Will you buy BTC from PayPal now that they are letting people do it?

[manfredmann]

No, because I have other better way options on buying bitcoin here in our place. I am alreadt comfortable to it and will not look for other ways thinking that it could be better.

There are many ways to buy bitcoin and paypal is already in it for those who wanted to make a decentralized transaction buying bitcoin not involving exchanges. Yet, there are lots of challenges and problems encountered in this kind of transaction and that is some of its users are making fraud using paypal.

[EdenHazard]

I left paypal for almost 10 years now as i found a better alternative which it's bitcoin .

Guess they are supported bitcoin and should i back to paypal? My answer is a big no ( at least for now ) as i and everyone else can see it's just a virtual bitcoin that you can't trade/exchange except for there in their platform.
They are jumps into bitcoin business all of sudden, i can't really sure if this part of the mass adoption progress considering there's a lot of paypal user that now will introduced to bitcoin.
Not for now but we'll see.

[meanwords]

Basically, Paypal is another one of those third-party wallet app that has it's own exchange, so nope. It'll probably appeal more to first world countries, but in the Philippines, we already have that kind of wallet that is more convenient.

I don't really trust Paypal since they are notorious for freezing accounts without any noticed. They'll probably question where your Bitcoin came from and it's going to be an inconvenience in my opinion.

[SnapExOfficial]

Who do you think will be the next big company to start accepting Bitcoin and Crypto payments? Btw you can trade your BTC at SnapEx today!

[7788bitcoin]

You are not buying BTC on PayPal, you are buying a virtual BTC that you can only hodl or sell on their platform. The answer is easily no, I would rather use a proper exchange, especially since I have access to non-KYC exchanges, and withdraw coins to my wallet asap and be safe. Maybe this opportunity from PayPal will be more interesting for complete beginners or people who haven't tried crypto yet.

I did not know that it was just a gimmick considering all the hype after the news came out and there are a few articles that linked the market rally to the Paypal news and if you are not able to withdraw the coins then what is the point in purchasing as even a complete beginners will be confused with the use case of bitcoin if they are introduced to bitcoin by Paypal is not that great and i doubt anyone will use it as a stand alone trading platform and that too it is not the best user interface.

[DdmrDdmr]

<…> I don't see the transaction hash, is this transaction not via the Blockchain?

No. Crypto purchases there are only virtual, against their own ledger (not the hardware device), that allows them to keep track of your balance. You have to trust that that balance is indeed backed by real underlying crypto purchases, which I figure should and will be regularly audited.
Read their FAQs to understand part of what's under the purchasing hood: https://www.paypal.com/us/smarthelp/article/cryptocurrency-on-paypal-faq-faq4398?app=searchAutoComplete

As to whether I will buy BTC on Paypal, perhaps a very small sum just to try it out (or perhaps not at all, to avoid another point of control over one’s crypto assets).

More importantly though, I do believe that it will make it easier for regular (PayPal) users to purchase of Bitcoin, and even though it will be based on a pseudo-illusion of tenancy, I’m pretty sure many people are happy to purchase some amount, with just a few clicks further from their current habits on a known (to them) environment.

[cheezcarls]

As much that this is a key factor for Bitcoin's price pump right now, I am kinda "stalemate" mode for purchasing crypto in Paypal. I still don't forget about the Paypal horrors regarding the account freezes, etc. The thing is, once you've got some crypto there, it's in their custody and not ours. It means, we don't own it, because Paypal can control the funds that we have on our accounts.

I'm a Paypal user since early 2009 during my days as a home-based virtual assistant to various internet marketing companies for sending and receiving payments. It's my main payment processor until I'm convinced into Bitcoin and cryptocurrencies in mid-2017. Since then, I only use Paypal for purchasing plane tickets and hotel bookings which I attached my bank card.

Even if this is a good thing for Paypal to adopt crypto, I would rather store my Bitcoin and other cryptocurrencies in my non-custodial wallets where I control the private keys and no central authority.

[Jet Cash]

Am I the only one who thinks this is bad news? As I understand it, you cannot withdraw Bitcoin from PayPal, so any money you send to them is lost to the Bitcoin community. A few years ago, I started predicting that bankers would be removing coins from the Bitcoin community to reduce its utility. This appears to be another attempt by bankers to mop up small Bitcoin holdings.

[Ayiranorea]

At times I look for traders to exchange BTC for PayPal and vice versa. Now buying it from PayPal makes it an easy task. As it is completely centralized platform holding limited funds will be always good. Another thing PayPal have everything processed with taxes. For people who doesn't want to pay taxes can't make use of this service.

[shield132]

Well, if I would be able to buy real bitcoin and would have an ability to deposit/withdraw bitcoins on Paypal, then for sure I would use it.

But buying virtual bitcoin and holding or keeping it on Paypal isn't something that I want. If I have USD, then I would just normally use Paypal as always but what users here want is to be able to send bitcoins into their Paypal and be able to exchange it or send. Hope, they'll soon add this feature.
Seems, right now their strategy is to gain the attention of holders but at the same time they talk about taxes that we may have to pay, so, idk how wise action it is from Paypal to launch this service without main features.

[Serious475]

It's been a year before I used my Paypal because commonly I'm using a local exchange or platform just to sending my funds into fiat and also I'm just using the electrum wallet if I want to send money via bitcoin would like to ask these.

How much is the transaction fee?
You can directly send your bitcoin into PayPal or still through the use of the bitcoin?
Do they support all of the country or limited?

I hope someone will ask.

[Traderbtcc]

This looks like a virtual bitcoin on their platform not the real one, it's a virtual bitcoin in dollars, I don't think it's safe at all, it's unsafe to hold huge amount of bitcoin in PayPal, I'm from a third world country and I can't access PayPal, even if I can i still don't like the idea of buying bitcoins from PayPal, it's too centralized, judging by the bad reviews have seen all over the internet its a no go area for me, I prefer buying my bitcoin the normal way P2P.

