My 'vast' BTC hodl on PayPal

[The Cryptovator]

As we know PayPal has a chargeback issue. Since you bought BTC via PayPal account, I am a little curious to know if there is still a chargeback (dispute) option for crypto when you are using crypto PayPal to PayPal. PayPal also has not allowed us to create account from my country. So I can't read many details. I had opened an account when I was abroad, but unable to do KYC due to country restrictions. If chargeback exists even for the crypto off-chain transaction then I am not encouraged to hold cryptocurrency in a PayPal account.

[Wexnident]

According to their terms, it says you can't deposit or withdraw or transfer the crypto. So if you buy BTC on Paypal, what can you do with it exactly besides sell it back for US dollars sometime in the future. This is the part that I am confused. This seems like a good way to get people to invest in Bitcoin but will they ever be able to spend it?

I think they're just mainly promoting it as an investment? From what I read from their announcement that is, especially since their articles about crypto is more concentrated on the facts about the risks and benefits of investing/trading Cryptos/BTC. Also, you can "technically" buy using BTC, but according to Paypal themselves, they convert said BTC to the local currency of the merchant, so as to have 0 issues with difference in money/fees/etc. They cleared that up gladly enough, so I guess you can technically buy and sell crypto and use said crypto to buy stuff.

[vapourminer]

Look do I think anyone should have 25%-100% of their BTC on PayPal alone .

But a few bucks worth? yes.

Based on my past rebates earned on retailmenot.com. I will end up  buying 400 to 500 usd worth of btc from Oct 2020 to Dec 2021.

Should be fun to watch this.

yeah i may park a small bit there too. maybe robinhood too. mainly to support it on their platform, hopefully it takes off to a point.

yes its "paper" bitcoin that cant leave either platform. but its a start. people see it and hopefully wiull see its upsides (and of course downsides for that matter).

this may be peoples 1st real exposure to bitcoin. cant hurt imo. and seriously until people get the idea of real wallet security, seeds etc this may be their safest exposure for now.

[philipma1957]

Look do I think anyone should have 25%-100% of their BTC on PayPal alone .

But a few bucks worth? yes.

Based on my past rebates earned on retailmenot.com. I will end up  buying 400 to 500 usd worth of btc from Oct 2020 to Dec 2021.

Should be fun to watch this.

yeah i may park a small bit there too. maybe robinhood too. mainly to support it on their platform, hopefully it takes off to a point.

yes its "paper" bitcoin that cant leave either platform. but its a start. people see it and hopefully wiull see its upsides (and of course downsides for that matter).

this may be peoples 1st real exposure to bitcoin. cant hurt imo. and seriously until people get the idea of real wallet security, seeds etc this may be their safest exposure for now.

I am old for bitcointalk.
I am 63.
I can remember christmas clubs at a bank. You opened it dec 1 or so and put in 2 dollars a week.

you did it for 50 weeks. 100 bucks and a 5 dollar bonus.

105 back just in time to spend on christmas.

I am not saying I am going to put in 20 a week until dec 2021 but you could set a goal.
put away 10 a week for a year. then decide if you want to sell or hodl.

this is a true path to large scale adoption. So I am in.

My goal is purchase 400-500 of my retailmenot rebates over the next 15 months.

[adaseb]

I think its good because unless you are tech savvy, you shouldn't be holding any actual crypto. Its way too easy to get scammed. Way too much malware on a typical Windows 10 computer. Some people get their crypto stolen and have no idea how. These days I am not even sure that Apple computers are safe either.

Hardware wallet is great however most people don't want to spend $100. And most of the time people buy the hardware wallet AFTER they acquire the crypto and can get it stolen before they even get it working. Sure there is cold storage on Electrum but the learning curve for that is pretty steep. So keeping it on Paypal is pretty safe in my opinion. Why would someone hack someone's account if they can't withdraw the BTC? They wouldn't.

[mTrX]

Are you able to see the txid of your bitcoins?

I hope so, otherwise I  have the feeling that paypal does add imaginary bitcoins to your account.

[vapourminer]

yeah i may park a small bit there too. maybe robinhood too. mainly to support it on their platform, hopefully it takes off to a point.

yes its "paper" bitcoin that cant leave either platform. but its a start. people see it and hopefully wiull see its upsides (and of course downsides for that matter).

this may be peoples 1st real exposure to bitcoin. cant hurt imo. and seriously until people get the idea of real wallet security, seeds etc this may be their safest exposure for now.

