Bitcoin Forum

Paypal has recently announced the offer of Bitcoin in their platform but in a very restrictive way.
Recently a friend informed me that he bought Bitcoin in PayPal and I was glad about it, but what was the impression of a beginner about Bitcoin? He told me he sold it after making a profit and didn't need it.

I tried to explain what he should be doing. I told him to buy a hardware wallet and transfer the Bitcoin there and tried to explain about private keys, public addresses, and passphrase, how Bitcoin is giving him financial freedom and why it is important to own the private key.

He was confused with that and told me that Bitcoin bought inside Paypal, only exists in Paypal and he can buy or sell and make some profit from trading. The only thing he could do except buying or selling is to use the Bitcoin bought in the Paypals merchant network which he could do with dollars and didn't need to switch to Bitcoin.
His first impression was that Bitcoin wasn't even needed at all. And he is right. It doesn't have a use case if it is trapped inside an app and you can't move it.

The essence of Bitcoin is removed this way as Bitcoin doesn't belong to the user but to Paypal. Paypal can even give you a token instead of Bitcoin and tell you that it is Bitcoin.

This is not Bitcoin that Paypal is offering but perhaps it is something similar to Grayscale Bitcoin Trust stock. It should be classified as such, a share of Bitcoin with restrictions.

Sad!
So those frauds bitcoinDOTcom, Paypal are using the name of Bitcoin to stay in the completion with their business?

Let's call it Paypal coin not Bitcoin in Paypal. This Paypal coin is just some numbers coming from their database, and they can issue it whenever and however they want. This is interesting. In other words they are printing currency and the governments things it's okay? Paypal is new FED?

This seems another One coin or bitconnect.

And, this is another example that the current currency system is a joke and the majority people in the world do not even know about it. For them this is something very normal. In the future for a piece of bread one may need to have a full bag of notes.

Normally, I know how PayPal do block users account, also now supporting bitcoin but providing custodial service, which means it is not my coin, PayPal go extra mile than other services like exchanges that are also offering custodial services in a way the bitcoin you bought can not be sent to outside the PayPal's account, it remains there, you can only buy it, you will have to sell it there because you can not send it, you actually not having any bitcoin with PayPal, you have only numbers with them. PayPal has proven to be manipulating people and compromising privacy but now also in a way people have no bitcoin he can make use of by sending it to people.

Only novice will make use of PayPal to buy bitcoin when we can just stay noncustodial, but people are just ignorant and not ready to learn but like choosing what is supported by government, and custodial services fooling them in a way they will not have any privacy. I do not know the reason why anyone should make use of PayPal crypto service.

Surprise surprise, PayPal only wants to take advantage of the bitcoin hype for them to be able to earn through the fees; hence why their product seems to be really really incomplete and rushed.

Also, I'm pretty sure they don't care about whatever "message" there is. What matters is revenue.

It's pretty obvious by now, Paypal used to be against bitcoin, because they see it as competition, but as time goes by, it's becoming a threat that the best way is to take advantage of it by joining the bandwagon. But we all know that it is centralised by all means.

And now they are regarded as the new catalyst  for the next bitcoin bull run, win-win situation for them. They will definitely make a ton of money here. So definitely, it's better to just buy bitcoin and hold it on our wallet instead of using other third party platform like Paypal.

I would not even think of using Paypal to buy and HODL my Bitcoin it's against what Nakamoto teaches us that not your key not your coin philosophy, what we've seeing on PayPal are only figures, we don't even sure if there are blockchain records in all our transaction, PayPal is not the right way to start someone to Cryptocurrency, I will not recommend my friends who are new in Cryptocurrency on PayPal platform.

I don't think that matters. If PayPal thinks that's the best way to incorporate Bitcoin into their operation, so be it. PayPal has a massive user base, and this can be seen as a form of marketing for Bitcoin and cryptocurrencies in general. How many users will learn about Bitcoin via PayPal but want to know more about it? Maybe they're going to decide to buy the 'real thing' when they see the restrictions that PayPal has imposed?
Do you think integrating bitcoin into eBay payment methods would have a positive effect on Bitcoin? Well, this could be the first step in that direction.

It is true during the initial stages as PayPal did not provide any clarity on how they are planning to carry on with the business but once reports came out that PayPal purchased 70% of the mined coins in recent times it is clear that they will be allowing the option to withdraw BTCitcoin sometime around next year.

