Bitcoin Forum

Guys, we have recently launched an option in Raison.ai to buy BTC/ETC with depositing  from PayPal. Currently it is available and works great in mobile web app at https://m.raison.ai. We would like to know what is the demand for such service - PayPal->BTC. Could it be useful for you?

To be honest, I would never consider using Paypal to buy some bitcoins since Paypal is an offender to bitcoin.
I didn't had any negative views on Paypal but since the day it blocked payments for the ebay accounts who were dealing with bitcoins, I had started feeling hatred for it. There are many other options that can be preferred to buy bitcoins such as cards, internet banking, UPI, P2P transfers etc...

I just visited your site and jump into your Terms and Conditions page. It is required to do ID verification to use your service, this one will be the first thing that makes you lose interest from users who want to use service. There are many people dealing with Paypal-BTC or vice versa at the Exchange board, they do it peer to peer and they do not need to do KYC. So I believe people will prefer to do peer to peer exchange instead of using your site that requires KYC.

Paypal is really a very risky method to purchase Bitcoins.
I would not suggest my enemy to buy through Bitcoin also lmao.
There are always a chance of getting scammed if you buy through PayPal.
So i would tell to each and every user to not use this service .
Else be ready to toil the losses and dance when you get scammed.
Be aware guys.

Why not try here in the forum to buy Bitcoin using your PayPal. But always deal with trustworthy people or using escrow service in every transaction. Visit here if you want.  Currency exchange (https://bitcointalk.org/index.php?board=53.0)

Yes that sounds good for paypal loyal users but I'm not a paypal user because I'm a little bad after a problem that happened in the past, it's not a good alternative but a very good choice is to buy directly on a large exchange without finding a problem, I recommend not using it as a tool for buying Bitcoin, choose another method that is more certain of security.

I'm not sure if PayPal company will accept Bitcoin as a payment through other Bitcoin retellers of related with crypto. But one thing that I sure when you are buying Bitcoin from your PayPal one your friend or in other people.
I don't usually trust newly launch of and popup company especially newly company that not gaining trust.

I don't that there is a demand for this. Paypal is really strict when it comes to cryptocurrency. There are reputable people here who trade bitcoin to PayPal and vice versa. I think it's much easier to do a transaction than going to your site.

Maybe you can try to offers to other people who often use Paypal, and you can see what will they said about your services. I have a bit worried to buy or sell bitcoin with Paypal because Paypal is not yet approved bitcoin and I don't know what they will do with your services.
Besides that, I worry about the fee to convert from bitcoin to Paypal because I heard that the fee would be too high comparing if we send it to the third-party services, but I never try it before.

It would be very convenient for me to buy bitcoin via my paypal account but I am afraid that Scamming is going to be rampant. I would prefer the traditional way via exchanges or other ways that I can use my bank account for that instead of risking my money via Paypal. And also as far as I know paypal doesn't like cryptos so we don't need their services in our ecosystem.

Buying Bitcoin is different from other investment so if it was revolving it need lots of way of investment so I think this way also one of the good thing to develop that payment method but it need more explanation and good way of teaching.

I'm afraid that this method of buying bitcoin will be ignored knowing that there are cases in which PayPal blocks the accounts of people whom they think were dealing with bitcoin, especially when they know that it's an exchange these people are dealing with. I hate to break it with you but sadly, there's no demand for this, especially on a centralized service/exchange, not unless you want to deal with your personal account and that's fine by the books and less risky, too.

but in this method we need to be more careful about changing the money from one thing to other because Bitcoin and paypal is also had heat differences so if it was will come. The demand will always make the payment method to be more so it is also possible to be successful.

there is a lot of demand and you will have to deal with a lot of competition

https://www.bestchange.com/bitcoin-to-paypal-usd.html


of course is something very useful, but for a new service and without many positive feedbacks it will be very difficult to have many customers in a short time. I suggest you create an ANN Thread here in the forum so that you can win the confidence of the people

Not many people will even go buy PayPal option, they have already created back record in the mind of some people with their too strict policy, they don’t even allow some countries to make use of their system because fraudulent transaction they claim is being done through their platform.

I am just eagerly waiting for the day, all ecommerce sites will integrate crypto into their platform as alternative payment method which I believe will surely make PayPal become very less used and gradually become irrelevant and I am sure they will also be doing their possible best to align in the same way other have done with cryptocurrency adoption.

