PayPals Bitcoin is a scam

[Genemind]

I think Paypal is still in its trial phase so it will be early for us to conclude that it's a scam because Paypal has been reputable all these years and I don't think that they would let their reputation be ruined by that. Let's wait for more developments because I'm sure that they will do something to improve it. Maybe there are restrictions or limits for now but if you're having a hard time just try to contact their support for them to enlighten you about their terms and conditions about Bitcoin transactions.

[abdulodoi]

Truly it may not be possible to withdraw bitcoin or send to another wallet yet but you can surely pay for goods and services though. The paypal account of recipient need to be for merchant. This feature is still in trial period hence it may not be satisfactory now.

This doesn't qualify them to be a scam, i think paypal have made a name for themselves which proves they are not a scam. They have millions of users, i do agree they may be strict with their terms and high fee to top it but they are not a scam.

[JohnnySit]

It's not a scam
BUT
-----
the reason they want you to buy bitcoin through them&&you cant sell/transfer it after
is because they know they win either way
so for example:
BTC price goes down they don't care since YOU already paid for it to them
BTC price goes up and THEY enjoy the profits not you

I think they just want to stock up bitcoins and enjoy the profits without any risks

I mean think about it

[LogitechMouse]

A good way to advertise your video though . Posting things like this just to have some views on your Youtube channel. Nice Clickbait.

And please don't think that scam is the same as bad service or anything bad. Yes you can't do anything when you buy Bitcoin in Paypal but it doesn't mean that it is considered a scam already. Also think that it has been added just a month ago I think or two so possible that they will add some features that are related to Bitcoin in the future.

Scam? Do more research though and good luck in your channel .

[carlisle1]

A good way to advertise your video though . Posting things like this just to have some views on your Youtube channel. Nice Clickbait.

Same observation mate at first i thought this is really an issue but getting deeper thats what i found that the advertising is the main reason and yeah he may earn viewers in this strategy.

And please don't think that scam is the same as bad service or anything bad. Yes you can't do anything when you buy Bitcoin in Paypal but it doesn't mean that it is considered a scam already. Also think that it has been added just a month ago I think or two so possible that they will add some features that are related to Bitcoin in the future.

Don't bother mate explaining to Him because surely he knew what is the real score and he was just fooling himself for pretending not to.

Scam? Do more research though and good luck in your channel .

If the Owner is a Fud then the channel may also a Fud right?

[Astvile]

This is their first step on trying adding bitcoin in their system, many complaints will surely reach them and we can surely expect that they will change the bitcoin trading system in their platform. What's the point of having bitcoin if you can't use it like normal bitcoin. Paypal isn't a scam at all, they are just experimenting from where I see it.
If you see paypals bitcoin as a scam right now there are bunch of option you can go in and buy bitcoin, Binance and many more exchange out there.

[bryant.coleman]

I, for one, will never use PayPal crypto option, because it's so very lame.
At the same time, I mist admit that PayPal has done something that adds to mass adoption, and it's a good thing.

This is my opinion regarding this topic as well. Not a big fan of PayPal (had bad experience with them in the past), but they have done something positive for the mass-adoption. And almost everyone is gaining, because the prices have risen by 70% to 80% during the last 2-3 weeks. And who knows, this measure from PayPal may result in more mainstream companies accepting BTC.

[zeingrind777]

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

In my opinion, it's not a scam. but PayPal has bad service in buying and selling crypto assets. What I mean is that after we buy Bitcoin using US dollars on the PayPal service, Bitcoin is immediately available on the account, without being transferable at all. Bitcoin will return to the PayPal wallet custodian when we sell it or use it in online payments to tens of millions of merchants around the world.

[Subbir]

Bitcoin's demand for PayPal crypto has doubled the quantity of capital within the cryptocurrency market is ten times above that recorded within the gold sector. Specialized media have interpreted this as a sign of Bitcoin's growth potential, although the bank's CEO, Jamie Dimon described the virtual currency as a scandalous hit two years ago but now most are investing. Virtual currencies can form a paradise within the context of declining reliance on Fiat currencies.

[bryant.coleman]

Bitcoin's demand for PayPal crypto has doubled the quantity of capital within the cryptocurrency market is ten times above that recorded within the gold sector. Specialized media have interpreted this as a sign of Bitcoin's growth potential, although the bank's CEO, Jamie Dimon described the virtual currency as a scandalous hit two years ago but now most are investing. Virtual currencies can form a paradise within the context of declining reliance on Fiat currencies.

LOL... are you saying that cryptocurrency market capitalization is 10 times above that of gold market cap? That is factually wrong. The gold market cap, as per the current price stands at $11-$12 trillion. According to the coinmarketcap lisitng, the market capitalization for all the cryptocurrencies stand at less than $500 billion, and for Bitcoin the figure is reported at $330 billion.

[fishbonez11]

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

I don't think it is scam, its just that it is so limited and there lot of thing paypal is considering to impose regulations. There are lot more better wallet than PayPal and we can use it if we feel like there is something scetchy on their platform. Paypal have just started and they are in the developing stage, it's a good start for the expansion of Cryptocurrency in the mainstream platforms. We have the freewill to not use it, time will tell if Paypal is reliable. Just like any other exchange, you really don't have full control over your funds in paypal, so better choose a hardware wallet.