PayPal started allowing BTCitcoin to stay in the competition and we will see many platforms accepting BTCitcoin in the future and the only problem with PayPal is their business model of blocking the account if you are dealing in huge amounts and i have seen complaints regarding a BTCitcoin trader who got his account frozen and as far as i understand it is a long process to unlock the account.

PayPal has contacts with over 26 million retailers. Therefore, goods can be paid in all ways, which fully satisfies the interests of the system itself. Unfortunately, this does not include the interests of the sellers themselves. Since paying for the product with Bitcoin, the seller will still receive the equivalent in the default currency. According to the expectations of this system, it is assumed that retail sales in the coming 2021 could grow significantly using cryptocurrency payments. Be that as it may, I remain very skeptical to fully trust my finances to this system.

It means bitcoin in Paypal is just a fraud and not safe because you don't have your own private key. Your privacy and funds may be compromise. Oh, it's not good to use it. They just using the name of bitcoin to take advantage.  

It's just being used as an instrument to profit from your actual balances in their accounts. I have read a couple of threads about PayPal and into what they have done with it. It's just weird that they cannot get their actual Bitcoin.  

People should be aware that this is actually happening. I know some people who have been looking at Bitcoin differently and was taught to see it just as you have told. It shouldn't be like that. I think the truest people who have been loyal to BTC are the ones who have been there from the start. People who have come along the way are looking for ways to profit with Bitcoin.

You will never have your private keys in a 3rd party services even exchange so no question about that if the PayPal will not also provide keys.


No one like holding funds in any exchange or 3rd party services since it's proven that is not secured to hold funds in there for long .and the other problem of paypal if you buy btc there is us regulations and you can't avoid it .

Paypal only backs up a certain amount and of course your transactions are only recorded in their database and cannot be tracked publicly. Learning to transact bitcoin using paypal is clearly not ideal, because some paypal systems conflict with the nature of bitcoin especially about freedom and transparency.

Paypal is sending the right message - not your key, not your bitcoin!

People are usually stupid and they sometime needs to learn the hard way! When people will learn that they can't do much with Paypal's bitcoin, probably then they will try to understand the actual technology behind it and start using some desktop wallets to hold their bitcoins going forward.

It's definitely unfortunate, but I think the community will be benefitted out if it in the long term!

Let's be fair. If we ask a large portion of the people who have Bitcoin about why you are continuing to hodling it, then the price will be one of the main reasons for this.
Everyone loves Bitcoin not because it provides the required decentralization or it resists inflation, but because it is an easy investment that achieves good returns in the medium and long term.

A lot of people do not care about privacy, otherwise, they would not store those currencies in central platforms, which seems against the general concept of bitcoin.

From a user's point of view, the point of holding Bitcoin on PayPal is its price - if you believe that the US dollar will fall, that Bitcoin will rise, and if you always has some balance on PayPal for your needs, it can make sense to convert that balance to PayPal's Bitcoin, and convert it back to USD when you need to make some spendings. Of course from a point of view of Bitcoin user PayPal is not needed and malicious, but from a point of view of active PayPal user, it's a nice additional option. PayPal targeted their Bitcoin trading at their existing users first, they didn't do this to win Bitcoiners.

I'll state a somewhat controversial view: Forcing everyone who's *only* interest in Bitcoin is number-may-go-up to do the whole self-custody thing is bad for Bitcoin.

Not everyone needs, realizes they need, or is ready for what Bitcoin provides.  Yet they still may not want to get left behind on the price action.  If you force someone who doesn't want to use Bitcoin to use it they will likely have a bad experience just like anyone forced to do anything else-- they'll do it poorly, they'll lose their coins, they'll blame bitcoin, and they'll demand changes to the ecosystem that bend bitcoin to the need of price-action-only-use to the detriment of other uses.

Instead, we should consider price action only people our allies-- since support for Bitcoin's price is useful to everyone else too-- but help guide them to solutions that best meet their needs while making sure they're educated on what they're getting and what they are missing out on.

Before you can adopt something fully you need to recognize that it's useful to you, and for many people before they can do that they need to recognize that its useful to other people.  Price-action-only bitcoiners are recognizing Bitcoin's usefulness to other people, if not themselves.

They'll come around eventually.

