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Author Topic: Bitcoin Trading - Paypal  (Read 1330 times)
scriptman
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September 22, 2015, 04:56:16 PM
 #1

Hi all,

I'm thinking about starting to sell Bitcoin with Paypal.

Can you advise me on the best practices with this method?

I've read through the related posts and the advice is all scattered.

I would like some experienced traders to give me the heads up for this type of trading.

Thanks

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September 22, 2015, 05:17:28 PM
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I've recently bought some bitcoins with Paypal through Paxful instead of using Virwox, like I usually do.
Quite a number of vendors on there that earn a lot from the fees, but they are taking a certain amount of risk for that.

I would check it out and see which verification methods they use, since it's pretty risky for you because of possible chargebacks.

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September 22, 2015, 05:17:52 PM
 #3

Advise is scattered but is always the same.

Usually people strongly recommend not to trade with Paypal and with good reason.
Payments you will receive are easily reversible, payments made by you are not.

The refund feature is used a lot and Paypal will always side with the scammer.

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September 22, 2015, 05:21:01 PM
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how long after an exchange is the reversibility possible?

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September 22, 2015, 05:49:02 PM
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how long after an exchange is the reversibility possible?
I've found various answers to that question.
One source says 40 days, another 180 days or it could depend on the credit card company.


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September 22, 2015, 08:06:16 PM
 #6

I can exchange bitcoin with other payment methode like paypal, perfectmomey, and others
because I am manage exchanger since 2013

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September 22, 2015, 08:12:32 PM
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With paypal the refund will always be the main issue when it comes to trading.
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September 22, 2015, 11:04:16 PM
 #8

Advice: if you don't want to be scammed then no. Don't do it.
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September 23, 2015, 05:52:56 AM
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I have also heard about virwox but never tried them. Paypal is very strict with their TOS which doesn't allow trading. Specially with the bitcoin they will limit your account and also the buyer can claim refund if they are not loyal to you. Better don't sell bitcoin for paypal.

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September 23, 2015, 06:09:21 AM
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Yes, paypal's reversibility of payment is a big concern. But many ppl is still one of  the most popular payment methods. Many ppl are using paypal to trade btc. Just notes that always trade with reputaional traders. You will have the least risk of getting scammed.
You can go to currency exchange (https://bitcointalk.org/index.php?board=53.0) .
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September 23, 2015, 06:34:22 AM
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I have also heard about virwox but never tried them. Paypal is very strict with their TOS which doesn't allow trading. Specially with the bitcoin they will limit your account and also the buyer can claim refund if they are not loyal to you. Better don't sell bitcoin for paypal.

virwox will kill your tiny daily profit with their astronomical fee, not worth it in anyway, i'm not sure why people are still so stubborn about using paypal at all cost

get rid of it already it's trash
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September 25, 2015, 02:02:00 AM
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I have also heard about virwox but never tried them. Paypal is very strict with their TOS which doesn't allow trading. Specially with the bitcoin they will limit your account and also the buyer can claim refund if they are not loyal to you. Better don't sell bitcoin for paypal.

virwox will kill your tiny daily profit with their astronomical fee, not worth it in anyway, i'm not sure why people are still so stubborn about using paypal at all cost

get rid of it already it's trash

Yes just now I checked virwox site rate, it is quite high fee. Better to find a way to buy btc in some other ways instead buying from paypal.

Paypal is not a good option for seller because buyer can easily charge back like it is an unauthorised transaction and you need fight for that to prove authorised transaction and it is completely waste of time and peace. Just avoid paypal.
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September 26, 2015, 11:26:12 AM
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I think Paypal is too outdated payment system, there are a lot of others, which can be used for BTC to/from transfers  Wink
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September 26, 2015, 11:15:43 PM
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You can buy and sell it to your friends or at some reputated members here ,but well in the most places you get chargeback soo you will  be loosing money,instead paypal use bank transfer bettter.
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September 26, 2015, 11:52:17 PM
 #15

I have also heard about virwox but never tried them. Paypal is very strict with their TOS which doesn't allow trading. Specially with the bitcoin they will limit your account and also the buyer can claim refund if they are not loyal to you. Better don't sell bitcoin for paypal.

virwox will kill your tiny daily profit with their astronomical fee, not worth it in anyway, i'm not sure why people are still so stubborn about using paypal at all cost

get rid of it already it's trash

Ease of use is the answer. This is why people love PayPal. You just log in with your password and you hit pay. I have a friend that only buys via PayPal online. She refuses to use the credit cards because of the possible fraud as she says. She believes that PayPal is much safer.

