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Question: I ask : will you buy any btc from PayPal now that they let you do it?  (Voting closed: November 06, 2020, 01:28:52 AM)
Yes - 12 (13.5%)
No - 39 (43.8%)
I already purchased some - 4 (4.5%)
I will wait and see. - 17 (19.1%)
Maybe - 17 (19.1%)
Total Voters: 78

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Author Topic: Will you buy BTC from PayPal now that they are letting people do it?  (Read 1373 times)
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Lorence.xD
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October 22, 2020, 12:11:00 PM
 #41

My answer would be a no because in my country, there is already an app that works the same as Paypal. It is also worth mentioning that Paypal is not as popular here in my country, plus their requirements for identification is a little difficult for an average Joe like me because the easiest identification is driver's license and it is not uncommon for people my age group to not have a driver's license the reason is that public transport is shite here but it is affordable than having cars and the paperwork that comes with owning a car.

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October 22, 2020, 12:33:43 PM
 #42

As of now, no.
When they allow it to be moved it out to your own wallet. Mabye.
Depends on what / how they allow certain things.
3rd quarter Discover had the 5% cashback on PayPal purchases. If they allow that and their rates are fair, then yes.
Same thing with PayPal credit, can I get the 6 months / 12 months interest free financing when buying BTC? Same as above, if the rates are good then yes I will.

-Dave

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October 22, 2020, 12:44:24 PM
 #43

No, buying BTC from PayPal account will make someone not to have a good reward from the transaction. many people are complaining about the stress of purchasing BTC from PayPal at the end of the profit would not be enough for them to spend.
Many are not happy about what they got from PayPal reward which they invest so much money hoping the system will bring more profit. I have experience so many things during the pandemic that make me vow not to purchase BTC from PayPal  that caused me to lost all my money to scammer.

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October 22, 2020, 01:37:17 PM
Merited by michellee (2)
 #44

As of now, no.
When they allow it to be moved it out to your own wallet. Mabye.
Depends on what / how they allow certain things.
3rd quarter Discover had the 5% cashback on PayPal purchases. If they allow that and their rates are fair, then yes.
Same thing with PayPal credit, can I get the 6 months / 12 months interest free financing when buying BTC? Same as above, if the rates are good then yes I will.

-Dave

I have an account with retailmenot. I get rebates which I cash to my PayPal account.

I used $20 of my latest $51.32 rebate.

I know on BTC we are 'cutting' edge so to speak.

But PayPal is an easy peasy way to adoption for more then 300 million people.

To see I am the only person on Bitcointalk  buying a piece via PayPal shows me that BTC adaption for the mainstream is far far far away.

I think I will keep the thread open for a while and post when I turn a retailmenot cash rebate to more BTC.

I am due for a rebate soon. Grin

I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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October 22, 2020, 02:59:50 PM
 #45

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.

I also do not see the prospect of buying bitcoin through PayPal, as I will not be able to cash out or transfer to other PayPal accounts in the future. Also, I agree that this is not exactly rosy news because it contradicts the decentralization of Bitcoin. Transferring cryptocurrency through the centralized PayPal system is not very good and is incompatible with the whole element of the cryptocurrency market. Therefore, I think this news is partly bad for true crypto enthusiasts.





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October 22, 2020, 04:06:52 PM
 #46

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.
Do they not allow Bitcoin to be withdrawn from their wallets? That's too bad, can we keep the Bitcoins in our Paypal account without any taxes? They are losing Bitcoin's decentralization by not allowing people to withdraw their Bitcoins from the Paypal platform.

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October 22, 2020, 04:15:48 PM
 #47

buying bitcoin on PayPal is currently useless.
people use Paypal for payment, but you cant use bitcoin as a payment method in your Paypal.
you can only hold bitcoin with no private key in PayPal.
then, why people should use Paypal to buy bitcoin.

however, I vote for "maybe" and "I will wait and see".
but I still don't have any reason why and in which condition that I could possibly need to buy bitcoin from PayPal.
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October 22, 2020, 04:26:31 PM
 #48

I haven't received an email of notice about the BTC news from PayPal. I still have doubts but if I get a chance to try it then I would grab and experience buying Bitcoin from my Paypal account since I'm also receiving my online payments through it. There's no harm in trying and it's still an advantage if we'll know if it would work well for us.