I am old for bitcointalk.
I am 63.
I can remember christmas clubs at a bank. You opened it dec 1 or so and put in 2 dollars a week.

you did it for 50 weeks. 100 bucks and a 5 dollar bonus.

105 back just in time to spend on christmas.

I am not saying I am going to put in 20 a week until dec 2021 but you could set a goal.
put away 10 a week for a year. then decide if you want to sell or hodl.

this is a true path to large scale adoption. So I am in.

My goal is purchase 400-500 of my retailmenot rebates over the next 15 months.

i remember those

just bought bitcoin with robinhood (not to hijack, its just the time frame is the same as yours.. just a couple days ago). what a ULA you need to read through. not insured, might be hacked with no recourse, no forks. but grandma can add 10 bucks a week as you say. both seem to support it.

now my recurring buys may be at a regulated exchange but i think ill play this game too.

EDIT not affiliated with robinhood in any way

[philipma1957]

Now I want to show a few reasons why I like this.

block

653990 https://www.blockchain.com/btc/block/00000000000000000005210c76d26372c4f24ddb5e42774ca61392dc8f0582ca.  1.50 in fees


653989 https://www.blockchain.com/btc/block/00000000000000000006b6b35de0f63a5e2e9e97d2f79d2f91e85f7274c7667f    1.54 in fees

653988 https://www.blockchain.com/btc/block/000000000000000000048f9d4c1107bfcc5e5d4221b80675c97cf2c94a71604f    1.62 in fees

653987 https://www.blockchain.com/btc/block/000000000000000000097c34c6c6c7683689109696c86e0c8edd52099f6be9c5  1.02 in fees

653986 https://www.blockchain.com/btc/block/00000000000000000001d9a790b9055b636c9bf87dc142e37903def251fe3ac9  0.797 in fees



See what is happening movement of coins  = huge fees

I did a bing search yesterday

"PayPal and BTC".   25,100,000. hits

today 36,800,000 hits




93-106 Of 37,400,000 Results Any time ------------------ actually more in under 2 minutes time to set up post!!
Bitcoin prices surge after Paypal jumps into the ...

https://www.cnn.com/2020/10/21/investing/paypal-bitcoin-cryptocurrencies/index.html
2 days ago · PayPal is launching its own cryptocurrency service, allowing people to buy, hold and sell digital currency on its site and applications.
PayPal allows Bitcoin and crypto spending - BBC News

https://www.bbc.co.uk/news/technology-54630283
2 days ago · PayPal has entered the cryptocurrency market, announcing that its customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts.
PayPal Finally Welcomes Cryptocurrencies, Including ...

https://www.forbes.com/sites/roberthart/2020/10/21/paypal-finally-welcomes-crypto...
2 days ago · PayPal will support four different cryptocurrencies — bitcoin, ethereum, litecoin and bitcoin cash — together with fintech startup Paxos.
PayPal to Enable Bitcoin and Crypto Purchasing and Selling

https://cryptopotato.com/paypal-to-enable-bitcoin-and-crypto-purchasing-and-selling
2 days ago · In addition, PayPal customers will be able to spend Bitcoin to shop at over 26 million vendors already included in its network starting early 2021, Reuters reports. The company has stated that they are “working with central banks and thinking of all forms of digital currencies and PayPal can play a role.”
PayPal’s Just Introduced a Bitcoin Onramp to 346 Million ...

https://www.newsbtc.com/news/bitcoin/paypals-just-introduced-a-bitcoin-onramp-to-346...
1 day ago · There’s Nearly Twice as Many PayPal Users as BTC Users. On-chain analyst Willy Woo explained that the significance of the PayPal news cannot be understated. The platform currently has nearly double the number of users that Bitcoin has. “User base: PayPal 346m+ Bitcoin 187m+. This is a big deal,” he said while pointing to the below chart ...
Bitcoin custodian BitGo on the list as PayPal explores ...

https://seekingalpha.com/news/3625295-bitcoin-custodian-bitgo-on-list-paypal-explores...
6 hours ago · PayPal's interest comes alongside its move this week allowing its customers to purchase cryptocurrencies like Bitcoin , Ether , Litecoin , and Bitcoin Cash . PayPal is up 0.8% premarket, and ...
Bitcoin extends gains after PayPal move to accept ...

