My 'vast' BTC hodl on PayPal

[philipma1957]

That is the deal here isn't it? You do not have to buy and sell, you do not need to trade, you do not need to deposit or withdraw, this could be just for pure investment and that's it. Nobody is forced to use bitcoin in paypal and it could totally get better as well with time but this is just a way to show that you could definitely make a profit from all the investments you make into bitcoin.

You do not want to use coinbase? No for binance? You dislike kucoin? No love for kraken? That is fine, there is 300+ million people who use paypal that could buy bitcoin and hold it and sell it back and use it as a great way for investment all thanks to this new deal. I highly congratulate phillipma for what he has done here and shown us how easy and simple this will be.

I wish more people would see it this way.  Cause it is how I would like it to work.  As I said I will not be putting a ton of money into it. Just a piece.

in NoV I get another 20 in rebates so I will buy more.

The investment simplicity is great.

Just add some cash and never sell it or use it.

The one day crack open the piggybank

[Saisher]

After reading this I checked my Paypal account and there is no Cryptocurrency option there my Paypal is 5 years old and it's verified but I don't see any Cryptocurrency features or option to buy, I have not received any update coming from Paypal regarding Cryptocurrency is there country restrictions on who can use this feature?

Could be.

My account is NJ,USA fully verified kyc it has been used for over 10 years.

I used to have a  decent ebay business so I needed PayPal. I did over 300k in sales on ebay from 2003 to 2020

@ vapourminer I am kyc at :

Coinbase
Bittrex
PayPal

Of the 3 PayPal is far easier to do kyc
Not many people want to send in photos of Drivers license and passport. PayPal does not ask for that. Thus I am support the idea they have.

But do not put all or even most of your coins in PayPal. 100usd  worth of coins is no big deal for me.

That's unfortunate I am waiting for this to happen I want to buy and sell Cryptocurrency and at the same time explore merchants that I can deal with Cryptocurrency, my country is open to Cryptocurrency and we have local Crypto exchanges in our country I hope Paypal add it to the list soon.

[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?

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.

Hey now!. Just logged in and hello!...Turned all my cashed out PP reward points into "free" bitcoin..yay!
So be prepared folks ..whenever I buy, a massive dump ensues...

[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.

Hey now!. Just logged in and hello!...Turned all my cashed out PP reward points into "free" bitcoin..yay!
So be prepared folks ..whenever I buy, a massive dump ensues...

Nice. I went to other account that I have and purchased 20

[bitgolden]

I wish more people would see it this way.  Cause it is how I would like it to work.  As I said I will not be putting a ton of money into it. Just a piece.

in NoV I get another 20 in rebates so I will buy more.

The investment simplicity is great.

Just add some cash and never sell it or use it.

The one day crack open the piggybank

Do not be worried, there are tons of people who think like you and they will act like you as well, they are already doing that and there is no doubt in my mind that will continue for a long time as well. The reason why we hear people like "but you can't withdraw!!!" or "you can't exchange to another fiat!!" or whatever problem they think there is, are the vocal minority and they do not matter.

Of course they make the most of the bad news about this paypal situation but while they are complaining about small stuff there has been millions of people who bought either small or big amounts on paypal at the same time and started using it. This is why there are more people like you who do not talk about it versus people who complain and shout all the bad things about it.

[buwaytress]

Awesome post OP! I actually have a few euros in my dormant PP account (also very very old, but frequently blocked due to me changing locations a lot) and your post has now inspired me to wait for the time it'll allow my account to buy Bitcoin and just dump every client payment I'll ever still receive into BTC.

Just waiting on the "nvite" now I see others already got =) I guess they didn't think all my years of past activity doesn't warrant me an early invite!

[buwaytress]

So, I just read the news. Apparently PayPal has now removed the waiting list and gone live with Bitcoin trading in the US. I actually STILL can't see any changes to my PayPal dashboard, nothing's changed at all, so am I one of the unlucky few whose accounts are deemed unworthy of Bitcoin buying?

Or is this a country issue?

[vapourminer]

So, I just read the news. Apparently PayPal has now removed the waiting list and gone live with Bitcoin trading in the US. I actually STILL can't see any changes to my PayPal dashboard, nothing's changed at all, so am I one of the unlucky few whose accounts are deemed unworthy of Bitcoin buying?

Or is this a country issue?

couple weeks ago i checked my paypal account of 10 years of mostly buying, no selling and i keep no money there, its just to pay for things. i too wound up with "you are now on the waiting list." havent checked since that new announcement though. USA here.

