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Author Topic: Exchange Bitcoins for Paypal safely (starting in a few days)  (Read 17394 times)
dishwara
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May 02, 2011, 06:41:52 AM
 #21

Bitcoin is a direct threat to paypal & bitcoin will force paypal to reduce tx fees & exchange rate commission.
Until that, paypal may shut down every paypal account who sells/buys bitcoin.
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M4v3R
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May 02, 2011, 06:51:01 AM
 #22

Bitcoin is a direct threat to paypal & bitcoin will force paypal to reduce tx fees & exchange rate commission.
Until that, paypal may shut down every paypal account who sells/buys bitcoin.

The good thing is, Paypal can't monitor every transaction. So if there is no one single point of failure (you pay directly to other person's Paypal address), we should be fine.
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May 02, 2011, 06:52:20 AM
 #23

Bitcoin is a direct threat to paypal & bitcoin will force paypal to reduce tx fees & exchange rate commission.
Until that, paypal may shut down every paypal account who sells/buys bitcoin.

I don't see how it's a direct threat. Really it shouldn't be a threat at all. Paypal is just a middle man. The only problem that I can see paypal having is the fraud that may go on and or they don't want to be in the middle of something that is potentially (according to their reasoning) a legal risk.

Can you explain how this will force paypal to reduce tx fees and exchange rate commission?

Smiley  : 1LbvSEJwtQZKLSQQVYxQJes8YneQk2yhE3
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May 02, 2011, 07:00:00 AM
 #24

Bitcoin is a direct threat to paypal & bitcoin will force paypal to reduce tx fees & exchange rate commission.
Until that, paypal may shut down every paypal account who sells/buys bitcoin.

I don't see how it's a direct threat. Really it shouldn't be a threat at all. Paypal is just a middle man. The only problem that I can see paypal having is the fraud that may go on and or they don't want to be in the middle of something that is potentially (according to their reasoning) a legal risk.

Can you explain how this will force paypal to reduce tx fees and exchange rate commission?
Bitcoin is the digital currency without any middle man. So no single person in bitcoin gets everything & control everything.
Paypal started only for to send money in less time, mostly INSTANT from different countries & Bitcoin does the same, but with its own currency & no fees, no middle man & anonymous.....most important thing it is decentralized. So, it breaks the monopoly paypal has all over the world.
Which will make paypal to come down in future. 
fetokun
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May 02, 2011, 07:10:22 AM
 #25

I bought 5btc from you a while ago and also 100btc from another user ( http://bitcointalk.org/index.php?topic=2467.msg85692#msg85692 ).

Is it enough to enable this functionality to me?
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May 02, 2011, 08:51:26 AM
 #26

To place an order i need atleast 10 bitcoins? To get my bitcoins in my account i need to send coins to "Your unique deposit address" ? How can i know what is exact value of 1BTC in euros? And if i place my order, is it possible to change price of BTC, because market is changing all the time?
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May 02, 2011, 09:34:29 AM
 #27

Very good idea. Paypal would have to shut down every members paypal account which the won't do because many are very likely also used on ebay.

On a second note: Maybe you should allow other currencies like AUD, CAD and USD, so people from those countries can trade directly.

Exactly, there is no way Paypal will attempt to shut down all accounts involved in the trade within the exchange, for the simple reason they won't even know what you're sending the money for. Also, we will definitely add USD support (the only reason there is no USD support right now is that it would introduce even more misunderstandings regarding international wire-transfers). Basially we can add any Paypal currency, just you will have to keep in mind that if you select currency different than your own you will have to pay Paypal exchange fees.

Bitalo.com coming soon!

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Mahkul
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May 02, 2011, 09:36:25 AM
 #28

To place an order i need atleast 10 bitcoins? To get my bitcoins in my account i need to send coins to "Your unique deposit address" ? How can i know what is exact value of 1BTC in euros? And if i place my order, is it possible to change price of BTC, because market is changing all the time?

That won't be the case for Paypal enabled accounts once we introduce the changes. Please bear with us for another few days.

Bitalo.com coming soon!

