Bitcoin Forum

Coinimal, a Vienna based company, now allowing PayPal EUR accounts to be funded with Bitcoin & NXT.

https://www.coinimal.com/trades/sell/paypal

I don't get this. How did they achieve this? Is this official support of PayPal to bitcoin, or is it done through some 3rd party method?
Why isn't PayPal accepting Bitcoin directly already? I want to be able to buy anything on ebay with Bitcoin, im tired of the PayPal bullshit.

is this an early April fools joke? i'm not buying this story, there must be something wrong there, paypal and bitcoin can't work together

This is so ass backward I don't even....

It seems Coinimal is the third party here. They are playing the same role of BitPay here.

I smell a scam

Hmmm why only EUR its very possible i would use a service if it funded other currencies like GBP.

It seems EUR is the base currency here as Coinimal, being registered in Vienna, is licensed for that only. To fund other currency accounts, there will most likely be forex charges.

Very good news but PayPal is with delay. Payza already offer this service since much time before. I think it is a smart move of PayPal because if acted otherwise to many of the work or its customers would goes with Payza. Even the reputation of PayPal is way better than Payza. Bitcoin is a reality and have its users. All those it would choose Payza. Hope that this service will be worldwide and with to many other currencies.

F*ck PayPal and any ways to fund the account.
Gladly almost no use this here, and don't need to pay 9~10% fee.

Paypal? Bitcoin? I smell bull on this one. Paypal wouldn't integrate bitcoin into their system unless some miracle happens. Is the source of this news credible?

I agree when it delays how the rate is still valid.

probably big fees or other shady thing that are not mentioned as usual, like credentials or very long wait for confirmation(not bitcoin) and crap like that

Tread carefully with this one, there will no doubt be some charges involved. 

I don't see any benefit as long as PayPal allows reversible transaction.I am happy with use of Bitcoin and need not to use third party services to fund my PayPal account.It may be helpful for some people here.

many services have offered this in the past. you can even find localbitcoin people offering it.. nothing new..

Yes that is same like but that is risky cause of shady behavior of Paypal i won't use this service it could create some problem.

My thoughts exactly. If its reversibly then it will be nothing but a fiasco.

It was more interesting news if you were saying now you can buy Bitcoin using your PayPal accounts.PayPal has lived its life and is already outdated because it doesn't compliance with modern needs.

The paypal link:

https://www.paypal.com/webapps/mpp/paymentshub

Hello guys,

I am the CEO of the mentioned company.

Yes this is real, and everything is checked with PayPal. From our side, there is no fee at all, only the standard fee that PayPal charges to someone receiving a payment on PayPal.

If you have any questions, I am happy to answer it.

You sell the Bitcoin on Coinimal and get a Euro transfer on PayPal. This is no direct implementation of Bitcoin in PayPal.


No april fools joke, its live and can be used already. PayPal hasn't integrated Bitcoin directly, if you thought  that.


Why do you say this? We are a fully registered GmbH in Vienna, Austra and are fully compliant with all regulations. Also we are already in business for a year with thousands of happy customers!

I wouldn't even touch it if it would be for a free try out. But you're right people who wanna give it a try should read up on the small print.

What exactly are you concerned with? I am happy to help solve those concerns.

Coinimal is very reputable so far in my opinion. It's a new exchange but with the old reputable member of this forum who is by the way also an escrow of this forum, TwinwinnerD.

I don't know how did they manage to get this working with PayPal but I can almost guarantee this is not a scam as some are suggesting in the thread.

I think it is a good thing. More options available to the consumer is progress.

hmm, ok
maybe i was little hasty
i will take a closer look

I would give it try in future whenever I need to fund my PayPal account.I also had few reservations just like others but after reading the answers of ceo of this company I am satisfied about biggest concern of reversible of transaction which is not matter here anymore.

Of course it's a good thing, especially if we know that buying and selling bitcoins is very complicated at the moment and many new people get overwhelmed with this when they try to get into a Bitcoin space.

I would say this is even harder than securing your wallet properly, which is another complicated thing about Bitcoin in my opinion.

So yes, we need all of the options that we can have!