https://www.channelnewsasia.com/news/business/bitcoin-extends-gains-after-paypal-move...
2 days ago · LONDON: Bitcoin extended its gains on Wednesday after PayPal Holdings Inc said it will allow customers to buy, sell and hold cryptocurrencies. It was last up 3.2per cent at …
Litecoin paced BTC on PayPal's crypto news

https://blog.cfbenchmarks.com/btc-and-ltcs-peak-paypal-volume
1 day ago · BTC and LTC’s peak PayPal volumes A day ago, it was possible, even sensible not to read too much into eye-catching crypto price moves in the wake of major industry news. Bitcoin’s break above $12,000 after all, followed a third attempt in as many months, and as we noted, was not immediately backed by significant trading volumes.
'Bitcoin's No Longer Optional' — What Investors Say About ...
https://news.bitcoin.com/bitcoin-paypal-crypto-services
1 day ago · Paypal launching cryptocurrency services has given crypto investors much to think about. While many crypto users view the news as extremely bullish, some point out several areas of concern bitcoin ...
PayPal to Launch Crypto Buying and Selling Features - Decrypt

https://decrypt.co/45802/paypal-to-launch-crypto-buying-and-selling-features
2 days ago · At launch, PayPal will allow purchases of Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Although users will be able to pay with cryptocurrencies at around 26 million merchants in early 2021, the resellers will still receive the funds in the form of fiat currencies such as the US Dollar, the company noted.
PayPal now letting users trade Bitcoin and Ethereum, paves ...

https://www.androidpolice.com/2020/10/21/paypal-now-letting-users-trade-bitcoin-and-e...
1 day ago · PayPal has partnered with New York-based Paxos Trust to broker trades. It has also obtained a Bitlicense from the New York Department of Financial Services which mandated some of the company's...
PayPal will allow users to buy, sell and shop using ...

https://www.rt.com/business/504150-paypal-bitcoin-cryptocurrencies-launch
2 days ago · PayPal has jumped into the cryptocurrency market and plans to allow its customers to buy, sell and hold bitcoin, ethereum and other virtual currencies using their online wallets. The new feature, which was announced on Wednesday, is expected to be implemented in 2021. At that stage, users will be ...
Bitcoin Retests 2020 High Following PayPal News, Will BTC ...

https://marketinsider.net/bitcoin-retests-2020-high-following-paypal-news-will-btc...
2 days ago · NewsBTC. Rumors broke earlier this year that PayPal would be changing its tune on cryptocurrencies and would soon be supporting Bitcoin and other assets. Today, however, Reuters reports that PayPal revealed it would indeed be offering cryptocurrency payments across the 26 million merchants on its network starting in early 2021.
Bitcoin surges to highest since July 2019 after PayPal ...

https://theprint.in/economy/bitcoin-surges-to-highest-since-july-2019-after-paypal...
1 day ago · PayPal customers can buy, sell and hold cryptocurrencies including Bitcoin, Ether, Bitcoin Cash and Litecoin from digital wallets, as well as use the virtual money to shop at the 26 million merchants on its network. Shares of PayPal jumped 5.5% to …


Related searches for Paypal and BTC
btc my account
pay btc bill online
bitcoin express
Some results have been removed
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 I am using bing as they give me search counts.  Which keep on getting bigger and bigger.

[philipma1957]

Now as an update I purchased more. You can see I fill my PayPal account with 50.00+51.32 = 101.32 with rebates from retailmenot.com
I then used 61.32 to make 3 purchases  I have 40 usd in PayPal and 61.72 in btc a very small uptick in btc since I purchased

as I am worth 101.72 up from 101.32

[exstasie]

Surely may cause a bunch of buying-up of Bitcoins in any case.. It could hardly cause more sell-pressure..

Well, they (or Paxos) need to source all the BTC from somewhere. They might be using Robinhood's model, where they act as a market maker on various exchanges. When customers buy, they buy. Even if it's all sourced OTC, it should definitely provide some net bullish pressure on the market, especially at the get go when customers have a zero balance and thus have no BTC to sell. They can only buy.

If it is causing this pump, I don't know, but it seems so..

Definitely feels like a news pump. Whether that extends into a yearly breakout above the June 2019 highs remains to be seen. It's curious that BTC has diverged from stocks for the last several days. Not sure how long that's going to last.

