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Author Topic: Would funding your PayPal account with BTC allow you to live on BTC?  (Read 1196 times)
CoinDiver
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September 12, 2014, 03:04:24 PM
 #1

Would funding your PayPal account with BTC allow you to live on BTC?

If PayPal were to allow either funding of accounts with BTC, or denominating account in BTC... would you move away from fiat and over to BTC? I can pay for almost everything (exceptions being rental cars... something else?) with my PayPal debit card. I can pay almost all of my bills with PayPal or my PayPal debit/credit card. I would likely move to immediately convert my pay each week to BTC. The biggest problem I would have would be staying under the CoinBase instant buy limit.

Has anyone else considered this?

http://mises.org/daily/3229
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September 12, 2014, 03:12:36 PM
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I guess it would when I think about it. Now with PayPal having ways for you to pay for just about everything using their card there is no reason why if you have the funds in your account that you can not rely on those and live off those the way you would when using fiat. I guess this is just another positive for bitcoin now that PayPal seem to be accepting bitcoin.
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September 12, 2014, 04:02:08 PM
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Hm. You can buy a house with BTC. You can buy a car with BTC. You can pay for dining out, air fare and hotel with BTC if you are into traveling the world and know where to look. Why not?
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September 12, 2014, 05:00:46 PM
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I don't see why not. Assuming that everything you ever wanted to buy can be bought with paypal.
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September 12, 2014, 05:32:02 PM
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I honestly don't see why you would try to use PayPal in this endeavor. There are tons of cases of people documenting their experience living fiat-free. PayPal is the old model of eCommerce and bitcoin is the new. Nearly every consumer good or service is available for direct BTC purchase without PayPal taking a fat fee out of it.

Read here for more analysis of what PayPal does (or does not) do for bitcoiners: http://bitcoinbabble.com/?p=261

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September 12, 2014, 05:53:21 PM
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I honestly don't see why you would try to use PayPal in this endeavor. There are tons of cases of people documenting their experience living fiat-free. PayPal is the old model of eCommerce and bitcoin is the new. Nearly every consumer good or service is available for direct BTC purchase without PayPal taking a fat fee out of it.

Read here for more analysis of what PayPal does (or does not) do for bitcoiners: http://bitcoinbabble.com/?p=261

Exactly, I would never use PayPal.

PayPal doesn't accept Bitcoin anyway. PayPal acquired Braintree in 2013 and Braintree partnered with Coinbase. You can't use Bitcoin with PayPal and you have to go through Coinbase to use them with Braintree. All of these nested services are just making Bitcoin more difficult to use for the average person than just pulling out your debit card.

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September 12, 2014, 06:41:04 PM
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There are no real details out regarding the implementation. The guy said the infrastructure Braintree is built on, is the same as what PayPal is built on, so basically PayPal is now able to use bitcoin. If this is as little as being able to convert btc coming in in to fiat in a paypal account (no different that paying a merchant with bitcoin, and paypal uses coinbase to convert to fiat which is credited to a paypal account), then it's enough infrastructure to allow someone to use a paypal credit card essentially as a bitcoin credit card.

What you guys fail to see is that anything that makes bitcoin useable on the traditional network is an intermediate step towards mass adoption.

http://mises.org/daily/3229
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September 12, 2014, 06:48:28 PM
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Only for more expensive products and if would buy them over the internet. For low price products I wouldn't because Price isn't so stable and you could be losing money.
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September 12, 2014, 07:54:00 PM
Last edit: September 12, 2014, 08:45:02 PM by Meuh6879
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with my PayPal debit card.

 Cheesy good SCAM, bro ...

in european country, the Paypal "card" can NOTused to use the sold of Paypal but it's linked to "credit revolving" system (yes, need to link bank account to paypal ... and bank account pay the credit revolving).

so, paypal card is a SCAM (identified as it ... really !) in Europe.
TwoCoins1Purse
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September 12, 2014, 08:12:51 PM
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The fact that I have to still convert fiat to BTC really doesn't help in this situation.
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September 12, 2014, 09:03:01 PM
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with my PayPal debit card.

 Cheesy good SCAM, bro ...

in european country, the Paypal "card" can NOTused to use the sold of Paypal but it's linked to "credit revolving" system (yes, need to link bank account to paypal ... and bank account pay the credit revolving).

so, paypal card is a SCAM (identified as it ... really !) in Europe.