I do know of it's complexity. I have been in bitcoin since for 6 months and still find it hard to obtain it. I do deal with paypal and find this just a means of closing this gap of being so complicated to find a reliable way of getting it without paying high fees at the end of it all.

hope no one gets swindled in the process

Why do you think this is even a chance? We have been selling and buying Bitcoin for one year and had thousands of customers in that time. Not a single person felt they were scammed.

if it turns out to be legit i would be pretty damn happy with paypal accepting bitcoins, funding my account from my bank right now takes like 5 days and bitcoin will cut that time down to like 5minutes
-edit i thought paypal was accepting coins, turns out its an exchange that converts to paypal

Well no ... it's an exchange that it accept Paypal.





VirWox already do this.





Many exchanges can decrease the fees ... eventually.

The paypal link:

https://www.paypal.com/webapps/mpp/paymentshub

This is good news, I think if Bitcoin price continues to be relatively stable services like this will be more reliable and avalable. VirWox is ok, I've used it and it was fine but the fees were ridiculous. We need more serious exchanges that accept Paypal or pay for your Bitcoins in Paypal, mostly worldwide. I know there are a lot of security and identity concerns but I feel it's improving month by month.

You need to change your title to be less deceiving.

I thought pp itself liked btc.

I guess it could work (merchant account, etc.) but I personally won't touch this with a ten-foot pole. And the fun part would be buying bitcoin with PayPal, not the other way around. Anyway, good luck to them.

Thank you! May I ask why you wouldn't touch a service like this? So that I can maybe remove any concerns for other customers and improve the service.

It's just a personal thing: I would definitely want to wait until I see enough feedback from the community. Bitcoin-PayPal has been historically disastrous. I have no need for it (maybe the other way around yes) - I have exchange accounts set up which are fast already and hardly use PayPal. I also don't use things like Purse.io or Lawnmowers etc - it's just not my cup of tea.

I definitely think if you can prove yourselves and transaction times are fairly quick - you will have a market.

This is a very good news to convert your bitcoin into fiat. Long back Vnbitcoin has provided this kind of bitcoin selling option with some fee. But now they have stopped buying bitcoins from us. I have seen Coinimal already has very good reputations among our bitcoin community now it's time for that to grow.....

they have done it to encourage more people to upgrade their status to gold

because you need that level to use paypal and other available method of payment

i'm right now on the front page and i'm seeing that you need total verification for this to work...

But do you have to do the whole verification to the gold member even if you are only receiving a payment via PayPal? This makes no sense, after all it's the seller who assumes all the risk. Seller is getting paid in PayPal, then why this complete verification?

i guess no but you must know someone trusted all the time, if you want your fund on paypal, it can be problematic in case you need full immediately

I have searched for you on this badlist http://www.badbitcoin.org/thebadlist/index.htm#C and you are not on there, so the first box is ticked. If I may ask, why did you not promote this service more widely from the start?

This is the first time I hear about this service, where did we miss this?

Will you expand your service to accept other fiat currencies too? or are you restricted to the Euro?

At the moment, Paypal and bitcoin are still not "compatible". One is reversible and the other is irreversible transfer; one is based on trust and the other is trust-less. Please think thrice before using this type of services.

But nothing will stop you to fund your paypal account with bitcoin due to any incompatibility you have mentioned.
Very much useful if people wanted to get cash out of bitcoin.

its very good for the bitcoin world , it'll make paypal funding easier for a bitcoiners, but im still not interested on using paypal as my primary payment proceccor, due to the security protection that's too high , its make me (user) feel not comfortably , and even they'd make the security high , there's still some account that get stolen by hacker

No verification is needed for the customer.


The Bitcoin to PayPal service was launched yesterday, we had no time to do more promotion (besides the rank #1 reddit/r/bitcoin post).

We will expand the service to USD and later to GBP and CHF, but those things take time as banks are involved.

Have a big concurrent (Payza) so have no sense to establish big fees. No one will use it as a currency processor for bitcoin if this will be true. But who knows... Everything is possible in this world. Who knows their strategies of marketing for this new product offered by them...

IDK if in Europe they charge differently, but here on Brazil they charge a heavy ~10% fee, which is ridicously high and made everybody on the country to avoid such PITA. IKR that outside here PayPal is famous and very used, but if you could get a "discount" on the fees I think it would be more atractive. Just my opinion.

