ㅤ

[error08]

Also don't forget about this email before coming from them.

~snip~

Source.

it was confirmed as fake, more likely to be a fraudulent attempt.
~She said that from the email address, it does not appear to be legitimate. She then checked my account and said that it is fine...
“I don’t know,” Mr. Veksler continued. “All I can tell you is that customer support said it’s fake but the email looks legit, including the digital signatures. I’ve never bought or sold crypto with my account.” Reading of the company’s policy makes no mention of prohibiting cryptocurrency trading of any kind. On the company’s community page, it appears to have labeled the issue solved, with users confirming through representatives the email is indeed a fake


PayPal offers a good opportunity for users to buy or sell cryptocurrency or transact with merchants. However, this service limited only to users who live in the U.S. and using Venmo app. Consider it like exchanges service, you can buy and sell cryptocurrency but they don't give you the private key, it will be better if PayPal enables users to send bitcoin to their personal wallet, "not at this time" doesn't mean never in the future, probably in 2021.

What did PayPal announce around Crypto?
We announced that PayPal users in the U.S. can buy, sell and hold select Cryptocurrencies directly through PayPal using their Cash or Cash Plus account. Users will be able to learn about Crypto, track crypto prices, all without leaving the PayPal app. We plan to introduce this service to Venmo in 2021.
PayPal also announced that it will enable Cryptocurrency as a funding source for purchases in 2021, allowing users to use their Cryptocurrency holdings to make purchases at its network of more than 26 million merchants. Once launched in 2021, when a consumer selects Cryptocurrency as the funding source, the Cryptocurrency will be instantly converted to fiat currency and the transaction will be settled with the PayPal merchants in fiat currency.
(Venmo, which is restricted to personal use, is often free and exists partly as a digital wallet, and partly a social media feed. Certain daily and monthly transaction size limits apply)

How about the fees? read more below
Source

[20kevin20]

Many institutions and platforms will turn in favor of Bitcoin because they realized attacking it is in vain. But this is exactly what should convince us not to use their platforms anymore.

Providing BTC through PP will be a big convenience for many. A lot of people will think of how easy it now became to purchase and sell BTC thanks to PP - but it's like storing your wallet in some stranger's purse at all times. A day could come when the stranger might not want to give you your wallet back anymore.

It's just a bunch of nonsense that unfortunately works. People prefer storing money in someone else's wallet when they have the completely free option to store it in their own.

[LogitechMouse]

For some investors or traders, this news will give them profits for them in the short term.
For us Bitcoin users and have been here for quite some time, maybe some are happy but in the end we know that this is purely business.

We know how Bitcoin works and we know also how Paypal is anti when it comes to Bitcoin years ago. Although there are rumors regarding this, I didn't expect that it will really happen. I'm not expecting too much into this though the awareness to spread Bitcoin can be increased with the help of Paypal.

[boyptc]

We’re all veteran bitcoin users, whilst PP’s bitcoin integration isn’t perfect (far from it) it provides a platform for average Joe who isn’t tech savvy to buy bitcoin. It will help with mainstream adoption, as time passes I believe they’ll change their minds & allow private key retention for the user. Let’s just ride the wave for now & enjoy the price increase.

This is the first thing that I've thought of when paypal has announced the news.

For people like us who have been transacting directly and won't go to any third party. We understand the downside of it.

But for those users that can't trust any other people telling them what to do, they'll choose the reputable platform that any stranger bitcoin expert/veteran on the web.

[bitmover]

But is everything so rosy? Recently SatoshiLabs released an article that says why you shouldn't use Paypal for Bitcoin.

Thanks for sharing, very nice article.

At best, this announcement indicates that they may fear sinking into irrelevance. Do not use PayPal for Bitcoin; there are many other places to buy crypto which will let you keep ownership of your coins.

This is probably the reason why they did it. And at the same time they are making a custodial service which almost nullifies bitcoin.

However, there are still reasons to use Bitcoin with Paypal.

• Paypal is largely accepted (more than bitcoin). So, theoritically, bitcoin is now a payment method in every website that accepts paypal.
• It is easier(and legal in some countries) to avoid taxes of your bitcoin gains buying stuff with bitcoin. You could buy expensive stuff such as airline tickets with bitcoin/paypal to dump a big stash of btc without any taxes.

