It would be kind of mad to accept Paypal on a cryptocurrency exchange. We are also running an exchange site (right now for DE/AT/CH only - more countries coming soon) and it's already risky to accept even a small SEPA transfer (stolen bank accounts etc.)
And with Paypal there are many reasons against accepting this method:
1. They do not allow Bitcointrading and will close your account if they get known of it
2. Chargebacks: Paypal transfers can be reversed very easily. And if the buyer says, he didn't received his Bitcoins, PP even will close your account.
3. Fraud: Paypal is often used by criminals (hacked accounts / credit cards, PP has the most phishing sites ever)
4. Unserious: In some kind PP is not really serious. As often complaints on paypalsucks.com for example tell, they will freeze your account if you've got high amounts of money in there, even if you are verified. That's not a company to do financial business with.
Topic: Your reasons for not accepting paypal for btc exchange (Read 1750 times)
Paypal just sucks in general, I definitely wouldn't trust them to be of any help with a crypto transaction. I sold a tangible thing on Ebay, have tracking info, a written statement from Ebay, and the person's Ebay feedback for me stated how happy they were with my packaging. Just found out they filed a chargeback, though I didn't recieve a notification of it, and paypal just processed it. So I've now been on the phone for quite a while trying to get my money back.
If thats what you can expect if you have physical evidence + the support of Ebay backing you up, imagine how unpleasant trying to explain a Bitcoin transaction would be. (looks at phone been on hold for 1 hour and 6 minutes now)
*edit* off the phone, expecting a refund in the next 75 days. Hopefully they refund the additional $20 resolution charge.
TLDR: Sold something for $75 on Ebay, took $95 from my account to hold without notifying me, have all of the evidence in the world. If I win, I get my money back in the next 75 days. We will see if I get $75 back, or the entire $95. *cough* and that is with a verified Business account.
If thats what you can expect if you have physical evidence + the support of Ebay backing you up, imagine how unpleasant trying to explain a Bitcoin transaction would be. (looks at phone been on hold for 1 hour and 6 minutes now)
*edit* off the phone, expecting a refund in the next 75 days. Hopefully they refund the additional $20 resolution charge.
TLDR: Sold something for $75 on Ebay, took $95 from my account to hold without notifying me, have all of the evidence in the world. If I win, I get my money back in the next 75 days. We will see if I get $75 back, or the entire $95. *cough* and that is with a verified Business account.
You mean in exchange for bitcoin?
Paypal doesn't allow it is a pretty strong motive...
Paypal doesn't allow it is a pretty strong motive...
Paypal actually allows the exchange of Bitcoins now. eBay also allows the exchange of Bitcoins, and Paypal owns eBay.
I'm not familiarized with that.
But Paypal never allowed digital currencies conversion, or any other processor, they might be seeing bitcoin as a different stuff if they are allowing conversion.
well not anymore, because in January I issued a chargeback with my blockchain address as the part of evidence, and my paypal account is still kicking...
and no, I didn't scam anyone. the guy I was trading with is stalling me with nonsense talk so I did it.
"PayPal doesn't like bitcoin, as the bitcoin network is in direct competition to it. They will ban accounts that have anything to do with Bitcoins, and freeze their balance." Reference: https://en.bitcoin.it/wiki/Buying_Bitcoins_(the_newbie_version)
Did you use Ebay for the exchange? I still wouldn't take the risk of using bitcoins when they are banning accounts for its use. It's too risky.
that's not true at all, they will even start accepting bitcoin soon(there was a news in the forum about it), they are just waiting to implement more security option
strict aml/kyc and ridiculous fee
anonymity isn't even a valid excuse IMO. if you're getting involved with exchanges, you're going to sacrifice your privacy. otherwise exchanges with gaping KYC/AML holes will become laundromats and be busted in no time. so even "shady" sites like BTC-E have basic standards to meet so they don't get rekt by the feds
well not anymore, because in January I issued a chargeback with my blockchain address as the part of evidence, and my paypal account is still kicking...
and no, I didn't scam anyone. the guy I was trading with is stalling me with nonsense talk so I did it.
