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Author Topic: Buying bitcoins with paypal  (Read 4643 times)
mattiemus
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December 22, 2011, 09:47:28 PM
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Is there any bitcoin currency exchanges that allow me to purchase bit coins with paypal as it is my preferred way of shopping online, I have looked for some exchanges however they only allow withdraws to paypal rather than deposits.

Thanks in advance.
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andylam
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December 22, 2011, 09:54:26 PM
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try this site https://www.wm-center.com/ so far that the only paypal <------>bitcoin i can find :|
just a question are you using guiminer cause i need help :\
mattiemus
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December 22, 2011, 10:03:26 PM
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yes I am (or I was... I have an Nvidia card and was only pulling 50mh/s so decided to stop mining...) Ill try and help, what is the problem?
mattiemus
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December 22, 2011, 10:08:41 PM
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doesnt seem to work for me... "operations is unavaliable" I only wish to purchase a few bitcoins to test my payment gateway with... is there some kind of test network I can use instead (similar to paypals sandbox)?
andylam
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December 22, 2011, 10:14:39 PM
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um i not sure
oh can you help me with mine Cheesy? when i load guiminer and type in everything i get problem communication with bitcoin RPC
mattiemus
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December 22, 2011, 10:29:18 PM
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are you running the bitcoin client in server mode?
append -server to bitcoin-qt.exe or just run bitcoind.exe (im assuming your using windows)
mila
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December 22, 2011, 10:41:29 PM
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doesnt seem to work for me... "operations is unavaliable" I only wish to purchase a few bitcoins to test my payment gateway with... is there some kind of test network I can use instead (similar to paypals sandbox)?

bitcoin has/runs a fully working testnet, separate namespace for addresses, separate block chain
and gavin is giving away 50 testnet bitcoins per request (google testnet bitcoin faucet)
you can even mine there with the -testnet switch if you're patient enough

or you can run your local testnet bitcoin on localhost (google bitcoin testnet in a box, a thread in this forum)

not sure if you find any exchange from paypal to bitcoin. they do not mix well (like water and fat)

your ad here:
BTCurious
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December 22, 2011, 10:44:54 PM
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Virwox allows paypal. You buy linden dollars, and then with those buy bitcoin. It's not the cheapest, but it works.

mila
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December 22, 2011, 10:50:13 PM
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Virwox allows paypal. You buy linden dollars, and then with those buy bitcoin. It's not the cheapest, but it works.

ok, you use linden as emulsifier here.
I wonder who deals with the chargebacks in such tx.

your ad here:
mattiemus
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December 22, 2011, 11:15:57 PM
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Virwox allows paypal. You buy linden dollars, and then with those buy bitcoin. It's not the cheapest, but it works.

ok, you use linden as emulsifier here.
I wonder who deals with the chargebacks in such tx.

Virwox charges a 2% fee when using paypal - which i guess is the "punishment" for using it.
Ill try using that method... will probably cost me a lot more though.
mila
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December 22, 2011, 11:34:55 PM
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this guy does it for 10% (suddenly virwox is cheap Wink )
https://bitcointalk.org/index.php?topic=53446

your ad here:
BTCurious
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December 23, 2011, 12:16:35 AM
 #12

Virwox allows paypal. You buy linden dollars, and then with those buy bitcoin. It's not the cheapest, but it works.

ok, you use linden as emulsifier here.
I wonder who deals with the chargebacks in such tx.

Virwox charges a 2% fee when using paypal - which i guess is the "punishment" for using it.
Ill try using that method... will probably cost me a lot more though.
2(?)% for deposit, 2.50% to buy SLL, 1% to buy BTC, and 0.02 BTC to withdraw. And that is assuming virwox doesn't have a spread. (Hint: It does)

If you're in Europe I can sell you bitcoins for a SEPA transfer. Send me a PM if you're interested.

btc_artist
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December 23, 2011, 12:24:36 AM
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Virwox allows paypal. You buy linden dollars, and then with those buy bitcoin. It's not the cheapest, but it works.

ok, you use linden as emulsifier here.
I wonder who deals with the chargebacks in such tx.

