Topic: Will you buy BTC from PayPal now that they are letting people do it? (Read 1459 times)

I was a paypal user several years ago, and often had difficulty withdrawing funds and wanted to exchange them for Bitcoin to make withdrawals easier. I think it's not just me who feels this way, and now that we can buy Bitcoin using a PayPal balance, it's a very exciting thing.

I will not make any transactions through paypal because the security of paypal is not good even some platforms do not accept payment via paypal
so there is no reason for me to buy bitcoin via paypal

This doesn't surprise me at all. One of my client's PayPal accounts was permanently banned a week ago without notice or reason and they weren't even crypto related. They opened a business account 2-3 months ago to process orders for physical goods on their website. Legit 30+ year old mom and pop business. PayPal stated they could no longer do business with them, provided no reason, said the decision was final, and put a 180 day hold on the funds in their account. They weren't even doing crazy sales. Maybe $100-$200/day. Zero cases filed against them and all of their shipping labels were bought and tracked through PayPal. A company that will terminate your account whenever they want without explanation is probably not a company you want to be doing business with, let alone trusting with your crypto. Good luck getting anyone on the phone either. We'd leave a call back number and get an automated call back a few minutes later saying their call center was in maintenance.

Sure as i sometimes need to use my Paypal account in buying Online,because there are various sites that only accept Paypal so i had to Load from time to another but now that Bitcoin and some alts are already accepted so i have no problem but to convert whenever i need funds as i always have my Maintaining crypto in my Wallet aside from those in safe box.

Still not enough to change my opinion.

Ever since PayPal made Bitcoins available in their platform, more than a million users have made use of that opportunity and accumulated Bitcoin. This seems to be an isolated case for me. PayPal do have some tough T&C. This user might have violated at least some of them. Anyway, I hope that he will appeal against this ban and his account limitations will be removed by PP soon.

This is something to consider:

A Paypal user has been banned, and his account assets blocked for 180 day for allegedly … buying and selling crypto on Paypal itself. Apparently, he was using Paypal’s crypto buy/sell capabilities to buy the dips and sell high, but with a frequency seems to have triggered some stale alert that led Paypal to follow a standard procedure, that probably does not account for the heavyish crypto buy/sell orders.

If this is for real, it seems like they’ve messed it up pretty nicely with this person. Nice way to gain adepts … They should really revise the case over again.

https://www.reddit.com/r/CryptoCurrency/comments/k0rmtw/paypal_permanently_banned_my_account_due_to/
https://cryptopotato.com/this-user-had-his-paypal-account-banned-for-trading-cryptocurrency/

Because of I am not belong to u.s, can't buy bitcoin at this moment from Paypal platform.but i expect from paypal, they will going to available this features for worldwide users who isn't from us as like me. but has a big problem with it, they deduct high fee when user convering btc & paypal dollar. even they don't provide us private key! I think Who know well "how to buy bitcoin with secure way", aren't going to accept paypal instend of exchanges

There are many things that need to be considered when we want to make transactions using paypal, one of which is how much fee is needed? and how fast the transaction can be presented by paypal.

But even though this is new to paypal, we already know that paypal has very good legality, of course its performance and service regarding fees will also be carefully calculated.

I've splurged $50.00 on getting some Bitcoin on the Paypal site, using the buy Bitcoin option.

Kinda, right in your face, if you log on to your Paypal account and the first page that comes up shows (in my case) $0.00 Paypal wallet.

Then in 'still' large characters shows my Bitcoin Balance as $50.00. Kinda impressed. Right in your face along with your regular wallet amounts.

It also is very interesting to get on and see the value of the $50.00 original investment on the PayPal site...go up and down in value. (I'm unsure
...so
if fees were extra on the $50.00 I bought or in the $50.00 total I see for balance..but anyway).

So, just saying it is kinda slick.

I hope they add full in and out next year to the Verimo wallet (sp?) as they had before they went to BTC/ETH/LTC/BCH...so because it was done

before on that wallet...I can hope it will be added in that manner again in the future.

I am however, more than a bit 'amused' on the 'newbie' (we have all been there) additon of Bitcoin Cash (BCH) just before the fork..not sure

anyone saw that coming....a 'newb' mistake. But probably not a big deal...though it may have made a few folks at Paypal's hearts go pitter/pat

in discovering such after the fact...(er...my guess anyway)

Has anyone else done more extensive in/out with Paypal and other currencies on here besides my sit and HODL on $50.00 here? How are the fees?

