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How to sell Paypal on marketplace

The sell option is only available here on the marketplace if there are some bid offers opened. The general idea is that you could only respond to the Bid Order when willing to sell Paypal funds. This restriction corresponds to a common sense - you cannot send Paypal funds to the marketplace, so at the moment of transaction start you should already know whom you're going to transfer funds to.

So, in order to sell some Paypal right instantly there are few steps to be done. First of all, specify the desired Paypal volume to be sold. The marketplace will attempt to find Bid Limit orders matching your request and ask you to pick up the one you like more. We recommend to pick one with a highest price since member trust level and overall turnover has practically no difference to you when setting a Sell Market order.



Once Bid Limit order is choosen, the marketplace shows a total BTC amount you are going to be funded wih once deal is cleared. Hit confirmation button if you like what you see and see the next page confirming deal values.



This page also shows a "Transfer" button which you have to hit and be redirected to PayPal website in order to perform funds transfer required by the deal. Hit this one and follow Paypal instructions. You are required to perform the funds transfer in 10 minutes while Bid Market order or its part is kept reserved for you.



Once funds transfer is complete, hit Confirm. The deal will be automatically tracked by the marketplace using Paypal payment notifications.

If you didn't like the idea - simply hit Cancel and your order is going to be removed without any further processing or consequences.

How to buy Paypal on marketplace
There are just a few steps one should do in order to open a Bid Limit offer here. First of all, enter the desired Paypal volume and the price you would like this volume to be purchased at. Should you wish to provide an option to partially fulfil your order, please mark down the correspondent checkbox and specify minimum volume. Being set, this one ensures that no single fulfilment deal could be made on your offer with a volume lower than the given minimum



Once order parameters are enterned, hit the button and the marketplace gives a wallet ID and the total BTC amount to be sent. This includes both the actual order volume cost and a marketplace fee. Once payment is set, kindly hit confirm on order for marketplace to start watching the payment status within BitCoin network.



Your order is completely set and ready for fulfilment once BitCoin network confirms the payment and its amount.

If you didn't like the idea - simply hit Cancel and your order is going to be removed without any further processing or consequences.

Everything is possible, no matter what kind of payment type you've choosen. It's not so difficult to prevent user from filling a non-received claim with paypal, there are at least half dozen of different ways. Still none of those prevent user from filling an unauthirozed charge claim - 'I was hacked, somebody gifted $10k from my acccount'.

And what's most important, nothing could make you safe against CC/ACH chargebacks which are being originated in user bank, not the PayPal itself.

We've updated the engine so there are now trading limits assigned automatically for newly invited users. While having 'Invited' trust level, you are allowed to place a Sell Market order for no more than 50 USD. We're also working on the total maximum limit cap for SM orders within 45-day sliding window which corresponds to PayPal transaction appeal timeframe. The trust level has to be increased for these restriction to be removed.

Having that said, anybody wanting an invite please PM me with email address the invite to be sent to and any additional details you feel worth to share. To get trust level increased, please mention your #otc wot, tradehill or bitcoinmarket.com username and rating.

teesee, your invite is on its way.

Marks, thanks for the suggestion. Your invite is on its way.

We're actually in process of making a decision on new member policies and restrictions. It's obvious now that we have to offer something to new BitCoin community members. Most probably, that's going to be a fairly limited access with restrictions removed upon identity verification. Within several days there'll be a correpsondent notification to all members once marketplace engine is capable to enforce restrictions based on trust level.

For now we have several options to recognize definitely trustworth traders:
1. #bitcoin-otc WoT (web of trust) rating. You're also advised to mention the #otc username under 'About' section.
2. Tradehill rating. You're also advised to mention the #otc username under 'About' section.
3. Personal identity document scans (state or federal), confirming your name, age and address + 0.10$ paypal charge in order to expose confirmed billing/shipping address. Address on identity documents should match one used in paypal.

As always, suggestions are highly welcome here.

Paypal policy does not allow them to go into the bank account. At least in US,  probably that violates some of fed laws or something. In case of negative balance they keep calling your cell and landphone if they have it on file, send paper mails to your billing address and try to freak you out with dozen of other ways. They even send a report to all three agencies (Equifax, Experian, and Transunion) in order to demolish your credit score. Still they never go to your bank account by themselves, you've to authorize each and every transaction.

The problem may only arise if you have a subscription active - they'll charge a subscription's full amount from your CC/BA, take out what's theirs and send only a remainder piece to the requesting merchant. Most probably such action will result to your subscription being cancelled by the merchant due to 'unpaid' event and whatever service you're subscribed on you'll loose access to.

People do trade BitCoins for PayPal. Some of them even use eBay for that purpose and pretty happy with the process despite eBay considers this a ToS violation and ends up the listing immediately once found. I also know there are dozens of stories how traders were ripped off by scammers on chargebacks, and (surprise!) payment gateway won't save you from being ripped. It's 100% the same - you get a chargeback and your merchant charges funds back from you. That's it.

There's NO 100% safe way to trade with reversible payment methods which PayPal, Credit Cards and ACH eCheck transactions are. Having that said, each and every advice to prefer one reversible method over another is a worthless bullshit.

You should only consider the place where you're trading on and the person you're dealing with. Period.

Charlie, in case of proved fraud we will refund any fees collected for correspondent deal. Also, we will provide you with all info we have on file for the member - IPs, transaction history and ID verification document scans if there were any. That's the best we can do.

Risk of being scammed by CC/ACH chargeback is always there, that's why we run in invite only.

lol, that was meaningful.

As a tech lead of the project I'd like to share some more details on order processing. Those are below.

Bid Limit orders

With current marketplace work process we offer a single trading scenario where member A initiates an offer by transferring correspondent BTC amount to our system account. Once payment is confirmed and verified by BitCoin network, offer becomes available for fulfilment by other members.