Virwox charges a 2% fee when using paypal - which i guess is the "punishment" for using it.
Ill try using that method... will probably cost me a lot more though.
2(?)% for deposit, 2.50% to buy SLL, 1% to buy BTC, and 0.02 BTC to withdraw. And that is assuming virwox doesn't have a spread. (Hint: It does)

If you're in Europe I can sell you bitcoins for a SEPA transfer. Send me a PM if you're interested.
You forgot to add that you can only buy whole dollar amounts of Linden and you can only buy whole bitcoins, so you will be left with the change in USD and in Linden dollars in your virwox account.

BTC: 1CDCLDBHbAzHyYUkk1wYHPYmrtDZNhk8zf
LTC: LMS7SqZJnqzxo76iDSEua33WCyYZdjaQoE
Stephen Gornick
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December 23, 2011, 12:41:32 AM
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The reason you won't find many places to trade your PayPal for BTC is that Bitcoin trasnactions are non-repudiable ... the transaction cannot be either cancelled or reversed.

You might find a willing participant in the #Bitcoin-otc marketplace.  Here's the current order book:
  - http://bitcoin-otc.com/vieworderbook.php
  - http://bitcoin-otc.com
  - http://webchat.freenode.net/?channels=#bitcoin-otc-foyer (marketplace IRC Chat)

Additionally, you might find a party willing to trade in-person through one of the local exchanges, such as BTC Near Me, Bitcoin.local or Ubitex even:
 - http://en.bitcoin.it/wiki/Category:Local

If you are in the U.S., the easiest method nowadays is to deposit cash at a bank, as is offered by
 http://www.get-bitcoin.com (USD -> BTC exchange, 5% fee)
 and
 http://www.bitinstant.com  (for sending USD funds to TradeHill and Mt. Gox, 5% fee plus the trading fee at the exchange)

Iceman423
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December 23, 2011, 01:53:49 AM
 #15

i want to buy bitcoins with paypal, i have basically unlimited money so i am bored and want to start with bitcoins
BTCurious
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December 23, 2011, 01:58:23 AM
 #16

Basically no one sells for paypal, because of a large risk of getting scammed.
If you're in Europe though, you can easily send money from your online bank account to any other person in Europe, without it costing anything (so that's cheaper than paypal). If you're interested, send me a message.

Iceman423
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December 23, 2011, 02:01:02 AM
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seems, sketchy...paypal is secure ive bought and sold many other different items before using PP, why not use it for bitcoin?
nmat
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December 23, 2011, 02:03:53 AM
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seems, sketchy...paypal is secure ive bought and sold many other different items before using PP, why not use it for bitcoin?

Because it's reversible. You can buy bitcoins from me and claim that I never sent them to you and Paypal will return you the money.
BurtW
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December 23, 2011, 02:23:49 AM
 #19

You will find that PayPal, credit cards, etc. are generally more secure for the buyer whereas Bitcoins are generally more secure for the seller.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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December 23, 2011, 02:24:29 AM
 #20

seems, sketchy...paypal is secure ive bought and sold many other different items before using PP, why not use it for bitcoin?

How to obtain free Bitcoins.
1) Buy coins w/ paypal
2) Report transaction as fraudlent
3) Paypal reverse transaction.  You get your USD back and seller losses 100% plus paypal fees (yeah they don't refund those) plus $30 chargeback fee.
4) "Free" bitcoins.
5) Continue until you are as rich as you want to be.

Of course some person always try to sell using Bitcoin anyways.  They figure well there will be some fraud so they will just raise the prices.  So say it is 10% fraud.  No problem they markup the coins 15% and they will still come out 5% ahead.  Like minting your own money right?  The problem is at 15% markup less legit buyers are interested.  So at 15% markup it is more like 25% fraud not 10% fraud.  They raise prices more and more and more to cover mounting losses which only drives more fraud and less legit traffic.  Eventually they either go bankrupt or Paypal pulls the plug.

2-3 months later so noob "genius" has the brilliant and never before thought of idea to sell Bitcoins using paypal and the cycle of life continues.
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