Bad reputation

[robertcarlyle]

So how could someone buy as much bitcoin as they wanted in march or april of 2010 on new liberty then?  Was paypal option foolish then?

[boyptc]

So, what precautions should someone have taken in early 2010 as to avoid having reverse issues?

I think if we're going to dig this, we might see from the oldest forums that have some sort of exchange information about this.

But if it's related to Bitcoin, most people probably were doing P2P and faucets.

So how could someone buy as much bitcoin as they wanted in march or april of 2010 on new liberty then?  Was paypal option foolish then?

It's not a foolish option but trust is an issue about it so, if someone in the past trust the seller from wherever he took that Bitcoin or prolly mined then they'd do the exchange, same goes for the seller trusting the buyer.

[robertcarlyle]

But what was wrong with buying more than 1000 usd worth of bitcoin in march or april 2010 on new liberty via paypal?  What huge risks were there then?

[boyptc]

But what was wrong with buying more than 1000 usd worth of bitcoin in march or april 2010 on new liberty via paypal?  What huge risks were there then?

I think you've got the picture of it already when DH sent you a personal message about it. I haven't been there before but it seems looking at their exchange page now shows a lot of its history of how much someone can buy only for a dollar.

Bitcoin Exchange Rate History
$1.00 USD   =   1,578.77 BTC   12/28/2009
$1.00 USD   =   1,578.77 BTC   12/27/2009
$1.00 USD   =   1,578.77 BTC   12/26/2009
$1.00 USD   =   1,578.77 BTC   12/25/2009
$1.00 USD   =   1,578.77 BTC   12/24/2009
$1.00 USD   =   1,578.77 BTC   12/23/2009
$1.00 USD   =   1,578.77 BTC   12/22/2009
$1.00 USD   =   1,594.63 BTC   12/21/2009
$1.00 USD   =   1,594.63 BTC   12/20/2009
$1.00 USD   =   1,586.70 BTC   12/19/2009
$1.00 USD   =   1,622.40 BTC   12/18/2009
$1.00 USD   =   1,630.33 BTC   12/17/2009
$1.00 USD   =   1,606.53 BTC   12/16/2009
$1.00 USD   =   1,626.37 BTC   12/15/2009
$1.00 USD   =   1,626.37 BTC   12/14/2009
$1.00 USD   =   1,618.43 BTC   12/13/2009
$1.00 USD   =   1,562.90 BTC   12/12/2009
$1.00 USD   =   1,503.40 BTC   12/11/2009
$1.00 USD   =   1,491.50 BTC   12/10/2009
$1.00 USD   =   1,455.80 BTC   12/09/2009
$1.00 USD   =   1,428.03 BTC   12/08/2009
$1.00 USD   =   1,392.33 BTC   12/07/2009

Look at this if you dont believe,

https://postimg.cc/fVXQyhTd

This might be one of the huge risk you're looking for an answer.

[robertcarlyle]

Dont follow... massive losses?

[Dailyscript]

The reason I believe why PayPal isn’t mostly considered as an option, or gained a not so great reputation is most likely due to a lot factors. There the account freezing, yeah PayPal can easily freeze your account over little issues that you guys could’ve just easily resolved, and even when you try to contact them for resolution, their customer support response is just awful which is a another red flag. There’s also the issue of fee dispute, account limitations, policy changes and a lot of other reasons/issues.

You wont blame Paypal from prioritizing security to build trust for legit users. The reason why Paypal will restrict your account is when you undergo fraudulent transaction or you lie about your locality. I have been using Paypal for years now and i have not been restricted from anything because i keep to their policies. Paypal has been very useful to me because i can use it in everywhere i travel to. Before Payapal will restrict your account they will definitely inform you and then give you a warning ahead of time.

[Ethan_Crypto]

Back then, if you buy bitcoin on PayPal, you couldn’t withdraw it or send it out. I don’t know if things have changed now. This was the reason I avoided buying on paypal

[robertcarlyle]

But how could someone buy like 1500 usd of it on new liberty before june 2010?

[takuma sato]

In my opinion Bitcoin was not traded in relevant amount until MtGox. Im not sure if there were earlier exchanges with good volume. Someone mentioned VirWox, I think paypal was accepted there and you could trade some token of a video game (I cannot remember the name now, it was popular at the time) and throught this videogame token you were able to get BTC. The fees were pretty big but at least you didn't need to dox yourself to some dodgy platform. If doxing yourself to some centralized exchange is dangerous now since you never know when the leak of the database will happen tying all of your data to your BTC, then imagine back then. MtGox was probably the one that gave BTC a lot of early liquidity but also a bad reputation that lasted for many years and one of the first "BTC is dead" narratives that took a lot of time to overcome.

[ChiBitCTy]

The answer is absolutely NOT and anyone who says any different doesn’t have a single clue what they’re talking about. Here’s the thing, PayPal has always been one of the most corrupt companies on the planet. In fact before they even sold, bitcoin I used to call Coinbase the PayPal of crypto. PayPal simply was taking advantage of an opportunity to make money that’s it. I highly recommend no one use. PayPal. Keep in mind that Venmo is owned and operated by PayPal cash app is a much better option.

[OcTradism]

The answer is absolutely NOT and anyone who says any different doesn’t have a single clue what they’re talking about. Here’s the thing, PayPal has always been one of the most corrupt companies on the planet. In fact before they even sold, bitcoin I used to call Coinbase the PayPal of crypto. PayPal simply was taking advantage of an opportunity to make money that’s it. I highly recommend no one use. PayPal. Keep in mind that Venmo is owned and operated by PayPal cash app is a much better option.

Corrupted or not, I can not conclude it but I can say, all Centralized Exchanges have their companies, staffs and to maintain their business operations, they must somehow get good revenue that is vital for their company survival and existence with time.

