If i bought btc

[robertcarlyle]

If someone wanted to buy bitcoin in the u.s. the summer of 2010 like july or august of that year, would paypal be the least riskiest and most practical way to buy any desired amount of bitcoin?  Would this early on exchanges and/or middlemen like paypal, ect... put restrictions on how much bitcoin someone could buy?

[BitMaxz]

2010? I don't know if someone is selling BTC and accepting PayPal at that time but if you are going to deal to someone and accept PayPal payment, that's too risky.

Why? Because PayPal payment is reversible, while Bitcoin is irreversible. If you are the one who is selling, that is risky, but if you are the one who is going to buy do you think some people would trust you? You are still a newbie; no one can trust you.

However, if you want to buy Bitcoin with PayPal, I think you can buy BTC in Coinbase; they support it as a payment method. It didn't exist before if you talk about 2010.

[BABY SHOES]

Coinpal... Purchase BTC via Paypal with a purchase restriction amount of 10 to 20 BTC, as it is still in Beta stage and limited stock.

Only running 4 months Coinpal closed, because Paypal withheld funds $5000 its owner, may have been too risky purchase via paypal.

Note... I do not know what's what in 2010, there is only a thread in that year discussing his, maybe you can see and read entirely.
[1] https://bitcointalk.org/index.php?topic=2555.0
[2] https://bitcointalk.org/index.php?topic=2555.msg101084#msg101084

[RGBTC]

Why? Because PayPal payment is reversible, while Bitcoin is irreversible. If you are the one who is selling, that is risky, but if you are the one who is going to buy do you think some people would trust you? You are still a newbie; no one can trust you.

Did people at the time think Bitcoin was too cheap, or simply too intriguing not to try?
I actually think the early days of Bitcoin were a time when sellers could simply offload their holdings to anyone willing to buy. Their initiative was driven more by experiment than by the prospect of profit. If a transaction failed, I am certain it was due to technical issues or the policies of the payment platform.

By the way, the closing price on September 30, 2010, was around $0.061. https://github.com/xpnkz/bitcoin_history_data/blob/main/btcusd1d-genesis-2009-2024.csv

[ryzaadit]

I agree with @BitMaxz.

PayPal is the riskiest method cause we can dispute the transaction, even though it is a very risky transaction option for some people still using the PayPal as option transaction. In case you are curious about the best practice for buying Bitcoin back then. Maybe this information could help.

New Liberty Standard created October 5, 2009.
How they work ?

Our exchange rate is calculated by dividing $1.00 by the average amount of electricity required to run a computer with high CPU for a year, 1331.5 kWh, multiplied by the the average residential cost of electricity in the United States for the previous year, $0.1136, divided by 12 months divided by the number of bitcoins generated by my computer over the past 30 days.

Source: Do you know a first Bitcoin exchange? What is it, How it looks like?

Now, we entering 2010 the years you're asking.

BitcoinMarket.com created March 17, 2010.
The first exchange for Bitcoin, and they got few payment option: Paypal, Liberty Reserve, Pecunix.
However, Paypal is being remove as the payment option since to many case with Paypal. These the reason:

The reasons were exactly those that had been predicted: fraudulent chargebacks had made the system unsustainable. Fraudsters had learned to exploit the mechanism systematically.

Source: https://bitcoinmarket.net/magazine/bitcoinmarket-first-bitcoin-exchange-history-en.html

Mt. Gox Starting Trading July 2010
Same things like BitcoinMarket.com they got a problem as well with payment option Paypal. Liberty Reserve are mostly they're focused after issue fraud.

Direct P2P with Escrow in Bitcointalk
This things still being using back then, some Moderator Bitcointalk or Trusted person with a good trust in forum opened a escrow service.


Back to the topic question with the history back then. In 2010 July/August, people will using majority BitcoinMarket.com & Mt. Gox. Paypal are the most option payment is being avoided and people are mostly using Liberty Reserver since the payment transaction can't being rolled back and 100% irrevocable

[robertcarlyle]

But if not july or august of that year, when would have been the earliest someone could buy any amount of bitcoin in one single transaction without exchanges putting limits on how much they could buy in one single transaction then?  When could someone buy like 1000 usd worth of bitcoin or more at once in one single transaction without so much b!@#$%^&  Could this be done with liberty reserve or pecunix?

