Can an ICO use paypal to raise funds?

[paramind22]

What if there are some people, like say older people, who believe in the ideals of your project but are not users of crypto wallets or exchanges.  Can they buy an amount of a coin with paypal to be kept in holding for them just to support the project?

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[befrank]

Technically it would be possible but I am not sure they will allow it?

[cenicsoft]

It's possible, but this is how you'd get screwed:

Someone pays you via Paypal, then after you send them coins, they contact Paypal and say they didn't authorize the charge. Paypal asks you to provide proof that you shipped their product. You can't provide it since it's crypto and not a physical product, therefore, you aren't given their seller protection. The buyer gets a refund taken out of your account and gets to keep the coins!

Same reason most ICO's don't accept credit card payments either. However, we are allowing our existing customer base to participate in the BannerCoin ICO (bannercoin.com) via CC since we have a trusted relationship with them and it's not likely they are going to do a chargeback.

[lakimens]

It's possible, but this is how you'd get screwed:

Someone pays you via Paypal, then after you send them coins, they contact Paypal and say they didn't authorize the charge. Paypal asks you to provide proof that you shipped their product. You can't provide it since it's crypto and not a physical product, therefore, you aren't given their seller protection. The buyer gets a refund taken out of your account and gets to keep the coins!

Same reason most ICO's don't accept credit card payments either. However, we are allowing our existing customer base to participate in the BannerCoin ICO (bannercoin.com) via CC since we have a trusted relationship with them and it's not likely they are going to do a chargeback.

The whitepaper is literally 7 pages, there's no information on the dev team and it costs $2.25. No offense and I don't think you're a scam, but I think $2.25 is too much for just 1 coin.

[VanDeinsberg12]

What if there are some people, like say older people, who believe in the ideals of your project but are not users of crypto wallets or exchanges.  Can they buy an amount of a coin with paypal to be kept in holding for them just to support the project?

It can't because it will against the paypal rules and your funds will be freeze. But you are not able to use paypal, not only the developer's account but all of the particpant's account will get free too.
Until the paypal will accept the crypto for sure.

[shirackjs]

IMO, it is risky to raise funds using Paypal. The investors can easily charge back after receiving the coins.

[ShowOff]

IMO, it is risky to raise funds using Paypal. The investors can easily charge back after receiving the coins.

ya dispute system really give disadvantage for seller or who receive money. and it will be bad if paypal lock fund that already raised before developer start to manage their project

[Spoetnik]

Read the Paypal TOS. 

[Lauren Smith]

Is PayPal a payment method ? Do you need to pay for an ICO ? Then obviously you can use PayPal. You can use any payment method you like if you run an ico it's your ico. Shadow tokens has a PayPal ico.

It's possible, but this is how you'd get screwed:

Someone pays you via Paypal, then after you send them coins, they contact Paypal and say they didn't authorize the charge. Paypal asks you to provide proof that you shipped their product. You can't provide it since it's crypto and not a physical product, therefore, you aren't given their seller protection. The buyer gets a refund taken out of your account and gets to keep the coins!

Same reason most ICO's don't accept credit card payments either. However, we are allowing our existing customer base to participate in the BannerCoin ICO (bannercoin.com) via CC since we have a trusted relationship with them and it's not likely they are going to do a chargeback.

You can talk a lot of shit hey. PayPal is used for buying digital items for a long time before crypto was out what are you even talking about ? Do you enjoy making up stories ?

PayPal won't just refund you for no reason don't be stupid. If it's an investment they can easily block your account or flag your wallet.

[al3xesf]

Ha, I wonder what PayPal's view on non-SEC sanctioned unlicensed crowdfunding of ropey token crypto projects would be.

Please go ahead and try it so we can see how you go 

[carlisle1]

paypal can be use as a payment system so if there's a system which will be use by the team it can be possible but like what other's said its also risky for the team since paypal have an option to refund unless the team of developers will be able to secure the transaction which is allowed by paypal not to be allowed
making any refund.

[Seansky]

What if there are some people, like say older people, who believe in the ideals of your project but are not users of crypto wallets or exchanges.  Can they buy an amount of a coin with paypal to be kept in holding for them just to support the project?

They cant buy from an ICO using paypal since the one being gathered on ICO is not paypal funds but rather cryptocurrency money like eth, waves or btc. If they really want to buy using paypal, there are certain services that can be used to buy bitcoin using paypal funds and by buying bitcoin, they can invest onto your ICO without hassle. Even if they are not users of crypto wallets or exchanges, they must use it to invest on an ICO because buyers can simply charge back their money when paid via paypal after receiving coins ending with dev's loss.

