buying coins via PayPal

[txoomy]

I own no bitcoins yet. I'd like to give it a try, but I haven't yet signed up at a Canadian exchange and there are no local traders for me in my town.

Would anyone like to sell me one coin via PayPal?

I've heard of PayPal accounts being frozen, but how does PayPal even know what the payment is for? Can't I just 'gift' someone money, without any kind of description, and then have someone deposit one bitcoin in my wallet address? I'm in a business with partners and we 'gift' each other money every month as a form of payment.

How can I build trust with someone so that they will accept payment via PayPal?

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[Gabi]

The problem with paypal is that you can chargeback the transaction...

[matt4054]

Hello,

I guess you will get several PMs with quotes from individuals (readers).

There are also automated exchangers like http://xmlgold.eu that will exchange PayPal money for bitcoins.

I have tested the other way round (exchanging other e-currency for PayPal USD), it works, although transactions are processed manually during (European) business hours. And there are fees of course...

No endorsement from me, just a positive feedback on my test transaction.

Cheers,

Matt

EDIT: you must go through CashVouchers / CashMoney between PayPal USD and bitcoins on XMLGOLD. This raises the fees a bit more...

[txoomy]

Thanks for the reply. I have got some PMs.

So far I'm hearing about:

- CashVouchers
- CashMoney
- Ukash

Have anyone recommend one over the others?

[misiekvpn]

Based on my research the "chargeback" risk is pretty high, so hardly anyone does PayPayl --> Bitcoin (at least I couldn't find any automated websites that would do it for me).

[vm1990]

if your willing to pay then there ebay XD

[matt4054]

As far as I know, CashVouchers is the name of the system/brand, and CashMoney is the term they use for their (USD-equivalent) e-currency. Ukash is another unrelated entity (untested). I have used CashMoney with XMLGold. What I can say about it? It works, but it's expensive (high fees).

[_JDB]

if your willing to pay then there ebay XD

I got lucky with my purchase.  I bought a 5 BTC Casascius coin from there (the "Blank 5BTC Token with plain gold foil sticker") with 1BTC preloaded onto an address from a pretty cool guy.  He offered to load up to 5 BTC on the address, but I didn't have the money (this was a few weeks ago when Bitcoins were only about $30 USD).  I'm kicking myself a little now for not buying more.

[xk5]

If you want to do it in a very roundabout way... you can go to VirWoX and buy SLL (Linden Dollars for Second Life) with PayPal.  Then using the SLL you can buy BTC... it does have tons of fees though, and you will have to enter Second Life (which is free) to initially confirm your account. 

I will warn you though it took about 36 hours for them to manually authorize the withdrawal (probably because I was a new account).

I usually just use MtGox and BitInstant though, it's nearly instantaneous and there are MoneyGram agents EVERYWHERE (grocery stores, convenience stores, etc.)

[Meatyy]

canadian exchange, https://www.cavirtex.com ... with alot of payment options. like cash deposits etc. i have been using it for sometime now, but good to know about paypal services aswell.

[Stephen Gornick]

I've heard of PayPal accounts being frozen, but how does PayPal even know what the payment is for? Can't I just 'gift' someone money, without any kind of description, and then have someone deposit one bitcoin in my wallet address?

Guilt by association.   PayPal's terms of service specify that you are not to use PayPal for trading virtual currency or other money trade.   The chances aren't that high your account (as a buyer) would be closed unless you really picked a winner to trade with right before that person pulled a big scam.   

How can I build trust with someone so that they will accept payment via PayPal?

Trust on the #bitcoin-otc Web of Trust (WoT) is gained through having a history of successful transactions.   As a party with low trust, you might establish trust using cash first (e.g., trading where you send cash in the mail, with another trader who does have a good trust history) and build a trust rating from there.   PayPal isn't impossible to trade -- it just is expensive and the amount you can trade small.  E.g., offer $30 for 0.5 BTC and you might get someone who will sell to you.

 - http://www.Bitcoin-OTC.com

[BitPirate]

In the UK you can buy directly using bank transfer on bitbargain.co.uk.

So far I've only bought 10 BTC this way, but it worked and was instant. It's up to individuals to set their own rates, and they're a little higher than GOX, but there are zero fees and the transaction (for me, at least) was pretty much instant.

Even though it is an individual transfer directly to someone's bank account, I believe bitbargain is holding the seller's coins in escrow, so it's relatively low risk. I assume the seller makes profit via arbitrage.

[bullyboy]

I'll send you a small amount of  btc, say .25 worth.

But of course I'm going to want the pp first, thus a dilema.

One of my accounts has: 9.45758799 BTC in it now, and I don't mind  helping you out.

[Stephen Gornick]

How can I build trust with someone so that they will accept payment via PayPal?

Here's someone else, couldn't even get anyone to do a $2 trade with PayPal.  Even after posting a pic of a sad looking puppy.   

But that same person could find a lender for same, just by offering a usurious interest rate.   It's a bizarro world.

And I thought posting a pic of puppy would do the trick...

Well here's my loan at BTCjam https://btcjam.com/listings/2487 Paypal and phone number verified, ID verification is pending approval.

Now go and invest your coins with 100% profit  

[daniel_zane]

I currently accept Paypal

[Wahnsinn]

At what price?

[daniel_zane]

$47

[thehobbit85]

and how do i contact you for the transaction?

[BTCBUDDY1]

check us out at bitcoinbuddys.com we accept paypal

[coinmama]

 You can use http://www.coinmama.com/ and easily purchase bitcoins with paypal