[ryzaadit]

But if not july or august of that year, when would have been the earliest someone could buy any amount of bitcoin in one single transaction without exchanges putting limits on how much they could buy in one single transaction then? 

P2P transactions with a middleman (Escrow) are always the best option, even if we don't have or have an exchange. However, if you speaking about exchange back then we don't have a limit either for transactions people can buy as much as they can. The limits are mostly comes to withdraw, not for buy/sell.

When could someone buy like 1000 usd worth of bitcoin or more at once in one single transaction without so much b!@#$%^&  Could this be done with liberty reserve or pecunix?

Of course, at the time we have BitcoinMarket.com & MT.Gox. If you speaking a easy transaction buy/sell without any complicated transaction, and yes these could be done with Liberty Reserve or Pecunix cause they don't have transaction limits.

[jcojci]

But if not july or august of that year, when would have been the earliest someone could buy any amount of bitcoin in one single transaction without exchanges putting limits on how much they could buy in one single transaction then?  When could someone buy like 1000 usd worth of bitcoin or more at once in one single transaction without so much b!@#$%^&  Could this be done with liberty reserve or pecunix?

You can used Paypal to buy Bitcoin at that year but I don't know about the risks. You can use P2P transaction and use escrow agents to put on hodl the money until the transaction is done. But you might only get the seller from this forum because at 2010, Bitcoin was not as famous as now. Not many people know what Bitcoin is although Bitcoin is available on BitcoinMarket.com and Mt. Gox.

I am not sure someone will take a risk $1,000 to buy Bitcoin if they don't know the future except those people have much money and willing to accept everything that can happens. If you get the right seller, you can buy many as you want and with the help of Escrow agents, you can transacts without a problem.

[robertcarlyle]

But since pecunix and liberty reserve dont exist anymore, what problems for people who used them in 2010?  Why you keep saying finding the right seller?  I mean buy like 1000 usd of bitcoin back then in a standardized way from an even platform right across the board?  I mean buy 1000 usd worth of bitcoin with todays ease but back then?

[ryzaadit]

You can used Paypal to buy Bitcoin at that year but I don't know about the risks.

A dispute transcation, you can even try to dispute the transaction are already old. Example up to 180 days after the payment.

But since pecunix and liberty reserve dont exist anymore, what problems for people who used them in 2010?

Nothing, cause Liberty Reserve stop service at May 2013 and Pecunix stop service at 2014-2015.

Why you keep saying finding the right seller?  I mean buy like 1000 usd of bitcoin back then in a standardized way from an even platform right across the board?  I mean buy 1000 usd worth of bitcoin with todays ease but back then?

Why needed to find the right seller? with P2P transaction to avoided you find a scammer who try to lure by selling Bitcoin but using a impersonated escrow. It's not easy as you think transaction bitcoin especially with the amount 1,000$ back then at 2009/2010. Most transaction are just few hundred $, already considered a huge transaction. Back then are prety easy way to earn Bitcoin via Faucet or Mining. So the interested are mostly on selling rather than buying.


FYI, after seeing the trust of these accounts. I realized these account are mostly just asking question, question after question without consider to seeing or paying attention to the answer question. These will be the last response from me, I hope for other people do the same as well.

[robertcarlyle]

But between mining and buying, how could one acquire as much btc as humanly from july 2010 onward? 

[UchihaSarada]

If someone wanted to buy bitcoin in the u.s. the summer of 2010 like july or august of that year, would paypal be the least riskiest and most practical way to buy any desired amount of bitcoin?  Would this early on exchanges and/or middlemen like paypal, ect... put restrictions on how much bitcoin someone could buy?

It's not matter of whether you knew about Bitcoin early enough, bought bitcoin in earliest years like 2010 or some years after that, but it's more important whether you managed to hold your bitcoin in many years through a lot of uncertainty, fear, fuds in this volatile and young market. It decides whether you not only witnessed very strong growth of Bitcoin in adoption, value and price, but also managed to take very good profit.

Because in this volatile market, with unpredictable price and market movement as well as trend and future in earliest years, it was more easily to feel fearful, and panic sell.

If you bought bitcoin very early but panic sold your coins only weeks or months after your purchases, likely you would get massive big losses because historically Bitcoin has many deep corrections, crashes in either bull market or bear market.

Bitcoin historical corrections from all time highs.
Bitcoin bull market drawdown history.