Very sensible thinking, and not at all controversial, if I may say so.  ;)
Each of us should do our part.

If you read the articles and announcements from PayPal, you would have noticed that they were only launching this for selected customers in the USA to test the water... but they said that the future plans include the expansion into Europe and then opening up their merchant network to the users to buy and sell goods with those bitcoins.

There are a lot of things that they would have to navigate to be able to offer Bitcoin payment to countries before they can actually do it. A typical example : How do you offer Bitcoin as a currency or payment option, if the government define Bitcoin as a Commodity?

Give this time to evolve.... and for PayPal to find their feet.... then this will fly.  ;)

This is exactly what I suspected would happen with PayPal.  First off, what do you expect, PayPal is a scummy corrupt as all hell company and has been for a very long time.  The fact that you can only buy / sell/ hold bitcoin is such a joke.  Not being able to send and receive bitcoin ( just like with Robinhood ) should surprise no one.  I would suspect they change this eventaully, but who knows.

Most of the user of PayPal that buying BTC in there platform is a novice in crypto currency so expect that they know the importance of using non-custodial wallet. Just give the time to understand it besides that, non-custodial wallet sometimes dangerous for a newbie that don't know how to protect there private key rather than storing there balance in there custodial account. PayPal is a trusted wallet unlike exchange in crypto that always experiencing hack.

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For me, the OP friend is just an example people that didn't want to hold bitcoin. He just want to get the benefit of BTC price volatility so what he did is basically a quick trade only. And despite BTC on PayPal is just new and they will make some adjustment later on.

It is not controversial, I agree we don't need to force our views on anyone and I understand that some people only see this as investment and trust more centralized services like PayPal and Grayscale from themselves. I have listened to an interview from Chamath Palihapitiya earlier this summer and he explained that he couldn't own the Bitcoins he wanted to buy in custodial wallets but he believed in Bitcoin as an asset so he used Grayscale to buy. It is understood completely to have somebody else hold your investments for a 2% fee for security reasons and I don't disagree with this.

With Paypal though I'm afraid people will find Bitcoin the wrong way and perhaps will be disappointed. It looks like a dumped down version and perhaps I am in a dumped down version too as I never downloaded the Bitcoin software, never mined and barely used Bitcoin for anything except from investing,trading and a couple of transactions made.

I think though that the core essence of Bitcoin is removed when PayPal allows buying something that may be Bitcoin or may be just digits without represantation on the blockchain. As I understand this, there isn't any public address shown either.

The thing that I've read about PayPal was like that and I don't believed it but if your friend say so and he has experienced it, well, that's just riding the hype.
PayPal should allow their customers to send and receive bitcoin outside their entire network. Because that will really mislead a lot of people if it's only usable within their platform.

This was unexpected as it kills the nature of financial freedom and decentralisation of bitcoin as it's converted like an e-commerce wallet balance which they can only use under its platform or wallet but cannot transfer it to other wallet. This dirty tactics needs to be stopped and users should be made aware of this and this is the reason I don't like organizations joining bitcoin or crypto in general they just kill the technology just to stay updated and mint more profits.

I think that's the drawback of using PayPal when it comes to crypto. They have certain restrictions when it comes to crypto usage. However, for those that will further strengthen their knowledge in crypto, they will know that PayPal is doing something wrong. It is a good introduction to noncrypto users but in the long run, I believe, they will get out of PayPal system and just deal crypto outside this network.

That is the end of PayPal's hypes. They are no longer can be trusted as they trick innocent people into thinking that they can make a profit from buying Bitcoin at PayPal but it is very unfortunate that only PayPal had taking advantage and trap their deposit.

Now, your friend has no choice but to spend it all using this foolish app. I'm not sure if there is a note notifying us that we can't withdraw our Bitcoin or even make a trade just have only used it to buy stuff connected to them. If that happens, it was the mistake of your friend (sorry because I'd never try to buy Bitcoin from them nor I want to).

Other members have pointed that out even during their first day of launching. It's not a good place to learn out crypto but their users are just simply using it "because it is PayPal".
And they trust it more than the other regular exchanges that we had. I hope that those people that want to learn deep and gain knowledge about cryptocurrencies will notice this drawback of PayPal's crypto feature.

