Why You Should Not Buy Bitcoin with PayPal

[chippy.hogan]

This statement from their FAQ is, in practical terms, false: “You own the Cryptocurrency you buy on PayPal but will not be provided with a private key.” No-one should consider money held entirely by a third party as owned by them. Time after time, exchanges have lost user funds, often leaving them with no recourse.

[JahriMeayer]

Obviously i wouldn't like to let my bitcoin allow on their wallet cause thus i would lost freedom of my owenship cause paypal wouldn't give the access of that fund i mean private key.as well as i would also lost the facilities of transactions too.can't sent bitcoin to any friend or relative if i need to sent.even i don't know if I'm really buying the real bitcoin or the virtual one cause there is no way to find out.so not going to buy bitcoin from paypal

[AmoreJaz]

Yeah people who buy crypto on PayPal are probably the same type of people that investing the Grayscale Bitcoin Trust lol

It's more like personal choice. Those who want to keep their BTC with PayPal and Grayscale are fully aware of the dangers. The same goes for cryptocurrency users who want to keep their coins in exchange wallets. Even the experienced users are divided on how to store their coins. Some want to go for hardware wallets such as Trezor and Ledger, while some others prefer paper wallets. And there is another section that favors online wallets and lite wallets. In the end, the choice lies with the user.

i do agree with this. we cant blame users to buy btc under paypal platform as it is their funds in the first place. but they should know the risks involved if they are not holding their private keys. if nothing else, paypal is a good introduction to noncrypto users. once they become knowledgeable with crypto, i am sure, they will look for other options how to manage their crypto portfolio.
paypal will pave the way for noncrypto users to become crypto users. so that alone, is already a good deal with this move from paypal. and to add, i dont think forum users will use paypal for crypto purposes, because they already know how to deal with crypto on their own.

[Lauren Smith]

To be fair you should be buying anything with Paypal. I have always hated it so much. I hate that so many places support it but no other better methods. It is by far not the best method it is just the most well known and one of the first ones to come out which is directly connected to your bank account and I guess the fact they hae been around for such a long time makes people trust them.

[MCobian]

I was very happy when I found out that Paypal accepted Bitcoin purchases, and also this news made the Bitcoin price soar up. But after reading
the rules, I was really surprised. The rules have been mentioned in the opening post, so I don't need to repeat them. In conclusion, I also became
not interested in buying Bitcoin on Paypal, with all these rules. Maybe those who buy Bitcoin on Paypal are only Paypal users who have no knowledge of
the crypto world. But indeed Paypal can't blame for making these rules, that's their right, and we can't do anything. But I believe in the future Paypal
will definitely improve these rules, because if Paypal does not improve these rules it will be unable to compete with exchanges or other platforms.

[kooboat]

I have no plans of buying  bitcoin with PayPal, anytime soon. Well for some of us, we' ve never liked the operation  of PayPal. It comes with too much restrictions  coupled  with unnecessary  KYC verification  with the least of transactional issues. Moreover, accounts are not allowed in a number  of countries  around the world.