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

[philipma1957]

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.

Really good post.

years ago 2012 I joined here and i went public.

I linked my same name ebay account. My id is well known my address is well know and I am kyc at

ebay
paypal
coinbase
bittrex

so I dont care about kyc for me personally.

do i hold it against those that stayed hidden no.

that is their choice.

I will say this staying hidden is not going to be as easy as it has been.

Btc will go legit and it will be tracked.

Paypal lets you be kyc right from the getgo.

So I purchased 40 usd worth.

It is on record. I have no tax issue until I sell it. That is simple easy investment for a USA citizen.

[Darker45]

-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.

We see it as absurd not primarily because we don't have the keys. That does not make their entire design very horrible. Many of us might actually be using custodial and exchange wallets, after all. What makes their design extremely ludicrous or even nauseating is that [1] you don't even have an address, [2] you cannot withdraw or even deposit, [3] you cannot even send it within Paypal itself. It would have been less absurd if they don't want it to be withdrawn outside Paypal, but even from one Paypal user to another? That's beyond reason.

It makes a newbie ask, what then should I do with it? What's the point of buying in the first place? Just to play with the price? Everybody can do it somewhere else where the basic features such as deposit and withdrawal are available.  

[Gotumoot]

Nope since it would be useless for me I would just pay another transaction fee while I could just simple buy it on exchange since I would just use it to trade and I could be the one to set up the price when to buy it.
I also have hardware wallet to secure my long term investment so I wouldn't need to hold any long term crypto investment on any online wallet or exchange.

[molsewid]

Maybe, if bitcoin's price on Paypal was reasonable or too close compared to the exchanges' price, and some bitcoin users will probably use it rather than buying peer-to-peer. Of course, many people prefer a safer transaction, so I think even if the fee on Paypal is too high, many will use it to buy bitcoin. I answer maybe because I was already using a platform that can easily buy and sell bitcoin with our country's currency, but if I don't know this, I would probably use Paypal to buy bitcoin.

[Assface16678]

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.

That is more likely to happen. The benefit this industry would get from PayPal offering their network to crypto is the hype and influence they could bring to those who are still not knowledgeable to cryptos. Those who are exposed to this community will surely choose to go with the "traditional" way of selling and buying cryptos due to lower fees and that sense of  assurance in a way that transactions are all transparent than using this third party network. But if there will be further developments and if it would be more convenient afterwards, it might make a change.

[DrG]

I'm not sure where Paypal is getting their spot BTC price from. It seems higher than Coinbase/Binance for the 4 times I checked it in the last 3 hours. This is before the transaction fees.

I am happy to see it being listed as an option. Although it's only a matter of time before they issue 1099s for any transaction. Remember is you buy BTC on Paypal and you're filing taxes in the US there's a check box now on the 1040 form that asks if you had any transactions in crypto during the fiscal year. Even buys need to be noted on that form per my CPA.

[michellee]

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That is good. People will have their own choice, whether they will use bitcoin or stick with the traditional payment or still use Paypal.

I also verified myself for the exchange, and I don't have a problem with that because I think that I need that exchange to trade. But I only verified with the recommended exchange, and if I don't know if the exchange is legit, I don't want to use that.

If people often use Paypal because he has a business, maybe he will use crypto in the end because curiosity will make him search for how to use crypto.

So back to what I said before. That will depend on themselves to decide, and we know that bitcoin is legit. They will also think like that. Once many people think like that, bitcoin will go mainstream, and that can not be unstoppable.

[CODE200]

Maybe, if bitcoin's price on Paypal was reasonable or too close compared to the exchanges' price, and some bitcoin users will probably use it rather than buying peer-to-peer. Of course, many people prefer a safer transaction, so I think even if the fee on Paypal is too high, many will use it to buy bitcoin. I answer maybe because I was already using a platform that can easily buy and sell bitcoin with our country's currency, but if I don't know this, I would probably use Paypal to buy bitcoin.

It would be a matter of which is more convenient to trade, buy, and sell Bitcoin. If there will be delays, higher fees and other issues, people in this industry would more likely choose the traditional exchangers in order to do so. Chances are high that those which are not that familiar to cryptos are the ones who would engage to PayPal in order to do so. I am personally aiming still with exchanges in order to buy an amount of it, with further observations on how will things work for this network. But I am still waing for more feedbacks on how their experience went.

[Kupid002]

Maybe, if bitcoin's price on Paypal was reasonable or too close compared to the exchanges' price, and some bitcoin users will probably use it rather than buying peer-to-peer. Of course, many people prefer a safer transaction, so I think even if the fee on Paypal is too high, many will use it to buy bitcoin. I answer maybe because I was already using a platform that can easily buy and sell bitcoin with our country's currency, but if I don't know this, I would probably use Paypal to buy bitcoin.