I had clarified about this in one of my previous posts. PayPal has announced that full services will be available to its cryptocurrency users from mid-2021 onwards. Until then, the Bitcoin services will be in testing phase with limited functionality. Once they launch their full services, you will be able to move Bitcoin to other wallets from the PayPal wallet, and make payments in BTC. That said, I don't think that PayPal will provide you the private keys, even after they launch the full services. It is going to be similar to the case with various cryptocurrency exchanges where you hold coins in exchange wallets.

PayPal is a corrupt scheme, no different from traditional banks they have disrupted the whole idea and vision of Bitcoin with this philosophy of not been able to withdraw your Bitcoin or receive Bitcoin on your PayPal account. It is not even Bitcoin that's been offered it is a pseudo coin with a graphical representation of Bitcoin in a trending algebra. I would never stoop low to using PayPal for my Bitcoin activities when most CEXs can offer more use case.

No,you are wrong.From PayPal's point of view,this is the right message. ;D
And the message is:
"You can buy whatever you want with your PayPal balance,as long as there's still a way for us to get back your(our) PayPal money." ;D
Paypal views your account balance as their money,so they can do whatever they want with your account balance,while on the other hand,you can't do whatever you want with your money.
Every person with a brain,who wants to run an online business or to start trading cryptocurrencies should avoid using Paypal immediately.

Hey, hush. Centralized system are a disaster to this financial world. Why won't they allow me transfer out my BTC AFTER buying using their system? That is abnormal.

Very well said, also people are only concentrating on the negative impact of paypal without realizing they might be doing more good to the community than bad. The service they offer aren't different from what most others platforms offers. If you're fun of storing your coins on exchange you aren't different from others that'll be using the PayPal platform per se (not your key not your coin).

Paypal will be bringing in publicity (more mainstream cover) to the industry, you think paypal will adventure into the industry if they didn't see them possibly making billions and staying relevant. We can already see the impact as the number of recent (bitcoin price) has been so bullish.

Even though paypal has nothing to do with this directly still they're contributing to the fomo ongoing that's driving new investors into the industry. Overall, I think paypal involvement is good business for bitcoin, with time people will begin to realize how they should be investing and possibly leave the paypal platform to go search for real bitcoins.

This is why as much as possible I separate what platforms primarily offers buying cryptocurrency and what platform is primarily for storing usd only.
I already have a bad experience with Paypal locking my account and people should know those horror stories as well and such amount of Bitcoin being held at that platform is just too harsh to imagine.

Wasn't Paypal competing Bitcoin before and now it is adopting it? ???

I hadn't considered this, and it does make sense -- these are probably the same types of people who would be buying a few shares of a Bitcoin ETF if it existed, along with a much bigger demographic of younger people who are only tangentially interested in Bitcoin.

I'm pretty sure PayPal said their end goal was to eventually roll out full-fledged crypto support, including send/receive and as a method of payment. They're just doing things one step at a time. This is similar to how etoro rolled out crypto support... for the longest time you could just trade it and eventually they added a withdrawal option (though its still not incredibly easy).

I was also happy about it. Just until I started hearing complains. They never accepted it as a means of payment. All they do is allow you to buy with so much restrictions like you're dealing with fiat. Bitcoin is a currency that brings freedom, not this thing they are doing.

IDK this is scammy type behave for sure. Like you pay for something and it isn't even yours? Strange. This might give people the wrong impression of bitcoin. I knew bloody PayPal would never freely allow bitcoin to be used alongside them. People will soon realize bitcoin is better and stop using them.  :P

Is this really verified true and correct? How could paypal do this using the name of bitcoin for their own sake and to use their platform as a trading platform.

If this is really true then we must warn all the users here in the forum about the bitcoin which is ready and available in paypal. This kind of platform should be avoided instead so that we cannot get any problems that will going to occur in the future. Anyway, I will going to follow this topic and see to it if this is really true.

It is sad that People that should be a new investors and Believer of Bitcoin got trap in this idea in which not to happen.
Every individual that has interest in Bitcoin is our asset but if they have no enough knowledge then outcome will be like this.
Hope that your friend already understand now Bitcoin and tell him to stop patronizing PayPal for Buying and selling Bitcoin because there are many exchange that is not interfering our crypto asset in whatever we want to do .
And lets try to encourage our PayPal user friends not to bag or even Buy in Paypal instead find exchange .