They can play fairly or unfairly with their customers, but they have to earn money from customers one way or another. CEXs usually charge their customers in many ways: trading fees, withdrawal fee, funding rate fee, and more with position liquidation and order as well as price manipulations.

Withdrawal fee from CEX is never cheap, and it's very expensive. This is one of most favorite and also most profitable way for CEX to earn money by charging so expensive withdrawal fee on their customers.

Problems with Coinbase withdrawal fees.

There are other centralized exchanges do the same with withdrawal fees, not only Coinbase.
https://www.cryptowisser.com/exchanges/
https://withdrawalfees.com/coins/bitcoin

[NotFuzzyWarm]

Withdrawal fee from CEX is never cheap, and it's very expensive. This is one of most favorite and also most profitable way for CEX to earn money by charging so expensive withdrawal fee on their customers.

I must strongly disagree.

I've done withdrawals from Blockchain.com ranging from a few $k to several 10's of $k and have never paid more than maybe $50 and that was for the largest amounts, some were just $10 or so. Yes regardless of amount transferred there was a $15 wire transfer fee charged by my bank but that has nothing to do with the exchange. That is hardly 'expensive'.

[SilverCryptoBullet]

I've done withdrawals from Blockchain.com ranging from a few $k to several 10's of $k and have never paid more than maybe $50 and that was for the largest amounts, some were just $10 or so. Yes regardless of amount transferred there was a $15 wire transfer fee charged by my bank but that has nothing to do with the exchange. That is hardly 'expensive'.

If it is your Bitcoin wallet on blockchain.com, you can import the wallet seed to another wallet for example Electrum wallet, and have better customization on your transaction broadcast includes transaction fee rate. It can help you with more freedom and control on your bitcoin and Bitcoin on chain transaction fee by choosing better and cheaper fee rate.
Centralized exchanges are in a tough competition to gain customers and withdrawal fee, taker and maker fees are part of their wars.
https://exchangewar.info/
Guide on finding centralized exchanges by nation, fees.

[Donneski]

Was PayPal ever a good option in the early days of exchanges in order to buy bitcoin? If someone wanted to buy a ton of bitcoin in early 2010, would PayPal have been the way to go to buy more than 1000 usd worth of bitcoin? Why did PayPal get a bad reputation then?

Paypal was used as a means of buying Bitcoin for so many reasons especially because of the security of the software since scamming people of their Bitcoins were the other of the day. Personally, I even thought it was an exchange because of how people I know used PayPal to purchase Bitcoin as of then. Thankfully, a lot of secured exchanges are now in circulation globally which is why the use of PayPal for Bitcoin transactions have significantly reduced.

[letteredhub]

Virwox was one of the few exchanges that accepted PayPal back in the very early days, but charged high fees (I believe 20%, if not more).

That's crazy high besides that did they require KYC back then too because this is the first time I'm actually hearing about them.

It's a centralized gateway Payment system which makes it's natural that KYC would be mandatory since it operates under a centralized authority. Before now I have heard about PayPal though haven't used it before with bitcoin payments as a result of available alternatives that we have now which are to me more convenient and private to use than the PayPal.

But seriously, about a 20% fee was really high.

[robertcarlyle]

So buying 1000 usd + worth of bitcoin on new liberty before mid 2010, wouldnt have been a good idea then via paypal or any other means?

[Oluwa-btc]

PayPal policy stands against the Bitcoin standard. Because Bitcoin is irreversible, whereas PayPal is reversible. Even if you transfer Bitcoin through PayPal to another PayPal, they still could reverse it if they want. It's because it's just an internal transaction and off-chain, not an on-chain transaction. PayPal is accepted worldwide; that's why people choose that. But those who are familiar with Bitcoin, they always prefer to use Bitcoin. However, in addition, I don't prefer to store your Bitcoin in any custodial wallet, even if it's PayPal.

I kinda like PayPal despite these standards,Through and through, PayPal has a mix of positive and negative reviews and this reviews does not just apply only for PayPal.Users of this PayPal are quick to expressing convenient remarks and frustrations about PayPal services.
I've known PayPal for it's ability to settle and handle convenient and legitimate transactions to both receive and send payments online.It's
Mostly the users of this PayPal, they're fond of giving unauthorized charges against PayPal.

[l3pox]

Was PayPal ever a good option in the early days of exchanges in order to buy bitcoin? If someone wanted to buy a ton of bitcoin in early 2010, would PayPal have been the way to go to buy more than 1000 usd worth of bitcoin? Why did PayPal get a bad reputation then?

as others mentioned you have no privacy with paypal
but I think the biggest danger on using it for the person who's receiving is the fact that paypal can chargeback transactions, taking this into account it'd be a fact already to avoid it completely
there are better alternatives in the market nowadays

paypal fees are huge as well

[robertcarlyle]

So if i wanted to buy like 2000 usd worth of bitcoin like in may of 2010, what option would have been better than paypal to buy bitcoin on new liberty then?

[bitbollo]

Was PayPal ever a good option in the early days of exchanges in order to buy bitcoin? If someone wanted to buy a ton of bitcoin in early 2010, would PayPal have been the way to go to buy more than 1000 usd worth of bitcoin? Why did PayPal get a bad reputation then?

Yikes. Absolutely not. This was one the worst medium of payment for buying bitcoin.
I dont want to post again my early topics but this was the main reason for adopt Bitcoin and forget this medium of payment.
If you have a "serious business" earning maybe some thousands of USD (minimum each month) you are pretty sure that btc Is the best solution for collecting payment or just exchange funds from bank account.
I am not using PayPal since 11 years. Everything was really smooth thanks to Bitcoin.
Bear in mind. This Is the best option of you are an honest seller/dealer and even your customers will enjoying once they know more about It