Bad reputation

[alani123]

The bigger PayPal became as a company, the worse their reputation became.

Nowadays PayPal outsources its customer support to slave trade companies like Teleperformance. Could you imagine that your finances depend on the decision if a disgruntled employee who could be deported if he wrongs the company he works for? Their goal isn't to do the best in serving you as the customer but rather to close cases as fast as possible to make Teleperformance earn as much money as possible as per the company to company contract they have with PayPal.

When companies start outsourcing they enter into a death spiral where service keeps getting worse. PayPal was much better in 2010, but now it fucking sucks and should be avoided at all costs.

[serjent05]

Was PayPal ever a good option in the early days of exchanges in order to buy bitcoin?

Paypal wasn't an option in the early years of Bitcoin.  I believe it was on October 21 2020 when paypal first launched its service, due to the pandemic and a strategic move of paypal to broaden its horizon, they announce their addition of Bitcoin services stated in this link: https://newsroom.paypal-corp.com/2020-10-21-PayPal-Launches-New-Service-Enabling-Users-to-Buy-Hold-and-Sell-Cryptocurrency

It was said that in 2021, paypal users can use BTC to pay for paypal partner merchants which is said to be around 26m.

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?

Paypal in the year 2010 does not support Bitcoin purchase.

Why did PayPal get a bad reputation then?

Paypal have poor customer service, they can revert payment which scammers are exploiting, and paypal just like any centralized services can freeze or pause an account.  One of the worst move of paypal which give users a bad taste of their service is the implementation of the fine for misinformation where they can withdraw $2500 for spreading misinformation from the suspected account.  Detail about the story can be found here: https://www.collctiv.com/blog/whats-going-on-with-paypal

[robertcarlyle]

So if you guys wanted to buy like 1500 usd worth of bitcoin in april of 2010 on new liberty exchange, how would you buy this amount if not via paypal?

[Scarlett_23]

Bitcoin started its journey in 2009. That is, 2010 was the new state of Bitcoin. So at that time there was no popular medium like Binance, Bybit or Coinbase for Bitcoin transactions. People used to transact directly on Bitcoin forums or through PayPal. But PayPal's rules and regulations do not protect the interests of Bitcoin. That is, PayPal can provide security to a person's money but cannot protect the privacy of that person's money. A person's Bitcoin is safe as long as it is in his own hands. But when you transact through PayPal, the security of your money goes to a third party. So it can be said that having Bitcoin in a custodial wallet means a security risk.

[robertcarlyle]

What about cold wallet or something?

[X-ray]

Paypal was known to freeze money, even if you did nothing wrong.

But i'm sure back then people were buying through paypal, it's basically like P2P, you don't buy off merchant but using paypal as if you're sending money to stranger.

If you are worried about scams, there's reason why escrow exists. But the risk of charge back definitely there.

[mirakal]

PayPal was the recommended option back then, but it has changed now. In my country, they offer a lot of payment options for P2P services. From time to time, changes come, and we may no longer have PayPal as an option.

Those who know more about PayPal will probably not use it anymore. Of course, no one will take a risk on a transaction that might compromise our funds. It is something we need to look into more, the security, rather than the fees and convenience. If they want to keep people from using their platform, then it is also necessary for them to change how their system works.

[kotajikikox]

PayPal was the recommended option back then, but it has changed now. In my country, they offer a lot of payment options for P2P services. From time to time, changes come, and we may no longer have PayPal as an option.

It’s easy to be the most recommended back then if there’s not much platforms offering to buy bitcoin from. But now, there are thousands maybe even more platforms offering bitcoin. These platforms also have different features making each one unique to one another. Some have KYC, some don’t. Some only work in specific regions. And etc. Now we are flooded with options and paypal no longer is the best option.

[Z_MBFM]

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 does not have a bad reputation, but since PayPal is a centralized platform and it works like a bank. So there are many limitations and rules of transactions. But in the case of Bitcoin, this is not the case. In the case of Bitcoin, everyone gets financial freedom and can make transactions as much as he wants without any restrictions or limitations. For this reason, everyone likes Bitcoin at present and everyone wants to get Bitcoin as a payment method, especially those who are involved in Bitcoin. Because of this, the demand for PayPal may decrease a little, but PayPal is still very popular all over the world like Google Pay and Debit Credit Card

[robertcarlyle]

But if paypal might have issues on new liberty back then, how else could someone buy as much bitcoin on new liberty for that time period without using paypal with little to no risks? 

[cryptomaniac_xxx]

Paypal was known to freeze money, even if you did nothing wrong.

But i'm sure back then people were buying through paypal, it's basically like P2P, you don't buy off merchant but using paypal as if you're sending money to stranger.

If you are worried about scams, there's reason why escrow exists. But the risk of charge back definitely there.