More and more stories of such kind appear everywhere, and it made me think that Bitcoin adoption by PayPal is of a very conditional nature. Taking into consideration how everything is not easy with fiat and different users were in Paypal, I doubt that with crypto it will be less complicated and with Bitcoin as well.

That wasn't the freedom that Bitcoin has given us. PayPal made a huge initiative there for more financial institutions to start adopting cryptocurrency such as Bitcoin. But if the way how they handle bitcoin is just like that, I would rather choose a less Bitcoin adoption but still, with Bitcoin we knew where all the stated use case from its whitepaper is available.

Imagine, if they just show Bitcoin in Paypal but couldn't be able to withdraw it from our own wallet, perhaps, it wasn't bitcoin at all? There might be huge manipulation happening which isn't really healthy for the entirety of the market.

This is a sad news as i am planning to try investing in payPal because of the idea that we can Hold Bitcoin using their platform as i am also using PayPal sometimes if there is a  need to purchase as my brother helps me find things there.
Let us wait for a certain time because maybe the agreement is not that clear and there are many things that need a revision.but for now let us prevent using the service until we finally get what is deserve for us cryptonians.

The funniest thing that people still believe that this a significant good news. Well, at least Papyal has spread the name of bitcoin around its network in just a few weeks

However, i dont like how people consider this as a element for the current uptrend. PayPal can affect bitcoin in a negative way which makes the price of bitcoin decreases. And in a more dramatic way, PayPal can easily erases the main factors of bitcoin out of new clients' minds

The only good news about PayPal that I heard is they are continuesly buying new mine Bitcoin which I don't know why they do that if they don't want their users to use their platform using real Bitcoin .

Maybe because they don't want to be left behind they do that as their own investment and instead of offering it to their users they are the one who bought bulk of it directly and invest for their self .

If you don't like it, don't use it, though right? You have plenty of good options to buy Bitcoin properly and actually own it, not sure why anyone would use Paypal unless they have no other option (but not like it's real BTC anyway).

Besides, Paypal are already developing a new wallet I guess they know users are savvy and will soon be demanding for actual coins on an actual wallet!

I definitely agree with you especially if the bitcoin cannot be use freely inside the PayPal account like you cannot transfer it to other bitcoin wallet because paypal has restricted it.

I haven't tested it for myself yet whether what are the usage of bitcoin inside the PayPal account so I cannot provide more opinions with regards to it. But I cannot blame the newbies if they think that bitcoin has no further usage or they don't care about bitcoin after they earn a profit from it because time will come for sure that they will regret their action.

It's not for my sake but for those users that have been expecting that it will be the same as other exchanges, they are buying crypto yet they can't send it to others outside the platform. That's pointless to say that if you don't like them then don't use them. You're not sure why will use them? it's because they are PayPal and non crypto people who are testing the waters will trust them more than any established crypto exchange that we're ever using.

It amazing and sad either because these people only care about enriching their pocket and not even bother about the Bitcoin legacy. However, these are what I once warned the communities to watch out for when they are celebrating Paypal cryptocurrency integration.

It is against the philosophy of decentralization and the absence of the third party, they can gain support from new people who are getting into Cryptocurrency, but not old members who know how this technology works, the main philosophy in this technology is not your key not your coin if you cannot move your coin from one wallet to another and you cannot trade it, it's going to be useless and against the teaching of its creator Nakamoto.

PayPal is only involved in Bitcoin to make a profit. They are making money off fees. It is not something meant for real bitcoiners but it is a product intended for a mainstream audience.

Perhaps now that your friend has been introduced to Bitcoin he will do some research and finds the benefits of self custody. When I started with Bitcoin I was happy to keep all my funds on Coinbase but then I became worried when they started doing KYC and becoming more restrictive. Now I would never go back to using centralized, highly regulated, custodial services.

Business like Paypal will never care about cryptocurrency. They are running a big business and almost all agencies are backing them. They will exist as long as fiat money exists. And they know it better, so they will do everything in their power and trick to keep it alive.
Ideal paypal customer service : https://youtu.be/wV2fk56ktVE?t=103

70% of the mined coin? Did you mean they are acquiring 70% of the coins that are mined everyday around the world by the miners? How it's possible? How would they know the number?

By the way, I would not surprise if Paypal wants to stock bitcoin. They have unlimited supply of printed money. So they would not mind any price point to get in.

