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Author Topic: So Coinbase supports PayPal!  (Read 621 times)
Indianacoin
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June 29, 2016, 08:45:34 AM
 #1

According to their recent blog post, Coinbase is adding PayPal as a platform for depositing fiat. (only for US users)

I don't know whether its hysterical or hypocrisy but AFAIK, PayPal was solely against any trades related to Bitcoin or other cryptocurrencies. And I wonder whether its a plan for Coinbase's long con?  Roll Eyes

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June 29, 2016, 09:21:41 AM
 #2

According to their recent blog post, Coinbase is adding PayPal as a platform for depositing fiat.

I don't know whether its hysterical or hypocrisy but AFAIK, PayPal was solely against any trades related to Bitcoin or other cryptocurrencies. And I wonder whether its a plan for Coinbase's long con?  Roll Eyes

This will be a very nice step for all those wishing to exchanges fiat and they hold paypal. I lost usd 700 when paypal freezed my account after i had exchanged bitcoins with someone else.

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June 29, 2016, 09:44:14 AM
 #3

People will continue to use Virwox.com instead because Coinbase is crappy and only allow U.S citizens to use this feature (and almost every other feature they have).

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June 29, 2016, 09:48:17 AM
 #4

PayPal probably realized it can't keep running an anti Bitcoin campaign for ever as they see the demand for Bitcoin is only going up.

And I'm sure that PayPal would have lost the battle in the long term. I always say; If you can't beat them, then join them!

That's probably what is happening right now. It's a good start and let's see what more surprises PayPal comes up with.

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June 29, 2016, 12:04:56 PM
 #5

It's only for US citizens at the moment, and it's only for when you are selling bitcoins and receiving the fiat into your paypal account.

Coinbase won't let you buy btc with paypal because of how paypal enables scammers to reverse payments after they receive their coins.

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June 29, 2016, 01:57:42 PM
 #6

It's only for US citizens at the moment, and it's only for when you are selling bitcoins and receiving the fiat into your paypal account.

Coinbase won't let you buy btc with paypal because of how paypal enables scammers to reverse payments after they receive their coins.

Maybe they have some new way to verify PayPal accounts and they will allow buy Bitcoins as well - it will be big step!

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June 29, 2016, 02:05:06 PM
 #7

PayPal doesn't allow any exchanges but they do support certain certified exchangers for bitcoin or other trades. The same goes for other payment processors like Payza, Skrill, PM and so on. Coinbase is just supporting U.S. customers and has all provisions for them to convert their bitcoins to fiat which is really mean as they need to support other customers too and start atleast some service for them as well.


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June 29, 2016, 02:28:00 PM
 #8

According to their recent blog post, Coinbase is adding PayPal as a platform for depositing fiat.

I don't know whether its hysterical or hypocrisy but AFAIK, PayPal was solely against any trades related to Bitcoin or other cryptocurrencies. And I wonder whether it's a plan for Coinbase's long con?  Roll Eyes
It's just for US region, I'm glad to hear that but better to held this service for worldwide. I sure this is the only probation and in the future will hold this service for worldwide.

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June 29, 2016, 02:57:37 PM
 #9

People will continue to use Virwox.com instead because Coinbase is crappy and only allow U.S citizens to use this feature (and almost every other feature they have).

Virwox charges a very high fees , and is definitety not worth it. I would instead just suggest localbitcoins as there are still reputed traders who would accept paypal while selling bitcoins.

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June 29, 2016, 03:41:11 PM
 #10

People will continue to use Virwox.com instead because Coinbase is crappy and only allow U.S citizens to use this feature (and almost every other feature they have).

that's true. I am not able to buy bitcoin through coinbase. for me coinbase is just a wallet to store coins and send them to another btc address. I don't think that this feature is added for us. it is most likely for use users and others can't get this advantage. unless coinbase increase their offer to other countries.
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June 29, 2016, 04:18:35 PM
 #11

People will continue to use Virwox.com instead because Coinbase is crappy and only allow U.S citizens to use this feature (and almost every other feature they have).
seems coinbase just focus on U.S region as so many of their services only available for U.S,even though there's still so many exchanger which is better than this one

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June 29, 2016, 05:02:59 PM
 #12

Accepting PayPal - while convenient for buyers - is going to prove to be a pain in the ass for Coinbase. Paypal
has a long history of backing the buyer, even when the seller has proof of buyer fraud. I've experienced this
myself several times back in the day when selling crypto via eBay (yes, laugh it up - I was quite the n00b at
the time). I had emails, photos of buyer ID, etc.. and every time (there were 3 or 4 instances) PayPal sided
with the buyer.

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June 29, 2016, 05:14:26 PM
 #13

It's only for US citizens at the moment, and it's only for when you are selling bitcoins and receiving the fiat into your paypal account.

Coinbase won't let you buy btc with paypal because of how paypal enables scammers to reverse payments after they receive their coins.

