Why You Should Not Buy Bitcoin with PayPal - page 2.

Sebas.tian

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Quote from: poutintsev on January 08, 2021, 05:41:27 PM

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/

More reason why we all should help these victims who have been dealt with by PayPal incorporated, they are likely out to deceive newborn in cryptocurrency industry. From day one, their TOS aren't such we should welcome into this sphere because the industry has made things simple. Most importantly, if not your keys then not your coins and this should be avoided like plagues.

AakZaki

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There are many other places to buy bitcoin and not just paypal. Paypal only provides bitcoins to be bought and sold on the paypal platform and cannot be sent outside the paypal platform.
People who buy bitcoins are paypal maybe because they don't really know how to buy bitcoins other than on the paypal platform. Popular markets such as Binance are good places to buy bitcoin without the need for KYC for transactions with a limit of 2BTC / day and that's fine.

thesmallgod

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Of all the numerous places to buy crypto why would anyone prefer PayPal well.maybe for their customer that might have interest in crypto especially for PayPal that is know that they always block some accounts. It is very risky if anyone will put his or her bitcoin on PayPal platform. However, in an other way rounds, it makes some of their rival to consider also accepting bitcoin which also mean that bitcoin is getting popular everyday. With time more integration with other crypto and stablecoin will be also be considered

Sirait

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^ 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!

elisabetheva

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Quote from: pecson134 on January 25, 2021, 10:16:58 PM

I had my paypal still alive now so I hope for them to reconsider the policies and make it a lighter and more convenient. I'm using paypal as another payment method for more than 5 years and I don't have encountered any problem so far as I already linked my card it my account.

I think considerations will always be made but maybe it will be seen from an economic point of view too, whether it is profitable or not. because they also hope that there will be feedback that will be made every application that will be made. business does seem cruel when it determines the matter of sharing profits.
but I hope your problem can be resolved properly.

Quote from: Sithara007 on January 25, 2021, 11:25:37 PM

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.

Sithara007

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Quote from: pecson134 on January 25, 2021, 10:16:58 PM

I had my paypal still alive now so I hope for them to reconsider the policies and make it a lighter and more convenient. I'm using paypal as another payment method for more than 5 years and I don't have encountered any problem so far as I already linked my card it my account.

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.

pecson134

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I had my paypal still alive now so I hope for them to reconsider the policies and make it a lighter and more convenient. I'm using paypal as another payment method for more than 5 years and I don't have encountered any problem so far as I already linked my card it my account.

KryptoKings

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Quote from: Renampun on January 09, 2021, 07:38:11 AM

I will not buy Bitcoin on Paypal because I have no reason to buy there...
I am comfortable and used to buy/sell Bitcoin on Binance and Kucoin. I don't know the advantages and disadvantages if I transact there.

PayPal offers another option plus it gives BTC wider exposure. There still are many people who haven't heard about BTC and crypto, if they use PayPal, they will now know about it through PayPal.
Also it instill trust in them when some big reputed company like PayPal endorse BTC.

iTradeChips

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As we have already discussed this many times before, almost all of us agree or there was a consensus among the community that Paypal in a way does seem to give regular non crypto users the experience on how to deal with cryptocurrency. But in my opinion it is somewhat lacking in a sense that the non crypto consumer will not experience the "hardships" of learning real crypto like downloading wallets, stalking coins, doing transactions and checking in the blockchain and others. I feel that Paypal should not hijack that experience.

ReiMomo

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Quote from: bryant.coleman on January 25, 2021, 02:50:02 AM

For the vast majority of the experienced users out here, purchasing Bitcoin through PayPal makes no sense (unless they make more functions available, such as making payments with Bitcoin). But there are millions of not-so tech savvy people out there, who would rejoice at such an opportunity. These people usually have a hard time in purchasing BTC from the exchanges and then storing it themselves.

There's a sense if you wanted to purchase in the merchants using bitcoin and to have bitcoin, you can use Paypal because they are widely accepted for most merchants as a third party payment method. But if your purpose is to save and invest in bitcoin, that's totally no makes sense there because you even don't own the private key, and also you cant transfer your bitcoin into a bitcoin wallet, it should always on the Paypal platform.