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October 22, 2020, 06:16:49 PM
 #49

It's a hard "no" from me.  Now or ever.  They've been openly hostile towards Bitcoin from the offset.  There's certainly no reason to trust them now.  

They freeze or threaten to freeze their customers' accounts for using paypal to go anywhere near trading crypto and now think they can pull a full 180 and we're just going to forget about that and invite them in with open arms?

No chance.

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October 22, 2020, 06:53:53 PM
 #50

I thought I wouldn't do that...
it is currently much cheaper for me to buy Bitcoin on Binance or my favorite local exchange and the fees charged for shipping are very standard. I am not an active PayPal user, I'm afraid the fees they charge are high when I want to transfer to other wallets.

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October 22, 2020, 07:39:13 PM
 #51

I'm curious if the bitcoin price is gonna be cheaper or much worst in their exchange. But I'm expecting high fees when it comes to buying on the Paypal platform. You could probably buy some bitcoin on the websites just for backup bitcoin in your Paypal account but for people who wanted a private key, this is not a good choice.  The thing here is all of the Paypal users are gonna know that you could buy bitcoin on the Paypal platform and with that, there is a chance that they might be interested to invest in bitcoin as well so that is a big help in bitcoin adaptation.

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October 22, 2020, 08:24:42 PM
 #52

I haven't checked my paypal account and it's been a long time since I opened it. I don't know whether to get an offer or not. But I will pass it if paypal offers it, because my paypal account does not have the balance to buy bitcoin.
this is the way paypal is able to introduce bitcoin to its users. Of course it will also make more and more paypal users and more profits too.
Cryptocurrency adoption by PayPal has become a trending topic and is good news for cryptocurrency to be better known.

Maybe later I will try to buy bitcoin on paypal and try cryptocurrency payments on paypal.

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October 23, 2020, 01:15:17 AM
 #53

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

What makes you believe so?

Basically because of the utter absurdity of its current design. Their decision to allow users to buy and sell Bitcoin and a few altcoins may be worth appreciating but other than that everything is just pure garbage. Which makes people think if there is even real Bitcoins involved.

So this is probably just the first step. I guess they're very much aware how they are now being heavily criticized by Bitcoin supporters. While the price seemed to react positively to their decision they must have heard loud and clear the legitimate negative opinions aired by members of the Bitcoin community.





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LogitechMouse
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October 23, 2020, 01:54:49 AM
 #54

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'm thinking of trying buying some Bitcoins on Paypal and will transfer it to my Electrum wallet but when I saw this post from you, I said already "Now I will not buy on them, ever".

My main purpose of buying Bitcoins from Paypal is because I have an Paypal account and I can transfer my money there easily but the fact that you can't withdraw the Bitcoins is the one that I don't like. I will go for no with this. Yes it made the price of Bitcoin rise and that is a good news for short term but I doubt that there will be many Paypal users that will use this new feature of the app.

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jseverson
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October 23, 2020, 02:10:16 AM
Merited by philipma1957 (3), michellee (2)
 #55

To see I am the only person on Bitcointalk  buying a piece via PayPal shows me that BTC adaption for the mainstream is far far far away.

I think you'd have much better results outside Bitcointalk tbh. A lot of people are hesitant to buy only because they would rather hold their own coins, something that probably isn't as prevalent for the mainstream. I would be very surprised if Paypal doesn't make bank from this. The fact that prices surged could indicate that lots of people think this is a good move.

-snip-

Basically because of the utter absurdity of its current design. Their decision to allow users to buy and sell Bitcoin and a few altcoins may be worth appreciating but other than that everything is just pure garbage. Which makes people think if there is even real Bitcoins involved.