Let those who sit on our hands on the paypal site like me know ..how it is working out if stressed at least a little bit more!

Brad

- I will not be using any centralized platform that requires users to KYC or provide bank card information.
- Information provision on centralized platforms will be vulnerable to disclosure. then the government and the bank will very easily pay attention to your account as you make more revenue. I dont know about taxes and laws in the US too much but for my country, making money from the crypto market will result in jail time or very heavy administrative fines.
 That's why I would often go to the black market or use reputable decentralized platforms to cash out. Besides, transaction fee on centralized platforms like Paypal will consume a lot of fee, that's not what I want.

For traders, purchasing Bitcoins with PayPal is not feasible at this moment, because they are yet to enable the withdrawal option. PayPal may enable all the features only by mid-2021, and even then I don't expect their withdrawal and transaction fee to be any lower than that of the exchanges such as Binance and Huobi. Also, at this point it is not clear whether they will allow the trading of various cryptocurrencies in their platform.

I'm afraid none of us would take the risk of going the PayPal way to buy crypto tbh. Yes I do believe that their announcement is making rounds on the charts but the fact is, we are also aware that PayPal can, any time, put our account on hold, freeze our funds and sometimes we can't do anything about it and so we need to leave our funds there only. See, when BTC is all about privacy, I believe that P2P will always remain the best option to buy it rather than buying it from PayPal where they know almost everything about your details.

I don't know if this feature is available in my country but I think I will not buy in PayPal, I normally used PayPal in some of my foreign transactions since I am being paid usd, the fees are very high for me, well I guess if I will be able to withdraw bitcoin using that maybe the fees are much more higher right? I rather buy bitcoin in binance using card rather than in PayPal, perhaps I think this one is new so I think there be bug for now. I don't know how much will be the transfer fee, I need to know that because fee is important thing for me to know.

The whole buying and selling of cryptocurrency is done through the Paypal site but was not handled by Paypal and the last time I checked Paypal offer a service just like cryptocurrency exchange and it not a must you keep your coins on their platform since you don't feel comfortable with you not be in charge of the crypto private keys.
I will gladly buy crypto on Paypal and move it to my wallet but the service is yet to be available to my region.

I did not know that.  I thought we were buying bitcoin directly via paypal.  As you said, if a virtual bitcoin is purchased, this will only suit users who will log into cryptocurrencies. Thank you for teaching something new.

Good you have try to purchase bitcoin with PayPal but for my country is through many way if purchase bitcoin with PayPal account, first we have buy PayPal balance and have to pay with higher price than USDT value right now and than purchase bitcoin through PayPal. But some easy easy way my country have local exchange just sent money to our exchange local account and we can buy bitcoin or altcoin without have waiting like purchase on PayPal. Now which one do you choose for purchase bitcoin using PayPal or directly with local exchange account.

If I was a newbie and never had an opportunity to buy btc before or have no clue how to do it even though I had wanted to, then yes I would buy btc wfrom PayPal, we should understand that many PayPal users have no knowledge about btc and probably don't understand how to go about buying btc but having that opportunity under their fingertip will means alot.

More likely, people in this industry will prefer using the old way which is through exchanges and might not consider using third party network. Fees would be more likely higher but it will be more convenient to those who are not using exchanges since they will be more exposed in PayPal due to its popularity. Another thing is privacy concerns, there will be KYC in PayPal for sure. Although it is also existing to some exchanges, overall 'convenience' will be the factor ofcourse. Things above mentioned would be considered. Not unless PayPal will make further changes which will make investors consider it more as an option.

My vote will be Maybe. Honestly, I can't decide so easily especially this things is just new in PayPal. However, buying Bitcoins in PayPal platform seem to be great according to few individuals testimonials and I guess, it brought some excitement to others to buy there too. But for me, I think I will have to wait for a couple of months or a year maybe before I will try the new service of PayPal to better gather more reviews from several investors.

In the end, is PayPal, and its big fees haven't changed. So, is nice to have the option now, but is not the best way to do it for the next reasons:

1.-They have high fees that mean they take a piece of the cake.
2.-There is no privacy since they have a nice KYC.
3.-Big fees to spend the coins.