Are people interested in a Bitcoin for PayPal section? (currency exchange)

bjammin · #23 11-05-2016

Quote:

Originally Posted by amzn01

Yes

How do you go from PP to BTC?

There are brokers who will accept a PP payment from you in and give you BTC. But they charge a premium for the service. I assume it is because it can be charged back, just guessing.

sax4 · #24 11-05-2016

Quote:

Originally Posted by bjammin

But in the US, we can no longer withdraw to a card anymore. We have a lot of non-US stealthers that operate a US stealth with no way of cashing out except buying goods or giftcards or PP to PP. So in these cases purchasing BTC with PP is a good option. You are correct about the percentage sucking ass, but that is something the stealther will have to determine if it is worth it or not.

Yeah I understand situation there, but as I said I cannot comprehend how people can give a big percent of their profits away like that, though i do not judge....

I would have thought buying stuff would be best option if there's some reason you cant open a US bank account, preferably something that makes a profit.

In the UK we have click and collect, in US I believe you have something similar at Walmart. These options far better I would think.

There are always new websites coming along, and maybe there are new options since I last checked. I can't see Virwox as a long term option, and neither can I see Local Bitcoins as one.

Trustfund · #25 11-07-2016

I personally think this is a great idea, something that would really round out the forum.

We all have dealt with paypal accounts for long periods of time and I would hope we be able to spot scammers.

Kosmos · #26 11-13-2016

Making a currency exchange: Paypal -> Bitcoin, exchanger may be in an unpleasant situation. Even proven customers can make a lot of problems.

muzzie · #27 11-13-2016

Would be interesting for me. But there should be some strict rules about this section to avoid a tremendous amount of scam.

Play · #28 11-13-2016

Quote:

Originally Posted by muzzie

Would be interesting for me. But there should be some strict rules about this section to avoid a tremendous amount of scam.

I think the rule will be trade at your own discretion. But I think there should be an approval process (like account sellers) such that a scammer can't sign up to the forum and begin offering such service right away - as they could then take advantage of other new and naive members of the forum.

oompaloompa · #29 11-16-2016

when you buy bitcoins from paypal balance, doesn't the payment go to the sellers paypal anyway? - in which case, if we are talking about people who cannot withdraw to card or do not have a bank...why are we just talking about brokering bitcoins? why cant the broker also offer paypal to paypal to bank transfer or paypal to paypal to main paypal (with bank withdrawal). All would need a hefty premium as it is a risk and it is being done for profit after all....

muzzie · #30 11-18-2016

Quote:

Originally Posted by oompaloompa

when you buy bitcoins from paypal balance, doesn't the payment go to the sellers paypal anyway? - in which case, if we are talking about people who cannot withdraw to card or do not have a bank...why are we just talking about brokering bitcoins? why cant the broker also offer paypal to paypal to bank transfer or paypal to paypal to main paypal (with bank withdrawal). All would need a hefty premium as it is a risk and it is being done for profit after all....

PP to BTC rates usually start at 20% and go up to 50%, because many scammers around, and sellers need to cover potential losses.

muzzie · #31 11-18-2016

By the way, I do not see why people without US banks continue to use US accounts and suffer over and over. Do all-EU account, but do it at .COM website, change your eBay registered address to US, and be happy withdrawing into cards...

**aspkin** · #32 11-20-2016

I haven't forgot about this idea.. just super busy with things.

Thinking about it more it looks like it's HIGH risk for sellers of BTC.

Personally I would never sell BTC for PayPal funds as the buyer can easily dispute the funds one way or another, it doesn't make much sense, right?

I wouldn't mind an exchange that is safer for the seller however... maybe cashing out BTC for PayPal funds, bank funds, etc. It's not safe the other way around.

We'll still have a Bitcoin section though because that's interesting stuff!

LSD · #33 11-20-2016

This idea is a HIT HIT but you must have an escrow or some other type of verification to verify legit users and make exchanges happen.

**aspkin** · #34 11-20-2016

Verification is easy and we have a system for that.. I don't think we would have an issue with that at all. It just wouldn't be safe for sellers to accept PayPal funds in exchange for Bitcoin.

GreenBean · #35 11-20-2016

Must say this is exciting to even be on the table.

Thanks for considering this, aspkin!

PS.... just adding a bit extra. When the BITCOIN section is up, I strongly suggest reminding posters to not do business with people. We have seen the bad outcomes previously.

muzzie · #36 11-20-2016

Well, as the seller is the one who risks (and offers BTC for PayPal), not the buyer, I suggest allowing sellers to sell BTC for PP, but solely at their own risk. Usually all risk is covered with huge fees (20%+), so I do not see why not to introduce such feature. For me, I am ready to sell and I fully understand all possible risks.

GreenBean · #37 11-20-2016

You might be the Bees knees, muzzle. But the forum has been had the misfortune of sellers doing the wrong thing and buyers lying about transactions,

A blanket reminder helps people to be aware of potential issues.

Play · #38 11-20-2016

Topic seems to primarily revolve around selling BTC for PayPal funds - I think the reverse is also interesting (selling PayPal funds for BTC).

I personally wouldn't sell BTC for PayPal funds, I guess it seems to suit some more than others.

muzzie · #39 11-21-2016

You can't lie about BTC transaction.

1) seller tells buyer PP price for X bitcoins and his paypal address
2) buyer tells his BTC address and pays with PP
3) seller sends money to BTC address
4) delivery of bitcoins can be checked via tradeblock.com or any similar website
5) only a scamming buyer can open a case via PP, when a seller can do nothing
6) the only scam can come from the buyer - he received BTC and opens pp dispute. So they can't lie to anyone except pp who is so dumb and won't bother checking the transaction.

Quote:

Originally Posted by GreenBean

You might be the Bees knees, muzzle. But the forum has been had the misfortune of sellers doing the wrong thing and buyers lying about transactions,

A blanket reminder helps people to be aware of potential issues.

GreenBean · #40 11-21-2016

muzzie,

Re-read what I said

"A blanket reminder to be careful....".

Not going to continue with this.

muzzie · #41 11-21-2016

I see. But will there be a possibility to sell BTC or not?

empirestate · #42 11-21-2016

There should be a section on the forum for Cryptocurrencies.

**aspkin** · #43 11-21-2016

I'll create the bitcoin section first and go from there.. if a seller is willing to take the risk.. than that's fine with me. More discussions later.

JamesNorth101 · #44 11-21-2016

Bitcoin transactions are totally transparent so its very easy to verify if a payment has been sent or not

One of the best things about BTC!