buying Cryptocurrency on paypal

[joshc]

Just found out you can use your paypal account to buy 4 types of crypto, bitcoin and 3 others. they must have just recently started allowing paypal users to buy crypto. if your a paypal user and interested in crypto currency its amazingly simple to buy crypto there. You can only buy and sell at this time on paypal tho, currently they don't offer sending crpyto to other people but their help section about it leads me to believe in the future they will allow sending crypto to others. i thought it was neat, some might not.

[Tim Johnson]

Just found out you can use your paypal account to buy 4 types of crypto, bitcoin and 3 others. they must have just recently started allowing paypal users to buy crypto. if your a paypal user and interested in crypto currency its amazingly simple to buy crypto there. You can only buy and sell at this time on paypal tho, currently they don't offer sending crpyto to other people but their help section about it leads me to believe in the future they will allow sending crypto to others. i thought it was neat, some might not.

Will Paypal send cryto to businesses? I've been thinking about jumping on a couple poker sites that offer crypto as a currency. You can withdraw money in hours vs a week or more for a check to arrive by mail.

[joshc]

paypals help section states;

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.

Can I use crypto to pay or send money?

While you can't currently use crypto as a way to pay or send money on PayPal, we like the way you think! Many people have big dreams for the future of crypto and so do we.

[joshc]

btw if anyone plans on doing this here is their fee structure,
Purchase or sale amount   Fee
1.00 – 24.99 USD   0.50 USD
25.00 – 100.00 USD   2.30%
100.01 – 200.00 USD   2.00%
200.01 – 1000.00 USD   1.80%
1000.01 USD +   1.50%

IDK how these fees compare to things like CoinBase or other Cypto exchanges but i assume these fees are probably more than most other places that you can get crypto through.

[Jim at Gentex]

I'm sure Paypal is preparing to offer crypto as a payment option at some point, which is probably why they are opening the door in this way.
Having said that, I am not a fan of paying fees and not being able to use my crypto as currency, or to transfer it to other accounts.

I much prefer an app like Abra which allows me to buy and sell as I please, and I can 'cash out' my crypto anytime I want in USD transferred to my bank account.  
https://www.abra.com/">https://www.abra.com/

The only fees I am aware of with Abra are when you add funds by wire transfer or credit card, and when you withdraw bitcoin from your Abra wallet you pay the normal bitcoin network fee.
(There are specific fees related to adding or withdrawing funds in the Philippines, but those only apply to in-person deposits and withdrawals in Pilipino banks.)

ACH deposits ( from regular bank checking accounts, not wire), exchanges between any two currencies within your Abra wallet, and sending funds to another Abra wallet are all free (again, except for the nominal network fee when making bitcoin exchanges).

[RobertELee]

I just saw a story that Tesla just bought 1.5 billion in Bitcoin and is preparing to accept payments via Bitcoin.

[Jim at Gentex]

Yep.
That was part of the reason behind the latest bitcoin surge.
May hit $40K this week.

[Leehound]

What's the advantage of using bitcoin?

[Jim at Gentex]

What's the advantage of using bitcoin?

The whole blockchain security concept, AAAAAAAND the greedy gubmint can't get its greedy fingers into it.  

[RobertELee]

[quote="Jim at Gentex" post_id=6276 time=1612801480 user_id=83], AAAAAAAND the greedy gubmint can't get its greedy fingers into it.  
[/quote]

Yet......

[Dan_AKA_ROY23]

Bitcoin $44,000 (Musk buys 1.5 billion worth). Dogecoin up 40% after Musk and Cuban tweet about it.

[Jim at Gentex]

My son has been pushing me toward Dogecoin for months, but I didn't listen.
My nephew has been making a killing on Syscoin as well, but I don't have much extra cash at the moment to tie up in crypto.

[joshc]

What's the advantage of using bitcoin?

the advantage i like most is goverments cant just print bitcoins like they do currently with currency. with all the stimulas's or anytime they need money they just print as much as they want, which causes inflation for all of us so 1.00$ today is not worth what 1.00$ was in the past. It hurts us all as they print money and we have no control over it. With bitcoin, they cant do that to us. that is what i like best.

[joshc]

I really think Bitcoin is only starting to become popular and that we are still undervalued. The price of bitcoin is at almost an all time high, so it sucks to buy up here, but I think its just starting to become something that hedge funds and other originations are starting to buy now which is going to push the price higher. Cathie Wood who i am a big fan of and i really like her ARK ETF's briefly discusses her thoughts on bitcoin at the end of this video here, if you have some free time you may want to check out this video and her thoguhts on bitcoin, pretty interesting watch and i have the link below embedded with the specific video time where she talks about bitcoin
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[Matthew Hajicek]

One of the early touted advantages of bitcoin was that it was supposedly anonymous and untraceable.  That's proven false.