A Word of Advice about Paypal & Crypto

[bpovtmg]

I think everybody heard that Paypal is going to add crypto into its wallets/services.

A word of advice:
If you are NOT a fully legal US or European citizen, your Paypal fiat and crypto funds are ALWAYS at risk. Paypal is famous about blocking fiat accounts and that paranoia will be ten times higher with crypto. Never have a lot of money in your Paypal accounts, both fiat and crypto. Use Paypal when you only really need to.

Remember the Crypto Mantra:
NOT YOUR KEYS, NOT YOUR COINS !

Keep your money to yourself, be your own bank as it was originally established by Satoshi.

Even that I’m a Paypal user for more than a decade, I would not try deposit some BTCs in their payment processor. And you’re right, not your keys, not your coins. Despite that it’s bullish and was introduced to millions of users worldwide, they are still controlling or having the custody of our money there. Plus, the risk of getting our accounts freezed even without doing anything wrong (when your BTC value was skyrocketing beyond their limits).

Even if you are interested to make BTC deposits to your Paypal account, you cannot do it. Deposits and withdrawals from Paypal will always be through fiat. You won't be given a Bitcoin address to begin with. Moreover, if you buy Bitcoin through Paypal and your personal wallet indicates your Bitcoin balance, it doesn't even mean your individual wallet has the Bitcoin. Bitcoins in Paypal are stored in what they call as “omnibus account” rather than in each of their user's wallet.

Shopping, which will accordingly be introduced next year, will also be settled in fiat as far as partner merchants are concerned.

All in all, this is what others would call as an abomination.

F*ck, can't say it better! Very good, @Darker45!

[shield132]

I think everybody heard that Paypal is going to add crypto into its wallets/services.

A word of advice:
If you are NOT a fully legal US or European citizen, your Paypal fiat and crypto funds are ALWAYS at risk. Paypal is famous about blocking fiat accounts and that paranoia will be ten times higher with crypto. Never have a lot of money in your Paypal accounts, both fiat and crypto. Use Paypal when you only really need to.

Remember the Crypto Mantra:
NOT YOUR KEYS, NOT YOUR COINS !

Keep your money to yourself, be your own bank as it was originally established by Satoshi.

Not your wallet - not your coins, yeah, I agree with that one but at some point there are exceptions where you can feel secure. For example, PayPal is a very reputable company in the financial field and I hugely doubt you can't feel secure with PayPal. Of course, if you make mistakes and violate their rules, your account's status may be under question but otherwise, everything is okay with them.
With that logic, if you don't have control on things that has an influence on the value of money, then it doesn't belong to you. The money that you have in your pocket can get zero value and you'll be left with empty papers. Personally, I wouldn't dig further into such things, PayPal isn't a scam company and in case they lose bitcoins or their wallets get hacked, etc, it's still their duty to cover your loses and they'll do it.

[mk4]

Satoshi is laughing like hell about the human race seeing how his radical idea of decentralization and "being her/his own bank"  is willingly moved into hands of ugly centralized monsters.

I'm pretty sure this was totally expected. The thing is, bitcoin has different use-cases. Some people like us use it for "being your own bank", and some people just wants to use it as a hedge or for speculative reasons(the people leaving them on custodial exchanges).

[aioc]

It is going to be a really crappy crypto service. Similar to the one Revolut offers - you will be able to buy crypto, hold it in paypal wallet, sell it but you will not be able to send it out freely out of your paypal wallet.

The transaction is questionable will the trade can be seen in the blockchain or are we just going to see numbers, I have little information about PayPal integrating Cryptocurrency because my dashboard is not showing this features, it is limited to some countries, but like all the members here they are unanimous in saying that it's not the right way or a friendly way to introduce newbies to Cryptocurrency, we'll see if PayPal integrating Crypto can have a big impact in the long run, it does have a short term impact.

[bpovtmg]

Satoshi is laughing like hell about the human race seeing how his radical idea of decentralization and "being her/his own bank"  is willingly moved into hands of ugly centralized monsters.

I'm pretty sure this was totally expected. The thing is, bitcoin has different use-cases. Some people like us use it for "being your own bank", and some people just wants to use it as a hedge or for speculative reasons(the people leaving them on custodial exchanges).

No question about that for sure. And, unfortunately, what I see is that the speculative side of bitcoin almost pushed out the initial idea - independent means of exchange-. Decentralized Bitcoin should have killed Paypal - centralized ugly monster blocking accounts at will-, but we see that exactly the opposite happens. When your enemy hugs you with the left hand, most probably he has a knife in the right hand.