• Buyer registers a Bid Limit order, specifying PayPal amount wanted for purchase and desired price. Marketplace provides buyer with WalletID and exact BTC amount to be send.
• Buyer sends the requested BTC amount to the marketplace.
• Once transaction is confirmed by BitCoin network, the order becomes publicly visible
• Other marketplace members are now able to post Sell Market orders as a fulfilment of given Bid Limit order

Sell Market orders

Continuing the scenario started above, member B willing to fulfil the offer fully or partially is requested to place correspondent reserve and perform PayPal funds transfer following marketplace instructions. Once PayPal transfer is performed and cleared, marketplace gets automatically notified by PayPal integration services. Our escrow engine then starts a safety delay countdown and sends BitCoin payment to member B once the countdown hits zero. Should member A feel suspicious on PayPal transaction received, he/she notifies the maketplace of the potential problem before safety delay expires.

• Seller registers Sell Market order based on one of Bid Limit orders available on the marketplace.
• Marketplace puts a reserve on selected Bid Limit and provides Seller with a link to follow in order to perform PayPal transfer. The engine expects transfer to be completed in 10 minutes, failure to act in a timely manner results to reserve removal and Sell Market order cancellation.
• Seller uses the link provided to perform PayPal funds transfer directly to the correspondent Buyer. Seller is provided with a pregenerated and tamper protected transaction template link and only able to confirm the ongoing payment. Resulting Paypal transaction does not disclose deal details nor it reveals a BitCoin exchange deal. It only says Order#XXXXX.
• Paypal engine automatically notifies the marketplace on transaction occured. Should all sensitive transaction info match expected, marketplace considers funds transfer as successfully completed and starts a countdown (currently 24 hours) to send out deal BTC amount to Seller
• Should there be no Complaint requests on Paypal transaction from Buyer during countdown, marketplace finally releases BitCoin amount to Seller.

What exactly do you mean by your method? Just for reference - below is the exact and detailed description of otcexchange.net work process. As per my view it gives clear and comprehensive overview of the idea itself and technical details. If you could describe your idea the same way, that would probably help for it to spread around.

OtcExchange.net:

Bid Limit orders

With current marketplace work process we offer a single trading scenario where member A initiates an offer by transferring correspondent BTC amount to our system account. Once payment is confirmed and verified by BitCoin network, offer becomes available for fulfilment by other members.

• Buyer registers a Bid Limit order, specifying PayPal amount wanted for purchase and desired price. Marketplace provides buyer with WalletID and exact BTC amount to be send.
• Buyer sends the requested BTC amount to the marketplace.
• Once transaction is confirmed by BitCoin network, the order becomes publicly visible
• Other marketplace members are now able to post Sell Market orders as a fulfilment of given Bid Limit order

Sell Market orders

Continuing the scenario started above, member B willing to fulfil the offer fully or partially is requested to place correspondent reserve and perform PayPal funds transfer following marketplace instructions. Once PayPal transfer is performed and cleared, marketplace gets automatically notified by PayPal integration services. Our escrow engine then starts a safety delay countdown and sends BitCoin payment to member B once the countdown hits zero. Should member A feel suspicious on PayPal transaction received, he/she notifies the maketplace of the potential problem before safety delay expires.

• Seller registers Sell Market order based on one of Bid Limit orders available on the marketplace.
• Marketplace puts a reserve on selected Bid Limit and provides Seller with a link to follow in order to perform PayPal transfer. The engine expects transfer to be completed in 10 minutes, failure to act in a timely manner results to reserve removal and Sell Market order cancellation.
• Seller uses the link provided to perform PayPal funds transfer directly to the correspondent Buyer. Seller is provided with a pregenerated and tamper protected transaction template link and only able to confirm the ongoing payment. Resulting Paypal transaction does not disclose deal details nor it reveals a BitCoin exchange deal. It only says Order#XXXXX.
• Paypal engine automatically notifies the marketplace on transaction occured. Should all sensitive transaction info match expected, marketplace considers funds transfer as successfully completed and starts a countdown (currently 24 hours) to send out deal BTC amount to Seller
• Should there be no Complaint requests on Paypal transaction from Buyer during countdown, marketplace finally releases BitCoin amount to Seller.

With current volatility and expansion rate, what kind of interest should a BTC bank offer? 100% annual or dozen times more? Anyway, that's a secnd question. First one is - there's no way for a potential client to be anyhow sure you're not gonna disappear one day with the whole bunch of funds. that's not even a question.

So, good luck with the bank...

Ebay will never accept any irreversible payment methods since they're working hard day and night to protect buyers (in order to convince them to shop more and more).

There's a freshy start with Paypal-BitCoin market which I'm a technical support of - https://bitcointalk.org/index.php?topic=44031.0. However, you'd need someone to invite you there in order to bail you're a trustworth and honest trader.

For me it seems pretty useless against trolls. However, I believe the deal was not about trolls but about one-minute visitors. Those who get in, register to one of trashbox-like emails, post some crap and leave to never get back.

Nice. Another good side of BitCoins - nobody will ever restrict us from gambling online.

I may be wrong here, however there were times I used to sell on ebay through paypal. From what I got there, the main issue with scammers is not about anonymous guys playing with a bunch of stolen CCs. A person may scam you just because there's an opportunity to do so. He/she could be 100% real, with confirmed address, phone and whatever else. Still if there is a safe and painless way to rollback credit card spendings, many of them will surely go this way.
The bottomline as I see it - verifying buyer identity, intention and consciousness could never protect from further chargebacks if there's no legal obsticles for a person to perform it.

I'm just trying to buy Z$ trillion note, however forum won't allow me to send PM to the seller unless.... unless I do hell knows what.