I think the demand for this kind of service is very high because there are a very few websites that offer this kind of feature and that's because PayPal and Bitcoin don't work very well together. First of all PayPal doesn't like bitcoin so of they found anything that could relate your transaction to bitcoin they could freeze your funds. The second thig you should be aware of is that PayPal has reversible transactions so dealing with clients will be a pain in the arse because you are offering them bitcoin which you cannot recover at all cost but they offer you PayPal funds which could easily be recovered because you cannot offer PayPal any proof of your services since that would only lead to blocking your account and freezing your funds.

I just see using PayPal as an additional fees burden placed on one because PayPal also charges certain percentage per transaction to make use of their services, in the case of paying for goods, receiver could decide to bear the cost or the sender, but in this case, the sender will have to bear the burden, you will see pay for exchanges fee on that transaction too and if you are to trade with the money, you still pay additional trading fee again, aren’t these a little bit too high when one is not sure of the profit you can get on that transaction, except such transaction is juts for payment and not for investment, the sender can decide to overlook the charges.

I find it more convenient yet risky at the same time. We all know that Paypal is hackable these days. There's frequent traffic in Paypal transactions and the fee is actually higher than usual. However, it would be another way for us to transact faster if we're willing to take the risks.

It is definitely very helpful for me. I usually use Paypal to pay some of the costs. and I put money in paypal account quite a lot. If they can make transactions from fiat money to BTC at paypal, I will be very happy. Because I don't need to deposit money on domestic exchanges to buy BTC anymore, it's quite time consuming for me.

Although I believe that the direct exchange between Paypal and USD can only be via an intermediate currency there are some points that stopped me on this page ----> https://m.raison.ai/about/terms:

 - Wallet: you say that your service offers a wallet while withdrawals are only done through a third party 'your server" and not the user.
 - bank transfer: The text says on a bank transfer and not PayPal?
 - There is no mention of the conversion between PayPal and BTC with a blur in a lot of information.

Ain't know what is the point of using Paypal to buy BTC/ETC. Paypal is one of the notorious offenders of bitcoin and I really think there's something you need to fix with this service.
Ain't also see the people who would benefit with this service but I am not yet sure about it. Maybe there are a group of people who would consider this but I am definitely not one of them. Paypal is a Financial Technology that is almost in the middle of fiat and cryptocurrency and it is different. Also, not bad for the user's security you got there at your terms and conditions page. Not bad mate!

That's true because of some people now avoiding to do a Kyc not because they are abuser or what it's because some of are vigilant to steal their identity because of that KYC. Even me I will choose a peer to peer exchange because it's more convenient for me.

I think no. I would just rather use bank as third party to convert my paypal balance to Bitcoin. Once I have my money from paypal to bank, I can buy BTC to local exchange that is number one in my country. This is something for me is secured so that I won't worry much specially when the money I need to convert is very valuable for me.

LocalBitcoins is by far the safest method to buy Bitcoin with PayPal. When you initiate a purchase, they hold your BTC in escrow until both parties have completed the transfer. This way you don’t get scammed as the seller’s BTC is already removed from their account so they can’t just run away with your money.

Buying bitcoin with paypal is not a good idea because the people who willing to pay us in paypal might be a scammer since the transaction of paypal can be reversed in long time frame as well.Even in localbitcoin site paypal is one of the most risky mode of payment.

Paypal is very useful actually because there' are some people that rely on it and want to buy bitcoin.  But it impossible in my opinion to happen since paypal and cryptocurrency had different manner . And base on my research all related content is negative and very risky stuff especially paypal to bitcoin because mostly are scam .

The demand for buying bitcoin via PayPal will not be too high.
Now it is very profitable to buy cryptocurrency directly from the exchange where you trade. For example, Binance launched such a possibility with a minimum Commission. Why should I pay money for various transfers if I can directly make their money on the exchange gdk I trade and even with favorable offers

Yes, not so sure they will buy to the idea of adopting crypto because they still have a little bit of clash of interest, infact I see cryptocurrency making  PayPal really irrelevant.

For example now, people use paypal a lot when it comes to purchases on Facebook for advert purpose, and now that Facebook wants to introduce their own coin, which will make the paypal very irrelevant to Facebook and since many of its users are already knowledgeable about payment processors, it won’t be long before they switch to the use of cryptocurrency once Facebook and every other of its merchants adopts crypto.

It is possible but it will take some time because buying bitcoin with anything is possible but it is hard as both of them has different strategies and both has different values, it is modern age anything can happen but if it happened it will increase the value of bitcoin, paypal is reliable way of payment but there are some restrictions there are some chances as well.

Yep I think the KYC on their website would be the reason why people wouldn't use it.
Besides there are so many ways to buy Bitcoin without doing KYC if we really want to buy some.

