Why You Should Not Buy Bitcoin with PayPal - page 4.

RickDeckard

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Quote from: Rengga Jati on January 08, 2021, 06:36:47 PM

In fact, there are already several complaints regarding cryptocurrency on PayPal on this forum. And most of them are related like what you have said. This is actually in PayPal's terms and conditions. And indeed if we don't read it first, we will be trapped in it because we can only buy and sell there and cannot withdraw. If you want to withdraw it, you must first convert it to the fiat available there.

At least, this is what in their PayPal Cryptocurrency Terms and Conditions

Quote

You currently are NOT able to send Crypto Assets to family or friends, use Crypto Assets to pay for goods or services, or withdraw Crypto Assets from your Cryptocurrencies Hub to an external cryptocurrency wallet. If you want to withdraw the value from your Cryptocurrencies Hub you will need to sell your Crypto Assets and withdraw the cash proceeds from their sale.

Yeah, it seems like PayPal uses the moment of BTC to attract many more people using PayPal. It is like a free promotion when very booming issue about PayPal and cryptocurrency several months ago. But in fact, this is not what expected as we are.

Thing is most people don't care. They just want an easy way to get into BTC/crypto (or at least to think they got) and continue their lives. The fact that a reputable company offers them that is just something that Paypal couldn't afford to lose ...

Rengga Jati

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Hire Bitcointalk Camp. Manager @ r7promotions.com

In fact, there are already several complaints regarding cryptocurrency on PayPal on this forum. And most of them are related like what you have said. This is actually in PayPal's terms and conditions. And indeed if we don't read it first, we will be trapped in it because we can only buy and sell there and cannot withdraw. If you want to withdraw it, you must first convert it to the fiat available there.

At least, this is what in their PayPal Cryptocurrency Terms and Conditions

Quote

You currently are NOT able to send Crypto Assets to family or friends, use Crypto Assets to pay for goods or services, or withdraw Crypto Assets from your Cryptocurrencies Hub to an external cryptocurrency wallet. If you want to withdraw the value from your Cryptocurrencies Hub you will need to sell your Crypto Assets and withdraw the cash proceeds from their sale.

Yeah, it seems like PayPal uses the moment of BTC to attract many more people using PayPal. It is like a free promotion when very booming issue about PayPal and cryptocurrency several months ago. But in fact, this is not what expected as we are.

Ryker1

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Eloncoin.org - Mars, here we come!

Well, the part that the most having benefits to bitcoin is only the adoption that created awareness to their users that could be potentially large investors. You can buy bitcoin in Paypal but not for holding your crypto, you can use it to purchase in a merchant that using bitcoin and supported PayPal as a payment processor. If you were buying and hold your bitcoin in Paypal, that is a different story. Paypal not allow you to transfer your bitcoin, so it does not make sense if you bought it for holding.

RickDeckard

legendary

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Paypal just wants to grab the attention the average Joe that heard about BTC in the news and would likely be interested in buying due to the increases in price it has registered.

Generally that kind of people don't have all the information about BTC and the crypto world (I'm not really sure they want to know as well). They just want an easy way to get on the wave and reap the benefits. Enter Paypal a trusted & established company that just adopted BTC and is "happy" to give the average Joe a way into this world.

The move from Paypal is a good move but only for their side, not for their customers ...

Welsh

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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.

poutintsev

jr. member

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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/

Topic: Why You Should Not Buy Bitcoin with PayPal - page 4. (Read 682 times)