PayPal is sending the wrong message

[rodskee]

That wasn't the freedom that Bitcoin has given us. PayPal made a huge initiative there for more financial institutions to start adopting cryptocurrency such as Bitcoin. But if the way how they handle bitcoin is just like that, I would rather choose a less Bitcoin adoption but still, with Bitcoin we knew where all the stated use case from its whitepaper is available.

This is a sad news as i am planning to try investing in payPal because of the idea that we can Hold Bitcoin using their platform as i am also using PayPal sometimes if there is a  need to purchase as my brother helps me find things there.

Imagine, if they just show Bitcoin in Paypal but couldn't be able to withdraw it from our own wallet, perhaps, it wasn't bitcoin at all? There might be huge manipulation happening which isn't really healthy for the entirety of the market.

Let us wait for a certain time because maybe the agreement is not that clear and there are many things that need a revision.but for now let us prevent using the service until we finally get what is deserve for us cryptonians.

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[concept2]

The funniest thing that people still believe that this a significant good news. Well, at least Papyal has spread the name of bitcoin around its network in just a few weeks

However, i dont like how people consider this as a element for the current uptrend. PayPal can affect bitcoin in a negative way which makes the price of bitcoin decreases. And in a more dramatic way, PayPal can easily erases the main factors of bitcoin out of new clients' minds

[Rodeo02]

The funniest thing that people still believe that this a significant good news. Well, at least Papyal has spread the name of bitcoin around its network in just a few weeks

However, i dont like how people consider this as a element for the current uptrend. PayPal can affect bitcoin in a negative way which makes the price of bitcoin decreases. And in a more dramatic way, PayPal can easily erases the main factors of bitcoin out of new clients' minds

The only good news about PayPal that I heard is they are continuesly buying new mine Bitcoin which I don't know why they do that if they don't want their users to use their platform using real Bitcoin .

Maybe because they don't want to be left behind they do that as their own investment and instead of offering it to their users they are the one who bought bulk of it directly and invest for their self .

[slaman29]

PayPal should allow their customers to send and receive bitcoin outside their entire network. Because that will really mislead a lot of people if it's only usable within their platform.

If you don't like it, don't use it, though right? You have plenty of good options to buy Bitcoin properly and actually own it, not sure why anyone would use Paypal unless they have no other option (but not like it's real BTC anyway).

Besides, Paypal are already developing a new wallet I guess they know users are savvy and will soon be demanding for actual coins on an actual wallet!

[bonjouros]

I definitely agree with you especially if the bitcoin cannot be use freely inside the PayPal account like you cannot transfer it to other bitcoin wallet because paypal has restricted it.

I haven't tested it for myself yet whether what are the usage of bitcoin inside the PayPal account so I cannot provide more opinions with regards to it. But I cannot blame the newbies if they think that bitcoin has no further usage or they don't care about bitcoin after they earn a profit from it because time will come for sure that they will regret their action.

[passwordnow]

PayPal should allow their customers to send and receive bitcoin outside their entire network. Because that will really mislead a lot of people if it's only usable within their platform.

If you don't like it, don't use it, though right? You have plenty of good options to buy Bitcoin properly and actually own it, not sure why anyone would use Paypal unless they have no other option (but not like it's real BTC anyway).

Besides, Paypal are already developing a new wallet I guess they know users are savvy and will soon be demanding for actual coins on an actual wallet!

It's not for my sake but for those users that have been expecting that it will be the same as other exchanges, they are buying crypto yet they can't send it to others outside the platform. That's pointless to say that if you don't like them then don't use them. You're not sure why will use them? it's because they are PayPal and non crypto people who are testing the waters will trust them more than any established crypto exchange that we're ever using.

[suzanne5223]

Sad!
So those frauds bitcoinDOTcom, Paypal are using the name of Bitcoin to stay in the completion with their business?

Let's call it Paypal coin not Bitcoin in Paypal. This Paypal coin is just some numbers coming from their database,

It amazing and sad either because these people only care about enriching their pocket and not even bother about the Bitcoin legacy. However, these are what I once warned the communities to watch out for when they are celebrating Paypal cryptocurrency integration.

[smyslov]

This is not Bitcoin that Paypal is offering but perhaps it is something similar to Grayscale Bitcoin Trust stock. It should be classified as such, a share of Bitcoin with restrictions.

