Will you buy BTC from PayPal now that they are letting people do it?

Lane

New member
Okay paypal emailed me an offer to buy BTC.

I checked it out it is legit I purchased some.

20 usd worth of it, to be exact
Vote

give reasons for buying 20 bucks
give reasons for not buying .

let us know if you can or must wait.

I am in NJ, USA

I did it very quickly. Note it is an old well established PayPal account that I used.

Yes I know your keys your funds.
I do not plan to keep a lot of BTC in this account.
 

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King

Member
Maybe, I don't really know for sure I have some money in Paypal but I don't know if it would be worth it or not,
I don't know how much would be the fee for transaction in Paypal so if it would be high I would rather buy on exchange or directly at my mobile wallet.
But it could be good for those who doesn't know how to purchase at exchange/trading sites.
 

Olezka

Member
Is there a transaction fee? I notice that they display value in fiat with BTC amount. What exchange rate they are using to determine the value of BTC?

This is a good feature for PayPal since I will not convert anymore my PayPal to BTC via P2P with smaller rate. I wonder if this feature is available on all currency like in my case in PHP or I will need convert first into USD then buy BTC. Anyways I will it later and thanks for the update.
Smiley



EDIT:

It's not available on my PayPal. I believe its for a selected customer for now. But I will definitely buy BTC using my PayPal balance.
 

Pavel

Member
You are not buying BTC on PayPal, you are buying a virtual BTC that you can only hodl or sell on their platform. The answer is easily no, I would rather use a proper exchange, especially since I have access to non-KYC exchanges, and withdraw coins to my wallet asap and be safe. Maybe this opportunity from PayPal will be more interesting for complete beginners or people who haven't tried crypto yet.
 

Oleg

Member
You are not buying BTC on PayPal, you are buying a virtual BTC that you can only hodl or sell on their platform. The answer is easily no, I would rather use a proper exchange, especially since I have access to non-KYC exchanges, and withdraw coins to my wallet asap and be safe. Maybe this opportunity from PayPal will be more interesting for complete beginners or people who haven't tried crypto yet.
yeah I certainly don’t plan on large sums purchased on paypal in my case.

But if BTC is to go mainstream players with a paypal account can help it out.

To hodl 20-100 usd is fine for a paypal account. The way it is structured at the moment it is designed for hodl.

So I am going to do that with 20-100 usd purchased. over the next few months.


Btw I rather have paypal hold my kyc info since it has had it for 17 years.
 

Nathaniel

Member
I'm an active user of PayPal, but I haven't received an email about it. Probably it's because of the region that I am from. Maybe soon? If ever I get the opportunity to buy BTC within the PayPal app, I would try to get some. Just to experience and let others know that it's possible now. More and more people are getting into cryptocurrency daily, and with PayPal supporting it, it's worth celebrating IMO.
 

Sacha

Member
I just voted 'Maybe' and 'I will wait and see'. Actually, it depends. I have a few options in terms of buying BTC so I wouldn't say I would particularly choose Paypal over others. I normally use a local exchange when I convert from my local fiat to BTC and vice versa. I could get a better price deal this way.

But, of course, I consider this a very huge welcome development considering that Paypal has hundreds of millions of users and tens of millions of sellers accepting Paypal around the world.

The more interesting aspect of this development, however, is when Paypal allows its users to actually pay in Bitcoin itself in their purchases. This is gonna happen next year. We'll see how it pans out in terms of Bitcoin spending considering that it involves this giant international payment system.
 

Artyom

Member
No. It seems they won't allow you to withdraw to your hard wallet:

"there was also concern that the new service does not allow bitcoin or other cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell."

Source: "Baby Steps or Handcuffs? Crypto Pros Assess PayPal’s Bitcoin Play"

Not your keys, not your bitcoin. It will be KYC. So, no, no, no.

It will help mass adoption, though, and will help the price to go up (it seems it's doing it already).
 
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