Lol, you’re really going to do this? Seems like you haven’t heard stories on what PayPal does to companies that are into such business with their platform.

I’d advise you to just quit from and look for something else to do. I can’t even make use of PayPal to buy cryptocurrency, I’m always very careful with it. If they find out they are going to block your account. It’s only Paxful that I have seen that never had such problem.

Kyc is not a major issue  . its okay to comply with their terms of doing a kyc as long as they are legit   and as long as you are really willing to buy btc with paypal . by the way , i checked the said site just now and found out that i cant see a preview of their main service . maybe because im only using a mobile ?  But if its the same on pc/laptop . id say their site is designed badly   .  for now , i only recomend the exchange board/section of this forum ( bitcointalk.org ) for doing currency exchange  .

Too bad, I haven't used PayPal for now. but I think, things like this are very useful for those who use bitcoin and paypal. besides, I think there are quite a lot of things like this, but there are a lot of informal exchangers.

I think it will be good because i see some people look for exchange bitcoin with paypal or maybe opposite of it. But we know Paypal have refund feature and maybe your exchanger maybe should more careful with that. And transaction with fiat, usually it is better to do KYC.

I am not sure Bitcoin will be that suitable for traders, especially those that trades daily, I have ready so many times in this forum where people are complaining bitterly even about the little percentage these exchanges charges for their transactions, not to talk of paypal that has a 5% charge impose on either receiver or sender, if receive are exchanges, do you think they will agree to bear this cost, it is still the sender that will bear the cost.

So, if I am to send $5000 through paypal now, I will pay additional $250 to carry out such transactions, while exchanges too will still have their own charges, isn’t that too much? When will the trader now start asking profit to balance up. I will never use paypal for anything that has to do with cryptocurrency.

its surely going to be useful, its just a matter of time before crypto enthusiast will start adopting it on a fast pace,  base on fact that it makes buying of crypto with fiat easier in its own way.
but i will also suggest that you and your team should also try to launch a more direct and seamless aproach of fiat/crypto access [cutting out paypal] just like Darb (https://darbfinance.com/?=crowd) is doing.
african crypto enthusiast will jump on it faster because not every country here in africa can deposit and withdraw via paypal.

Wow, lots of relevant responses. Thank you all!
I can see the opinions are divided. So still there is an interest we continue to provide PayPal deposit services. And confirm the demand of several user groups with their transactions in RAISON.AI (http://RAISON.AI).
We will take into consideration all opinions and try to minimize the fees for paypal payments. But also launching a direct card payment and SEPA transfer (SEPA are without any commissions at all).

It is definitely very useful for me. Currently I am using paypal to make quite a lot of payments and it is very useful. If the BTC can be paid via Paypal, I will not need to buy BTC on the intermediate exchange and save more time and trade fee.

We'll be happy if you try and give us feedback. Please be aware that the option is currently working only in m.raison.ai (http://m.raison.ai), so please use your mobile phone to open account and make a payment.

I don't like that option too it's risky and not fair, paypal and Bitcoin will never go together, and if you do this you can lose money here if you implement, imagine people buying Bitcoin with paypal and asking Paypal to dispute the transactions, because there is a term in paypal that they are not allowing any cryptocurrency transactions in their system.

I don’t use Paypal to buy or sell bitcoin because there is a big chance of a scam. Usually, I do it with my credit card and there are more other payment methods available. So I wouldn’t use it as a tool for purchase. Moreover, Paypal is very strict with cryptocurrency. Also, the issue is that your platform is new and hasn’t gained a good reputation yet. With a lot of scams around cryptocurrency, it’s difficult to receive users’ credibility in a short time. 

That's true mate because mostly nowadays don't want to risk their personal information..so definitely that thing can cause lose interest from users who want to jump on that service.  As the matter of fact that site is pretty new and have not yet history and enough feedback so its not fair in the first place to put Id.

Paypal transactions are reversible but crypto currency transaction was irreversible so anyone who are making a site to buy bitcoin with paypal will look like a scammer on the people's eye.If you want to buy bitcoin with paypal the chances are less you can try currency exchange section but people only trade with most trusted users.

It would have even been best if paypal introduces such directly, it will be lot safer to do KYC on paypal than any other payment site. And now that we mentioned paypal and KYC, another things that came into my mind is this, what if every project requires investor to make donations through paypal, afterall, payment policy too is strict and they already covered all these things covered, so in order not to repeat double process and for many people to accept KYC, if payment deposit method is in paypal while the project developer converts it to whatever token they wishes to concert it to.