[exstasie]

So, I just read the news. Apparently PayPal has now removed the waiting list and gone live with Bitcoin trading in the US. I actually STILL can't see any changes to my PayPal dashboard, nothing's changed at all, so am I one of the unlucky few whose accounts are deemed unworthy of Bitcoin buying?

Or is this a country issue?

They aren't bringing Bitcoin services to countries outside of the US, or to Venmo customers, until 2021.

I'm a US resident (not a citizen) and I've had a Paypal account for a while. My dashboard previously said "Join the waitlist." Now it says "Curious about crypto? Buy Bitcoin and more."

I clicked through and had to accept some terms about the risks and volatility and lack of regulation, but it looks like they're letting me buy without any further verification. I've only ever verified my email address and bank account with Paypal, never sent in any documents, so that's pretty sweet. That's a real advantage over Coinbase if you think about it.

[coin-investor]

They aren't bringing Bitcoin services to countries outside of the US, or to Venmo customers, until 2021.

I'm a US resident (not a citizen) and I've had a Paypal account for a while. My dashboard previously said "Join the waitlist." Now it says "Curious about crypto? Buy Bitcoin and more."

I clicked through and had to accept some terms about the risks and volatility and lack of regulation, but it looks like they're letting me buy without any further verification. I've only ever verified my email address and bank account with Paypal, never sent in any documents, so that's pretty sweet. That's a real advantage over Coinbase if you think about it.

I have not used my Paypal also for the last three years and not in a country where Cryptocurrency features are accessible I stopped using Paypal when I shift to Cryptocurrency but out of curiosity I would like to see that feature when my location is finally accepted and will cross the bridge when I get there if I am going to buy and sell Cryptocurrency in their dashboard because what they are offering is very much different from what I've known from other exchanges.

[philipma1957]

So, I just read the news. Apparently PayPal has now removed the waiting list and gone live with Bitcoin trading in the US. I actually STILL can't see any changes to my PayPal dashboard, nothing's changed at all, so am I one of the unlucky few whose accounts are deemed unworthy of Bitcoin buying?

Or is this a country issue?

They aren't bringing Bitcoin services to countries outside of the US, or to Venmo customers, until 2021.

I'm a US resident (not a citizen) and I've had a Paypal account for a while. My dashboard previously said "Join the waitlist." Now it says "Curious about crypto? Buy Bitcoin and more."

I clicked through and had to accept some terms about the risks and volatility and lack of regulation, but it looks like they're letting me buy without any further verification. I've only ever verified my email address and bank account with Paypal, never sent in any documents, so that's pretty sweet. That's a real advantage over Coinbase if you think about it.

Which is what I was trying to explain this is easy peasy.

Zero tax issues until you sell your stake. I have about 135 now as it has gone up in price.

[buwaytress]

Ah right, thanks for the info guys. I have actually had to verify several times over the years, initially even needed to send bills (not identity though as I recall) and I always felt it was to do with the problem with virtual CCs used to verify.

135 philipma? Super jelly here. But you're right no tax issues as long as you keep it there. Just got me thinking.

[philipma1957]

Ah right, thanks for the info guys. I have actually had to verify several times over the years, initially even needed to send bills (not identity though as I recall) and I always felt it was to do with the problem with virtual CCs used to verify.

135 philipma? Super jelly here. But you're right no tax issues as long as you keep it there. Just got me thinking.

no 135 usd bro not 135 btc

I could only wish to have that much coin.

[SirLancelot]

You may have only 135 dollars, but that is 135 dollars worth of bitcoin you didn't had previously and now you have it. Obviously it requires people to keep saving up a bit but I see this paypal deal could only benefit long termers a lot and not short term people, it looks more like an investment and not trading. For example, let's say you own a shop or a business that deals with paypal paying customers right?

If you sell one product for 100 dollars, costs you about 30-40 bucks (with everything from tax to fee's to everything included) and leaves you with 60-70 dollar profit and that is how you survive, why not just say "put 5 bucks of it aside for bitcoin as well" and keep increasing your bitcoin savings? It could be done and I think that is where we are headed with paypal investments, having a decent bitcoin savings on your paypal account is an awesome thing.

[philipma1957]

You may have only 135 dollars, but that is 135 dollars worth of bitcoin you didn't had previously and now you have it. Obviously it requires people to keep saving up a bit but I see this paypal deal could only benefit long termers a lot and not short term people, it looks more like an investment and not trading. For example, let's say you own a shop or a business that deals with paypal paying customers right?

