content to account holders to help them understand the cryptocurrency ecosystem
Secondly, PayPal intends to "provide educational content to account holders to help them understand the cryptocurrency ecosystem
I will never use Paypal, it's too risky for me. I spent half of my savings on bitcoin, I need to make sure it's safe.
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