[coupable]

Satoshi is laughing like hell about the human race seeing how his radical idea of decentralization and "being her/his own bank"  is willingly moved into hands of ugly centralized monsters.

I'm pretty sure this was totally expected. The thing is, bitcoin has different use-cases. Some people like us use it for "being your own bank", and some people just wants to use it as a hedge or for speculative reasons(the people leaving them on custodial exchanges).

No question about that for sure. And, unfortunately, what I see is that the speculative side of bitcoin almost pushed out the initial idea - independent means of exchange-. Decentralized Bitcoin should have killed Paypal - centralized ugly monster blocking accounts at will-, but we see that exactly the opposite happens. When your enemy hugs you with the left hand, most probably he has a knife in the right hand.

Despite there are no great benefits for the crypto addon with paypal, i see no reasons for all those opened discussions where people sway between if this is a good news or a bad news that will kill the concept of anonymity behind cryptocurrencies. In my opinion, Libra for facebook is more dangerous to crypto than paypal from several view points, and in the other side paypal can function like any other crypto paiement gate without any issue .

[bittraffic]

It may sound like conspiracy theories again but it has to have some media coverage before they make BTC bad again in the eyes of the public.  Paypal will make it appear like its Bitcoin's fault that their funds are going to be frozen. If some wallets froze funds without reasons, PayPal could also do its worse.
And this theory isn't even mine, I just read it on telegram channel. Funny how they think but it can happen.

[Fortify]

It is a great idea to remind everyone about the risks of Paypal and Crypto, but I'd actually go one step further. You mention that it is "safe" if you are a UK or US citizen, but that is not necessarily true either. Paypal is notorious for freezing accounts and making it hard to get your money back in certain situations. Due to their terms of service, they make themselves the final arbiter and because they hold the bitcoin in an enclosed ecosystem, they can effectively give you any price that they want if you are forced to cash out your holdings. While it is great for Bitcoin to further penetrate the mainstream psyche, I would never suggest holding bitcoin there to anyone when there are already many long established exchanges around.

[smyslov]

I like the news that it's bringing to the community, they contributed to why the price is moving up, but when it comes to trading and storing my coins I don't think I'm going to use their service, although not available yet to my country, I'm still strictly enforcing the not key not your coin philosophy in Cryptocurrency, it's for my safety.

[robelneo]

I'd like to follow the original teaching

NOT YOUR KEYS, NOT YOUR COINS !

I can trust custodial wallet but only with coins that I'd like to trade with fiat, not something like what PayPal is offering, it's just number I don't even sure that your transaction is on the blockchain, I have to see if we will have a transaction txt that we can rely on, I have to see that when they accept other nationalities, because right now we are not yet included, but PayPal has done great things in introducing Cryptocurrency in their own way.

[gentlemand]

Paypal is famous about blocking fiat accounts and that paranoia will be ten times higher with crypto.

You have crypto fun tokens. The paranoia will be the same. It's not as if you're going to be buying dark market heroin as the seller will be ever so slightly reluctant to use their Paypal account to do it.

It's going to have the same problems as a normal Paypal account. There won't be any new ones. And the existing ones are enough.

I'm curious to see if they ever do go proper crypto. Seems doubtful to me and most customers won't even ask about it.

[coin-investor]

I think everybody heard that Paypal is going to add crypto into its wallets/services.

A word of advice:
If you are NOT a fully legal US or European citizen, your Paypal fiat and crypto funds are ALWAYS at risk. Paypal is famous about blocking fiat accounts and that paranoia will be ten times higher with crypto. Never have a lot of money in your Paypal accounts, both fiat and crypto. Use Paypal when you only really need to.

Remember the Crypto Mantra:
NOT YOUR KEYS, NOT YOUR COINS !

Keep your money to yourself, be your own bank as it was originally established by Satoshi.

I will also recommending this, users are bound by terms of condition of PayPal and we have seen so many complaints of People who are verified and long time users of PayPal getting their account limited because of questionable transactions, do you know that you can get your account limited or flagged if some one with questionable transaction send you fund without even you acknowledging it,PayPal is only for online transactions when it comes to storing your coins you should be the one holding your private keys.

[SmokerFace]

Utilizing PayPal is exceptionally unsafe uniquely for individuals who are not has a place in the US.
I've just lost my thousand dollars there. They hold your cash in each exchange and delivery them after a week.

Seriously what if you're in hurry and looking for the money immediately ?. I quit utilizing PayPal services and move to the cryptocurrencies world.
I got my cash in a second without waiting or paying any profoundly extra charge. It's overly quick and risky free