It is against the philosophy of decentralization and the absence of the third party, they can gain support from new people who are getting into Cryptocurrency, but not old members who know how this technology works, the main philosophy in this technology is not your key not your coin if you cannot move your coin from one wallet to another and you cannot trade it, it's going to be useless and against the teaching of its creator Nakamoto.

[FinneysTrueVision]

PayPal is only involved in Bitcoin to make a profit. They are making money off fees. It is not something meant for real bitcoiners but it is a product intended for a mainstream audience.

Perhaps now that your friend has been introduced to Bitcoin he will do some research and finds the benefits of self custody. When I started with Bitcoin I was happy to keep all my funds on Coinbase but then I became worried when they started doing KYC and becoming more restrictive. Now I would never go back to using centralized, highly regulated, custodial services.

[AB de Royse777]

It amazing and sad either because these people only care about enriching their pocket and not even bother about the Bitcoin legacy. However, these are what I once warned the communities to watch out for when they are celebrating Paypal cryptocurrency integration.

Business like Paypal will never care about cryptocurrency. They are running a big business and almost all agencies are backing them. They will exist as long as fiat money exists. And they know it better, so they will do everything in their power and trick to keep it alive.
Ideal paypal customer service : https://youtu.be/wV2fk56ktVE?t=103

It is true during the initial stages as PayPal did not provide any clarity on how they are planning to carry on with the business but once reports came out that PayPal purchased 70% of the mined coins in recent times it is clear that they will be allowing the option to withdraw BTCitcoin sometime around next year.

70% of the mined coin? Did you mean they are acquiring 70% of the coins that are mined everyday around the world by the miners? How it's possible? How would they know the number?

By the way, I would not surprise if Paypal wants to stock bitcoin. They have unlimited supply of printed money. So they would not mind any price point to get in.

[suzanne5223]

It amazing and sad either because these people only care about enriching their pocket and not even bother about the Bitcoin legacy. However, these are what I once warned the communities to watch out for when they are celebrating Paypal cryptocurrency integration.

Business like Paypal will never care about cryptocurrency. They are running a big business and almost all agencies are backing them. They will exist as long as fiat money exists. And they know it better, so they will do everything in their power and trick to keep it alive.
Ideal paypal customer service : https://youtu.be/wV2fk56ktVE?t=103

I understand Paypal was not actually operate by the CEO (Daniel Schulman) but some small gods working behind the scene and the majority of people don't understand, this is the reason why the company varieties of policy. However, I don't think crypto investors/communities understand that some of the recent market manipulations were done through Paypal.
Having said that, Paypal could be a misfortune in disguise
Does the youtube video explain how PayPal operate their crypto trading?

[shoreno]

thats verry alarming as this can make people misslead especially if they are newbies and they thought that btc was only made for buying and selling a.k.a trading and investing but it cant be obtain and used for other activities  but the announcement of paypal suporting btc still gives an attraction for people to try and buy btc , this still helps the value of btc rose .

 what can we only do is to act like op and educate people around us who have  first bought btc inside the paypal app .

[Rengga Jati]

I tried to explain what he should be doing. I told him to buy a hardware wallet and transfer the Bitcoin there and tried to explain about private keys, public addresses, and passphrase, how Bitcoin is giving him financial freedom and why it is important to own the private key.

He was confused with that and told me that Bitcoin bought inside Paypal, only exists in Paypal and he can buy or sell and make some profit from trading. The only thing he could do except buying or selling is to use the Bitcoin bought in the Paypals merchant network which he could do with dollars and didn't need to switch to Bitcoin.

You are right, it has been clearly stated in PayPal term and use that the crypto that they trade in PayPal is not available to withdraw or transfer to other wallets for now. I don't know whether it will be permanent or will be changed later. But in fact that we can only trade it there and change into fiat with high fees, it seems that PayPal really only focuses on the hype and make many people fool of it. And then, what happens is what some people have experienced.

Like this:

Normally, I know how PayPal do block users account, also now supporting bitcoin but providing custodial service, which means it is not my coin, .......

Some people's accounts are blocked in PayPal because they have been trading many times there and get profits. Does it mean that PayPal is not ready to lose their money? They only think of their own profits, and they do not think about the trust of the users. This is sad. After that hype and uptrend news about PayPal accepting crypto in their platform, in fact, this is just the end.

