NEVER EVER deal Bitcoins with PAYPAL (F&F too!)

[makolz26]

Paypal is a unethical organization that looks like a legit business. It is simple as that, no company in the whole world could get away with you not getting paid while actually using their payment processor. Think about bitcoin that way and how horrible that sounds, you give someone fiat on paypal, they give you bitcoins, then they make a chargeback and both end up with your fiat and their bitcoins back and on top of that you are charged with a fee for it. You would hate bitcoin if that was the case right?

Well, paypal is doing exactly that and they are not getting any punishment for it. Paypal WAS a good payment processor back in the day, not anymore. People realized how damaged their system is and moving away from it, it is the system of 2000-2013ish years, and have been going down every single year since those days.

I have heard so much complaints that were unresolved, so I never trust paypal too, besides that their fee is too high which was not really right compare to the big exchanges, so I never used it as I checked their reviews first before having it, but I doubted it, also asked my friends feedback and they were all unsatisfied with paypal.

[enhu]

Worse thing to experience while year end. This is why I turn down an employer who will try to hire me outside of the upwork so he can pay me thru paypal.  I wouldn't take the risk and will just accept upwork taking the 10% than being scammed by someone with bought upwork account. There are trusted users who buy paypal $ with BTC, its them that you should trade.

[perla]

Paypal is a unethical organization that looks like a legit business. It is simple as that, no company in the whole world could get away with you not getting paid while actually using their payment processor. Think about bitcoin that way and how horrible that sounds, you give someone fiat on paypal, they give you bitcoins, then they make a chargeback and both end up with your fiat and their bitcoins back and on top of that you are charged with a fee for it. You would hate bitcoin if that was the case right?

Well, paypal is doing exactly that and they are not getting any punishment for it. Paypal WAS a good payment processor back in the day, not anymore. People realized how damaged their system is and moving away from it, it is the system of 2000-2013ish years, and have been going down every single year since those days.

I have heard so much complaints that were unresolved, so I never trust paypal too, besides that their fee is too high which was not really right compare to the big exchanges, so I never used it as I checked their reviews first before having it, but I doubted it, also asked my friends feedback and they were all unsatisfied with paypal.

Nowadays there are more people who want to take advantage from weakeness system from a site, and maybe a lot of people already know maybe Paypal sometime really on buyer's side, maybe right it is buyer protection but that system really can be used by bad people to do something like what OP tell to us.

[DoublerHunter]

You should know the fact that using fiat as payment in any bank accounts or even in the payment fiat processor like Paypal is very risky. Because fiat is reversible transaction and chargeback may occur after several days. Because a buyer can file a chargeback within 120 days after the transactions have been placed. But OP has a few days to answer the chargebacks and defend his self, I think 10 days or short term 1 week. Because chargebacks were eventually resolved after 75 days by PayPal staff. Nevertheless, you can use this forum for the exchange trade PayPal to bitcoin. I saw in currency exchange section.

[Landak]

I once made a transaction with my friend from bitcoin to paypal, luckily there was no problem, my friend did not make a chargeback claim.
You might get a wrong friend. next time, if you want to do a transaction try asking for help from people in this forum who already have a high level of trust. or look for an exchanger site that supports bitcoin to paypal, even though it's hard to find. keep careful especially those who deal with paypal, very risky and troublesome.

[pawanjain]

Shit like this happens bro. I am sorry to hear this but you will have to move on learning from your mistakes.
It's good that you are trying to get your money back and I wish you really do but the chances are too slim.
Paypal should never be used to make crypto payments because we can reverse the transaction in Paypal which is why it is suggested not to use Paypal.
You should have done your research well before making such a transaction.

[adroitful_one]

I have done tons of Paypal trades on here for cryptocurrencies and I have never once had a problem. The best thing to do is look at someones feedback when you're trading with them. If they have done a lot of trades and there's no warning about their e-mail recently changing or anything under their profile, it's probably safe to trade with them. Mainly, stay away from newbie accounts who have never done a trade before. Those are the people who are more likely to scam you. They have no reputation on this forum to lose.