[Sparrow96]

Maybe we can not take the decision to call Paypal a scam. We need to wait a bit more. Let's see what feature Paypal will bring in the near future. Though I am not going to use Paypal for using Bitcoin. I prefer a noncustodial Wallet, not Paypal.

[Janation]

Maybe we can not take the decision to call Paypal a scam. We need to wait a bit more. Let's see what feature Paypal will bring in the near future. Though I am not going to use Paypal for using Bitcoin. I prefer a noncustodial Wallet, not Paypal.

Paypal is not a scam.

We all know that. What the OP is emphasizing is that the Bitcoins, well, our Bitcoins in Paypal is not ours since they don't issue a private seed, proof that the Bitcoin in their wallet is yours. They can freeze it, they can ban you and just let your Bitcoins not be accessible by you, that is why people don't prefer using these kinds of wallets.

[fauzan123]

Maybe we can not take the decision to call Paypal a scam. We need to wait a bit more. Let's see what feature Paypal will bring in the near future. Though I am not going to use Paypal for using Bitcoin. I prefer a noncustodial Wallet, not Paypal.

Too far to say that paypal is a scam with bitcoin in it, because we all know the legality used by paypal.

It is too far to say that bitcoin is a scam paypal feature, maybe it all takes time if we want to go further from this feature, because it is still new and needs a lot of innovation so that it can be one of the advantages of products on paypal in the future.

[DooMAD]

Too far to say that paypal is a scam with bitcoin in it, because we all know the legality used by paypal.

There is often a crucial distinction between "legality" and "morality".  Just because it's legal, doesn't mean we have to find it acceptable.

I'm still of the opinion that any custodial service dealing with IOUs and not operating full-reserve is effectively a scam.  Most people just don't realise it yet.  This applies to any exchanges or webwallets operating fractional reserve, not just PayPal.

It's a bit like 'Schrödinger's Cat'.  Until you open the box, you cannot tell whether the service has your BTC or if it's actually dead.

[Dollar_Hunter]

Maybe we can not take the decision to call Paypal a scam. We need to wait a bit more. Let's see what feature Paypal will bring in the near future. Though I am not going to use Paypal for using Bitcoin. I prefer a noncustodial Wallet, not Paypal.

The original wallet for Bitcoin is better, because it doesn't require verification, and it's really you who holds it,
you can manage your wallet, but Paypal is a digital money wallet, it doesn't mean that if you use paypal then it's the same as other bitcoin wallets, and paypal is not a scammer.

[Sapphire915]

I am still thinking that PayPal's Bitcoin trading are just new in their platform and maybe they are still adjusting, and gather more reviews to make their service better or might have some innovations to further serve their users/customers an awesome experience. Peoples testimonials comes in different ways...which other shares the best and more convenient buying and selling experience in PayPal and others are not. I guess, we should do more research about it and don't ever engage in this platform if you are skeptical of doing so. After all, there are lots of bitcoins well-established and popular trading platform that you need to try with.

[proTECH77]

Many investors are still finding it difficult to understand PayPal transaction which is very good for any investors who want to make a good profit from the market. PayPal bitcoin is not a scam but real transaction many investors use to grow their business and other things that Will bring profit for them.
Those that see PayPal bitcoin as a scam, are those people who don't have any idea on bitcoin transaction base on, bitcoin is not legalized in their country and most of them find it difficult to understand bitcoin and other PayPal account in their country.

[blckhawk]

I don’t agree that Paypal is a scam. They’ve been around for a very long while and will not go anywhere. I’ve been using them since 2009. They even don’t want to be left behind, so they are accepting cryptocurrency deposits. However, what I didn’t like about them is that when our balance gets bigger, they can freeze our accounts without warning and it’s a hassle for us to provide additional documents when this incident happen. This is why I never use them anymore, but I choose to go with Bitcoin and cryptocurrencies for sending and receiving payments.

That's the word "freeze" not a scam. I don't think Paypal will scam us, yeah they do have poor service regarding this matter but I don't think they will do to such an extent of scamming everyone.
They do have poor service for now perhaps because they don't yet familiar with few things here or might be in their trial period, just give them some time and they might do some changes in the system in the future. What I don't like about it is that PayPal doesn't allow us to have the keys.

[gentlemand]

I'm still of the opinion that any custodial service dealing with IOUs and not operating full-reserve is effectively a scam.  Most people just don't realise it yet.  This applies to any exchanges or webwallets operating fractional reserve, not just PayPal.

It's a bit like 'Schrödinger's Cat'.  Until you open the box, you cannot tell whether the service has your BTC or if it's actually dead.

Paypal has a Bitlicence. Itbit/Paxos who are doing the actual work have one and a banking charter thing. They would not be allowed to operate fractional reserves. If they attempted that they'd be nailed to the wall and also unbelievably stupid to attempt it.

It's the type of thing some college kid asshole would happily do, not big old players.