Paypal Banned Greece!

[bachlovesstories]

According to a PayPal spokesman:

"Due to the recent decisions of the Greek authorities on capital controls, funding of PayPal wallet from Greek bank accounts, as well as cross-border transactions, funded by any cards or bank accounts are currently not available. We aim to continue serving our valued customers in Greece in full, as we have for over a decade."

http://qz.com/444188/paypal-no-longer-works-in-greece-and-why-that-matters/

In another words:

Those who already have money in their paypal accounts can use it but those who want to deposit money can not do it.

[Blawpaw]

According to a PayPal spokesman:

"Due to the recent decisions of the Greek authorities on capital controls, funding of PayPal wallet from Greek bank accounts, as well as cross-border transactions, funded by any cards or bank accounts are currently not available. We aim to continue serving our valued customers in Greece in full, as we have for over a decade."

http://qz.com/444188/paypal-no-longer-works-in-greece-and-why-that-matters/

In another words:

Those who already have money in their paypal accounts can use it but those who want to deposit money can not do it.

This will certainly be a positive development for Bitcoin. Overall, the situation in Greece could turn out to be very good for Bitcoin Holders. This could deeply impact the price before the Bitcoin  halving early next year!
Let's just wait and see what happens.

[adzino]

BTC seem a good option in Greece today.
If I were in Greece I would rather receive BTC to a personal wallet than Euros in a bank account which can't be accessed and may well be wiped out.

[RappelzReborn]

I hope paypal do the same for every other country then there will be no options left for people ...
c'mone Greece ! Switch to Bitcoin , find your hapiness and make us happy by bumping the price like hell

[Amph]

it would be interesting to know what greece people think of this, if there is someone that live there, i would ask him if he is using bitcoin now, becaue many there don't even know what bitcoin is, especially old people and women...

but it's indeed true that paypal is helping bitcoin indirectly in this way...

[BillyBones]

BTC seem a good option in Greece today.

A long way to go for Bitcoin, still Fiat currency has a good strength, about the Greece, those who have knowledge about Bitcoin they might be considered as an option, and for others it is merely word of mouth passing to them to secure their money.

[cellard]

That's a pretty brutal measure. At this point Bitcoin is objectively the best way to move money in and out Greece hands down. Too bad most people still are ignorant about it.

[Gronthaing]

it would be interesting to knwo what greece people think of this, if there is someone that live there, i would ask him if he is using bitcoin now, becaue many there don't even know what bitcoin is, especially old people and women...

but it's indeed true that paypal is helping bitcoin indirectly in this way...

Paypal isn't doing much that it wasn't doing before. It's the dependence on the banks that it has that is limiting them. It still works but people can't use their bank accounts to finance their paypal.

I hope paypal do the same for every other country then there will be no options left for people ...
c'mone Greece ! Switch to Bitcoin , find your hapiness and make us happy by bumping the price like hell

The country isn't going to switch to another currency they can't control. And the people don't have the money to do so now.

[jbrnt]

It's not paypal's fault Greece has capital controls. Greeks can't fund their paypal account because Greek banks can't send money out. This is where Bitcoin trumps the banking system. Government can shut down an exchange, but they can never put capital controls on bitcoin, unless they shut down the internet. 

[NUFCrichard]

Lots of people just think of Bitcoin as a mobile payment system, just like Paypal.
It's always good for there non-bitcoin entities to show thier real colours in moves like this.

[HigsonPP]

Yeah, I guess Greece might have seen online transactions as a threat and an escape of the money which they might lose out. also, paypal might have thought about how Greeks might turn to paypal in need and give a rise to new scams, so they'd rather let this go than try earning revenue from a doomed country.

[Gronthaing]

Yeah, I guess Greece might have seen online transactions as a threat and an escape of the money which they might lose out. also, paypal might have thought about how Greeks might turn to paypal in need and give a rise to new scams, so they'd rather let this go than try earning revenue from a doomed country.

Maybe I missed something but the only restrictions are the capital controls that were in place this week right? It's not that Greece banned online transactions. Or that paypal banned Greece. Despite the title of the thread. It's that unless you had money in your paypal account already, you can't now fund it with your bank account. You can still receive payments with it though.

[teddy5145]

I think it would be a great idea if Bitcoin users that are currently in greece would socialize Bitcoins
Like, explaining what's bitcoin and their functionality or maybe visiting houses and telling them about the Bitcoins
But i think it's too late for all of that 

[Windpower]

I think it would be a great idea if Bitcoin users that are currently in greece would socialize Bitcoins
Like, explaining what's bitcoin and their functionality or maybe visiting houses and telling them about the Bitcoins
But i think it's too late for all of that 

It is not too late for the other countries. It is a good lesson for us to realize the benefits of bitcoins comparing with centralized fiat money! If we act now, it is not late for us! The ironic thing is that the masses is so dumb to watch Greek's event.

[Mehek]

Yeah, I guess Greece might have seen online transactions as a threat and an escape of the money which they might lose out. also, paypal might have thought about how Greeks might turn to paypal in need and give a rise to new scams, so they'd rather let this go than try earning revenue from a doomed country.

In the end, paypal is also an ass kisser of decentralized currency, no matter how they deal with electronic banking system, they themselves are a kind of a bank. Their deal with xoom recently might spike some interest for bitcoiners though...

[Amph]

I think it would be a great idea if Bitcoin users that are currently in greece would socialize Bitcoins
Like, explaining what's bitcoin and their functionality or maybe visiting houses and telling them about the Bitcoins
But i think it's too late for all of that  

they cannot, they have their hand tied, they should have bought bitcoin before the default, now it's too late for them, the smart guy may have some funds in a abroad bank or in another paypal clone, maybe skrill?

those can still do something to save their economic situation

[Possum577]

This is the same as Western Union has done. Paypal has to operate within the laws that a country puts in place, clearly they didn't want to deal with managing the restrictions Greece has temporarily deployed on conducting international transactions and/or the $60 withdrawal limit. This isn't some scandalous or brave declaration against the establishment, it's more of an admission of respect for it.

[bryant.coleman]

This is the same as Western Union has done. Paypal has to operate within the laws that a country puts in place, clearly they didn't want to deal with managing the restrictions Greece has temporarily deployed on conducting international transactions and/or the $60 withdrawal limit. This isn't some scandalous or brave declaration against the establishment, it's more of an admission of respect for it.

That is correct. The local Bitcoin exchanges in Greece also will be following the government orders, rejecting all cash deposits from the Greek residents. If they refuse to comply, then they will be banned by the government. The referendum is scheduled for tomorrow, and I hope that the banks will re-open shortly after that.

[tensports]

In recent economic crisis in Greece i think bitcoin is a better options for Greece people's where they can easily play with their money

[HarHarHar9965]

I think it would be a great idea if Bitcoin users that are currently in greece would socialize Bitcoins
Like, explaining what's bitcoin and their functionality or maybe visiting houses and telling them about the Bitcoins
But i think it's too late for all of that 

they cannot, they have their hand tied, they should have bought bitcoin before the default, now it's too late for them, the smart guy may have some funds in a abroad bank or in another paypal clone, maybe skrill?

those can still do soemthing to save their economic situation

Yeah, its too late for that. Even any collateral damage cannot be stopped because Government has given all such services a pretty decent warning that if they fuck around with their citizens, they'd be banned directly. They cannot accept any deposits as of now. Any hope for better survival can only be told in the next 2-3 days, when major events are about to take place.