[Forbiddenone]

Always exchange with trusted members and if you are desperate need of exchange , there are few genuine exchange from where you can exchange btc to PayPal. There is a simple rule in crypto space that do not trust anybody unless you have connections with them and do not use e-wallets which can reverse transaction.

[drlukacs]

I sold my Bitcoins through Paypal Friends and Family payment thinking it would be "safe".
I was TOTALLY wrong.
The scammer issued a chargeback claiming it as "unauthorized purchase".
I sent all the chat logs and the screenshot of the Paypal payment from the buyer and the receipt from Paxful including PGP signature, but I doubt if I will ever win.
Feels so sad that this BS has happened in the end of the year.
I'm stuck between either paying the chargeback or closing my bank account and debit card, never using Paypal again.

you are unlucky.  I also used to trade with Paypal and everything was pretty awesome.  but sometimes the system will have problems and you need to wait a long time to fix it.  these are quite unfortunate and next time you should trade in Huobi OTC.  It's very legit and I trade a lot there, fee is quite low.

[jerry0]

So what is best way to sell btc to strangers then that is safe?  Is cash deposit at bank and waiting for next business day good enough?  What about a bank transfer like zelle?  Or bank wire?

[tbterryboy]

So what is best way to sell btc to strangers then that is safe?  Is cash deposit at bank and waiting for next business day good enough?  What about a bank transfer like zelle?  Or bank wire?

You can actually use any other payment method that does not charge-back. Wire transfer, Skrill, Perfect money, etc would be suitable for you in this case if you want to buy bitcoins directly with your fiat money in your bank. Paypal is no longer safer to trade bitcoins as the problem which OP faced, might have to be faced by any of us if we trade with paypal again.

Paypal is good for centralized transactions as such similar problems would be easily solved if the transactions are in the centralized field but I doubt, they would never be resolved if they are in the decentralized field so it is always better for us to strictly avoid dealing with paypal.

[Cratoon]

I sold my Bitcoins through Paypal Friends and Family payment thinking it would be "safe".
I was TOTALLY wrong.
The scammer issued a chargeback claiming it as "unauthorized purchase".
I sent all the chat logs and the screenshot of the Paypal payment from the buyer and the receipt from Paxful including PGP signature, but I doubt if I will ever win.
Feels so sad that this BS has happened in the end of the year.
I'm stuck between either paying the chargeback or closing my bank account and debit card, never using Paypal again.

I agree. I wouldn't recommend dealing with paypal if you can avoid using it. In some cases you don't have a choice though, since a lot of westerners use it.

[Linkkoin]

I sold my Bitcoins through Paypal Friends and Family payment thinking it would be "safe".
I was TOTALLY wrong.
The scammer issued a chargeback claiming it as "unauthorized purchase".
I sent all the chat logs and the screenshot of the Paypal payment from the buyer and the receipt from Paxful including PGP signature, but I doubt if I will ever win.
Feels so sad that this BS has happened in the end of the year.
I'm stuck between either paying the chargeback or closing my bank account and debit card, never using Paypal again.

I agree. I wouldn't recommend dealing with paypal if you can avoid using it. In some cases you don't have a choice though, since a lot of westerners use it.

It applies not only to dealing with cryptocurrencies but any other virtual goods, including such thing like World of Warcraft account. You may face chargeback in each case where you have no paper proof of shipping.

[TheGreatPython]

I sold my Bitcoins through Paypal Friends and Family payment thinking it would be "safe".
I was TOTALLY wrong.
The scammer issued a chargeback claiming it as "unauthorized purchase".
I sent all the chat logs and the screenshot of the Paypal payment from the buyer and the receipt from Paxful including PGP signature, but I doubt if I will ever win.
Feels so sad that this BS has happened in the end of the year.
I'm stuck between either paying the chargeback or closing my bank account and debit card, never using Paypal again.

