Why You Should Not Buy Bitcoin with PayPal

[Asuspawer09]

Probably Paypal see this as a opportunity to deceive users in their platform or even new users that could be interested in using Paypal since bitcoin was a trending topic because of the hype in the market and a lot od social media platform Paypal see this as a opportunity to make it a good advertisement to promote the company since people or invest could be interested if they read that Paypal will be having crypto as well.

Im not a fan of custodial wallet either but putting bitcoin without the needed features was just a promotion probably but im still hoping that Paypal would add those features soon in the platform enable Paypal to be some how like Coinbase atleast. Where i really think they would benefit because of the million users that might be interested.

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[oktana]

One of the things I kinda over-rated, just to realize that they weren't really into the game of supporting bitcoin, but to do whatever they like. Anyways, I'm not planning on using such services, cause I feel it's way worse that the other options we've ever had.

[Fesatmas]

paypal tends to be more about global transactions not only for crypto, so why are we not too sure about paypal. it's too common where our bitcoin must be stored in a paypal wallet. So far, what is still safe is to buy crypto on the market, simply put, public exchanges like paypal are still vulnerable to our crypto.

[ilhamsugihamin]

In my opinion, many have talked about the bad application of bitcoin on paypal and the benefits for paypal. Because big companies like paypal have implemented it into their system, which further increases people's perception of bitcoin.

[Waltmart]

PayPal’s cryptocurrency integration is an embarrassing attempt to deceive non-crypto people

Don't know why not many talk about this, but PayPal will not allow.

- No deposits or withdraws of cryptocurrency.
- No paying with cryptocurrency or sending cryptocurrency to other users.
- You will not have access to your private keys.

https://temporaryerror.com/why-you-should-not-buy-bitcoin-with-paypal/

and even Paypal controls the private keys associated with any cryptocurrency you buy through Paypal. What that means is you have only illusory control of your cryptocurrency, not actual control

[lahmacunkuregi]

 bitcoin as a currency at PayPal's 28 million merchants; 17% of these users have already used the app to buy and sell bitcoin (BTC, +1.82%).
For 99% of Americans, it was impossible to get a house or a car or a college education without a loan from a bank. Bankers abused this power. They were always a smug bunch. But we needed them, and they knew it.

[coiningz]

because no one really knows is bitcoin on paypal real or not. While you cant withdraws money from there you shoudnt by crypto there

[bryant.coleman]

For the vast majority of the experienced users out here, purchasing Bitcoin through PayPal makes no sense (unless they make more functions available, such as making payments with Bitcoin). But there are millions of not-so tech savvy people out there, who would rejoice at such an opportunity. These people usually have a hard time in purchasing BTC from the exchanges and then storing it themselves.

[irixo10]

I am just coming across this, because I don't use it, and if I may ask, if implementing all these, what's the essence of adopting Bitcoin to their platform? This is actually why most times, centralized platforms can not be trusted because almost everything they do is for their own advantages not for the benefit of their users. Nevertheless, right from time any platform that do not give me power to control my crypto assets, I don't bother having anything to do with it, and as such I think these are enough reasons not to use PayPal for anything relating to Bitcoin. However, the advantage PayPal brought to the crypto space is that, it brought more awareness and attention on Bitcoin, as people will to a nice extent understand the potential of Bitcoin and what it also offers.

[KryptoKings]

PayPal’s cryptocurrency integration is an embarrassing attempt to deceive non-crypto people

Don't know why not many talk about this, but PayPal will not allow.

- No deposits or withdraws of cryptocurrency.
- No paying with cryptocurrency or sending cryptocurrency to other users.
- You will not have access to your private keys.

https://temporaryerror.com/why-you-should-not-buy-bitcoin-with-paypal/

You are right. These are the hinderences for many users buy I believe they will gradually add more features yo their crypto services.
Earlier, PayPal was not at all supportive of cryptos and would ban accounts dealing with cryptos.
Now they have started supporting them. We will soon see more changes in PayPal for crypto.

[m2017]

PayPal’s cryptocurrency integration is an embarrassing attempt to deceive non-crypto people

Don't know why not many talk about this, but PayPal will not allow.

- No deposits or withdraws of cryptocurrency.
- No paying with cryptocurrency or sending cryptocurrency to other users.
- You will not have access to your private keys.

https://temporaryerror.com/why-you-should-not-buy-bitcoin-with-paypal/

All these points put me on the idea that PayPal offer air to their customers, not Bitcoin. No private keys, no deposits, can't sending - they offer a nothing. Do PayPal have information on how their cryptocurrency will be backed and what evidence they can provide? It seems to me that you shouldn't deal with them.