[LittleBitFunny]

If I can't withdraw my purchased bitcoin then what is the benefit of buying from there. If they don't allow me to withdraw my purchased bitcoin, I can't call it bitcoin at all, it's best to call it PayPal Coin. PayPal has a lot of notoriety for blocking users' dollars and blocking their accounts. They are just trying to attract the attention of the users by discrediting Bitcoin.

[cabron]

If I can't withdraw my purchased bitcoin then what is the benefit of buying from there. If they don't allow me to withdraw my purchased bitcoin, I can't call it bitcoin at all, it's best to call it PayPal Coin. PayPal has a lot of notoriety for blocking users' dollars and blocking their accounts. They are just trying to attract the attention of the users by discrediting Bitcoin.

Its just to let you feel like you have BTC with you and its price mirror to real BTC.  Also the benefit is that you can buy just about anything from the merchants using their paypal platform.

Its funny because even if they don't have fake BTC on paypal, anyone with paypal can actually buy anything from the merchants. This is really just trying to see how many people are interested in buying BTC if they allow. Now, if they buy an exchange like the rumour says, they might just allow users to withdraw BTC. Its all we can hope though.

[pooya87]

Some people's accounts are blocked in PayPal because they have been trading many times there and get profits. Does it mean that PayPal is not ready to lose their money? They only think of their own profits, and they do not think about the trust of the users. This is sad. After that hype and uptrend news about PayPal accepting crypto in their platform, in fact, this is just the end.

They want to attract more customers to their platform while not letting people "trade" bitcoin (just buy it) and it is not really bitcoin they are buying, it is IOUs which may or may not even be backed by real bitcoin because unlike any other exchange you can NOT deposit bitcoin so you are ONLY buying the bitcoin that PayPal itself has bought which makes it very limited number. So there is a high chance it is all a lie and they are actually selling more bitcoin than they have which is a big fraud.

[fauzan123]

The funniest thing that people still believe that this a significant good news. Well, at least Papyal has spread the name of bitcoin around its network in just a few weeks

However, i dont like how people consider this as a element for the current uptrend. PayPal can affect bitcoin in a negative way which makes the price of bitcoin decreases. And in a more dramatic way, PayPal can easily erases the main factors of bitcoin out of new clients' minds

It looks like it could happen, considering that paypal has more or less had an impact on the movement of bitcoin lately. Yes, if we look at the positive side, Paypal can indeed introduce bitcoin to new clients so that there are many lessons that can be taken, but the recent drama that has also had a negative impact on bitcoin considering the problems that have occurred paypal with bitcoin at this time.

[Xinarae*]

There are many rules for using the platforms. In the case of Bitcoin withdrawal is possible to correct the mistakes is properly verified. Blocking accounts makes PayPal worse. PayPal gained a lot of popularity because of its support for crypto, which made Bitcoin transactions much easier, but because of their mistakes, PayPal's notoriety is growing. Many investors are not delivering their bitcoin through PayPal. The platform does not allow to do all sorts of things.

[fishbonez11]

Sad!
So those frauds bitcoinDOTcom, Paypal are using the name of Bitcoin to stay in the completion with their business?

Let's call it Paypal coin not Bitcoin in Paypal. This Paypal coin is just some numbers coming from their database, and they can issue it whenever and however they want. This is interesting. In other words they are printing currency and the governments things it's okay? Paypal is new FED?

Paypal Bitcoin is not really a Bitcoin. They just use the name to attract the Bitcoin community. The paypal bitcoin  does not really serve the purpose of bitcoin. Though paypal limit their transaction within their platform, the only benefit that the bitcoin community gain is the publicity and market awareness of Bitcoin. This will cause to attract more people yo dive in to what Bitcoin is really all about.

Paypal might be in the early stage, they are just testing the water. Let's hope that they will eventually allow transaction even outside their platform.

[Becky666]

When PayPal CEO saw some good reward from the new technology, he smartly integrated Bitcoin for them to take out profit. This is exactly what we are seeing recently with the said PayPal and shouldn't be seen as a surprise, although, they might be sending wrong signals; but let not forget that they are equally sending out positive vibes about Bitcoin over to about 21million clients around the world. Those with good thinking ability will definitely find out they are be treated as slave, eventually will take the right lane with Bitcoin.