[lionheart78]

If someone wanted to buy bitcoin in the u.s. the summer of 2010 like july or august of that year, would paypal be the least riskiest and most practical way to buy any desired amount of bitcoin?  Would this early on exchanges and/or middlemen like paypal, ect... put restrictions on how much bitcoin someone could buy?

This can be considered as p2p trade where you accept payment through PayPal channel, but do not actually do the trade through paypal platform because in 2010, paypal don't deal with cryptocurrency exchanges.  It is either a meet up transaction or through online, where you have to trust each other not to scam the other party.

You can also do trade through an escrow service, where each party has to trust a neutral, reputable third party to hold the item to be traded and release it after the payment is made.

About the PayPal crypto limit, you can check it here: https://www.paypal.com/us/cshelp/article/how-do-i-transfer-my-crypto-help822?  It is stated that the weekly limit for normal cryptocurrency purchase is $25k

[Peanutswar]

AFAIK Bitcoin was launch in 2009 and its seems that the Paypal does not have support the use of the feature of the bitcoin. So basically you dont have a way they already caught their attention and knew bitcoin was not yet popular during that time. Only way to people to have their bitcoin is through using mining (which requires a rigs) or using a p2p trades to other people, or else buy into an exchange like before is the Mt.Gox. If you compared that right now tons of platform, and services binding with the cards and banks supported the use of the bitcoin.

[Merit.s]

Why talking about 2010 when you know that bitcoin was still new and very cheap which was less than $1. Back then in 2010, you can only buy bitcoin through Mt. Go exchange, mining or in forums like this through p2p.

At that time PayPal was only dealing with Fiat. PayPal started dealing with crypto in 2020. So, your question is outdated.

[Hypnotizer]

But between mining and buying, how could one acquire as much btc as humanly from july 2010 onward?  

As for those early days, the possible best way to acquire bitcoins were through mining and that’s where most people from that time got their coins but after 2013 when mining became more difficult to do on simple GPUs and most mining moved to expensive ASICs, it became better to buy.

[Fiatless]

But between mining and buying, how could one acquire as much btc as humanly from july 2010 onward? 

The mining board of the forum would be the perfect place to inquire about acquiring Bitcoin through that means.
https://bitcointalk.org/index.php?board=14.0

I mean buy 1000 usd worth of bitcoin with todays ease but back then?

However, I don't think $1000 would be enough to set up a Bitcoin mining facility. ASIC machines are expensive now. The days when you could mine Bitcoin on cheap computers are over. The option you might have is to buy Bitcoin.

[Dareo]

As far as I find buying Bitcoin with PayPal back in 2010 was not a risk free option. It may have been easy for the buyer but it was a complete nightmare for the exchange or seller, Since PayPal had the option to reverse or chargeback payments, many people would complain to PayPal and get their money back even after receiving the Bitcoin, because of this widespread fraud, early platforms like Mt. Gox put strict limits on PayPal transactions and at one point PayPal itself started blocking the accounts of these exchanges. So you couldn't buy as many Bitcoins as you wanted with PayPal, If you wanted to buy large amounts you had to mine or deal directly with other users on forums.

You can read this post : How did you buy Bitcoin back in 2010?

[boyptc]

But since pecunix and liberty reserve dont exist anymore, what problems for people who used them in 2010?  Why you keep saying finding the right seller?  I mean buy like 1000 usd of bitcoin back then in a standardized way from an even platform right across the board?  I mean buy 1000 usd worth of bitcoin with todays ease but back then?

Add a year to it and IIRC, virwox added bitcoin trading on 2011.

But if that doesn't change your thought about having it on $1k on 2010, most of those people who got thousands of BTC probably have mined it when difficulty wasn't that hard.

At that time PayPal was only dealing with Fiat. PayPal started dealing with crypto in 2020. So, your question is outdated.

You're right but there have been exchanges before that allowed and accepted BTC/Paypal like Virwox but it was later on 2011.

[AakZaki]

This thread was actually once created by the OP here, this time he created it again.
Pay attention to the Neutral tag created by lovesmayfamilis, it's because he ignored the answers that other members have given in previous threads similar to this.

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?

There is a possibility that the same thing will happen here, when the answer has been given he will ignore it again. and make a similar thread again. lol

I think the Moderator needs to take Action on a similar thread created by the same person.