Base on the reply above bitcoin is more expensive in paypal compared to other well-known us based exchanges. and you need to add that you need to pay for taxes after buying There  and transaction fees you  need to pay when you buy crypto using paypal you need to also considered the  widrawal fee if ever you transfered it to your own wallet , you need to calculate every little details to know if its really worth it to buy crypto in PayPal.

[coolcoinz]

No, I won't.
First of all it's a centralized service and I don't like PayPal for their previous bashing of BTC.
I also won't do it because I don't want to show support for their business and I'm afraid that they will actually use my money to buy BTC for themselves and then ban me for whatever reason and claim my coins. I've read stories about people banned and blocked by PayPal so maybe I would buy if they were the only option out there, but they're not.

[Alucard1]

No, I won't.
First of all it's a centralized service and I don't like PayPal for their previous bashing of BTC.
I also won't do it because I don't want to show support for their business and I'm afraid that they will actually use my money to buy BTC for themselves and then ban me for whatever reason and claim my coins. I've read stories about people banned and blocked by PayPal so maybe I would buy if they were the only option out there, but they're not.

Yeah! It is really not a good idea if we use PayPal to buy bitcoin because it surely has a big transaction fee and will just give us a headache. It is really better if we use other exchanging site that is most recommended by the professional bitcoin trader or bitcoin stocks maker. In my own experience, I use different wallet with different coins so that i won't get bankrupted. If one goes down then i won't lose a lot but the disadvantage on what i am doing is when one site goes up, i only earn a little but I think it is better than no earnings.

[Cnut237]

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

Maybe. You can't do much with it other than just hold it, so it's kind of pointless... but I'm tempted just because this is a big mainstream company dipping their toes into crypto, and I want it to be a success so that they expand on this and allow buying and selling using bitcoin. Overall I do think this development is positive news, and we should welcome it. Mainstream integration starts with small steps, this is one.

[CarnagexD]

Maybe, if bitcoin's price on Paypal was reasonable or too close compared to the exchanges' price, and some bitcoin users will probably use it rather than buying peer-to-peer. Of course, many people prefer a safer transaction, so I think even if the fee on Paypal is too high, many will use it to buy bitcoin. I answer maybe because I was already using a platform that can easily buy and sell bitcoin with our country's currency, but if I don't know this, I would probably use Paypal to buy bitcoin.

I don't see paypal coming too less for the price of bitcoin entering a so late competition among exchanges. If Paypal would open things like this there will be an edge for sure, they won't getting into a 'war' versus exchange offering services that is alike without having this advantage in the first place. But personally knowing that there is already reputable services that I can get in different platform, I won't bother myself buying bitcoin or any currency in Paypal, Perhaps I'll just try it for the sake of its trend  

[enhu]

I'm not very aware of what paypal is offering but I heard some users can't withdraw their BTC to store on their own wallet.

I may also buy is things will be different and if they have lower price. ITs easy to make transaction now out of the money earned from freelancing to investing crypto. But there is always a voice inside me also telling not to use paypal. 

[pixie85]

I'm not very aware of what paypal is offering but I heard some users can't withdraw their BTC to store on their own wallet.

I may also buy is things will be different and if they have lower price. ITs easy to make transaction now out of the money earned from freelancing to investing crypto. But there is always a voice inside me also telling not to use paypal.  

I'll also choose to sit this one out for the moment.

There are many different opinions and until it's clear whether paypal BTC trading is safe and works the way it's supposed to it's an unnecesary risk.

I'm very happy that paypal took this step but it's still just another centralized exchange.

[OROBTC]

I'm not very aware of what paypal is offering but I heard some users can't withdraw their BTC to store on their own wallet.

I may also buy is things will be different and if they have lower price. ITs easy to make transaction now out of the money earned from freelancing to investing crypto. But there is always a voice inside me also telling not to use paypal.  

I'll also choose to sit this one out for the moment.

There are many different opinions and until it's clear whether paypal BTC trading is safe and works the way it's supposed to it's an unnecesary risk.

I'm very happy that paypal took this step but it's still just another centralized exchange.

That's about where I am at.  I am glad PayPal has allowed a way to participate, imperfectly, with Bitcoin, but I have other methods I prefer.