This is not the first case. A lot of people have already been experienced such problems where paypal asks for the charge-back. The worst case once was about the charge-back which took place after more than 6 months so you would never know if you have made a correct deal with the appropriate person in terms of paypal. PayPal transactions should immediately be stopped for buying bitcoins as bitcoins are not even legal so we cannot even file a case in order to reject the charge-back.

We have to forcefully pay the charge-back or the bank might take some legal action against us. How much was the amount? This would never allow you to trade bitcoins with paypal again so treat it as a lesson.

[magneto]

I sold my Bitcoins through Paypal Friends and Family payment thinking it would be "safe".
I was TOTALLY wrong.
The scammer issued a chargeback claiming it as "unauthorized purchase".
I sent all the chat logs and the screenshot of the Paypal payment from the buyer and the receipt from Paxful including PGP signature, but I doubt if I will ever win.
Feels so sad that this BS has happened in the end of the year.
I'm stuck between either paying the chargeback or closing my bank account and debit card, never using Paypal again.

The perceived safety of Paypal FF is honestly blowing my mind.

It should come as no surprise to anyone that Paypal payments, whether or not it is sent as a friends and family payment, are reversible by every means. And with paypal's track record, it is very likely that they will always side with the buyer side.

Which leaves you, the seller, significantly out of pocket if people do chargeback. And given the history of Paypal, it is a favourite of those who choose to be unscrupulous.

[sisule]

Transaction using bitcoin and PayPal have different method where using PayPal you can take back your money although have sent to the other, I have many experience with several years ago using PayPal as payment transaction joining many invest online site, after receive payment some project dispute my transaction and I have lost my receive payment.

[Google+]

Transaction using bitcoin and PayPal have different method where using PayPal you can take back your money although have sent to the other, I have many experience with several years ago using PayPal as payment transaction joining many invest online site, after receive payment some project dispute my transaction and I have lost my receive payment.

indeed I hear paypal does not work with any bitcoin and cryptocurrency platforms so I suggest when you make any investment you don't use paypal but maybe you can use the cryptocurrency platform to cryptocurrency so you should exchange your money for cryptocurrency first, whereas in the country I already have an exchange place that has been recognized by the government to exchange from local money to cryptocurrency money so it will be easier if the investment uses cryptocurrency.

[barbara44]

Paypal is one thing but I am really scared for people who want to deal with even cash at this point, I mean we are talking about thousands of dollars here and you may be in public when you meet someone for cash trading however if you are dealing with anything around 1 btc and you do not live in a huge nation (or even if you do) its 9 thousand dollars, people would seriously consider going to jail over that kind of money almost anywhere in the world.

What if one day I meet up with someone for bitcoin trading in cash, he shows me the money, I send him the btc, he just takes off? Not like I would be able to keep him grounded until cops show up, I would probably just following him like a dog barks at cars, not knowing what to do when I catch him, vice versa for giving cash and waiting for btc.

[Shimmiry]

So what is best way to sell btc to strangers then that is safe?  Is cash deposit at bank and waiting for next business day good enough?  What about a bank transfer like zelle?  Or bank wire?

Use your local wallet or any online wallet that supports your local currency and the crypto you want to trade. There are a lot of ways to sell btc to a complete stranger and banking / credit card isn't that preferable nowadays, due to the fact that one of you must pay first and both would be hard to have or gain trust on sending first. Better send Bitcoins through online wallet, like here in the Philippines whereas you can buy and sell Bitcoins through a single app. If you also use coinbase which supports USD and BTC, you wouldn't worry with those kind of tragedies happened to the OP.

Remember, transacting online alone is risky.

[imstillthebest]

Paypal is one thing but I am really scared for people who want to deal with even cash at this point, ...

i dont get your other points so i just snip out your other coments  . what i only understand is this  .  i agree that paypal is scary because unlike crypto , paypal is reversible  . you can hold the funds  , which can easily be used for scamming  . not just that , but your infos can also be seen when you use paypal  . this is the warning that i see actually before . they say never trade a crypto using paypal not unless if there is an escrow or the person is really trusted  .