Now as an update I purchased more. You can see I fill my PayPal account with 50.00+51.32 = 101.32 with rebates from retailmenot.com
I then used 61.32 to make 3 purchases  I have 40 usd in PayPal and 61.72 in btc a very small uptick in btc since I purchased

as I am worth 101.72 up from 101.32

How much are they are taking in fees? Can't tell from the screenshots.

[gentlemand]

I'm very interested to see how they develop this.

Is this the first step on a journey to much deeper and more integrated usability or are they going to attempt to 'Paypalise' Bitcoin?

History tells us very few of these operations have the vision to work to its strengths rather than trying to bend it, having it snap and twat them in the face and then slinking away in quiet disgust.

Hopefully there are enough people involved in this who've been watching past experiments closely. I'll believe it when I see it. Then again this may be exactly what most of the world actually wants. They're a bit stuck if they learn more and decide to move further though.

[philipma1957]

Surely may cause a bunch of buying-up of Bitcoins in any case.. It could hardly cause more sell-pressure..

Well, they (or Paxos) need to source all the BTC from somewhere. They might be using Robinhood's model, where they act as a market maker on various exchanges. When customers buy, they buy. Even if it's all sourced OTC, it should definitely provide some net bullish pressure on the market, especially at the get go when customers have a zero balance and thus have no BTC to sell. They can only buy.

If it is causing this pump, I don't know, but it seems so..

Definitely feels like a news pump. Whether that extends into a yearly breakout above the June 2019 highs remains to be seen. It's curious that BTC has diverged from stocks for the last several days. Not sure how long that's going to last.

Now as an update I purchased more. You can see I fill my PayPal account with 50.00+51.32 = 101.32 with rebates from retailmenot.com
I then used 61.32 to make 3 purchases  I have 40 usd in PayPal and 61.72 in btc a very small uptick in btc since I purchased

as I am worth 101.72 up from 101.32

How much are they are taking in fees? Can't tell from the screenshots.

I am watching jimmy fallon.

but they did mention the amounts.


0.00165030btc.    was the 21.32 purchase.

0.00154773btc was the 20.00 purchase.

0.00159934btc was the 20.00 purchase.

[lifeOK]

I planned to place cash into it. But I simply didn't have a clue whether i should or not, since paypal declared they will permit client to make bitcoin transactions larger part take it fun by saying paypal freeze your accounts and take your money so now I’m seeking help this remarks if make any sense?

[philipma1957]

I planned to place cash into it. But I simply didn't have a clue whether i should or not, since paypal declared they will permit client to make bitcoin transactions larger part take it fun by saying paypal freeze your accounts and take your money so now I’m seeking help this remarks if make any sense?

Every bank, credit card, etc money mover can freeze your accounts.

That includes PayPal.

Buy some btc on PayPal is just that

Note the word some BTC

not all your btc.

If you do 20, 40, 60 usd on PayPal it simply helps grease the wheels of progress.

But be sure to have other btc holdings.



At the moment I have 99 usd of coin frozen on an exchange.
I can trade it , but not withdraw it.
I will work on that problem next year.
Do I like having money/coins stuck on an exchange no. But it is only 99
I have money in paypal 40 cash 61 in coin it is not stuck as of today
I have coins and money on Coinbase it is not stuck as of today.

I have coin in wallets it is not stuck as of today.

This is simply being diverse.

[adaseb]

Are you able to see the txid of your bitcoins?

I hope so, otherwise I  have the feeling that paypal does add imaginary bitcoins to your account.

No you won't because it's not a transaction on the blockchain. You are buying it from a 3rd party who bought it somehow and their transaction appeared on the blockchain but you can't see it.

They can actually put fake BTC in your account if they please however if BTC goes to $20K and everybody wants to cash out they will be on the hook for the difference. Since they aren't some scammy bucket shop Forex broker they would need to deal with regulators. So most likely they hedge their exposure somehow. Even with the futures markets.

[sirazimuth]

logged into my pp account for 1st time in like 2 years...

Good news... had a shitload of points that I cashed out. (my default cc I use for all purchases that is set on auto monthly payoff)
Forgot about that, lol....   Hey now!... I'll just turn that cash into bitcoin!!

bad news....   gotta wait 2 weeks??   wtf?

[philipma1957]

logged into my pp account for 1st time in like 2 years...

Good news... had a shitload of points that I cashed out. (my default cc I use for all purchases that is set on auto monthly payoff)
Forgot about that, lol....   Hey now!... I'll just turn that cash into bitcoin!!

bad news....   gotta wait 2 weeks??   wtf?