Now why people want to use PayPal to buy bitcoins? Something tells me that there is a lot of scams attempts involved here.
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September 27, 2015, 07:03:12 AM
 #16

I have also heard about virwox but never tried them. Paypal is very strict with their TOS which doesn't allow trading. Specially with the bitcoin they will limit your account and also the buyer can claim refund if they are not loyal to you. Better don't sell bitcoin for paypal.

virwox will kill your tiny daily profit with their astronomical fee, not worth it in anyway, i'm not sure why people are still so stubborn about using paypal at all cost

get rid of it already it's trash

Ease of use is the answer. This is why people love PayPal. You just log in with your password and you hit pay. I have a friend that only buys via PayPal online. She refuses to use the credit cards because of the possible fraud as she says. She believes that PayPal is much safer.

Now why people want to use PayPal to buy bitcoins? Something tells me that there is a lot of scams attempts involved here.

there are other easy to use method, but they are still with paypal, i think it has to do with being accustomed, when you are accustomed to a thing for a very long time, it's very hard to change your mind about something else

this is another reason why bitcoin is stuck there
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September 27, 2015, 09:13:09 AM
 #17

Just a note for everybody wanting to pay and or accept Paypal.

I was recently scammed, my own stupidity, while trying to buy btc through Paypal. Everybody always says that Paypal is reversible etc but this is not always the case. If the payment is made as a Family/Friends payment then its not reversible or rather Paypal will not reverse the transaction.

These payments fall outside the 'buyer protection', see reply below I received from Paypal after I tried to reverse the payment I made when I did not receive the btc I bought.

So if you buy with Paypal and you do a 'Family/Friends' type payment then consider it as final as you will not be able to reverse it and or claim under the buyer protection. It has to be a business transaction.

Quote
Personal payments are not intended for the purchase of goods or services from sellers and therefore cannot be disputed.

Personal payments can be used for the following:
Sending a gift
Sharing a lunch bill
Paying your share of the living expenses
Sending money to friends and family.

As Personal payments are not for the purchase of goods, there is no buyer or seller protection offered on these transactions and as such, a buyer dispute cannot be opened.
Purchase payments are for paying for an item, such as something won on eBay. You can open claims for these payments, as they might be eligible for coverage under PayPal Buyer Protection.

....
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September 27, 2015, 10:35:28 AM
 #18

I have also heard about virwox but never tried them. Paypal is very strict with their TOS which doesn't allow trading. Specially with the bitcoin they will limit your account and also the buyer can claim refund if they are not loyal to you. Better don't sell bitcoin for paypal.

virwox will kill your tiny daily profit with their astronomical fee, not worth it in anyway, i'm not sure why people are still so stubborn about using paypal at all cost

get rid of it already it's trash

Ease of use is the answer. This is why people love PayPal. You just log in with your password and you hit pay. I have a friend that only buys via PayPal online. She refuses to use the credit cards because of the possible fraud as she says. She believes that PayPal is much safer.

Now why people want to use PayPal to buy bitcoins? Something tells me that there is a lot of scams attempts involved here.

there are other easy to use method, but they are still with paypal, i think it has to do with being accustomed, when you are accustomed to a thing for a very long time, it's very hard to change your mind about something else

this is another reason why bitcoin is stuck there

Exactly the point I am trying to make. There are numerous other ways to pay at the moment, PayPal is not the only one, and they all work fairly well.

We all need to understand that the average Joe out there doesn't care about the decentralization and will not care at least not until these centralized systems don't byte him in the a**!
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September 27, 2015, 02:21:45 PM
 #19

Well i didnt know make personal payments wouldnt be protected by the chargeback,but i pretty sure in some cases they will reverse the transaction,paypal is or were the biggest payment processor,because they avoid hyip and other scam sites,they focus into honesty,even knowing that ptc may lead into scam but well ,they made their name along the years now is the same as facebook all people use it till a new and better social appears if facebook allows to grow if dont buy it like whatsapp done.
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September 27, 2015, 08:12:35 PM
 #20

There are sellers on localbitcoins that request photocopies of buyers' ID's just, but that may not even help reverse a chargeback. Many sellers also sell bitcoin for Paypal at ridiculously high rates to help make up for the chargeback risk.
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