I understand Paypal was not actually operate by the CEO (Daniel Schulman) but some small gods working behind the scene and the majority of people don't understand, this is the reason why the company varieties of policy. However, I don't think crypto investors/communities understand that some of the recent market manipulations were done through Paypal.
Having said that, Paypal could be a misfortune in disguise
Does the youtube video explain how PayPal operate their crypto trading?

thats verry alarming as this can make people misslead especially if they are newbies and they thought that btc was only made for buying and selling a.k.a trading and investing but it cant be obtain and used for other activities  but the announcement of paypal suporting btc still gives an attraction for people to try and buy btc , this still helps the value of btc rose .

 what can we only do is to act like op and educate people around us who have  first bought btc inside the paypal app .

You are right, it has been clearly stated in PayPal term and use that the crypto that they trade in PayPal is not available to withdraw or transfer to other wallets for now. I don't know whether it will be permanent or will be changed later. But in fact that we can only trade it there and change into fiat with high fees, it seems that PayPal really only focuses on the hype and make many people fool of it. And then, what happens is what some people have experienced.

Like this:
Some people's accounts are blocked in PayPal because they have been trading many times there and get profits. Does it mean that PayPal is not ready to lose their money? They only think of their own profits, and they do not think about the trust of the users. This is sad. After that hype and uptrend news about PayPal accepting crypto in their platform, in fact, this is just the end.

If I can't withdraw my purchased bitcoin then what is the benefit of buying from there. If they don't allow me to withdraw my purchased bitcoin, I can't call it bitcoin at all, it's best to call it PayPal Coin. PayPal has a lot of notoriety for blocking users' dollars and blocking their accounts. They are just trying to attract the attention of the users by discrediting Bitcoin.

Its just to let you feel like you have BTC with you and its price mirror to real BTC.  Also the benefit is that you can buy just about anything from the merchants using their paypal platform.

Its funny because even if they don't have fake BTC on paypal, anyone with paypal can actually buy anything from the merchants. This is really just trying to see how many people are interested in buying BTC if they allow. Now, if they buy an exchange like the rumour says, they might just allow users to withdraw BTC. Its all we can hope though.

They want to attract more customers to their platform while not letting people "trade" bitcoin (just buy it) and it is not really bitcoin they are buying, it is IOUs which may or may not even be backed by real bitcoin because unlike any other exchange you can NOT deposit bitcoin so you are ONLY buying the bitcoin that PayPal itself has bought which makes it very limited number. So there is a high chance it is all a lie and they are actually selling more bitcoin than they have which is a big fraud.

It looks like it could happen, considering that paypal has more or less had an impact on the movement of bitcoin lately. Yes, if we look at the positive side, Paypal can indeed introduce bitcoin to new clients so that there are many lessons that can be taken, but the recent drama that has also had a negative impact on bitcoin considering the problems that have occurred paypal with bitcoin at this time.

There are many rules for using the platforms. In the case of Bitcoin withdrawal is possible to correct the mistakes is properly verified. Blocking accounts makes PayPal worse. PayPal gained a lot of popularity because of its support for crypto, which made Bitcoin transactions much easier, but because of their mistakes, PayPal's notoriety is growing. Many investors are not delivering their bitcoin through PayPal. The platform does not allow to do all sorts of things.

Paypal Bitcoin is not really a Bitcoin. They just use the name to attract the Bitcoin community. The paypal bitcoin  does not really serve the purpose of bitcoin. Though paypal limit their transaction within their platform, the only benefit that the bitcoin community gain is the publicity and market awareness of Bitcoin. This will cause to attract more people yo dive in to what Bitcoin is really all about.

Paypal might be in the early stage, they are just testing the water. Let's hope that they will eventually allow transaction even outside their platform.

When PayPal CEO saw some good reward from the new technology, he smartly integrated Bitcoin for them to take out profit. This is exactly what we are seeing recently with the said PayPal and shouldn't be seen as a surprise, although, they might be sending wrong signals; but let not forget that they are equally sending out positive vibes about Bitcoin over to about 21million clients around the world. Those with good thinking ability will definitely find out they are be treated as slave, eventually will take the right lane with Bitcoin.

When I saw that Paypal is integrating Bitcoin in their system, I'm quite happy not because of the news but because of the hype that happened. I'm not happy with the news but I'm happy (a bit) that Bitcoin went up after that news.