So this is probably just the first step. I guess they're very much aware how they are now being heavily criticized by Bitcoin supporters. While the price seemed to react positively to their decision they must have heard loud and clear the legitimate negative opinions aired by members of the Bitcoin community.

I really hope so, though I remain skeptical. The community only thinks the design is absurd because we've been taught that "not your keys, not your coins", but Paypal is such a reputable brand that common folk, and maybe even some actual enthusiasts, won't mind. I absolutely agree that the design is horrible, but at the same time I could see it working especially once the fiat-settled payments are integrated. We have to keep in mind that there are a lot of people who are only invested for price movements, and I could see this being huge for them -- I mean, they'd be able to hold Bitcoin for speculation and at the same time, be able to spend on a whim where Paypal is accepted. If you don't care about holding your own coins, that's an incredibly sweet deal.

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October 23, 2020, 03:12:01 AM
 #56

But wait.
We can assume, Paypal members have a lot of money inside their account, and once they know buying bitcoin is available through their account, I think they will try to buy it. And if they believe that bitcoin can give more money, I think they will still use Paypal to purchase and make more money.

There are differences between people who already know about crypto from a long time ago who don't want to reveal their identity while they use bitcoin (including me). But if that is happening to people out there who don't have much knowledge about cryptocurrency, I think they will be no problem to use Paypal because they already verified their account with Paypal.

They think that it doesn't matter if Paypal will know how much their funds in their account because they still believe in Paypal. If there are more people out there who can think like that, they will use crypto, and maybe, that will help crypto become mainstream among them.

We can let people decide if they want to verify their account or stay in the dark. But we can not deny that what Paypal did can help crypto become larger and grows than now.


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EdenHazard
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October 23, 2020, 10:38:03 AM
 #57

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

What makes you believe so?

Basically because of the utter absurdity of its current design. Their decision to allow users to buy and sell Bitcoin and a few altcoins may be worth appreciating but other than that everything is just pure garbage. Which makes people think if there is even real Bitcoins involved.

So this is probably just the first step. I guess they're very much aware how they are now being heavily criticized by Bitcoin supporters. While the price seemed to react positively to their decision they must have heard loud and clear the legitimate negative opinions aired by members of the Bitcoin community.
+1
So we can assumed that everything that paypal have done so far are in the grey area , they are just making an uncertain move by doing that intransferable coins they are making confusion to the crypto user that has been exist for years now.

That's what makes some of us prefer to wait and see instead straight go for fucking no  Cheesy
I'd suggest op to add or edit poll with fucking no in it , people might would be much more interested to vote lol
UXSequence
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October 23, 2020, 11:03:05 AM
 #58

https://i.imgur.com/86tsttL.png


We've taken a look at the new PayPal app with Bitcoin and created a clickable prototype. Let us know what you think?
uxsequence.io/paypal
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October 23, 2020, 12:42:25 PM
 #59

Just opened my PP account out of curiosity that no email offer to buy bitcoin was sent to me.

My account is locked because of new policies
After seeing this redflag on my PP account, I wouldn't plan to buy BTC there without considering them giving me a discount.
It's worrying that if I keep BTC, with full authority, PP will make weird stricter policies about Bitcoin ownership than ever before.

I don't think I have to move to another platform to buy BTC safely and comfortably.


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October 23, 2020, 02:08:53 PM
 #60

I personally using Paypal since 2007, I never had any problem with them. So for me Yes, I will certainly buy bitcoin from PayPal, because it will be easy for me to buy and sell there than an exchange. I trust Paypal, they are one of the biggest online payment services and been there for ages. Once Paypal starts bitcoin selling, it will be officially bitcoin using in the mainstream.

The problem with paying on Paypal is that their fees are too high from (1.5% - 2.5%) + 0.3 $ per transaction. I have never used cash to buy Bitcoin on Paypal, I will probably incur fees from their platform. Another problem is that can we withdraw Bitcoin to storage like other exchange platforms?

If there is only one thing for Bitcoin to be moved internally within the Paypal system, then bad because it doesn't help much for those who want to keep Bitcoin.





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