[Mahdirakib]

Well, if I would be able to buy real bitcoin and would have an ability to deposit/withdraw bitcoins on Paypal, then for sure I would use it. ~

That's why most of the crypto user won't use this service. We aren't able to send those btc to anyone, it's virtual. There will be no wallet address no privet key. Just buy and sell through their service. So there is no point to use this. Though few people will use it being curious. As a long term bitcoin holder I'm never going to use their service. I need my own private key and be able to send it to other bitcoin address.

[Jeremy Franklin]

I won't use it. Just check what was posted here. Paypal + Bitcoin has nothing do to with "Be your own Bank" and obviously by using Paypal there is no financial freedom.

Check the Paypal FAQ here:

Cryptocurrency on PayPal FAQ

Are there any fees? [valid in 2020]
There are no transaction fees when buying or selling Crypto with PayPal until 2021, and there are no fees for holding Crypto in your account. However, PayPal will charge a spread (or margin) between the market price we receive from our trading service provider (Paxos) and the exchange rate between US dollars and the Crypto asset displayed to the user. You'll see the final exchange rate before confirming any purchase or sale of Crypto.

Can I use Cryptocurrencies to pay or send money with PayPal?
At this time, you cannot use Crypto as a way to pay or send money on PayPal.

Can I use my Cryptocurrency balance as a funding source for my purchases?
No, not at this time.

Can I transfer Cryptocurrency into and out of PayPal?
Currently, you can only hold the Cryptocurrency that you buy on PayPal in your account. Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal.

Will I get a private key for the Cryptocurrency I buy on PayPal?
You own the Cryptocurrency you buy on PayPal but will not be provided with a private key. In case you are wondering, a private key is a person's secret code to access and manage their Cryptocurrency.

[mk4]

Am I the only one who thinks this is bad news? As I understand it, you cannot withdraw Bitcoin from PayPal, so any money you send to them is lost to the Bitcoin community.

I've read somewhere earlier that apparently, you cannot withdraw bought bitcoin on the Cash App platform when they first started allowed buying and selling of bitcoin also. Hopefully it will be the same with PayPal sometime in the future. Idk, I just want to be optimistic I guess, even if I hate PayPal.

[Kong Hey Pakboy]

PayPal started to allow cryptocurrency on buying, selling, and shop with its network. It may be convenient for others to hold and buy bitcoin and other cryptocurrencies. But I will not buy bitcoin or other cryptocurrencies on PayPal because I have encountered issues in using PayPal a long ago upon receiving a transaction from a friend, and they didn't return my money. We may also not have any financial freedom with our bitcoins because they don't give and let you keep any private keys, so it is not secure to store your bitcoins with it.

[Oasisman]

I don't really trust Paypal since they are notorious for freezing accounts without any noticed. They'll probably question where your Bitcoin came from and it's going to be an inconvenience in my opinion.

I have to agree with this, specially when there's a huge amount of transaction involved using cryptocurrency.
This is something that crypto enthusiast must be aware of before using their service. This news might sound good for us coming from a big company, but there might be some inconvenience ahead of it. Infact some users have already sighted a few things which will cause inconvenience for the users in the future.

[mich]

I voted for NO and see Im not the only person (16 votes 50%.)

Im just curious why I never received this introduction email from Paypal as a person who has been using its services for many years now.

Wont be using Venmo as a Crypto wallet either when it becomes available.

[michellee]

I don't use Paypal for a long time ago, maybe that is about more than 5 years, but I think I still have my account. Maybe later, I will try to login into my account, and I will check if I can buy crypto using my Paypal account. Hm, but I think people who use Paypal will not directly buy crypto from their Paypal account before they can learn or search for the cryptocurrency and how the cryptocurrency can give benefits to them.

Maybe that can give Paypal members a new experience to buy something directly from their account, but I suggest you learn more about how to secure your crypto on the Paypal account since it is a new thing on Paypal.

As many members voted, I also voted Maybe. But I think I don't want to buy crypto from Paypal because I am afraid that my account can get freeze by them, and once it freezes, it will need many documents to proves that we are the owner of that account. Besides that, people who worry about KYC will not use Paypal to buy crypto because they don't want to verify their Paypal account. They better use the exchanges which don't need to do KYC.

[philipma1957]

I don't think Paypal will keep it this way for long, though.

What makes you believe so? It seems even payments will be settled in fiat:

Cryptocurrency payments on PayPal will be settled using fiat currencies, such as the U.S. dollar, meaning merchants will not receive payments in virtual coins, the company said.

If they're actually planning to go this route, there won't be any movements in the blockchain; they give you an IOU you can play with, and since it doesn't seem like they even give you a BTC address, it might be designed to stay that way. Neither you nor the merchant will ever touch any actual BTC.

I mean, I guess it's kind of smart since it appeals to people who only want to hold BTC for its price movements, letting them speculate and spend with negligible fees. If I were a casual, I would absolutely gobble this up.

I feel a bit conflicted because on one hand, it has essentially nothing to do with Bitcoin, and could even harm real adoption in the long run. On the other hand, it's huge for establishing Bitcoin as a legitimate asset class.

Since 48.5% voted no in the poll I would guess there is a lot of disagreement on this.

So far 1 guy purchased and it was only 20 usd worth. (that would be me)

Only 1 guy of 29 people.  This what BTC is up against 1 of 29 tried it out so far.

There is some good in that.  1/29 x 346 million = 11.931 million.

So maybe there are now 20 x 11.931 = 238.621 million worth of btc on PayPal books.

Would be more encouraging if it were  6 of 29 votes.