It's the same in the US too. You have to have a linked bank account and give them permission to access it. That's one of the reasons I never used PayPal.

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September 12, 2014, 10:36:57 PM
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I honestly don't see why you would try to use PayPal in this endeavor. There are tons of cases of people documenting their experience living fiat-free. PayPal is the old model of eCommerce and bitcoin is the new. Nearly every consumer good or service is available for direct BTC purchase without PayPal taking a fat fee out of it.

Read here for more analysis of what PayPal does (or does not) do for bitcoiners: http://bitcoinbabble.com/?p=261

Exactly, I would never use PayPal.

PayPal doesn't accept Bitcoin anyway. PayPal acquired Braintree in 2013 and Braintree partnered with Coinbase. You can't use Bitcoin with PayPal and you have to go through Coinbase to use them with Braintree. All of these nested services are just making Bitcoin more difficult to use for the average person than just pulling out your debit card.
These services are giving people options to use bitcoin in complicated ways, however it is still possible to use bitcoin in the traditional way of sending a transaction to someone in exchange for goods. Coinbase makes this very easy (even though they hold your keys, they are good for the "average" person).

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September 12, 2014, 11:15:30 PM
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I honestly don't see why you would try to use PayPal in this endeavor. There are tons of cases of people documenting their experience living fiat-free. PayPal is the old model of eCommerce and bitcoin is the new. Nearly every consumer good or service is available for direct BTC purchase without PayPal taking a fat fee out of it.

Read here for more analysis of what PayPal does (or does not) do for bitcoiners: http://bitcoinbabble.com/?p=261

Exactly, I would never use PayPal.

PayPal doesn't accept Bitcoin anyway. PayPal acquired Braintree in 2013 and Braintree partnered with Coinbase. You can't use Bitcoin with PayPal and you have to go through Coinbase to use them with Braintree. All of these nested services are just making Bitcoin more difficult to use for the average person than just pulling out your debit card.
These services are giving people options to use bitcoin in complicated ways, however it is still possible to use bitcoin in the traditional way of sending a transaction to someone in exchange for goods. Coinbase makes this very easy (even though they hold your keys, they are good for the "average" person).

Yeah, I guess that's right. The average person wants things easy not safe.

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September 13, 2014, 12:29:53 AM
 #14

Would funding your PayPal account with BTC allow you to live on BTC?

If PayPal were to allow either funding of accounts with BTC, or denominating account in BTC... would you move away from fiat and over to BTC? I can pay for almost everything (exceptions being rental cars... something else?) with my PayPal debit card. I can pay almost all of my bills with PayPal or my PayPal debit/credit card. I would likely move to immediately convert my pay each week to BTC. The biggest problem I would have would be staying under the CoinBase instant buy limit.

Has anyone else considered this?


What I worry about is PayPal fees, and how easily the PayPal - CoinBase will be integrated
zorke
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September 13, 2014, 04:11:07 AM
 #15

Would funding your PayPal account with BTC allow you to live on BTC?

If PayPal were to allow either funding of accounts with BTC, or denominating account in BTC... would you move away from fiat and over to BTC? I can pay for almost everything (exceptions being rental cars... something else?) with my PayPal debit card. I can pay almost all of my bills with PayPal or my PayPal debit/credit card. I would likely move to immediately convert my pay each week to BTC. The biggest problem I would have would be staying under the CoinBase instant buy limit.

Has anyone else considered this?


What I worry about is PayPal fees, and how easily the PayPal - CoinBase will be integrated
I would say the fees would essentially make it so that using bitcoin to fund paypal to pay for everyday transactions would essentially make it so it costs the same to use bitcoin as it does to use a credit card. For this reason I don't think this will catch on as the major selling point of bitcoin is that it is cheaper to use then credit cards and other traditional ways of paying for things.
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September 13, 2014, 06:49:39 AM
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As long as my daily salary is in $ I guess I'll still use them. No point taking the -->BTC losses when I can still pay for most things in fiat.
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September 13, 2014, 06:56:37 AM
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No, but only because I don't have hodlings to live off of, I'm still in the BTC wealth accumulation phase.

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September 13, 2014, 06:57:20 AM
 #18

Yea, would be a great way to change from usd to btc.
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September 13, 2014, 07:14:36 AM
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Still if you're accumulating Bitcoin wealth, if you spent the BTC you'd immediately replace with fiat so no problem there Wink

The secret is to spend, and rebuy it!
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