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PayPal joins the cryptocurrency market

Scary! Around 8 years ago I had close to 100k frozen in PayPal and they held it for over 6 months because they said I was a high risk seller for no real reason. I had less than 2% refunds. PayPal really sucks ass and scary how they operate and treat customers.
 
MisterSuperGod said:
Hold the phone, Mabel. This is taken from their FAQ.

Can I transfer crypto into and out of PayPal?

Currently, you can only hold the crypto that you buy on PayPal in your account. Additionally, the crypto in your account cannot be transferred to other accounts on or off PayPal.

It appears it's strictly for investment purposes at this point. Lame!
Click to expand...
"You will not hold the digital Crypto Assets themselves in your Crypto Asset balance. All custody of and trading in Crypto Assets is performed for us by our licensed service provider, Paxos Trust Company, LLC ("Paxos"), or other appropriately licensed provider of trading and/or custody services that we identify from time to time ("Service Provider")." (emphasis added)

Source: PayPal Cryptocurrencies Agreement
 
Millard Baker said:
"You will not hold the digital Crypto Assets themselves in your Crypto Asset balance. All custody of and trading in Crypto Assets is performed for us by our licensed service provider, Paxos Trust Company, LLC ("Paxos"), or other appropriately licensed provider of trading and/or custody services that we identify from time to time ("Service Provider")." (emphasis added)

Source: PayPal Cryptocurrencies Agreement
Click to expand...

Damn that is really lame.
 
With Paypal it will be much more risky when it comes time to open up to transfers of crypto in and out of your account as I am sure that transactions will be monitored. So best bet is to stay away from crypto on Paypal if you value your account!
 
At this point pretty much everyone in this game needs to use monero.

Buy your BTC on an exchange, move it to an external wallet, then move it over to exodus.io wallet, exchange btc for monero wait 1hr and you're done.


BTC is worthless at this point and using paypal for anything illegal is dumb, you're gonna have way too many eyes on your transactions in the future with btc.
 
Coinbase USD let your money sit for a month.
Buy your crypto.
Move crypto to external wallet.
Move this to exodus.io and exchange btc for monero
Set up your monero wallet on "getmonero.org", select a light wallet using "my monero" which is compatible for win, linux, mac.

From there you can make your transactions safely, set up a new monero wallet for every transaction leaving no long term record behind.

You're now secure.
 
onecock-twoballs said:
Coinbase USD let your money sit for a month.
Buy your crypto.
Move crypto to external wallet.
Move this to exodus.io and exchange btc for monero
Set up your monero wallet on "getmonero.org", select a light wallet using "my monero" which is compatible for win, linux, mac.

From there you can make your transactions safely, set up a new monero wallet for every transaction leaving no long term record behind.

You're now secure.
Click to expand...
Sounds good but not every source accepts Monero.
 
MindlessWork said:
Sounds good but not every source accepts Monero.
Click to expand...
More and more sources are using it. I know there are some that haven't gotten on board yet, but my sources work on the darknet as well so that's std operating procedure.

The government might eventually shut down these true privacy coins and there exchanges, I think it's only a matter of time before the net draws tighter and we're back to cash in an envelope to a source.
 
The cash in a envelope could be secure as well.

Source sets up an address or po box with a fake company name or can use multiple fake company names, that are attached to secure site away from goods.

You contact the source with your order and address.

Source sends you a code attached to this order.

You put cash in envelope with order code so they can link cash up to your order.

Shipper is notified once payment is received and your product is on the way.


We'll be doing this soon enough as government won't allow technology to rob them of their cut of the drug trade.
 
onecock-twoballs said:
The cash in a envelope could be secure as well.

Source sets up an address or po box with a fake company name or can use multiple fake company names, that are attached to secure site away from goods.

You contact the source with your order and address.

Source sends you a code attached to this order.

You put cash in envelope with order code so they can link cash up to your order.

Shipper is notified once payment is received and your product is on the way.


We'll be doing this soon enough as government won't allow technology to rob them of their cut of the drug trade.
Click to expand...
It's a problem if you have to mail cash overseas, but if you are dealing with a domestic source then that's doable.
 
MindlessWork said:
It's a problem if you have to mail cash overseas, but if you are dealing with a domestic source then that's doable.
Click to expand...
You wouldn't need to send cash overseas. You simply need someone domestically to notify the foreign source that your payment was received and the product can now ship.

This is actually more secure because all emails going outside and coming into the country are surveillanced by the NSA.

Ordering international as much as we love it and I used to love it until I was flagged by our fine government, is better left to large domestic sources who pose very little risk to domestic customers.

When it comes to the drug trade cash is king, most of this other fancy stuff is leaving vastly more evidence behind. A wad of cash in an envelop with only a code, that's as secure as it gets for a customer.
 
Last edited:
PayPal removes wait-list for crypto service.
All eligible PayPal account holders in the U.S. can now buy hold and sell cryptocurrency.
 
Nissan said:
PayPal removes wait-list for crypto service.
All eligible PayPal account holders in the U.S. can now buy hold and sell cryptocurrency.
Click to expand...
I got this update today as well.
I wanna try it but idk how much I trust PayPal for this. Cash app works just fine, do you plan on using PayPal’s crypto?
 
BigDaddyV said:
I got this update today as well.
I wanna try it but idk how much I trust PayPal for this. Cash app works just fine, do you plan on using PayPal’s crypto?
Click to expand...
Not if I cannot move the coin I purchase via PayPal to other external wallets.
 
BigDaddyV said:
Yeah I don’t think you can. I’ll have to check it out
Click to expand...
Paypal is offering bitcoin for investment purposes only.

You don't get to use it at all for any other purpose. You can't spend it, transfer it or sell it (unless you sell it back to paypal).

If you read the fine print, you don't really own it in the first place.
 
Millard said:
Paypal is offering bitcoin for investment purposes only.

You don't get to use it at all for any other purpose. You can't spend it, transfer it or sell it (unless you sell it back to paypal).

If you read the fine print, you don't really own it in the first place.
Click to expand...
Yeah I just signed up for the waitlist because I saw another potential outlet for Bitcoin and thought why not. I didn’t read into it yet but now I don’t have to, thanks for sharing.
 
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