Now when I saw that you can't withdraw your Bitcoin into other wallets or exchanges etc. I already knew that I will not use Bitcoin feature in Paypal. Not at all. I agree with what the OP has posted. Why you should need to exchange your fiat to Bitcoin there if you can't use it in buying things. Its like they just rode the hype and I know that he is holding some Bitcoins right after he integrated this feature and he is also happy too because it is an easy profit for him.

Although I've seen some negative comments with this feature being added, I also expect that they will add more in the future and possible that they will allow users to transfer the bought Bitcoins in Paypal to other exchanges.

its surprising that paypal adopts crypto but its not surprising to many how paypal do the service with crypto on thier first trial run . it would not be that bad if we can be able to withdrew the crypto that we bought inside thier app but early  testers said that it was not possible .


where did you get that 21million clients ? 21million is the supply of btc and the supply havent been mined all yet but supply dont tell if how much btc users are in there now . what theyr be doing to btc can give much bad effects than what the effect we will be getting when they first announce it

I think the Bitcoin that Paypal is saying or using isn't really the same Bitcoin that we have that is why they couldn't use it outside paypal.
It isn't really Bitcoin but a fake one to make the people think that they are really investing on it.
Maybe they are using it to try and make money from the volatility.

This is the reason why I don't want to use PayPal to buy bitcoin. And I think many people would reject this idea after reading this.

With so much negative comments about this plan and Paypal's execution of the said plan, many of us are basically not convinced enough that Paypal is really going into Bitcoin itself but rather might have created its own cryptocurrency in the disguise of Bitcoin. If you can profit out of it like the story of the OP then well and good for you. But I think many veterans have this way of telling whether a company is sincere or not with its use of Bitcoin and many of them are doubting.

I think the real motive of Paypal is now starting to pop up. It seems like they're just using the name of Bitcoin for the benefit of their app. It simply means that it's not safe to buy Bitcoin through Paypal. I guess we should start being careful with it because Paypal has been holding even a huge amount of funds without any legal reason. They're spreading wrong information about the real usage of Bitcoin.

*PayPal mafia is launching its action opppsss...
I welcome PayPal to accept buying / selling Bitcoin but I'm not sure it will go smoothly. if we want to compare then it is much better to buy/sell Bitcoin on Binance or another big and trusted exchange.

This proves that a corporate or institutions can never be a well wisher of bitcoin and they will never get into it unless it's profitable for them, what's the point of having Bitcoin when you cannot transfer it to any other walletas this will make Bitcoin just like any gift voucher which cannot be used anywhere apart from one site or source. I think we should be really careful atleast from now o warda as we might see some other organization might try similar step while we will be lost in broadcasting about their news stating it would benefit Bitcoin but it's the organization which will be the real winner.

Didn't know this is the case, to be honest I was too hyped about paypal being into cryptocurrency since it was one of if not the biggest online banks there is and is also a pioneer at that matter, perhaps I put so much of my trust into the venture. It pretty much looks like they are just using bitcoin's popularity to gather more people into their project which shouldn't be the case at all.

Same thought here. If you can't cashout, you have no wallet, no addresses, nothing more than an icon saying "you have 1 BTC" on a GUI, then there is no proof that PayPal really has the Bitcoin they are selling.

I think PayPal is selling air, it is a scam.

Basically, Paypal is just using bitcoin to gain more users who actually misinterpret the information they have announced when they released the update of them allowing them to buy and sell bitcoin. Which is really the opposite of what users have experienced. I have read a lot of the same scenarios where they thought that it is the same as an online wallet where they can freely move their bitcoin which is not really happening.

I haven't looked into how Paypal allows its customers to buy/sell BTC but by the sound of it they're everything. They run the 'inside Paypal exchange' they decide on prices, they decide liquidity pretty much - that's far from being proper. And to my amazement they are operating without restrictions??? It is all a fluff and I certainly don't like it.


As for the people who use Paypal as the sole 'exchange' for trading I find it appalling how even after others try to explain the bigger picture still refuse to learn the truth. Almost like they want to stagnate...

