Will you buy BTC from PayPal now that they are letting people do it? - page 7.

Wexnident

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I don't request loans~

I'm pretty satisfied with buying mine from exchanges, and it seems like it's not really Bitcoin you're buying like what @hatshepsut93 said. If they were to implement a real exchange somehow, even if it's solely for Bitcoin, then I might buy some. Set mine to I'll wait and see. Also if you were to look at their announcement, it seems like only US users, for now, have the chance to buy crypto through them. I might wait and see if they'll adopt a change into it once they make it an international feature, but till then, I can only wait.

Quote

The service will be available to PayPal accountholders in the U.S. in the coming weeks. The company plans to expand the features to Venmo and select international markets in the first half of 2021. The service is enabled in the U.S. through a partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

Source: https://newsroom.paypal-corp.com/2020-10-21-PayPal-Launches-New-Service-Enabling-Users-to-Buy-Hold-and-Sell-Cryptocurrency?sf130849673=1

Darker45

legendary

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Quote from: Poker Player on October 21, 2020, 10:45:20 PM

"there was also concern that the new service does not allow bitcoin or other cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell."

The integration seems to be gradual.

In its current form, this doesn't look good at all, especially to those who are already familiar with Bitcoin and its basic philosophies. Paypal appears no more than an exchange platform, a worse kind at that. But it seems Paypal is very much aware that crypto understanding is still too shallow among the great majority of its users at this particular stage so they kind of need to instill hardcore yet very weird protection or security mechanisms.

I don't think Paypal will keep it this way for long, though.

Sithara007

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Leading Crypto Sports Betting & Casino Platform

I am residing in India and therefore I don't think that PayPal will offer this option to me. For now, it seems to be limited so selected users within the United States. But overall, this is great news for cryptocurrency users (as can be seen from the sudden jump in Bitcoin exchange rates). For less tech savvy people, purchasing cryptocurrency from PayPal is going to be much easier than going through all the pesky KYC process associated with various exchanges. I am willing to give it a try (if they ever offer it to the Indians), but I guess I have better options available (as Poker Player posted, PayPal seems to be imposing certain restrictions).

maydna

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I voted Maybe.

But I feel that it does not feel better for me to use Paypal to buy bitcoin from my Paypal account. I still prefer to use the usual exchanges. Perhaps, I will check on my Paypal account to see if I got that email like you or I don't get it.

Paypal gives their member a chance to buy bitcoin from their account, which can help crypto grow as we know that Paypal has a large customer from many countries. So if Paypal can send an email to all of their members, I think they can know about crypto, and they will try as what @philipma1957 did.

Perhaps, holding $100-$500 in the Paypal account would not be a problem as long as Paypal can still protect their members, so we don't have to afraid of the hackers that want to breaks our account.

Darkelf11

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Merit: 44

I am not a user of Paypal but I think I will wait and see first before buying bitcoins from that platform. I will wait for good feedbacks and how paypal is better and different from other sites where I can buy bitcoins and any other cryptocurrency. Actually, Paypal accepting bitcoin is one of the good news 2020 has brought to us but ofcourse I should study first how it works and consider all the things that should be considered such as fees, process, etc.

verita1

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Activity: 1358

Merit: 81

First of all, thank you for sharing your experience. I have voted Maybe and I will wait and see.
I would be interested to know if we can withdraw the Bitcoin that we buy. For active Paypal users the news could be very positive, they could easily buy Bitcoin and we earn more Bitcoiners for our community. Although I am pleased with the news, I am already used to handling my Bitcoin, I have no interest in changing.

mk4

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I mean, why would I personally buy it through PayPal though. Most of us here are decently technologically literate so there's no reason for most of us to buy through PayPal, also taking note that we currently can't withdraw the coins out of PayPal.

Leave buying bitcoin on PayPal for the oldies. Thanks for showing us your buying experience tho.

Poker Player

legendary

Activity: 1372

Merit: 2017

No. It seems they won't allow you to withdraw to your hard wallet:

"there was also concern that the new service does not allow bitcoin or other cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell."