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May 02, 2011, 09:47:08 AM
 #29

watchlist post

I also have a few transactions on coincard. would be nice to get a rating from Mndrix.  Cool

btc address:1MEyKbVbmMVzVxLdLmt4Zf1SZHFgj56aqg
gpg fingerprint:DD1AB28F8043D0837C86A4CA7D6367953C6FE9DC

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May 02, 2011, 10:04:25 AM
 #30

Sounds good to me, used coinpal a fair few times since starting up last Friday, now use #Bitcoin-OTC but only for amounts up to 10 BTC (small trading Smiley  )

If this does work and doesnt have silly fees, count me in! Smiley

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May 02, 2011, 10:15:57 AM
 #31

Great news (especially for us EU miners  Grin)!

Filling the niche created by Mndrix unfortunate shutdown is another proof of BTC resilience. Good job!

Post helpful? Please consider tipping Smiley
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May 02, 2011, 10:39:29 AM
 #32

Well youll have one aud paypal user so letting people buy and sell in any paypal currency would be handy.
 Smiley
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May 02, 2011, 11:58:24 AM
 #33

I hope you'll add Venmo and other payment options to your list of available methods.  This payment system has no transaction fees for the consumer, it is funded when people use it with merchants.  I was able to transfer funds from Venmo to my checking account in two days.  As I understand it, fraud issues are minimized because it expects that the exchanging parties have a social relationship with one another.  If this isn't the case, and you're not willing to build a social relationship with the people you trade with, then this may not be the solution.

Bitcoin Bonus provides 50 cents USD worth of Bitcoin when you sign up for it via the link above and fully complete your Venmo profile, and then Claim your Venmo Bonus by entering in your Venmo username.   (You'll also get a dollar from Venmo).

You also can go social with Venmo and optionally let other people know that you're buying bitcoin, helping promote it, but you can keep your transactions private as well.  Here are some more details from the Venmo website:

Venmo: The story.
Venmo was built by two friends that found it incredibly frustrating to pay each other and their friends back. I'll get you, you get me back hardly ever works out, and eventually the missing cash starts to add up. Venmo was built to solve this problem by allowing anyone with a phone to settle mini debts between friends in person, securely and instantly. But that's not all. Venmo is designed to be social and fun, just like the times you have when you're spending money with your friends. You can share your payments, keep track of the places you're spending money, and leave personal notes with every payment you make. We think of Venmo as the best payment service for friends.
What is Venmo?
Venmo is an iPhone, Android and Blackberry App that lots of people use to pay back their friends. It's completely FREE (no transaction fees) to use, and it makes splitting the bill at a restaurant between a group of friends very easy, and kind of fun. There are plenty of other ways to use Venmo, for example paying your roommates back for living expenses like rent, utilities and groceries, or getting your co-workers back for lunch runs or coffee runs. It's even useful to send friends birthday cash, or other cash gifts instead of writing checks. Whenever a friend owes you money, just use Venmo.
How big is Venmo?
Tens of thousands of people in America use Venmo, and we've processed millions of dollars in transaction volume between friends. And, we're still in Private Beta. That's awesome, right?
What are some ways to use Venmo?
The most frequent use case is splitting up a lunch or dinner bill at a restaurant with 2 or more friends. We've all been there before, one person gets the bill and has to figure out how to collect the money from everyone. Venmo saves the day in this situation. Other ways people use Venmo are to settle living expenses with roommates like rent, utilities or cable; to get money for concert tickets and trips; to pay co-workers back for coffee or lunch runs. Basically, whenever someone owes you money, or you owe someone money, just settle it up with Venmo.
How do I pay someone, where does the money come from?
It comes from a credit card or a debit card that you link to your phone number. Once you signup, we walk you through the whole process, and it only takes a couple minutes.
If I receive money, how does it get into my personal Bank Account?
That's easy. Just setup Direct Deposit when you signup, and we automatically transfer all the money you receive on Venmo into your bank account every two weeks. You can always cash out manually if you'd like, but rolling deposits make it really convenient for you to get your money. To setup Direct Deposit, you need to know your bank's routing number and account number (you can find it on a check from your bank or in your online banking portal), that's all! We designed it this way so you don't have to worry about maintaining an extra balance somewhere.
What banks does Venmo work with?
We've partnered up with all the major banks in the country.
Is Venmo Secure?
Absolutely. Venmo uses Bank Grade Security and 256-bit SSL to encrypt and transmit all of your data. Venmo is also certified by Verisign, the leading SSL provider in world.
Venmo is certified by Verisign
What makes Venmo better than other payment services?
For starters, we're completely free to use and there are no transaction fees when you make a payment.