For example. A few months ago I wanted to buy a Coursera course with bitcoin

I know they accept paypal and I could exchange BTC for paypal, but paypal has very abusive fees in my country.

Does anyone know any way to pay a course with bitcoin there?

There was no solution for that. But it is now possible.

However (big however now), Bitcoin is accepted with paypal only in USA. This almost nulify all the benefits I mentioned above. But that would be HUGE if I could just add bitcoin to my paypal account and buy stuff online in another countries.
I would avoid about 10% taxes/fees in everything I bought online (yeah, about 10%.. it is very sad to live in a shitful country). I could avoid all that using BTC, but it is not largely accepted.

[Fundamentals Of]

If anybody wants Bitcoin, I mean really wants to own Bitcoin, then there is no point making the purchase through paypal. There is nothing to gain if they do that. It will just become a burden in the future. I believe there are a lot of other options available when buying Bitcoin. P2P purchases are the best way. If there's none found, they better do it in exchanges. At least they will be allowed to take their Bitcoin away immediately after having it and then keep it somewhere safe where they own the private keys.

It seems paypal itself does not truly understand Bitcoin at all.

[20kevin20]

• It is easier(and legal in some countries) to avoid taxes of your bitcoin gains buying stuff with bitcoin. You could buy expensive stuff such as airline tickets with bitcoin/paypal to dump a big stash of btc without any taxes.

From a legal POV, I don't think it's a very good move to avoid taxes this way. In my country at least, it's been mentioned over and over that the purchase of digital/physical goods using BTC still counts as a taxable action if your profit has been used to pay for it.

[OcTradism]

Bitcoin transaction is irreverisble but Paypal transaction can be reversed (chargebacks). I don't make an exchange between reversible and irreversible payment methods.

It is for both buying and selling bitcoin but if I am selling bitcoin, I have one more reason to not use PayPal. My bitcoin will be send first and my fiat money in PayPal can be chargeback weeks later. It is risky for my side and I can not control it.

Because I am still using bank account and bank transfer, I would like to use bank transfer to buy courses or some other things that I can not buy them directly with my bitcoin or crypto. I don't use PayPal.

[DoublerHunter]

If anybody wants Bitcoin, I mean really wants to own Bitcoin, then there is no point making the purchase through paypal. There is nothing to gain if they do that. It will just become a burden in the future. I believe there are a lot of other options available when buying Bitcoin. P2P purchases are the best way. If there's none found, they better do it in exchanges. At least they will be allowed to take their Bitcoin away immediately after having it and then keep it somewhere safe where they own the private keys.

It seems paypal itself does not truly understand Bitcoin at all.

^ For people who don't care about privacy, Paypal is the best option for purchasing bitcoin since it is very easy to use and has a wide variety of industries that accept Paypal as a payment processor. I don't see any problem with using Paypal to purchase bitcoin and it is good if we have different ways of purchasing bitcoin in an easy way. However, this will bring good benefits to the bitcoin that gain massive adoption. Nevertheless, let see how the result will going on upon the recent announcement of paypal that accepts bitcoin, let us do hope it will have a positive result.

[Nalbo]

Paypal has been anti bitcoin and crypto for all these years. They just needed to hear the word crypto to ban users and reverse payments. When there's crypto involved, there were no chances for disputes to settle the right way. I dumped paypal and have came along good. I know for some people, Paypal would be easier way to buy and sell coins but they are not the right way to crypto. There would be privacy concerns as always and be ready for freezes and constant hassle to keep your account active.

[20kevin20]

Such an influential payment system that accepts cryptocurrency and gives complete freedom of action with its funds - what could be better?

Does it give complete freedom of action with the funds though? The Trezor article you've quoted tells me the opposite: "The fact that this clause remains in their policy suggests that they intend to limit users to use only their platform for cryptocurrency, stifling competition and preventing users from ever withdrawing their cryptocurrency to the safety of a wallet they control the keys to."

I don't think PP will ever allow their customers to fully control funds tbh. This is not something massive corporations will ever support - it's more of a wet dream of ours. Even AtomicDEX, an exchange that used to be decentralized, is going to implement KYC and AML regulatory procedures.

[bitmover]

Of course, these are all good points, PayPal is a global payment system, but if they revise their centralized vision, it will raise them in the eyes of the community at times. Such an influential payment system that accepts cryptocurrency and gives complete freedom of action with its funds - what could be better?

