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Author Topic: Looking to buy btc with PayPal  (Read 448 times)
mikec54
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January 12, 2012, 03:34:25 PM
 #1

Looking to convert my Paypal balance to bitcoins. I have a US verified account if that helps at all. Would really appreciate it if someone could help me out.
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deepceleron
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January 12, 2012, 03:41:09 PM
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Search is your friend, here is your question asked a week ago:
https://bitcointalk.org/index.php?topic=56582.0

It is against PayPal terms too:
https://bitcointalk.org/index.php?topic=55421.msg659727#msg659727

In short, PayPal payments are worthless and untrustable, Bitcoin payments are uncounterfeitable, undisputable, irrevocable, trustworthy.

Epoch
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January 12, 2012, 04:19:41 PM
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Yes, this question seems to keep cropping up. See DeepCeleron's links in his prior post.

The main issue is that you will have a hard time find someone willing to trust you (unless you have a good reputation somewhere and are known in the bitcoin community). Once bitcoins are transferred, they cannot be revoked. Paypal, however, can be revoked up to 45 days after the transaction. So the person transferring bitcoins to you would be taking a risk that you would charge-back and disappear with his bitcoins. Why would anyone risk that?

The secondary issue is that it is against paypal policy to engage in activities involving currency exchanges. Some people consider bitcoins as 'currency'. I personally do not, but it is a grey area at best. And paypal has been known to cancel/revoke such transactions and lock accounts without much, if any, further explanation.

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slider1978
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January 12, 2012, 07:17:25 PM
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I would reccommend the best way to handle that is using Dwolla. You can transfer your paypal balance into your linked account and then transfer the money from there to Dwolla. Once there you can use pretty much any exchange to buy BTC.
Sherkel
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January 12, 2012, 09:09:29 PM
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You can buy Casascius' physical coins with PayPal. In fact, that's what I'm planning on doing somewhat soon.

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<A dominatrix!>
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