 

We all know that PayPal is only looking at making a quick buck with this, nothing has changed, they are not changing their ideology and they did not suddenly became believers in bitcoin, they are a business and they want to earn money and since bitcoin is going through a very positive phase they are taking advantage of that by offering to their massive number of clients a way to supposedly invest in bitcoin and maybe make money that way, but think of the positive side of all of this, bitcoin becomes more widely known and in the case of an economy crash those people are going to learn the hard way that what they had in PayPal is not really bitcoin and that is when they will understand why bitcoin is way superior than PayPal.

Since knowing that Paypal only allows Bitcoin transactions on their platform, I immediately understood that Paypal doesn't care
about the future of Bitcoin. They only care about the personal gain that comes from the popularity of Bitcoin, in the end it's just
a matter of how to make a money. What Paypal is actually doing is not wrong, because they only see an opportunity to make money.
But Paypal is detrimental to newbies who don't have knowledge of cryptocurrencies, finally newbies are only used by Paypal to be able
to get profit from Bitcoin transaction fees.

They don't want to undermine their position as a regulated money transmitter with this bitcoin test because they can always drop bitcoin support and this will not mean the end of the company but if they got targeted by government agencies for laundering or something it would be the end.

They have too much to risk here so don't expect much from them when it comes to decentralization and freedom.

This issue of pay pal accepting bitcoin has still left me in shock, because just last year or there about they said that bitcoin was scam and all other stuff, but now they are accepting it, I think everyone is still concern..
     I think we should avoid that platform for now, and monitor it to avoid complain for now or maybe the have come to realize the effect and use of bitcoin

Literally, business will always be business; I personally feel like Paypal embraced bitcoin from the business part of it; that is, to ensure that their platform users are able to be a part of the bitcoin world all on their platform. Wrong message or not; Paypal is retaining their platform users; and also letting them understand that bitcoin is there for everybody.

It is up to users, to do their research and also understand the wordings of the terms and conditions listed.

Even when you trade Bitcoin on PayPal they will ban you, so I will say it’s more like you’re going to HODL and that’s it. I haven’t used PayPal and their crypto service, but someone has reported that they banned his account after he tried some quick buying and selling (day trading) on their platform. And funny thing is that their staff don’t even know anything about cryptocurrency (Bitcoin), this guy said he had to explain to the customer support representative what cryptocurrency trading is all about and all that.

PayPal is not serious, they are just joking around and I have always told people to avoid them. If you buy Bitcoin or any cryptocurrency on the other exchanges we have, you can send them out to your private wallet, but it is not the same for PayPal, so makes no sense.

Paypal getting you to voluntary pay with BTC is due to the fact it is easier to root out bitcoiner and creep on personal your information as an existing user than to do AML/KYC on new incoming users, which they will be forced to unless they do the bids asked by globalist deep state operatives.

Its like btc trust futures*

Remeber tulip trusts futures was at the end of big collapse :) 

It's so strange. People are ready to invest in Bitcoin having no idea about what it is. When PayPal announced that it would offer crypto custody, I believed it'd be beneficial for Bitcoin. In fact, cryptocurrencies became more demanded, but a small number of people take them serious now.

When I heard the news that PayPal helps to hold and sell bitcoin, I was so astonished. However, I doubted that perhaps PayPal is deceiving us and well, that is what occurs. It might exceptionally influence bitcoin's standing. A new financial specialist may quit trusting on cryptographic money and think about it as misrepresentation or trick. This thing should stop, and we have to boycott PayPal

I was thinking about that lately. Maybe there are plans that we haven't learned yet. An integration of cryptocurrencies in our economies might have a price to pay.
The price can be the total lack of anonymity and control of accounts by custodial wallets and exchanges, KYC at every step, report of every transaction and holdings, and block of anything that is not recorded or submitted to the governments. A dystopian future that we will have to pay to see Bitcoin becoming mainstream. Fiat is suddenly looking better choice although there are plans for this that are becoming obvious. Total control of financial life by governments is just a few years from today.

The Chinese digital yuan is ready and expanding with the government's aim to become dominant and take over the Wechat and Alipay payment systems in their country. The DCEP or however it is called will be another tool in government hands to crush any opposition to the Chinese authoritarian regime. It will be both surveillance and enforcement for financial exclusion, something similar to what is probably the framework for regulating cryptocurrencies in western societies.

If people already use paypal and doesn't know about bitcoin will surely try about the offer of paypal to buy and sell bitcoin using their platform. The sad thing is, it will give negative view on bitcoin because they don't know how to use it properly and what bitcoin really is.