I don't think their centralized vision is the problem. They are a company making money, and they are very good at it, as there is a great demand for their services.

Their service is very interesting, as it makes payments from different currencies very easy and smooth (for a high fee although). I know some people that use paypal for their services and it works very well. It is easier to use than bitcoin, and it may be the best payment method for some situations (as you don't need to worry about exchanging currencies, buying bitcoin in an exchnage, creating a wallet, etc, which can be very time consuming for newcomers)

You don't need to use your paypal account to hold your bitcoin live savings. Do you want to buy a coursera course with bitcoin for 50 usd? Just transfer 0.0045 USD to paypal and get your course with bitcoin. Keep your stash in a HW.

[hatshepsut93]

I think this is all fairly obvious to anyone who believes in Bitcoin's core values, rather than viewing it as just an investment. The big question is, would PayPal do more harm or good to Bitcoin ecosystem? On one hand it's another centralized gateway, even worse than the current exchanges, because you can't get your coins, on the other hand it gives exposure to Bitcoin to hundreds of millions of people, many of whom otherwise could never try it. Some of those people would eventually graduate to buying Bitcoin on other platforms.

But let's not forget that if not a lot of people would be using this new PayPal's feature, then it will be just irrelevant.

[Bitcoin Brazil]

Eventough Paypal must not be the best place to buy it, we have to consider this a big step. Paypal has a huge database of clients.


This means another 100 million people at least reading about bitcoin.

Some will adopt, some will ignore.

Some 5 years later will be happy others will regret. hehe

[bittraffic]

I guess it's up to us to also provide educational content about "not your key, not your coins" so people who use PayPal will learn about security to learn to store their coin in their own wallet.

The paranoia that authorities, FEDs, and banks are trying to make cryptocurrency to be centralized is probably true. Its just not right that Paypal will really be doing this without them planing ahead of what they would do next.

[ChiBitCTy]

PayPal NEVER wanted to add cryptocurrency to their platform so lets just start off with that.  This goes against their business model and is very telling how far bitcoin is coming along that they actually did add it to their platform.  That said, PayPal is a scumbag piece of shit company that is as immoral and corrupt as they come.  PayPal also reports transactions, so keep that in mind. They (kind of like Coinbase) will ban you whenever they please as well as lock up your funds...my advice...stay far away!

[TedMosby]

I used Paypal since 10 years ago I think. I used it for online microtransactions.
in 2015-2015, Paypal limited my account. Unfortunately, I still had funds on in Paypal account.
I can't use my PayPal to send or withdraw my money before I follow their instructions.
I need to send my ID, billing address, etc. That was my first online KYC.

When I heard that Paypal will have Bitcoin integration, I was like..
duck you P, you will make users complicated when they need it  

let them promotes Bitcoin.
but don't use it

[BlackHatCoiner]

First of all I want to state this. I somehow find ironic this joke that Paypal started buying/selling bitcoin. And I do, because bitcoin and paypal were pictured as opponents on our minds years ago. Bitcoin created for avoiding money transfer sites with the so-called "middleman". The most famous online money transfer site is (and it'll always be) Paypal. Since Paypal started accepting bitcoin as an investment, as far as I've understood, it means it's finally defeated. Just kiddin'  

Now, generally this kind of bitcoin purchase should be avoided for the reasons OP said. It doesn't happen only on paypal, I've seen sites that don't allow you to send bitcoins to addresses such as Revolut. If someone, though, is completely unfamiliar with bitcoin (and he/she doesn't care to learn at all), then I think that paypal wouldn't be a bad choice. He/She just wants to invest, nothing more. There are always those that need a third party.

#satoshi_would_be_proud

[Inkdatar]

This is the news that makes crypto enthusiast surprise about. PayPal has many users, if a persons wants to use the service of bitcoin using PayPal it’s their option but it should down notes the risks. There are other ways on how to have bitcoin in purchasing it through the exchange, so the main point here is people should still be cautious in doing transactions since it has been said not your keys, not your coin.

[ololajulo]

The news might provide more trust and known used case for cryptocurrency around the world but the alternative in such market cant be justified. For a volatile coin, it will remain a challenge for valuation. It is also another means to provide identity to wallet users, pay taxes to other countries and accrue cryptocurrency for the country in a bullish market. Why the development now since 2018?