PayPal is sending the wrong message

[LogitechMouse]

When I saw that Paypal is integrating Bitcoin in their system, I'm quite happy not because of the news but because of the hype that happened. I'm not happy with the news but I'm happy (a bit) that Bitcoin went up after that news.

Now when I saw that you can't withdraw your Bitcoin into other wallets or exchanges etc. I already knew that I will not use Bitcoin feature in Paypal. Not at all. I agree with what the OP has posted. Why you should need to exchange your fiat to Bitcoin there if you can't use it in buying things. Its like they just rode the hype and I know that he is holding some Bitcoins right after he integrated this feature and he is also happy too because it is an easy profit for him.

Although I've seen some negative comments with this feature being added, I also expect that they will add more in the future and possible that they will allow users to transfer the bought Bitcoins in Paypal to other exchanges.

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[imstillthebest]

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,  the world.

its surprising that paypal adopts crypto but its not surprising to many how paypal do the service with crypto on thier first trial run . it would not be that bad if we can be able to withdrew the crypto that we bought inside thier app but early  testers said that it was not possible .

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

where did you get that 21million clients ? 21million is the supply of btc and the supply havent been mined all yet but supply dont tell if how much btc users are in there now . what theyr be doing to btc can give much bad effects than what the effect we will be getting when they first announce it

[Gotumoot]

I think the Bitcoin that Paypal is saying or using isn't really the same Bitcoin that we have that is why they couldn't use it outside paypal.
It isn't really Bitcoin but a fake one to make the people think that they are really investing on it.
Maybe they are using it to try and make money from the volatility.

[lifeforcepools]

This is the reason why I don't want to use PayPal to buy bitcoin. And I think many people would reject this idea after reading this.

[iTradeChips]

With so much negative comments about this plan and Paypal's execution of the said plan, many of us are basically not convinced enough that Paypal is really going into Bitcoin itself but rather might have created its own cryptocurrency in the disguise of Bitcoin. If you can profit out of it like the story of the OP then well and good for you. But I think many veterans have this way of telling whether a company is sincere or not with its use of Bitcoin and many of them are doubting.

[Cling18]

I think the real motive of Paypal is now starting to pop up. It seems like they're just using the name of Bitcoin for the benefit of their app. It simply means that it's not safe to buy Bitcoin through Paypal. I guess we should start being careful with it because Paypal has been holding even a huge amount of funds without any legal reason. They're spreading wrong information about the real usage of Bitcoin.

[Renampun]

*PayPal mafia is launching its action opppsss...
I welcome PayPal to accept buying / selling Bitcoin but I'm not sure it will go smoothly. if we want to compare then it is much better to buy/sell Bitcoin on Binance or another big and trusted exchange.

[Wysi]

I think the real motive of Paypal is now starting to pop up. It seems like they're just using the name of Bitcoin for the benefit of their app. It simply means that it's not safe to buy Bitcoin through Paypal. I guess we should start being careful with it because Paypal has been holding even a huge amount of funds without any legal reason. They're spreading wrong information about the real usage of Bitcoin.

This proves that a corporate or institutions can never be a well wisher of bitcoin and they will never get into it unless it's profitable for them, what's the point of having Bitcoin when you cannot transfer it to any other walletas this will make Bitcoin just like any gift voucher which cannot be used anywhere apart from one site or source. I think we should be really careful atleast from now o warda as we might see some other organization might try similar step while we will be lost in broadcasting about their news stating it would benefit Bitcoin but it's the organization which will be the real winner.

[CarnagexD]

Didn't know this is the case, to be honest I was too hyped about paypal being into cryptocurrency since it was one of if not the biggest online banks there is and is also a pioneer at that matter, perhaps I put so much of my trust into the venture. It pretty much looks like they are just using bitcoin's popularity to gather more people into their project which shouldn't be the case at all.

[Xylber]

I think the Bitcoin that Paypal is saying or using isn't really the same Bitcoin that we have that is why they couldn't use it outside paypal.
It isn't really Bitcoin but a fake one to make the people think that they are really investing on it.

Same thought here. If you can't cashout, you have no wallet, no addresses, nothing more than an icon saying "you have 1 BTC" on a GUI, then there is no proof that PayPal really has the Bitcoin they are selling.

I think PayPal is selling air, it is a scam.

[kayvie]

Basically, Paypal is just using bitcoin to gain more users who actually misinterpret the information they have announced when they released the update of them allowing them to buy and sell bitcoin. Which is really the opposite of what users have experienced. I have read a lot of the same scenarios where they thought that it is the same as an online wallet where they can freely move their bitcoin which is not really happening.

[DarkDays]

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?

I haven't looked into how Paypal allows its customers to buy/sell BTC but by the sound of it they're everything. They run the 'inside Paypal exchange' they decide on prices, they decide liquidity pretty much - that's far from being proper. And to my amazement they are operating without restrictions??? It is all a fluff and I certainly don't like it.