[Hui8]

What if there are some people, like say older people, who believe in the ideals of your project but are not users of crypto wallets or exchanges.  Can they buy an amount of a coin with paypal to be kept in holding for them just to support the project?

If they are ideals of ICO then they could learn about the ICO without any hesistance which is more or less good thing too. I dont see any reason for them to go all with paypal because this is crypto related stuff and everything works with smart contracts which are made with ethereum blockchain or suitable coins. There is reason behind this, there is proportions of coins and pairs of coins which are traded in the market. If i start puttin paypal at work it means im getting bound to rules and regulations of paypal. I will need justification on where my money went and etc.  Its better we can work out other ways by using cryptos only.

[BitcoinHodler]

What if there are some people, like say older people, who believe in the ideals of your project but are not users of crypto wallets or exchanges.  Can they buy an amount of a coin with paypal to be kept in holding for them just to support the project?

why do an ICO in the first place? this method is fundamentally broken to begin with. there is zero point in running an ICO, it proves that a project is almost certainly useless and the dev wants as much money he can get in the start because he knows there is no future for what he is creating. otherwise he would have bought some coins in the start or mined some or whatever.

and what you ask only proves that you want more gullible people to buy ICOs. otherwise the average Joe (or older people as you said) either don't know what the hell cryptocurrencies and ICOs and all that are or if they know it already, they have some coins too.

in any case if you read the Paypal ToS it is against it to use Paypal for digital stuff like altcoins.

[ActiveP]

Yes, but get ready to be screwed and limited by Paypal whenever they choose to own your money. Be ready to jump through hoops for withdrawals.

[jyotianand01]

travelcoin use paypal as one of the payment option for their ICO and i purchase coin through my paypal account.

[renes]

It would be possible but this kind of method is really not needed. It is better with smart contracts, there is no need for third party, it breaks the core idea of ethereum.

[nogoodcoin]

What if there are some people, like say older people, who believe in the ideals of your project but are not users of crypto wallets or exchanges.  Can they buy an amount of a coin with paypal to be kept in holding for them just to support the project?

I think it is impossible. Paypal involved with laws, but ico issuers don't want this .As you know ,they can do anything they want to with the fund, without considering any laws .

[cenicsoft]

It's possible, but this is how you'd get screwed:

Someone pays you via Paypal, then after you send them coins, they contact Paypal and say they didn't authorize the charge. Paypal asks you to provide proof that you shipped their product. You can't provide it since it's crypto and not a physical product, therefore, you aren't given their seller protection. The buyer gets a refund taken out of your account and gets to keep the coins!

Same reason most ICO's don't accept credit card payments either. However, we are allowing our existing customer base to participate in the BannerCoin ICO (bannercoin.com) via CC since we have a trusted relationship with them and it's not likely they are going to do a chargeback.

The whitepaper is literally 7 pages, there's no information on the dev team and it costs $2.25. No offense and I don't think you're a scam, but I think $2.25 is too much for just 1 coin.

Thanks for the comments. Happy to answer your concerns.

The project team leaders can be found here: https://www.bannerview.com/about/staff/ We used to list all of our development and other staff, however, most of them prefer not to be listed on the website so now it's only executive management. Our developers like to keep their heads down and don't care about notoriety. We have people that like to code, not be social - go figure.

We've been around 18 years with shipping products. The BannerCoin project is aimed at adding cryptocurrency payment acceptance to our existing product called BannerCharge. The white paper didn't need to be extensive since all of our products can be used today and available via free trial. We've linked most of the product background information in the white paper instead of actually placing it in the white paper which would make it a lot longer. We didn't feel the need for a huge white paper.

We set the price per coin so that we're not looking at another low value penny coin. We expect the coin to be used in commerce so it should have a good starting value. Also, since we are making the token redeemable, we have to price it accordingly so we can fulfill our obligation for services should a lot of the coins be redeemed for services. Plus, merchants accepting the coin want to hold a coin that has an acceptable level of value since they are required to accept it along with other digital currencies if they choose to enable that feature.

[FrankNoland]

For as far as I have been into the ICO world, I haven't seen not even a single ICO that is accepting their contributions through Paypal. Surely if maybe one ICO introduces PayPal as a payment method probably other ICOs/projects might adopt it. Most ICOs only accept cryptocurrencies as a payment tool.