Silk Road forums

Discussion => Security => Topic started by: UncleDoug on August 20, 2013, 03:32 am

Title: Cashing out BTC to Paypal through btc24paypal
Post by: UncleDoug on August 20, 2013, 03:32 am
I am looking for a suitable site to exchange bitcoins for deposit into a Paypal account.

Can anyone who has used btc24paypal comment on their experience? Are they a reliable and do they provide a legitimate service?

Recommendations for other sites which will exhange BTC and deposit funds using Paypal would also be appreciated.
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: offbeatadam on August 20, 2013, 03:56 am
I am looking for a suitable site to exchange bitcoins for deposit into a Paypal account.

Can anyone who has used btc24paypal comment on their experience? Are they a reliable and do they provide a legitimate service?

Recommendations for other sites which will exhange BTC and deposit funds using Paypal would also be appreciated.

Please don't take this as an attack or anything, but are you sure that you've thought through that thoroughly?

PayPal is notorious for some extremely dastardly deeds. They will freeze your account for obscure non existent reasons, much less something like bitcoins. PayPal takes the desire to appease the government to an extreme - their line for zero tolerance is damn near totalitarian. I had my account frozen for taking a few payments for consulting services - computer consulting services.

What are your reasons for PayPal? Perhaps we can suggest a better solution.
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: UncleDoug on August 20, 2013, 05:29 am
I am looking for a suitable site to exchange bitcoins for deposit into a Paypal account.

Can anyone who has used btc24paypal comment on their experience? Are they a reliable and do they provide a legitimate service?

Recommendations for other sites which will exhange BTC and deposit funds using Paypal would also be appreciated.

Please don't take this as an attack or anything, but are you sure that you've thought through that thoroughly?

PayPal is notorious for some extremely dastardly deeds. They will freeze your account for obscure non existent reasons, much less something like bitcoins. PayPal takes the desire to appease the government to an extreme - their line for zero tolerance is damn near totalitarian. I had my account frozen for taking a few payments for consulting services - computer consulting services.

What are your reasons for PayPal? Perhaps we can suggest a better solution.

Thanks for your reply. Did Paypal reinstate your account?

Originally I was considering using a site which would deposit funds by bank transfer. I live in Australia and found that only a limited number of sites offer this service and the commission fees are huge. If I were to exchange BTC using btc4paypal the funds would be deposited in to my Paypal account in USD, then I would pay a currency conversion fee prior to withdrawal and deposit to my bank. Overall, the final amount I would receive in AUD is almost 20% greater than using any Australian site I have come across.

I should point out that the BTC I would like to cash out are not associated with any form of illegal activity so anonymity is not of concern. The Paypal account I use is in my own name, verified and has been in use for 5-6 years.

I am looking for a simple online service I can use which will result in maximum AUD for my BTC. I am interested to hear suggestions for any other suitable method.
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: NW Nugz on August 20, 2013, 07:48 am
Have you looked at the exchanges (other than Gox)? They might slow the process down a bit but it seems like the one I looked at had fees that were kinda low to transfer to a bank account. I think it was this one I was looking at?:
https://www.campbx.com/

Here is a big list of possibilities:
https://en.bitcoin.it/wiki/Trade
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: phunky on August 20, 2013, 08:23 am
Do not mix bitcoin and Paypal together.

NO NO NO NO NO
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: offbeatadam on August 21, 2013, 12:39 am
I am looking for a suitable site to exchange bitcoins for deposit into a Paypal account.

Can anyone who has used btc24paypal comment on their experience? Are they a reliable and do they provide a legitimate service?

Recommendations for other sites which will exhange BTC and deposit funds using Paypal would also be appreciated.

Please don't take this as an attack or anything, but are you sure that you've thought through that thoroughly?

PayPal is notorious for some extremely dastardly deeds. They will freeze your account for obscure non existent reasons, much less something like bitcoins. PayPal takes the desire to appease the government to an extreme - their line for zero tolerance is damn near totalitarian. I had my account frozen for taking a few payments for consulting services - computer consulting services.

What are your reasons for PayPal? Perhaps we can suggest a better solution.

Thanks for your reply. Did Paypal reinstate your account?

Originally I was considering using a site which would deposit funds by bank transfer. I live in Australia and found that only a limited number of sites offer this service and the commission fees are huge. If I were to exchange BTC using btc4paypal the funds would be deposited in to my Paypal account in USD, then I would pay a currency conversion fee prior to withdrawal and deposit to my bank. Overall, the final amount I would receive in AUD is almost 20% greater than using any Australian site I have come across.

I should point out that the BTC I would like to cash out are not associated with any form of illegal activity so anonymity is not of concern. The Paypal account I use is in my own name, verified and has been in use for 5-6 years.

I am looking for a simple online service I can use which will result in maximum AUD for my BTC. I am interested to hear suggestions for any other suitable method.

Sorry for taking so long to reply. I read the post earlier and forgot about it, lost the tab and then never saw it again in unread posts. =/

So, as for my paypal account, I don't know. I stopped fighting it when it became apparent that they didn't really care much, and while it wasn't chump change, it wasn't enough for more than a small claims billet. That being said, there have been many stories about PayPal freezing accounts and funds based upon their own determinations. There is no semblance of an idea as to what constitutes a true violation. They've frozen charities!

[Clearnet Warning]http://www.digitaltrends.com/computing/paypal-freezes-regretsys-account-for-needy-children/

This is a pretty good article outlining some of the past transgressions, it is particularly referencing a 2011 one, but the history extends to the present and as far back as paypal's inception.

And that, is just what they've done to charities.

Honestly, there is a really large Aussie crowd here. I see that you specifically mention its not for illegal purposes - don't assume the advice given by people who use something for illegal means, is illegal in itself. Receiving money is not a crime, receiving money FOR illegal services is. If the service was legal, and the money received is legal, you've nothing to worry about. Consider a new post of that kind of topic directed at Australians - how do you withdrawal into AUS?

I wish I had that answer for you though... I don't withdrawal, for a few reasons, but mostly because its an avenue I feel adds another layer of risk.
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: UncleDoug on August 21, 2013, 12:00 pm
Cheers for the replies. I am looking in to other options as we speak.

Big thumbs down to Paypal.
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: flashlight5 on August 21, 2013, 02:31 pm
paypal $ucks a$$ so hard... don't do it. especially since you know about SR and might want to order something here one day.

if  E V E R  a package addressed to you gets seized...

"we have an package addressed to you that contains controlled substances."
"YOU MEAN LIKE D R U G S ?!?!? i didn't order that!!!!"
"well, okay, we can not proof that, but we have proof that you were selling / buying BTCs online. Therefore we have gotten a search warrant since you might be a vendor."

Perfect mate. And this is just one example.

BTC to CC is suppose to work fairly well. that way you can avoid taxes too if you want to.

Or keep them... not sure what better investment you want to make.

PP <-> BTCs   Big no no no no no no
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: medicineman684 on August 21, 2013, 03:41 pm
There are some reliable people on localbitcoin that will do that. Look for someone with hundreds of transactions over months...
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: kybzmsrf on August 21, 2013, 07:48 pm
http://www.bitcoin-otc.de

I'm sure you'll find someone over there!
Title: Re: Cashing out BTC to Paypal through btc24paypal
Post by: Jenso on August 21, 2013, 08:05 pm
Do not mix bitcoin and Paypal together.

NO NO NO NO NO

Solid advice! +1