Bitcoin to Paypal Site (ideas welcome)

[btc4peace]

I have a difficult time getting enough Bitcoin (paypal heavy usually) and it is getting cold in MI... Tired of going to the banks.

I am considering setting up an automated service that you essentially pay $10 worth of BTC to me via CryptoPay.me and then I automatically release $10.50 usd to you via Paypal my masspay api (irreversible, fee on me).

Will add a referral program... When your refs cashout $10btc and get $10.50usd you get $0.10usd.

System will only buy your btc when funds are instantly available for mutual exchange.

Thoughts?

[MartinL]

The biggest hurdle you are going to face is that PayPal transactions will always be reversible regardless of the transfer type or API you use, which makes accepting them risky for the Bitcoin seller. Offering a higher exchange rate might make that risk more acceptable. It becomes less of an issue if you are able to win the trust of your customers.

[SparkedDev]

With out making a deal with paypal like coinbase did its not worth even doing.
You can in fact cash out btc to paypal though as a service.
Since there is no risk on your side since your paying out the pp cash for the trade of btc.

But pp to btc might as well give that dream up as long as reverse transactions is a thing.

Depending on your country your going to have to verify peoples identities.
do to money laundering And stolen identity issues.
Fee's wise id say about a 0.5%-1% fee per transaction is okay.
Considering the amount of transactions you might need to processes.
Also security and nice servers and anti ddos protection.
Referal's might be okay idea but you will need to watch how may levels you set up on that.

[btc4peace]

Makes sense.  Since I created cloudmining.club and bitcoinstrategy.org I already have a following of people. 

I am also the creator of youtubetovideo.com and ptcreferreals.net neobuxreferrals.org neobuxstrategy.org ... But i sold those projects.   

Not sure if any of you played Mobsters on Myspace back in the day, but I wrote the Ultimate Mobster Bot that sold for $11.99 before UBI sent me a cease and desist lol...

I am looking for the way to earn without having anything so that cell phones can be used to fight hunger, homelessness, and dirty water.

Joshua

With out making a deal with paypal like coinbase did its not worth even doing.
You can in fact cash out btc to paypal though as a service.
Since there is no risk on your side since your paying out the pp cash for the trade of btc.

But pp to btc might as well give that dream up as long as reverse transactions is a thing.

Depending on your country your going to have to verify peoples identities.
do to money laundering And stolen identity issues.
Fee's wise id say about a 0.5%-1% fee per transaction is okay.
Considering the amount of transactions you might need to processes.
Also security and nice servers and anti ddos protection.
Referal's might be okay idea but you will need to watch how may levels you set up on that.

[btc4peace]

Actually, if you research Paypal MassPay API sends are not reversible.
I used to pay 45% instant sales commissions on neobuxreferrals.org but when the buyer requests a refund, i could never recoop the masspay... Never.  Its impossible.

The biggest hurdle you are going to face is that PayPal transactions will always be reversible regardless of the transfer type or API you use, which makes accepting them risky for the Bitcoin seller. Offering a higher exchange rate might make that risk more acceptable. It becomes less of an issue if you are able to win the trust of your customers.

[MartinL]

Actually, if you research Paypal MassPay API sends are not reversible.
I used to pay 45% instant sales commissions on neobuxreferrals.org but when the buyer requests a refund, i could never recoop the masspay... Never.  Its impossible.

Perhaps not through PayPal directly–though I wouldn't be so sure about that either–but most certainly through the payment methods used to fund the PayPal account, e.g. credit cards, debit cards, direct debit.

[erikalui]

People use Virwox mainly for PayPal->BTC transactions while PayPal is risky when using a new exchange if the policies are not followed. Even mass pay transactions can be reversed (it's hard to do so but it's not impossible) and if the account is a hacked/stolen, nobody can stop the reverse payments and if your account gets limited, more problems would occur. Coinbase/Virwox are already available and recognized exchanges that accept PayPal and can be trusted with regards to receiving PayPal payments.

[SparkedDev]

yeah but virvox is a complete rip off with those high ass fee's and crap conversion rates.

[BettorChain.com]

Good idea, but PayPal transactions are really easy to reverse

[eternalgloom]

People use Virwox mainly for PayPal->BTC transactions while PayPal is risky when using a new exchange if the policies are not followed. Even mass pay transactions can be reversed (it's hard to do so but it's not impossible) and if the account is a hacked/stolen, nobody can stop the reverse payments and if your account gets limited, more problems would occur. Coinbase/Virwox are already available and recognized exchanges that accept PayPal and can be trusted with regards to receiving PayPal payments.

If it's hard to do and OP is only exchanging low amounts, it might be possible and profitable to set up a service like this.
It's not too hard to go under the fees that Virwox is charging and I would certainly welcome another trustworthy service for exchanging PP to BTC and reverse.

[CraigWrightBTC]

Good idea, but PayPal transactions are really easy to reverse

Exactly, it is weakness of reversible payment method for buy and sell bitcoins, and the OP is newbie there are no positive feedback on him. It will become hard for other people make trading with him. Should the OP use trusted escrow on here before make website buy and sell bitcoins use paypal.