Bit coins and PayPal

[joeyjoe]

Right I do understand that you cannot sell bitcoins via paypal, as its against the paypal policy and that people can rip you off and do a charge back.

But what about buying bit coins for paypal?

I was thinking on creating an automated system where people can deposit coins into my account which would send them back paypal currency. It would be a one way transaction. Since i would be the one to buy the currency from them, it would be much safer right?

[SomeoneWeird]

Right I do understand that you cannot sell bitcoins via paypal, as its against the paypal policy and that people can rip you off and do a charge back.

But what about buying bit coins for paypal?

I was thinking on creating an automated system where people can deposit coins into my account which would send them back paypal currency. It would be a one way transaction. Since i would be the one to buy the currency from them, it would be much safer right?

Stop creating multiple threads.

But yes, it would be safer for them - but your account will get frozen very quickly.

[joeyjoe]

Sorry, but when your limited to a single board its becomes very anoying, i only came on here to contact a member, but i have to stay logged in for 4 hours before i get white listed so i might as well post crap.

Why would it get frozen? I would be paying people with my account, not the other way around. All paypal would see is that im sending money to people. i dont see how this is agasint their policy

[SomeoneWeird]

Sorry, but when your limited to a single board its becomes very anoying, i only came on here to contact a member, but i have to stay logged in for 4 hours before i get white listed so i might as well post crap.

Why would it get frozen? I would be paying people with my account, not the other way around. All paypal would see is that im sending money to people. i dont see how this is agasint their policy

You should've just created 1 thread with all your questions.

Paypal have been freezing everyones account even if they smell bitcoin near them.

[joeyjoe]

my questions do not come all at once.


Would freezing accounts mean freezing the money?

[SomeoneWeird]

my questions do not come all at once.


Would freezing accounts mean freezing the money?

yes.

[Ghostofkobra]

There are atleast two way to convert paypal to bitcoins and that is through:

bitmarketEUR; they do deal in USD but you have to be "accepted" by the admins there so you need reputation on this forum or somewhere else.

virwox; You can buy linden dollars for USD or EUR which you can use to buy bitcoins. This is an easy way but also a quite expensive way. I found that the markup for me was about $1 / BTC. The reason is that you can only deal in whole coins and no fractions so i have a lot of small amounts hanging around their exchange.

Since im not affiliated with any of them and like the service at Bitcoin Charts you can find them there.

Best
/GoK

[SomeoneWeird]

There are atleast two way to convert paypal to bitcoins and that is through:

bitmarketEUR; they do deal in USD but you have to be "accepted" by the admins there so you need reputation on this forum or somewhere else.

virwox; You can buy linden dollars for USD or EUR which you can use to buy bitcoins. This is an easy way but also a quite expensive way. I found that the markup for me was about $1 / BTC. The reason is that you can only deal in whole coins and no fractions so i have a lot of small amounts hanging around their exchange.

Since im not affiliated with any of them and like the service at Bitcoin Charts you can find them there.

Best
/GoK

Fixed that link for you.

[joeyjoe]

ah i see.

What about other services like moneybookers / neteller. Which ever would be instant enough for people to want to use it.

I only plan to make an automated service that would buy people BTC. That way there is no risk for me except if the market crashed.

Obviously i would charge some sort of fee to make it worth my while where It would then automatically sell the BTC at the highest market price..

I guess paypal is out of the window but

[SomeoneWeird]

ah i see.

What about other services like moneybookers / neteller. Which ever would be instant enough for people to want to use it.

I only plan to make an automated service that would buy people BTC. That way there is no risk for me except if the market crashed.

Obviously i would charge some sort of fee to make it worth my while where It would then automatically sell the BTC at the highest market price..

I guess paypal is out of the window but

Go around and look at how MtGox and Tradehill work

[joeyjoe]

I can see how they work, but they dont provide an instant payment method for withdrawing funds.

[Ghostofkobra]

Moneybookers and neteller are not really instant,
they are usually fast when it comes to depositing money but when using them with other sites it usually takes up to a bussiness day to get money payed to your neteller/MB account (this might not be neteller or MB's fault though).

On a side note i actually used neteller together with virwox when i tried it.
Worked fine but was a bit on the expensive side.

So please create an easy way to buy BTC with paypay neteller or MB.


Best
/GoK

[MiningBuddy]

Why would it get frozen? I would be paying people with my account, not the other way around. All paypal would see is that im sending money to people. i dont see how this is agasint their policy

https://cms.paypal.com/uk/cgi-bin/?cmd=_render-content&content_ID=ua/AcceptableUse_full

(f) are associated with the following Money Service Business Activities: the sale of traveler’s cheques or money orders, currency exchanges or cheque cashing

[joeyjoe]

i can see that, but still the website service will not be publicly linked with a paypal page,

the only way paypal would know which account would be to buy bitcoins, then sell them with my system, which i dout they would go out of their way to do.

Even if it did get frozen, could easily make another account.