Recently I signed on with LibertyX, they have a way to buy BTC for CA$H at almost all CVS stores and 7-Elevens.  You have to go through KYC, that's really the only drawback, but if you don't mind...  LibertyX currently offers BTC as below:

-- $20 - $500 limits IIRC
-- a $4.95 flat fee
-- They sell BTC at the "offer price", so a bit higher than, say, preev.com's BTC price.
-- Customer chooses "fast" or "slow" confirmation/miner's fee
-- LibertyX may end this October 31, check!  

libertyx.com

The above works out to about 1.8% TOTAL premium -- with "fast" confirmation for a $500 purchase, which is pretty good!  Note the $4.95 flat fee, obviously premium would be a higher percent for smaller BTC purchases.  I have done this a few times now, it's a cheap way to buy BTC without messing with exchanges.


edited for clarity

[aesma]

Simple answer is no as I have no use for "Paypal BTC" at this point.

However I'm a big user of PayPal, and a BTC enthusiast, so I hope PayPal can improve their offering over time. If they could accept BTC deposits, that could be used when buying goods and services, then that would be useful.

[Lanatsa]

Simple answer is no as I have no use for "Paypal BTC" at this point.

However I'm a big user of PayPal, and a BTC enthusiast, so I hope PayPal can improve their offering over time. If they could accept BTC deposits, that could be used when buying goods and services, then that would be useful.

Lets hope that they would really go into that extent where btc deposits would already be available but I highly doubt that they will really be into that transition but who knows?

In the question if I would consider on making up some purchase? Yeah I might try but the same as op where I will test out for 20 bucks and never intend to go above that point.

Nothing beats if you do held up your coins into a wallet where you do possess its keys.

[Yatsan]

I have voted maybe on the poll you have created for the reason that I am still not sure if I would try buying Bitcoin using PayPal or not. Well, it is good that such a big and well-known electronic commerce is now allowing the purchase of Bitcoin on their platform, still I find it easy and more comfortable to purchase using an exchange. But maybe I can still think about it for a while if I would reconsider purchasing Bitcoin through the use of PayPal. But as of now, my answer would just be a maybe for I still do not find a concrete reason for me to try buying Bitcoin using such platform.

[Searing]

Simple answer is no as I have no use for "Paypal BTC" at this point.

However I'm a big user of PayPal, and a BTC enthusiast, so I hope PayPal can improve their offering over time. If they could accept BTC deposits, that could be used when buying goods and services, then that would be useful.

I will buy Bitcoin and Litecoin and maybe ETH (not a chance in hell I'm gonna buy Bitcoin Cash) ....for the following reasons:

I 'suspect' given some time like the old PayPal Viemo...that will become a crypto PayPal wallet now...in that  to PayPal did 'eventually' allow

Vimeo to let you take crypto in/out....so I am 'suspecting' the same here, eventually, with such options in PayPal.

It is NOT that big a stretch to see PayPal, IMHO...suddenly start to act like Coinbase and such. Indeed, cutting into BTC/Crypto Exchange

action via PayPal instead makes a lot of sense for PayPal to do. Not saying the fees would be any less...maybe even more...but they won't stop

with where they are now with crypto and PayPal actions, IMHO.

I also think that it is a 'matter of adoption'. IF PayPal did allow crypto actions in/out even with KYC and such that Coinbase has to do..I think they

will clean up....mostly to our benifit in the way of great inroads into adoption and hopefully HODL'ing to the masses via some 'toe-tipping' into the

waters of PayPal.

Just saying, IMHO, BTC/Crypto is 'virtual land. In Bitcoin's case 18.5 million or the 21 million coins are 'already' mined and out in the world..so

it all depends on adoption to build the 'infrasture' on top of this 'virtual land'. The internet backbone, you made NO $$$ on that, the $$$ were in

the apps like Facebook/Ebay/etc. With BTC/Crypto it is adoption and use, the $$$ are not mostly in the apps..they are mostly reflected eventually

in the BTC blockchain and reflected in BTC price (or as I think of it ..virtual land) so...anyway, how I see it. PayPal will 'evolve' into Coinbase in

some manner or another (good or bad) and Banks IMHO MAY never allow you to have access to your BTC/Crytpo holdings...I suspect they never

will go beyond in/out and never give you direct access to coins. As of 'virtual' type stuff like PayPal...well....I am more hopeful in that they did

eventually allow such with Viemo ...that is to become the wallet.

Of course, back to this thread...IF PayPal 'does' manage to buy BitGo...then they could do the above and use PayPal as it is 'as the in' with links

inside to further just use Bitgo....that would be from  PayPal's point of view the quick and easy way to land like an Elephant in the BTC/Crypto

Playground indeed!

again I know zip, at one time I believed in ButterFly Labs...so keep that in mind..but how I see things likely to play out one way or another

Brad