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Author Topic: PayPals Bitcoin is a scam  (Read 1094 times)
CODE200
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November 17, 2020, 02:42:11 PM
 #81

talking about paypal scam of course it's nonsense, paypal will not be a scammer,
do you remember when paypal announced that Bitcoin was accepted on paypal ?,
yes, everyone is happy, paypal is not a stupid platform.
Not with stupidity matters but reliability. PayPal is known as the largest network regarding online transactions and it just adopted this technology as a third party network. Fees are expected to be higher because there will be percentage for the network in every transaction but will definitely won't destroy its reputation to the masses. It is obvious that they made such action for profit purposes but to pull down their name will be a total loss for this network. We are assured with this network, but it is just an alternative to crypto exchanges. If you don't trust them with your transactions, then let it be, but to a use them of fraud is something not to be tolerated.

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November 17, 2020, 02:43:54 PM
 #82

They have not started offering such services where I live. From the news I saw they are starting with the United States, and in 2021 they will carry the crypto services over to some countries.

So, I can’t tell if what you’re saying here is true or not, but right from time when this news of PayPal offering crypto was announced I kept asking this particular as to how it’s going to function, whether people will be able to send out the cryptocurrencies from their wallet to another wallet and nobody gave me the answer. If what you’re saying here is right, then buying Bitcoin from PayPal wouldn’t make any sense if you are not going to be holding actual Bitcoin that you can send out.

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November 17, 2020, 02:53:34 PM
 #83

After researching it , I think the while "buy Bitcoin on PayPal" is a scam at best , and could be something more sinister at worst. Basically , you cannot withdraw the crypto , which for me means that it isn't crypto at all. But after doing research , I found that you cannot EVEN PAY another person with it - you're simply buying a token that is linked to the Bitcoin price - what is the value of this ?

I believe that this could be an attack on Bitcoin - I discuss this in detail here : https://youtu.be/bApVhoTemGw

To recap :
- You cannot withdraw your Bitcoin
- You cannot Pay anyone ( ironic ) , so it can't even go to another PayPal account
- You dont own the keys


You true with PayPal bitcoin is scam because we can't withdraw our bitcoin to wallet and only available for buying and selling trough PayPal, just happen right now with many people have buy many bitcoin with PayPal but never could not sell their bitcoin until now, be quit with your balance and keep safety by buying directly with local exchange market than you buy with PayPal because you will not available for withdraw later, maybe you can try with small amount about $10 and buy bitcoin, then you have try available for selling back your bitcoin based on price of exchange market or not, and looking how much money do you lost when you buy bitcoin trough PayPal.

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November 17, 2020, 03:02:41 PM
 #84

The word used "scam" is very inappropriate to be executed in this situation for the record that PayPal service is not providing such kind and the purchasing of Bitcoin and having it in line with PayPal's terms of services is still under the process. It does not mean that because you cannot withdraw your purchased Bitcoin through PayPal will give you the right to call it as a scam. It is just that the usage of Bitcoin on the platform of PayPal is still undergoing a process and can be accessed once it was already done for the people to make use of the purchased Bitcoin just like what local exchangers do to effectively use Bitcoin and that serves as for payment options to pay merchants for certain goods and services offered. As of the moment, PayPal is still working into their system to effectively adapt the usage of purchased Bitcoin that based on the news can possibly be offered by the entrance of year 2021. Do not bother to have so much worry for we all know the credibility and reputation associated with the name of PayPal itself.





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November 17, 2020, 03:08:31 PM
 #85

some time ago I read news from paypal for bitcoin purchases using the paypal platform it is still only available in a few countries so if you state that the biggest platform like paypal is a scam then it will not be possible, i think you just need to read more information or contact support is available on paypal so maybe what is the problem will have a solution.

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November 17, 2020, 04:22:07 PM
 #86

Therefore, what is the point of being integrated the bitcoin in paypal? If after all its useless, would it attract investors and users in paypal. Think about how paypal will lose the trust and reputation they have planted to the people who use their services for just a click. Of course, they won't let that happen because:

1. Bitcoin is a digital currency which suits to the use of paypal.
2. Paypal is not a fool to make a noise then dip itself in hot oil just to hype bitcoin to the people.

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November 17, 2020, 04:44:25 PM
 #87

I was pleased to hear that PayPal started accepting bitcoin. However, I am truly disappointed to know that we all misunderstood their intention. Bitcoin was created as a currency and that is why someone used it to pay for pizza. So, what sense does it make if you can buy bitcoin but can't really use it for its real purpose? Just to buy and sell? Well, this is only making bitcoin look like an investment scheme. And trust me, when volatility goes wrong, the millions of people brought by PayPal (who sees bitcoin as an investment) may start looking at bitcoin as a scam. And this my friends can cause bitcoin to worthless.

Adding to that, OP, In as much as I no longer agree with PayPal, I wouldn't really use the "scam" word.

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November 17, 2020, 04:54:34 PM
 #88

PayPal Bitcoin is not a scam. PayPal will increase the demand for crypto by supporting crypto. PayPal has made it much easier to use crypto in countries where transactions were not available. LocalBitcoins is an online service for matching individual buyers and sellers in which case you connect with Bitcoin sellers who accept PayPal. Due to the one-to-one nature of the site, it is incredibly important to do business only with high quality reputable users. PayPal is very helpful in both crypto and outside of crypto.
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November 17, 2020, 04:55:41 PM
 #89

That's not a scam OP but a business scheme that works best for PayPal. They like to take your money after all  Grin You just have to read carefully their TOS regarding BTC and you'll quickly understand that they're doing something similar like Revolut and other wallets. I'll personally never buy BTC on there cuz of the reasons stated above, but still many people buy it.
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November 17, 2020, 05:00:06 PM
 #90

I am waiting for you to answer my question that was asked yesterday, but no one has yet responded. please take responsibility for what you describe. so that I am not mistaken. You understand something that I don't know, so I asked you yesterday. I hope you open my question and answer it immediately.

