Bad reputation

[hero_the_bossman]

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.

Also, many currencies, especially smaller ones, are not there on the exchanges yet - and people still need to resort on P2P to turn their assets into fiat.

Unfortunately, that's how it is.

[traderethereum]

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

Realistically, not many people know about Bitcoin before mid 2010. It is bit risky to buy $1500 worth of Bitcoin especially if they don't know how the future of Bitcoin.

If they buy Bitcoin on the forum with people who also the member of the forum, they can use the method that available for both. They can use Paypal or Liberty or even bank transfer. But they will use other person to hold the money and make sure the transaction is finish then he will send the money.

[Findingnemo]

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?

Usually exchanges have flat fee for withdrawal and some there will be cap limit which is not a problem unless the bank itself has policy that goes against the crypto  I never have experience with PayPal to and sell cryptos but the chargeback os the main reason why we should avoid paypal for Big transfer.

[CycleStorm]

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?

Usually exchanges have flat fee for withdrawal and some there will be cap limit which is not a problem unless the bank itself has policy that goes against the crypto  I never have experience with PayPal to and sell cryptos but the chargeback os the main reason why we should avoid paypal for Big transfer.

So it is better to withdraw the same bitcoin in cash through some exchange services? It's safer, right?

[betswift]

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?

Usually exchanges have flat fee for withdrawal and some there will be cap limit which is not a problem unless the bank itself has policy that goes against the crypto  I never have experience with PayPal to and sell cryptos but the chargeback os the main reason why we should avoid paypal for Big transfer.

Better to diversify and keep things not seen as some big transfers coming.

Depends on the card and bank in question..

[robertcarlyle]

How long should someone have waited in order for their bitcoin to be worth at least about 300k usd if they bought it in mid 2011?

[l3pox]

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?

in 2010 you could probably mine with your laptop at home or a simple GPU, why you'd need to buy it from someone? you could probably just faucet your way into financial freedom

makes no sense to compare it to 2010, maybe it could work to buy using paypal back then, nowadays it makes no sense anymore, several better options around.

[robertcarlyle]

But if in june 2011 someone bought like 1k usd worth of bitcoin, how long for them to wait for it to become like 300k usd then?

[l3pox]

But if in june 2011 someone bought like 1k usd worth of bitcoin, how long for them to wait for it to become like 300k usd then?

300k usd total or 300k usd per bitcoin

for the second option it hasn't happened yet and it's unlikely to happen this cycle, probably happening somewhere between 2029 and 2033

if we consider BTC price in June 2011 at 16 usd (according to this website https://www.statmuse.com/money/ask/bitcoin-june-2011-price )
1k usd would give you 62.5 BTC
and you'll need it to raise to 4800 usd per bitcoin to reach 300k total
the first time it reached 4800 was in the end of August 2017 so you'd have your 300x if you bought it all in 06/2011 and held until 09/2017
6 years and 3 months holding

not bad

[Redley555]

PayPal’s network operation is very poor and i can see it not standing the test of time. They should work on their network and stop hoarding people’s money

[Onyeeze]

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?

I did see such platform called PayPal as platform that has bad reputation, the thing is that they don't have traffic compared to other platforms, so many persons is not using PayPal to buy bitcoin because nobody is recommending them to other people, in my country we recommend binance to other people who wants to buy bitcoin or sell bitcoin in order to get fiat, so base on binance recommendations from one person to another that's what makes people to know about binance, so the traffic PayPal have is very low and that's why people is not using it or recommending it to people, we have to understand that maybe PayPal transactions haven't be nice to people and that should be one of the reasons why people don't recommend them.

[CycleStorm]

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?

I did see such platform called PayPal as platform that has bad reputation, the thing is that they don't have traffic compared to other platforms, so many persons is not using PayPal to buy bitcoin because nobody is recommending them to other people, in my country we recommend binance to other people who wants to buy bitcoin or sell bitcoin in order to get fiat, so base on binance recommendations from one person to another that's what makes people to know about binance, so the traffic PayPal have is very low and that's why people is not using it or recommending it to people, we have to understand that maybe PayPal transactions haven't be nice to people and that should be one of the reasons why people don't recommend them.