If you sell one product for 100 dollars, costs you about 30-40 bucks (with everything from tax to fee's to everything included) and leaves you with 60-70 dollar profit and that is how you survive, why not just say "put 5 bucks of it aside for bitcoin as well" and keep increasing your bitcoin savings? It could be done and I think that is where we are headed with paypal investments, having a decent bitcoin savings on your paypal account is an awesome thing.

It is very much like old school Christmas clubs that banks would do in the 50's and 60's

[adaseb]

Did paypal set some max limit of BTC that you can purchase? Someone on twitter said that they got some approval and can buy up to $20,000 worth of crypto. Wondering if this is the limit that is set to everybody or just the people who got verified accounts with a good reputation?

In my opinion its a pretty high limit because if I recall if you made a new account on Coinbase a few years back during 2017-2018, I think they only let you buy like $200 or $300 worth every week. No idea why it was set so low, most likely to combat fraud.

[SquallLeonhart]

I wasn't alive during 50's and 60's so I have no clue what Christmas clubs are, but as long as that is a good thing, I am all for it . I just wanted to say that bitcoin savings in paypal when you can get paid and put aside would allow a lot more people to be involved with crypto a lot more easily than what we had previously, obviously people could have put their money into coinbase and get bitcoin for it, and they could have withdrawn it and use it anywhere as well and that is still applicable today as well, people can still do it, having paypal didn't suddenly remove other options.

However having this added more people, so on top of people who used coinbase and similar places, we ADDED paypal and even though some people like you who would have otherwise bought bitcoin some other way uses paypal now, we also added people who would have never be involved with crypto to begin with go into crypto because of it as well.

[philipma1957]

I wasn't alive during 50's and 60's so I have no clue what Christmas clubs are, but as long as that is a good thing, I am all for it . I just wanted to say that bitcoin savings in paypal when you can get paid and put aside would allow a lot more people to be involved with crypto a lot more easily than what we had previously, obviously people could have put their money into coinbase and get bitcoin for it, and they could have withdrawn it and use it anywhere as well and that is still applicable today as well, people can still do it, having paypal didn't suddenly remove other options.

However having this added more people, so on top of people who used coinbase and similar places, we ADDED paypal and even though some people like you who would have otherwise bought bitcoin some other way uses paypal now, we also added people who would have never be involved with crypto to begin with go into crypto because of it as well.

They were like this. Dec 1 you go to a bank and open a club.  a 1 dollar a 2 dollar a 5 dollar  a 10 dollar a 20 dollar.

You put in 50 payments for the next year or so.

 so the 1 dollar  became 50 plus a 2 dollar bonus for making the 50 payments.
the 2 dollar became 100 plus a 5 dollar bonus for making the 50 payments.
the 5 dollar became 250 Plus a 12 dollars bonus for making the 50 payments.
the 10 turned into 500 + 25
the 20 turned into 1000 + 50

the bonus was higher then interest rates.  because you got zero bonus if you did not do the 50 payments.

but it was a good deal for savings if you have discipline you earn a high interest rate.

Plus it was easy peasy to do it.

This is the close to the same deal put in some cash and it grows. the interest so to speak is from the rise in btc value.

[JayJuanGee]

This is the close to the same deal put in some cash and it grows. the interest so to speak is from the rise in btc value.

I don't know if that is a very good comparison, Philip.. because the BTC situation is far from guaranteed, even if we might place decently high odds upon BTC's ability to gain value in the coming years, especially relative to fiat.

[philipma1957]

This is the close to the same deal put in some cash and it grows. the interest so to speak is from the rise in btc value.

I don't know if that is a very good comparison, Philip.. because the BTC situation is far from guaranteed, even if we might place decently high odds upon BTC's ability to gain value in the coming years, especially relative to fiat.

well like i said close.

your risk for a christmas club is failing to do all your 50 payments and simply getting back what you put in.

49x 1 = 49 zero interest.

50 x 1 = 50 + 2 interest or 52 dollars.


with paypal

50x1 = 50 usd in and the btc value can go way up or way down.

so you could get 0 or 50 or 100 or even 1000.

so risk factors and possible gains or losses are different.

but the idea of simply placing 1 or 2 dollars when ever you can with almost no restrictions to deposit what ever and when ever . does allow for easy building of the asset.

in both cases building the pile is easy. that is what I am trying to convey.

try and buy stock for a ton of people it is hard.
try to buy btc from paypal. once they give you a chance to do so and approve your account it is really easy. 

much like it was easy to put money into an old school christmas account.

yes is is a different animal you are feeding $$ to.

btc high risk with loss,or maybe large gain.

christmas club low risk low return