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November 17, 2020, 05:02:54 PM
 #91

funny... until recently it was:

paypal is a centralized service and bitcoin is better than paypal

that's what they said.

a few weeks ago paypal says it will add bitcoin and the bitcoin price starts to see a very big increase that was almost impossible to see this year.

Now I ask myself:

where is that pride that they kept saying about paypal and centralized services?

the fact is that this crypto market no longer cares about the philosophy of the past, today people want to see the price going to the moon, they want to see wall street in this market, they want to see services like paypal and amazon and more others enter this market.

you can talk about scam, but nobody will care about those points you mentioned



that way, no doubt that next week we will be in the $20,000

 Grin

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November 17, 2020, 07:41:42 PM
 #92

I don't think they did anything scandalous here, Paypal is a legit and registered web currency platform. You can buy, sell or hold Bitcoin on their platform, I heard that we can make merchant payment with bitcoin from PayPal.
What you can't do is just withdraw Bitcoin from PayPal, it can't be called a scam in any way.


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November 17, 2020, 07:46:21 PM
 #93

I don't think that paypal is a scam, it is just their intention is not what we expected. What we expect from paypal to do is to become a wallet and an exchange at the same time where we can buy, sell or send btc at the same time wherein the exactly opposite of what they do.
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November 18, 2020, 02:36:59 AM
 #94

Honestly, it puts me on doubt and  we can not transact Bitcoin one to another then this is actually not the Bitcoin just a number and it  is probably a business strategy to attract crypto people on paypal.This video link and post was helpful.

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November 18, 2020, 03:05:18 AM
 #95

Paypal's implementation is exactly what I expected it to be from the first moment it was announced. I would've been amazed if they had accepted and sent out raw Bitcoin. That's a world more pain and work.

They have a Bitlicence which means the coins have to be real. That doesn't mean they're going to let anyone at them and the majority of their customers probably don't want it either.
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November 18, 2020, 04:08:03 AM
 #96

Paypal's implementation is exactly what I expected it to be from the first moment it was announced. I would've been amazed if they had accepted and sent out raw Bitcoin. That's a world more pain and work.

They have a Bitlicence which means the coins have to be real. That doesn't mean they're going to let anyone at them and the majority of their customers probably don't want it either.

Completely agree with your post, especially the last line. I personally know a lot of people who would like to invest in cryptocurrency, but are unable to do so because of all the complexity involved such as registering with a crypto-exchange, going through KYC, setting up a crypto wallet, taking multiple backups, doing 2 FA.etc. PayPal just do away with all these requirements and make it easier for people to invest in cryptocurrency. It is just like an ETF. In an ETF, the bank holds the gold or other commodity for you. Here PayPal is doing the same.


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November 18, 2020, 04:44:53 AM
 #97

After researching it , I think the while "buy Bitcoin on PayPal" is a scam at best , and could be something more sinister at worst. Basically , you cannot withdraw the crypto , which for me means that it isn't crypto at all. But after doing research , I found that you cannot EVEN PAY another person with it - you're simply buying a token that is linked to the Bitcoin price - what is the value of this ?

I believe that this could be an attack on Bitcoin - I discuss this in detail here : https://youtu.be/bApVhoTemGw

To recap :
- You cannot withdraw your Bitcoin
- You cannot Pay anyone ( ironic ) , so it can't even go to another PayPal account
- You dont own the keys


That is too much to say mate,Yeah we are in doubt about the policies of PayPal towards crypto but calling as scam is foul.
First there are still no victim and second how come to be scamming when you can still use as purchasing material the bitcoin you transferred in paypal?so i believe that this is exaggerated.
But anyway this is good point also so these claims needs to be addressed and clarify for the benefits of crypto users and also paypal users.

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November 18, 2020, 05:00:46 AM
 #98

Don't say Paypal is a scam because it can't make Bitcoin withdrawals, It seems that people who say Paypal are scam must read
the terms and conditions.Because the official Paypal website clearly says that they can only make Bitcoin transactions on their platform,
but I believe this rule will definitely change in the future. Let Paypal adopt Bitcoin in their own way, the most important thing is to give
them time.

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November 18, 2020, 05:13:53 AM
 #99

Don't say Paypal is a scam because it can't make Bitcoin withdrawals, It seems that people who say Paypal are scam must read
the terms and conditions.
I think OP here is just being sarcastic in pointing out this issues ,and i believe that the reason why he reacted like this is that he is interested in using the features but found out this things so he is disappointed .

Because the official Paypal website clearly says that they can only make Bitcoin transactions on their platform,
but I believe this rule will definitely change in the future. Let Paypal adopt Bitcoin in their own way, the most important thing is to give
them time.
Paypal is more established and popular than crypto so i'm sure they are only protecting their reputation so rules are set first favoring them but i think over time all of this wull be resolve and the merging will bring success to both user of Paypal and Crypto.

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November 18, 2020, 05:14:53 AM
 #100

There are a lot of exchanges that don't give their uses the keys to their wallet.

That is the reason why we usually say that if you are putting your cryptocurrencies in an exchange, you don't own it because you don't have the private keys to it. This is pretty normal, that is why we don't usually use hot wallets. I guess you are used to those wallets that have their private keys and it is better, but you should know that there are a lot wallets like these.

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