I am highly active with paypal.

I guess it was why I was able to do it so easily.

Would be nice to know how many were stalled like you were.

[exstasie]

How much are they are taking in fees? Can't tell from the screenshots.

I am watching jimmy fallon.

but they did mention the amounts.

0.00165030btc.    was the 21.32 purchase.

0.00154773btc was the 20.00 purchase.

0.00159934btc was the 20.00 purchase.

Didn't know your time zone, so I wasn't sure what the exact BTC price was at the time and thus how much they took out. But I dug into it and apparently:

You can expect to pay 2.3% for transactions below $100, 2% for transactions between $100 and $200, 1.8% for transactions between $200 and $1,000 and 1.5% for transactions above $1,000. There's a minimum fee of $0.50 for transactions below $25.

The page also says there will be some spread between buy and sell prices. Fees will be waived until 2021.

https://techcrunch.com/2020/10/21/paypal-to-let-you-buy-and-sell-cryptocurrencies-in-the-us/

So I guess there are no explicit fees right now, just those implied by the spread. The fees, when they do kick in, don't look bad compared to Coinbase, who would charge 1.49% + $2.99 on each of those purchases. But I do wonder how big the spread is.

They can actually put fake BTC in your account if they please however if BTC goes to $20K and everybody wants to cash out they will be on the hook for the difference. Since they aren't some scammy bucket shop Forex broker they would need to deal with regulators. So most likely they hedge their exposure somehow. Even with the futures markets.

Paxos has a state trust charter and Paypal was just granted a conditional BitLicense. I'm pretty sure (although not 100% positive) they need to fully back all digital assets.

[thecodebear]

According to their terms, it says you can't deposit or withdraw or transfer the crypto. So if you buy BTC on Paypal, what can you do with it exactly besides sell it back for US dollars sometime in the future. This is the part that I am confused. This seems like a good way to get people to invest in Bitcoin but will they ever be able to spend it?

I think they're just mainly promoting it as an investment? From what I read from their announcement that is, especially since their articles about crypto is more concentrated on the facts about the risks and benefits of investing/trading Cryptos/BTC. Also, you can "technically" buy using BTC, but according to Paypal themselves, they convert said BTC to the local currency of the merchant, so as to have 0 issues with difference in money/fees/etc. They cleared that up gladly enough, so I guess you can technically buy and sell crypto and use said crypto to buy stuff.

Its similar to Robinhood, but on Paypal you can also spend your Bitcoin. These kind of centralized services are good for people who want exposure to bitcoin (and might want to use it for purchases) but don't want to deal with learning about how to store bitcoin and whatnot. I would imagine most people in the end will use centralized services with regards to Bitcoin, taking advantage of Bitcoin's gains and perhaps its use as money, but not its security and self-banking features. And that is perfectly okay. Not every needs to use Bitcoin for all its advantages, sometimes convenience beats features.

[philipma1957]

How much are they are taking in fees? Can't tell from the screenshots.

I am watching jimmy fallon.

but they did mention the amounts.

0.00165030btc.    was the 21.32 purchase.

0.00154773btc was the 20.00 purchase.

0.00159934btc was the 20.00 purchase.

Didn't know your time zone, so I wasn't sure what the exact BTC price was at the time and thus how much they took out. But I dug into it and apparently:

You can expect to pay 2.3% for transactions below $100, 2% for transactions between $100 and $200, 1.8% for transactions between $200 and $1,000 and 1.5% for transactions above $1,000. There's a minimum fee of $0.50 for transactions below $25.

The page also says there will be some spread between buy and sell prices. Fees will be waived until 2021.

https://techcrunch.com/2020/10/21/paypal-to-let-you-buy-and-sell-cryptocurrencies-in-the-us/

So I guess there are no explicit fees right now, just those implied by the spread. The fees, when they do kick in, don't look bad compared to Coinbase, who would charge 1.49% + $2.99 on each of those purchases. But I do wonder how big the spread is.

They can actually put fake BTC in your account if they please however if BTC goes to $20K and everybody wants to cash out they will be on the hook for the difference. Since they aren't some scammy bucket shop Forex broker they would need to deal with regulators. So most likely they hedge their exposure somehow. Even with the futures markets.

Paxos has a state trust charter and Paypal was just granted a conditional BitLicense. I'm pretty sure (although not 100% positive) they need to fully back all digital assets.

I think it is true as they are restricting people and putting them on waiting lists to buy.