Source: "Baby Steps or Handcuffs? Crypto Pros Assess PayPal’s Bitcoin Play"

Not your keys, not your bitcoin. It will be KYC. So, no, no, no.

It will help mass adoption, though, and will help the price to go up (it seems it's doing it already).

Darker45

legendary

Activity: 2576

Merit: 1860

I just voted 'Maybe' and 'I will wait and see'. Actually, it depends. I have a few options in terms of buying BTC so I wouldn't say I would particularly choose Paypal over others. I normally use a local exchange when I convert from my local fiat to BTC and vice versa. I could get a better price deal this way.

But, of course, I consider this a very huge welcome development considering that Paypal has hundreds of millions of users and tens of millions of sellers accepting Paypal around the world.

The more interesting aspect of this development, however, is when Paypal allows its users to actually pay in Bitcoin itself in their purchases. This is gonna happen next year. We'll see how it pans out in terms of Bitcoin spending considering that it involves this giant international payment system.

crwth

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I'm an active user of PayPal, but I haven't received an email about it. Probably it's because of the region that I am from. Maybe soon? If ever I get the opportunity to buy BTC within the PayPal app, I would try to get some. Just to experience and let others know that it's possible now. More and more people are getting into cryptocurrency daily, and with PayPal supporting it, it's worth celebrating IMO.

philipma1957

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'The right to privacy matters'

Quote from: hatshepsut93 on October 21, 2020, 08:46:21 PM

You are not buying BTC on PayPal, you are buying a virtual BTC that you can only hodl or sell on their platform. The answer is easily no, I would rather use a proper exchange, especially since I have access to non-KYC exchanges, and withdraw coins to my wallet asap and be safe. Maybe this opportunity from PayPal will be more interesting for complete beginners or people who haven't tried crypto yet.

yeah I certainly don’t plan on large sums purchased on paypal in my case.

But if BTC is to go mainstream players with a paypal account can help it out.

To hodl 20-100 usd is fine for a paypal account. The way it is structured at the moment it is designed for hodl.

So I am going to do that with 20-100 usd purchased. over the next few months.

Btw I rather have paypal hold my kyc info since it has had it for 17 years.

hatshepsut93

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You are not buying BTC on PayPal, you are buying a virtual BTC that you can only hodl or sell on their platform. The answer is easily no, I would rather use a proper exchange, especially since I have access to non-KYC exchanges, and withdraw coins to my wallet asap and be safe. Maybe this opportunity from PayPal will be more interesting for complete beginners or people who haven't tried crypto yet.

TGD

hero member

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Wen Rolex?

Is there a transaction fee? I notice that they display value in fiat with BTC amount. What exchange rate they are using to determine the value of BTC?

This is a good feature for PayPal since I will not convert anymore my PayPal to BTC via P2P with smaller rate. I wonder if this feature is available on all currency like in my case in PHP or I will need convert first into USD then buy BTC. Anyways I will it later and thanks for the update.

EDIT:

It's not available on my PayPal. I believe its for a selected customer for now. But I will definitely buy BTC using my PayPal balance.

acener

full member

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Maybe, I don't really know for sure I have some money in Paypal but I don't know if it would be worth it or not,
I don't know how much would be the fee for transaction in Paypal so if it would be high I would rather buy on exchange or directly at my mobile wallet.
But it could be good for those who doesn't know how to purchase at exchange/trading sites.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

Okay paypal emailed me an offer to buy BTC.

I checked it out it is legit I purchased some.

20 usd worth of it, to be exact

Vote

give reasons for buying 20 bucks
give reasons for not buying .

let us know if you can or must wait.

I am in NJ, USA

I did it very quickly. Note it is an old well established PayPal account that I used.

Yes I know your keys your funds.
I do not plan to keep a lot of BTC in this account.

Topic: Will you buy BTC from PayPal now that they are letting people do it? - page 7. (Read 1450 times)