Also Paypal very often block the account if there is no confirmation of funds entry, but if you tell them that you exchanged cryptocurrency they will block the account permanently. I read a case that it is better to avoid paypal as a way to withdraw funds.

[EluguHcman]

But then why did many people have a negative experience with paypal in the early days then?

Well.... Let us just say due to security and privacy concerns in the cryptography, there comes an advancement technology on the development of exchanges which makes Bitcoin transactions reliably transmittable payment system.

Paypal payment system of Bitcoin was only used then as an option to purchase Bitcoin and it was not of good records because it transaction orders was not tied on escrow like it is on exchange where the the Bitcoin is on the custody of the exchange until both buyers and sellers obligated services is served before releasing the Bitcoin and exchange too need to verify that there is an existing Bitcoin that is to act as commodity between both parties on buyer and the seller.
That is basically a systematical order to avoid scamming and when there is an accusation from any part, the exchange reacts to get justified justice so no one gets cheated.

Paypal does not have those reputable and justifiable features which is why using it for processing Bitcoin payment order is absolutely not of good records. Perhaps one can file a false case and get it funds reversed even after receiving the Bitcoin.

[maydna]

But if in june 2011 someone bought like 1k usd worth of bitcoin, how long for them to wait for it to become like 300k usd then?

No one know when the price will become $300k. They need to determine when they will sell their Bitcoin and get the profit. That will be personal decision because we have different target price selling our Bitcoin. If you want to sell at $300k, that mean you must hodl your Bitcoin until the price come.

We already saw the new ATH was at $109k so there is a chance for Bitcoin price increase more than that in the next rally. But we need to have patience and not afraid with the fluctuation instead just keep buying Bitcoin.

[nemesis_incarnate]

Also Paypal very often block the account if there is no confirmation of funds entry, but if you tell them that you exchanged cryptocurrency they will block the account permanently. I read a case that it is better to avoid paypal as a way to withdraw funds.

That's you should say that it wasn't P2P for crypto, but just a transfer for the deed / or some work of sorts.

That's the way to go.

[robertcarlyle]

So the bottom line is that buying more than 1k usd of bitcoin via paypal on new liberty exchange before june 2010 simply wouldnt have been a good idea then?

[CycleStorm]

Also Paypal very often block the account if there is no confirmation of funds entry, but if you tell them that you exchanged cryptocurrency they will block the account permanently. I read a case that it is better to avoid paypal as a way to withdraw funds.

That's you should say that it wasn't P2P for crypto, but just a transfer for the deed / or some work of sorts.

That's the way to go.

Gonna try swapping a bit of crypto to PayPal, just small amounts at first to test the waters. Curious to see how PayPal reacts. My account’s kinda warmed up already. 

[fikrett]

Gonna try swapping a bit of crypto to PayPal, just small amounts at first to test the waters. Curious to see how PayPal reacts. My account’s kinda warmed up already. 

When you are done, you can create a thread about your experiences

[CycleStorm]

Gonna try swapping a bit of crypto to PayPal, just small amounts at first to test the waters. Curious to see how PayPal reacts. My account’s kinda warmed up already. 

When you are done, you can create a thread about your experiences

Had a hard time deciding whether to exchange Bitcoin to PayPal. The main thing is to check how many transactions the service does and how they send the funds before setting up the exchange. I did the exchange, got the funds, and no issues. Account's still good, not blocked, and I spent the money without any problems. 

[hero_the_bossman]

Gonna try swapping a bit of crypto to PayPal, just small amounts at first to test the waters. Curious to see how PayPal reacts. My account’s kinda warmed up already. 

When you are done, you can create a thread about your experiences

Had a hard time deciding whether to exchange Bitcoin to PayPal. The main thing is to check how many transactions the service does and how they send the funds before setting up the exchange. I did the exchange, got the funds, and no issues. Account's still good, not blocked, and I spent the money without any problems. 

This time, it's okay. Next time, it may not.