Currently Coinimal itself doesn't charge any fees and sends out at Kraken.com market rate. The receiving party incurrs a paypal fee, but as you said this is different for every country and currency, so you need to check on your local PayPal page. But if you don't make a micro order, the fee will be much less than 10%.

Just as I thought! The other way around made no sense! Thanks for clarification!

Couldn't Paypal accounts be funded by Bitcoins already by exchanging with members or using online services eg. virwox or go on localbitcoins.com? It does sound very new and I doubt that is can be very trusted yet.

That's not going to happen unless PayPal actually have some legitimate competition. Since it currently is the largest e-commerce payment method (aside from CC) it doesn't have to fear anyone else. Not to mention that Bitcoin hasn't really made the huge dent that people originally thought it might - while adoption is increasing it hasn't been particularly huge.

partially wrong ... verified account of paypal can not reverse payment on a exchange that it allow ONLY verified paypal account.  ;)

verified account : KYC (name, adresse, ...) and bank account provided.

When bitcoin is used within Paypal, as the cost of bitcoin transaction is lower than fiat, Paypal should reduce the fee. If it does not reduce, somebody can come in to compete with Paypal.

yeah agree with it ,and also, paypal should remove their silly verification or atleast,make the verification took short time

Nice.... Atlast i got the way out to send bitcoin amount to my bank account... Thanks a lot...

why I funded my paypal account with my bitcoins? I can not even use my paypal balance in anywhere, but I can use bitcoin where I want. Also I can exchange my bitcoin easily too.

Now you can withdraw your money to your bank,without verification
"We understand that access to funds is of great importance to a business, so we have made withdrawals more convenient for you. That’s right, an established seller with a positive selling history, can now withdraw funds up to US$10,000 every month, without having to verify their PayPal account with a card."

i dont know if it works in all of countries, but if you live in indonesian you dont need to verify your paypal with vcc or card to withdraw your balance

Verification is required by the government. So the companies have to follow the regulations. Otherwise, they will be shutdown.

This is a good news right, cos we can now easily spend our Bitcoin more freely.
Whys some of you guys seems like don't like this news ???

it is hard to build up trust, bitcoiners are careful (some at least  :D ). but as time goes by you will gain more and more trust.

Verified account could potentially pose the same risk as an unidentified account. You can verify an account using a VCC or VBA which is quite easy and open for abuse. Any transaction involving Bitcoin can be reversed if the person calls up paypal and say its hacked.

do you ever shopping dude? almost all online shop / stores around the world accept paypal , i've seen just few online stores that accept paypal,that's why its a good news

I hate Paypal so much that I will never use it - mostly because of their arbitrary account freezing, government bootlicking and excessive fees. It's true that Paypal is accepted by many more stores than Bitcoin, but this is about to change. Paypal can't compete against Bitcoin, because Bitcoin is free money that can do everything Paypal can and more with zero corporate overhead.

As a Bitcoiner, I support those stores that accept Bitcoin. If a store doesn't offer Bitcoin payment you can in most cases still use good old wire transfer instead of Paypal. Paypal-only stores are not customer-friendly and don't deserve support.

ya.ya.yo!

soo its every body try to earn money acording to new ideas and a bit of ignorace from the others well its true maybe this its a bit fiasco too i dont know..

Competition will change that. If another company offer similar service as paypal, but using bitcoin and has lower transaction charges, customer will use the other service.

So if people start converting BTC to Paypal, less merchants will need to accept BTC directly and the BTC users needs to pay extra fee's.. What is the benefit of that?

We insert another 3rd party into the mix, and make Bitcoin more vulnerable to hacking and security loopholes. When they fail, Bitcoin gets the blame.  ::)

If you are one of those people who believe in financial privacy .... you just added another service to the list of people who will collect your information.

https://www.coinimal.com/faq   

" Our main method for verification is [verify-U] face2face. With this method a webcam-chat with the company Cybits is started, where they check your passport and determine your identity. This takes less than 10 minutes until everything is done. Alternatively you can use our normal verification, where you have to upload a copy or your passport, proof of residence and a "Coinimal"-selfie. "

Support Bitcoin, not PayPal.  >:(

what the hell is it. its impossible to work two diffrent money processing systems together it doesnt make any sence sounds like it will not able to stay forever .only in somedays it will be like what it is seprated.because people loves botcoin more than paypal

Good point. However, verification has always been necessary for exchanging fiats to Bitcoin due to AML/KYC policy. Especially with Paypal, the exchanger carries a fair amount of risk from chargeback and getting their paypal account blocked. Bitcoin would always be popular for fast confirmations though.

it's actually true, and they are not a scam, by any mean, they simply sell your coin and give you the money on paypal, avoiding the chargeback, thing, this is why it's not possible to buy for now

I am not saying not to use this service.... If you are one of those people, who has no problems with any of these things I have mentioned, go ahead and use it.

