Bitcoin Forum

Hey there..

I was wondering to sell my bitcoins and i saw very good rate for paypal. Like some offers $4000-$5000, if i sell BTC for paypal.

I don't know whats the paypal scam and how it works. I would like to know how it works and how can i safeguard myself.

Also in this case, how am i be scammed? I'll only be releasing my BTC when i received money in paypal.

Should i sell my btc for paypal to that guy?

Confused  ???

If you plan to sell your Bitcoins in exchange for Paypal funds better chose a person who is known in this forum to avoid being scammed. The scam with Paypal is when they charge back or reverse the amount they paid you and you will end up with nothing. Try sending zazarb a PM, I know he is one of those who exchanges BTC to Paypal heres a link to his profile https://bitcointalk.org/index.php?action=profile;u=369212

also remember that Paypal is known to not be kind to those who use their services for purchasing cryptocurrencies.
in other words there have been cases where Paypal closed their accounts because they used it to buy and sell bitcoin. although it is rare but it is good to know what they say about it in their ToS.

If money/funds are sent as payment to friends/family then sender cannot do a chargeback as far as I know... are there any other risks other than the chargeback linked with paypal?

I recommend selling for Zazarb (https://bitcointalk.org/index.php?action=profile;u=369212) I bought bitcoins for paypal from him a few times and have always had a smooth deal. You can feel safe with sending him first, he is a man of honor.

I don't think it is wise idea to sell bitcoins using Paypal because as we all know that the funds can be retrieved even after several weeks after sending so if you are selling your bitcoins and getting funds in your Paypal account then the person can retrieve his funds and you won't be able to retrieve your bitcoins. There is no point in using Paypal even with the escrow because escrow's responsibility will be valid till you receive the funds.