As for the people who use Paypal as the sole 'exchange' for trading I find it appalling how even after others try to explain the bigger picture still refuse to learn the truth. Almost like they want to stagnate...

 

[Silberman]

Paypal has recently announced the offer of Bitcoin in their platform but in a very restrictive way.
Recently a friend informed me that he bought Bitcoin in PayPal and I was glad about it, but what was the impression of a beginner about Bitcoin? He told me he sold it after making a profit and didn't need it.

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.
His first impression was that Bitcoin wasn't even needed at all. And he is right. It doesn't have a use case if it is trapped inside an app and you can't move it.

The essence of Bitcoin is removed this way as Bitcoin doesn't belong to the user but to Paypal. Paypal can even give you a token instead of Bitcoin and tell you that it is Bitcoin.

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.

We all know that PayPal is only looking at making a quick buck with this, nothing has changed, they are not changing their ideology and they did not suddenly became believers in bitcoin, they are a business and they want to earn money and since bitcoin is going through a very positive phase they are taking advantage of that by offering to their massive number of clients a way to supposedly invest in bitcoin and maybe make money that way, but think of the positive side of all of this, bitcoin becomes more widely known and in the case of an economy crash those people are going to learn the hard way that what they had in PayPal is not really bitcoin and that is when they will understand why bitcoin is way superior than PayPal.

[MCobian]

Since knowing that Paypal only allows Bitcoin transactions on their platform, I immediately understood that Paypal doesn't care
about the future of Bitcoin. They only care about the personal gain that comes from the popularity of Bitcoin, in the end it's just
a matter of how to make a money. What Paypal is actually doing is not wrong, because they only see an opportunity to make money.
But Paypal is detrimental to newbies who don't have knowledge of cryptocurrencies, finally newbies are only used by Paypal to be able
to get profit from Bitcoin transaction fees.

[pixie85]

at first when i heard the news about bitcoin and paypal, i got really excited, i was thinking about how things can be easily done, like buying things through paypal with bitcoin, but it turned out to be just a picture, just some words with all the limitations, paypal did things wrong, i wasn't expecting that from such a big company.

They don't want to undermine their position as a regulated money transmitter with this bitcoin test because they can always drop bitcoin support and this will not mean the end of the company but if they got targeted by government agencies for laundering or something it would be the end.

They have too much to risk here so don't expect much from them when it comes to decentralization and freedom.

[Obi theo]

This issue of pay pal accepting bitcoin has still left me in shock, because just last year or there about they said that bitcoin was scam and all other stuff, but now they are accepting it, I think everyone is still concern..
     I think we should avoid that platform for now, and monitor it to avoid complain for now or maybe the have come to realize the effect and use of bitcoin

[Lorokan]

Literally, business will always be business; I personally feel like Paypal embraced bitcoin from the business part of it; that is, to ensure that their platform users are able to be a part of the bitcoin world all on their platform. Wrong message or not; Paypal is retaining their platform users; and also letting them understand that bitcoin is there for everybody.

It is up to users, to do their research and also understand the wordings of the terms and conditions listed.

[doomloop]

Even when you trade Bitcoin on PayPal they will ban you, so I will say it’s more like you’re going to HODL and that’s it. I haven’t used PayPal and their crypto service, but someone has reported that they banned his account after he tried some quick buying and selling (day trading) on their platform. And funny thing is that their staff don’t even know anything about cryptocurrency (Bitcoin), this guy said he had to explain to the customer support representative what cryptocurrency trading is all about and all that.

PayPal is not serious, they are just joking around and I have always told people to avoid them. If you buy Bitcoin or any cryptocurrency on the other exchanges we have, you can send them out to your private wallet, but it is not the same for PayPal, so makes no sense.

[btctaipei]

Paypal getting you to voluntary pay with BTC is due to the fact it is easier to root out bitcoiner and creep on personal your information as an existing user than to do AML/KYC on new incoming users, which they will be forced to unless they do the bids asked by globalist deep state operatives.

[cryptoboss2020]

Paypal has recently announced the offer of Bitcoin in their platform but in a very restrictive way.
Recently a friend informed me that he bought Bitcoin in PayPal and I was glad about it, but what was the impression of a beginner about Bitcoin? He told me he sold it after making a profit and didn't need it.

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.
His first impression was that Bitcoin wasn't even needed at all. And he is right. It doesn't have a use case if it is trapped inside an app and you can't move it.

The essence of Bitcoin is removed this way as Bitcoin doesn't belong to the user but to Paypal. Paypal can even give you a token instead of Bitcoin and tell you that it is Bitcoin.

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.

Its like btc trust futures*

Remeber tulip trusts futures was at the end of big collapse