There are lots of other reasons too:

    * Direct Deposit. You can setup direct deposit and we'll automatically transfer any money you receive on Venmo into your bank account every two weeks. You're free with your cash, and we're not trying to earn interest on the float.
    * It's Social. Venmo is the first social payments service. On Venmo, you can share select payments with your friends on Venmo, Facebook, Twitter, and Foursquare as a way of telling them what you're up to. This is a fun way to engage with Venmo, and you get to leave comments on shared payments. Don't worry, only friends you explicitly accept can see the payments you share.
    * Realtime Statistics. We give you detailed statistics after every payment you make. This keeps you informed about how much you're spending with your friends, and if you add your location to a payment, we tell you how many times you've visited that place and how much you're spending there.
    * Your Phone Comes First. You can do everything on your phone. That includes signing up, adding your credit card and making your first payment. This makes it so easy to get your friends to use Venmo with you, especially when your hanging out with each other!

How much does it cost to use Venmo?
It's completely free to use Venmo. There are no fees to signup, and there are no transaction fees.
If it's free to use, how does Venmo make money?
While Venmo does not work with any service providers, or businesses right now, it has plans to work with them in the future. There will be standard transaction fees charged to any business that uses Venmo. This will allow Venmo to remain free for friends to use with each other.
How do I get an invite to Venmo?
Just join our waiting list, or ask a friend that's on there to invite you. We're constantly sending out invitations to new users.
I have more questions
Not a problem! Just use our contact form to get in touch with us, and we'll be happy to answer any of your questions.

Get Bitcoins for your purchases!  https://bitcoinbonus.com
Mahkul
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May 02, 2011, 12:08:58 PM
 #34

I hope you'll add Venmo and other payment options to your list of available methods.  This payment system has no transaction fees for the consumer, it is funded when people use it with merchants.  I was able to transfer funds from Venmo to my checking account in two days.  As I understand it, fraud issues are minimized because it expects that the exchanging parties have a social relationship with one another.  If this isn't the case, and you're not willing to build a social relationship with the people you trade with, then this may not be the solution.


Our buyers and sellers will be people completely unknown to each other, so this may be problematic (unless verified members would like to add this option as well, then why not).

Bitalo.com coming soon!

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May 02, 2011, 08:05:34 PM
 #35

It seems to me that PayPal only adds another point of tracking trading history to the whole system.
SEPA transaction work very well and fast and there are only trusted parties involved (if I won't trust my bank to a certain degree, I wouldn't store money there).
PayPal is known to freeze accounts and also charges fees.

A few months ago I thought PayPal support was really a good idea, but now I think Bitcoin has come to a stage where we aren't dependent on third-party payment processors anymore.

I can't even see the advantages of PayPal. The only thing the bring is transaction speed.
But this speed comes with the whole load of PayPal's negative aspects (giving control of the money to another party aka freezing risk, decrease of money value (fees), risk of chargeback (fraud)).

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May 02, 2011, 09:36:17 PM
 #36

How would one go to prove that they are a member of bitcoinmarket.com? I would like to join your site once PayPal has been implemented!
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May 02, 2011, 10:39:48 PM
 #37

How would one go to prove that they are a member of bitcoinmarket.com? I would like to join your site once PayPal has been implemented!

Very easily: If you email me from your email address that you have registered there with then I will check your history with David from BitcoinMarket.com and that's it.

Bitalo.com coming soon!

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Darth Severus
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May 03, 2011, 03:30:22 AM
 #38

@BitcoinBonus
Venmo seems to have a withdrawal limit of 500$ per month.

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May 03, 2011, 03:33:03 AM
 #39

Why not just come up with a system that accepts credit cards?

I personally hate PayPal, even though I happily used it with CoinPal. If there were a reasonable credit card alternative, I would happily use it instead of PayPal. You'd save money on interchange fees, since PayPal wouldn't be taking its cut. Sure the risk of charge backs would probably be a bit higher, but measures could be taken to reduce fraud. There'd be no risk of PayPal cutting us off again. Best of all, we could finally stick it to PayPal.
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May 03, 2011, 05:31:47 AM
 #40

Awesome! I posted some thoughts earlier tonight on what we should do to make sure all such exchanges can talk to each other, see the thread here: http://bitcointalk.org/index.php?topic=7096
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