Maybe they have some new way to verify PayPal accounts and they will allow buy Bitcoins as well - it will be big step!

I think the issue is the ease with which Paypal allows people to reverse payments following a complaint (they seem to take the attitude that the person complaining is always right, instead of investigating both sides), and Paypal is not going to change this because it is used by the ebay business to give reassurance to customers. Given that bitcoin transactions are irreversible, it makes sense not to let people buy with paypal.

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June 29, 2016, 05:26:28 PM
 #14

It's only for US citizens at the moment, and it's only for when you are selling bitcoins and receiving the fiat into your paypal account.

Coinbase won't let you buy btc with paypal because of how paypal enables scammers to reverse payments after they receive their coins.

Maybe they have some new way to verify PayPal accounts and they will allow buy Bitcoins as well - it will be big step!

I think the issue is the ease with which Paypal allows people to reverse payments following a complaint (they seem to take the attitude that the person complaining is always right, instead of investigating both sides), and Paypal is not going to change this because it is used by the ebay business to give reassurance to customers. Given that bitcoin transactions are irreversible, it makes sense not to let people buy with paypal.

And PayPal gonna side with Coinbase because they cooperate now. Imagine where Coinbase have many terms and condition and often suspicious with user activity while paypal have very bad reputation about handling cryptocurrency activity.
But, i think it makes sense because both of them are centralized.

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June 29, 2016, 05:29:10 PM
 #15

It'd be great if it works. Virwox accepts PayPal and I've used them a lot but if I can find a place to buy BTC with lower fees, I'll
jump ship in a heartbeat.

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June 29, 2016, 05:31:04 PM
 #16

It's only for US citizens at the moment, and it's only for when you are selling bitcoins and receiving the fiat into your paypal account.

Coinbase won't let you buy btc with paypal because of how paypal enables scammers to reverse payments after they receive their coins.
Coinbase is trying to make this option available for other countries as well. They may still waiting for the permission and coinbase is wise not to allow people buy bitcoins with paypal. But still if they are partners of paypal, why would paypal betray them by allowing users to chargeback? They should also take precautions.
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June 29, 2016, 06:23:41 PM
 #17

It's only for US citizens at the moment, and it's only for when you are selling bitcoins and receiving the fiat into your paypal account.

Coinbase won't let you buy btc with paypal because of how paypal enables scammers to reverse payments after they receive their coins.

Maybe they have some new way to verify PayPal accounts and they will allow buy Bitcoins as well - it will be big step!

I think the issue is the ease with which Paypal allows people to reverse payments following a complaint (they seem to take the attitude that the person complaining is always right, instead of investigating both sides), and Paypal is not going to change this because it is used by the ebay business to give reassurance to customers. Given that bitcoin transactions are irreversible, it makes sense not to let people buy with paypal.

And PayPal gonna side with Coinbase because they cooperate now. Imagine where Coinbase have many terms and condition and often suspicious with user activity while paypal have very bad reputation about handling cryptocurrency activity.
But, i think it makes sense because both of them are centralized.

You are partly right but I think its good that they have stepped in and its pretty nice they did in my eyes.
Now I can finally use paypal..
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June 29, 2016, 06:34:55 PM
 #18

Other than this there are other things paypal is doing privately and recently made public about their payment device which is capable of also doing crypto payments. We all have already expected paypal to understand the potential bitcoin have and now they seem to be in safer side so that not much of their clients will shift towards bitcoin leaving paypal. This will be good for both bitcoin and paypal but hope they will start accepting members globally as bitcoin meant to be for worldwide so paypal should also allow worldwide members.

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June 29, 2016, 07:24:00 PM
 #19

According to their recent blog post, Coinbase is adding PayPal as a platform for depositing fiat.

I don't know whether its hysterical or hypocrisy but AFAIK, PayPal was solely against any trades related to Bitcoin or other cryptocurrencies. And I wonder whether it's a plan for Coinbase's long con?  Roll Eyes
It's just for US region, I'm glad to hear that but better to held this service for worldwide. I sure this is the only probation and in the future will hold this service for worldwide.

Its just that they also have to test it out on a sort of way and they will fist start in the united states but indeed will soon or later expend it to globally for sure.
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June 30, 2016, 04:12:44 PM
 #20

PayPal probably realized it can't keep running an anti Bitcoin campaign for ever as they see the demand for Bitcoin is only going up.

And I'm sure that PayPal would have lost the battle in the long term. I always say; If you can't beat them, then join them!

That's probably what is happening right now. It's a good start and let's see what more surprises PayPal comes up with.
PayPal knows that there are many users who are trading in bitcoins and this partnership would only make it profitable. Coinbase also knows that PayPal is the best processor and if they start allowing international members to transact, they both could earn even more. PP would never lose but they know that transactions would be taking place against their TOS.

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