At least, this Paypal was brought a good impact on bitcoin and people get awareness on it.

MishaSER

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This is very similar to a ploy, in order to control users more, they can block funds without giving a reason. We wanted bitcoin to be popularized and in the end, we see how it is used in illegal actions.

DaveF

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The brokerage Robinhood, is the same. They are buying and storing the BTC that their clients but but their clients are not allowed to withdraw it or send it elsewhere.
Makes you wonder if it was a "lets put something together and see if it gains traction" thing. And now that it did seem to be popular they work on the next step.
Lets face it, if they did it and 100 people bought BTC, they would all be thinking "Wow, it's a good thing we did not spend that much money working on it"

Both PP and RobinHood claim that withdraws are coming soon, both are large heavily regulated businesses. No reason to think it's anything other then it's just big business slowness.

-Dave

Ronny29

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Quote from: poutintsev on January 08, 2021, 05:41:27 PM

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/

and want to add - very hight fees!

traderethereum

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If we use Paypal to buy bitcoin in a large amount, Paypal will know who their customer that do that is, and maybe they will investigate from where our money comes from.
It could attract an alarm from our bank too, especially if we transfer big money from the bank account to Paypal, and that can make our account gets investigating by them.
We know how to buy bitcoin so far, so I think we do not need Paypal to buy bitcoin.
But maybe for people out there who already become the Paypal members, they will still use Paypal to buy bitcoin because they can get convenient to buy bitcoin from there.

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Quote from: m2017 on January 25, 2021, 05:04:00 AM

All these points put me on the idea that PayPal offer air to their customers, not Bitcoin. No private keys, no deposits, can't sending - they offer a nothing. Do PayPal have information on how their cryptocurrency will be backed and what evidence they can provide? It seems to me that you shouldn't deal with them.

Yes, they trade only air or as say - artificial bitcoin. Also trading Bitcoin on paypal might cause your account to be blocked. Paypal can also freeze your funds for 10-14 days for suspicious action (even receiving $30 can be a suspicious action. I have my funds frozen for 2 weeks without any reasonable explanation).

If you have issues with Paypal, get ready to be answered with default answers from FAQ and support not interested in solving your case. Dont forget that you might wait for days before Paypal support even answers you, as it seems they are lack of employees in support.

m2017

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Quote from: poutintsev on January 08, 2021, 05:41:27 PM

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/

All these points put me on the idea that PayPal offer air to their customers, not Bitcoin. No private keys, no deposits, can't sending - they offer a nothing. Do PayPal have information on how their cryptocurrency will be backed and what evidence they can provide? It seems to me that you shouldn't deal with them.

KryptoKings

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Quote from: poutintsev on January 08, 2021, 05:41:27 PM

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/

You are right. These are the hinderences for many users buy I believe they will gradually add more features yo their crypto services.
Earlier, PayPal was not at all supportive of cryptos and would ban accounts dealing with cryptos.
Now they have started supporting them. We will soon see more changes in PayPal for crypto.

irixo10

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I am just coming across this, because I don't use it, and if I may ask, if implementing all these, what's the essence of adopting Bitcoin to their platform? This is actually why most times, centralized platforms can not be trusted because almost everything they do is for their own advantages not for the benefit of their users. Nevertheless, right from time any platform that do not give me power to control my crypto assets, I don't bother having anything to do with it, and as such I think these are enough reasons not to use PayPal for anything relating to Bitcoin. However, the advantage PayPal brought to the crypto space is that, it brought more awareness and attention on Bitcoin, as people will to a nice extent understand the potential of Bitcoin and what it also offers.

bryant.coleman

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For the vast majority of the experienced users out here, purchasing Bitcoin through PayPal makes no sense (unless they make more functions available, such as making payments with Bitcoin). But there are millions of not-so tech savvy people out there, who would rejoice at such an opportunity. These people usually have a hard time in purchasing BTC from the exchanges and then storing it themselves.

coiningz

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because no one really knows is bitcoin on paypal real or not. While you cant withdraws money from there you shoudnt by crypto there

Topic: Why You Should Not Buy Bitcoin with PayPal - page 2. (Read 682 times)