We also need services like this to bring in people who has to adhere to AML/KYC regulations and there are millions of them. If this opens up Bitcoin to PayPal and people need

that kind of service... use it. I am just warning people against the negative consequences if we use services like these and neglect Bitcoin growth and merchant adoption.  

I nmy country, there are a little options to use paypal and I do not to use my paypal account for my neccesities. I prefer to use bitcoin. But you are right paypal is an options to improve bitcoin world.

Is PayPal restricted in Turkey ? Does not Turkey have any good online shopping portal ?

Maybe the fees charged by Paypal is lower for bitcoin transactions. As in general, the transaction fees for bitcoin is lower than that of fiat.

ok, I made a 0.1btc order trying this thing out. Will report the results.

it'll work only if you have a paypal account that can receive "commercial" payments. The support was very quick to refund though.

so you need to run a business or something? i'm udnerstading this right? this will be a very high limit...

I'll let it to a support stuff to confirm that!

No, but there are countires, where PayPal customers cant receive any transfers at all.
If you can receive money on PP you can use the service :)

So basically they sell Bitcoin for Paypal funds, am I right? Because you don't need a 3rd party site if Paypal really accept Bitcoin as their currencies.

This is not good like it sounds. It is not direct support.
But in the end, Paypal will support Bitcoin, wait for it.

Yes I have been waiting for such a direct support from paypal last 2 years. Now a days you can easily fund your payza account with bitcoin. Same thing will be supported by paypal if they really believes in bitcoin growth. I expect by 2016 we will have such a service.

The 50€ daily limit for Bitcoin to PayPal has now been lifted!

No, there is not any restriction in here. There are so many online shops to use paypal, but I said I spend my bitcoin not only shopping, but also my other things. For me, bitcoin is more useful than paypal.

to how much? the website don't report anything about it

I will prefer to wait to see more feedback and experience of the users who tried this service before jump in for.There are still things people are discussing here.Anyway if it will work perfectly it will be great ease for people to use both Bitcoin and PayPal freely in future.

Would be great to see it working. The more easy it is to exchange BTC into a more regular and accepted money, the more users will be attracted.

The question is, will PayPal still hold its position in the coming years.

It seems that their growth is stopping: http://www.statista.com/statistics/277841/paypals-total-payment-volume/

I can see how some people may find this useful, but to me it sounds like taking something beautiful and exchanging it for something less valuable.

this isnt a question about beauty. If you need to pay for an ebay order, you need paypal...

So all this time there was a limit of only 50 euros? That's quite small amount. Glad to see its been lifted. How much is the limit now?

Its the normal limits now. So 1000€ per day for an unverified account.

It was at 50€ becasue we were not able to process the huge volume of orders anymore. Now its ok again

Oh OK, so it was only a temporary limit! Good to hear since I have told some of my friends bitcoiners that are not so active on forums about your service. They have said that they will check it. I don't want them to come back yelling at me for wasting their time with a Paypal service that's limited to only 50 euros!

Paypal will hold its position if it integrates bitcoin and charge less fee for bitcoin use. It can still be in front of competition.

PayPal can not integrate it without changing their policy, as PayPal is reversible in nature.

Just wanted to update here and say that our PayPal integration is a smashing success and it works flawlessly. We made customers all around the world happy!

If you want to check it out too: https://www.coinimal.com/trades/sell 
(1000€ limit per day without verificaiton)

The service seems to be perfect. Since paypal is one of the competitors.

However their contact page links to an email adress. I don't trust those kind of things.

Why is there no address?

Do you mean this page? https://www.coinimal.com/imprint

All our names + company address + company registry is there.

Thanks. I presses the contact us page and was redirected to my email client.

It would make more sent to link it to this page and then make the emailadress linkable?

People expect a contact page when they press on contact.