[bakasabo]

All these points put me on the idea that PayPal offer air to their customers, not Bitcoin. No private keys, no deposits, can't sending - they offer a nothing. Do PayPal have information on how their cryptocurrency will be backed and what evidence they can provide? It seems to me that you shouldn't deal with them.

Yes, they trade only air or as say - artificial bitcoin. Also trading Bitcoin on paypal might cause your account to be blocked. Paypal can also freeze your funds for 10-14 days for suspicious action (even receiving $30 can be a suspicious action. I have my funds frozen for 2 weeks without any reasonable explanation).

If you have issues with Paypal, get ready to be answered with default answers from FAQ and support not interested in solving your case. Dont forget that you might wait for days before Paypal support even answers you, as it seems they are lack of employees in support.

[traderethereum]

If we use Paypal to buy bitcoin in a large amount, Paypal will know who their customer that do that is, and maybe they will investigate from where our money comes from.
It could attract an alarm from our bank too, especially if we transfer big money from the bank account to Paypal, and that can make our account gets investigating by them.
We know how to buy bitcoin so far, so I think we do not need Paypal to buy bitcoin.
But maybe for people out there who already become the Paypal members, they will still use Paypal to buy bitcoin because they can get convenient to buy bitcoin from there.

[Ronny29]

PayPal’s cryptocurrency integration is an embarrassing attempt to deceive non-crypto people

Don't know why not many talk about this, but PayPal will not allow.

- No deposits or withdraws of cryptocurrency.
- No paying with cryptocurrency or sending cryptocurrency to other users.
- You will not have access to your private keys.

https://temporaryerror.com/why-you-should-not-buy-bitcoin-with-paypal/

and want to add - very hight fees!

[DaveF]

The brokerage Robinhood, is the same. They are buying and storing the BTC that their clients but but their clients are not allowed to withdraw it or send it elsewhere.
Makes you wonder if it was a "lets put something together and see if it gains traction" thing. And now that it did seem to be popular they work on the next step.
Lets face it, if they did it and 100 people bought BTC, they would all be thinking "Wow, it's a good thing we did not spend that much money working on it"

Both PP and RobinHood claim that withdraws are coming soon, both are large heavily regulated businesses. No reason to think it's anything other then it's just big business slowness.

-Dave

[MishaSER]

This is very similar to a ploy, in order to control users more, they can block funds without giving a reason. We wanted bitcoin to be popularized and in the end, we see how it is used in illegal actions.

[ReiMomo]

For the vast majority of the experienced users out here, purchasing Bitcoin through PayPal makes no sense (unless they make more functions available, such as making payments with Bitcoin). But there are millions of not-so tech savvy people out there, who would rejoice at such an opportunity. These people usually have a hard time in purchasing BTC from the exchanges and then storing it themselves.

There's a sense if you wanted to purchase in the merchants using bitcoin and to have bitcoin, you can use Paypal because they are widely accepted for most merchants as a third party payment method. But if your purpose is to save and invest in bitcoin, that's totally no makes sense there because you even don't own the private key, and also you cant transfer your bitcoin into a bitcoin wallet, it should always on the Paypal platform.

At least, this Paypal was brought a good impact on bitcoin and people get awareness on it.

[iTradeChips]

As we have already discussed this many times before, almost all of us agree or there was a consensus among the community that Paypal in a way does seem to give regular non crypto users the experience on how to deal with cryptocurrency. But in my opinion it is somewhat lacking in a sense that the non crypto consumer will not experience the "hardships" of learning real crypto like downloading wallets, stalking coins, doing transactions and checking in the blockchain and others. I feel that Paypal should not hijack that experience.

[KryptoKings]

I will not buy Bitcoin on Paypal because I have no reason to buy there...
I am comfortable and used to buy/sell Bitcoin on Binance and Kucoin. I don't know the advantages and disadvantages if I transact there.

PayPal offers another option plus it gives BTC wider exposure. There still are many people who haven't heard about BTC and crypto, if they use PayPal, they will now know about it through PayPal.
Also it instill trust in them when some big reputed company like PayPal endorse BTC.

[pecson134]

I had my paypal still alive now so I hope for them to reconsider the policies and make it a lighter and more convenient. I'm using paypal as another payment method for more than 5 years and I don't have encountered any problem so far as I already linked my card it my account.