Yeah, and they are known to be anti-crypto or Bitcoin.

Although they have change their stance already, but I don't think it really swayed most of us to use their services. We all know that there are better options so Paypal might be the last services that we're going to used.

Probably we have used Paypal before specially for those freelancers to received our payment but that's it.

[tbct_mt2]

Paypal was known to freeze money, even if you did nothing wrong.

Centralized exchanges can seize your bitcoin too but Paypal has their mechanism for chargeback while with Bitcoin blockchain, your Bitcoin transactions are irreversible, no chargeback, no seize if a transaction was confirmed by miner, and it was sent to your non custodial wallet, no one can charge your bitcoin back.

Yeah, and they are known to be anti-crypto or Bitcoin.

Although they have change their stance already, but I don't think it really swayed most of us to use their services. We all know that there are better options so Paypal might be the last services that we're going to used.

Probably we have used Paypal before specially for those freelancers to received our payment but that's it.

Paypal pioneered or make online digital payments more easily and conveniently. I believe that if we don't have Bitcoin blockchain, we would have still using Paypal as most favorite payment method.

Paypal years ago had to change themselves because of very strong growth of Bitcoin. If they want to maintain their customers on Paypal, they have to accept Bitcoin. It's give years ago, in 2020 Paypal joined cryptocurrency industry by allowing cryptocurrency buying, holding and selling for US merchants.

[robertcarlyle]

But how to avoid chargebacks via paypal like in april or march of 2010 on new liberty then if not cold wallet?

[qurbanshah02]

Paypal was known to freeze money, even if you did nothing wrong.

But i'm sure back then people were buying through paypal, it's basically like P2P, you don't buy off merchant but using paypal as if you're sending money to stranger.

If you are worried about scams, there's reason why escrow exists. But the risk of charge back definitely there.

Yeah, and they are known to be anti-crypto or Bitcoin.

Although they have change their stance already, but I don't think it really swayed most of us to use their services. We all know that there are better options so Paypal might be the last services that we're going to used.

Probably we have used Paypal before specially for those freelancers to received our payment but that's it.

So this means that it will be related to Bitcoin and there will be a similar chain running, which is why it is called Bitcoin and Crypto.

Some of them are done in such a way that we are forced to do this work for our own benefit and after that we realize that we got this work for a loss. This is also known for its work and experience and it is also quite beneficial for us, from which it can improve its performance.

This is what most people do and that is why we are worried and that is why we use this free work in this. If we use it in another way, we might not get any harm.

[madnessteat]

I have not bought Bitcoin through PayPal, but have used their service for other purposes. Using this service did not cause any problems, but it seems to me that if someone wants to buy Bitcoin, it is better to do it through a cash exchange by handing it over to a courier. It is very important that the exchanger has a good reputation among crypto-enthusiasts. Otherwise, you can run into scammers.

I completely stopped using PayPal when they restricted the possibility of using their service in my country.

[robertcarlyle]

So it wouldnt be feasibly realistically possible to buy like 1500 usd worth of bitcoin via paypal on new liberty before mid 2010?

[lovesmayfamilis]

Using this payment system is like walking on a tightrope, expecting to fall at any moment. This applies not only to buying Bitcoin, which kills the very purpose of decentralization but other online purchases through this system are extremely unreliable. I got into a story when there was a sale through PayPal. I made it, but for some reason, the buyer saw some mistakes in my actions, to which he demanded a refund. Naturally, I tried to prove my case, but further connections with this system were completely cut off. The same can be said about Bitcoin; in addition to complete control, you can expect such incidents as a refusal to transfer or even withdraw your funds, which was written about several years ago.

[CycleStorm]

What is the best way to withdraw bitcoin into cash right now? Paypal or just to a bank card?

[Findingnemo]

What is the best way to withdraw bitcoin into cash right now? Paypal or just to a bank card?

Bank transfer is a better choice, but it depends on the volume and availability of traders for your currency. And avoid p2p unless you know what you are doing and how to tackle the bank freeze issue which is common when you deal with p2p platforms. So pick an exchange that has the pair of your fiat and sell your crypto against it then withdraw the cash into your bank account or if they allow other modes then you can go with it.

[CycleStorm]

What is the best way to withdraw bitcoin into cash right now? Paypal or just to a bank card?

Bank transfer is a better choice, but it depends on the volume and availability of traders for your currency. And avoid p2p unless you know what you are doing and how to tackle the bank freeze issue which is common when you deal with p2p platforms. So pick an exchange that has the pair of your fiat and sell your crypto against it then withdraw the cash into your bank account or if they allow other modes then you can go with it.

If there are withdrawal limits on the bank cards or paypal? Is it better to withdraw in parts or the full amount to avoid problems?