"PayPal doesn't like bitcoin, as the bitcoin network is in direct competition to it. They will ban accounts that have anything to do with Bitcoins, and freeze their balance." Reference: https://en.bitcoin.it/wiki/Buying_Bitcoins_(the_newbie_version)
Did you use Ebay for the exchange? I still wouldn't take the risk of using bitcoins when they are banning accounts for its use. It's too risky.
something about wiki that if there is no reference, don't believe all of it.
sure I know that paypal hunted down some bitcoin traders before, but there's been no such cases since last year.
and no, I didn't use Ebay.
I don't know why I'm arguing about this when I don't even use paypal anymore.. >.<
well not anymore, because in January I issued a chargeback with my blockchain address as the part of evidence, and my paypal account is still kicking...
and no, I didn't scam anyone. the guy I was trading with is stalling me with nonsense talk so I did it.
"PayPal doesn't like bitcoin, as the bitcoin network is in direct competition to it. They will ban accounts that have anything to do with Bitcoins, and freeze their balance." Reference: https://en.bitcoin.it/wiki/Buying_Bitcoins_(the_newbie_version)
Did you use Ebay for the exchange? I still wouldn't take the risk of using bitcoins when they are banning accounts for its use. It's too risky.
If PayPal suspects that the user is trading with bitcoins, they freeze the account and hold the funds.
no they don't. if they do that then there wouldn't be people buying bitcoins using paypal on this forum
That's because people don't mentioned "Bitcoins" in their transaction note but if by mistake a member who sends PayPal funds for bitcoins and write that in the note, PP freezes that account as it's NOT allowed to exchange Bitcoins for PP.
well not anymore, because in January I issued a chargeback with my blockchain address as the part of evidence, and my paypal account is still kicking...
and no, I didn't scam anyone. the guy I was trading with is stalling me with nonsense talk so I did it.
You mean in exchange for bitcoin?
Paypal doesn't allow it is a pretty strong motive...
Paypal doesn't allow it is a pretty strong motive...
Paypal actually allows the exchange of Bitcoins now. eBay also allows the exchange of Bitcoins, and Paypal owns eBay.
Paypal needs to die, don't let them make any more fees.
If PayPal suspects that the user is trading with bitcoins, they freeze the account and hold the funds.
Not that I've ever heard of... And at one point I sold some coins for Paypal. Of course, within 6 months all of the transactions had been charged back. Lesson learned. But even when explaining my case to Paypal customer support there was no form of reprimand for selling crypto coins...
If PayPal suspects that the user is trading with bitcoins, they freeze the account and hold the funds.
no they don't. if they do that then there wouldn't be people buying bitcoins using paypal on this forum
That's because people don't mentioned "Bitcoins" in their transaction note but if by mistake a member who sends PayPal funds for bitcoins and write that in the note, PP freezes that account as it's NOT allowed to exchange Bitcoins for PP.
If PayPal suspects that the user is trading with bitcoins, they freeze the account and hold the funds.
no they don't. if they do that then there wouldn't be people buying bitcoins using paypal on this forum
If PayPal suspects that the user is trading with bitcoins, they freeze the account and hold the funds.
no they don't. if they do that then there wouldn't be people buying bitcoins using paypal on this forum
If PayPal suspects that the user is trading with bitcoins, they freeze the account and hold the funds.
but why?Because Bitcoins are used for illegal activities mainly like gambling, money laundering etc. and hence PayPal doesn't support this currency.
If PayPal suspects that the user is trading with bitcoins, they freeze the account and hold the funds.
but why?
If PayPal suspects that the user is trading with bitcoins, they freeze the account and hold the funds.
i would add:
less anonimity, yeah i know that bitcoin isn anon but it's better than paypal in this regard
less anonimity, yeah i know that bitcoin isn anon but it's better than paypal in this regard
The reasons are pretty obvious.
1. Susceptible to charge back so not good for trades involving bitcoin. Good otherwise as it guarantees buyer/seller protection.
2. Very High fees
And this should be in the off-topic section.
1. Susceptible to charge back so not good for trades involving bitcoin. Good otherwise as it guarantees buyer/seller protection.
2. Very High fees
And this should be in the off-topic section.
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