Silk Road forums

Discussion => Newbie discussion => Topic started by: Newguy321 on July 25, 2013, 11:23 pm

Title: Paypal for Bitcoins
Post by: Newguy321 on July 25, 2013, 11:23 pm
Does anyone know a way to use paypal to buy bitcoins? I used Virwox's method but there were a lot of hoops to jump through and lots of fee's.
Title: Re: Paypal for Bitcoins
Post by: hayzeus on July 25, 2013, 11:34 pm
In my last week of studying how to get this all going, I have not run across a method of buying btc with Paypal...
Title: Re: Paypal for Bitcoins
Post by: Newguy321 on July 25, 2013, 11:47 pm

You can do it with Virwox. It is not the easiest way to do it. I have only done it once but it kind of goes like this. You use paypal to buy product A. You take product A and convert it to product B. You can then take product B and convert that into Bitcoins.

It is a real pain and they charge fee's for every transaction but it is a way to get it done.

I wonder why nobody takes paypal for Bitcoins? Any senior guys want to chime in?
Title: Re: Paypal for Bitcoins
Post by: TriedItAll on July 26, 2013, 12:21 am
i have had terrible experiences with Paypal, I would avoid it at all costs. They DO NOT support the bitcoin movement in any way. I would recommend using LocalBTC.com   

I buy from this guy:

https://localbitcoins.com/ad/22396/purchase-bitcoin-cash-deposit-chase-bank-united-states

if there is a Chase bank around you, the process is pretty much instant.   you request an amount, you make an anonymous cash deposit to the account, and your coins are delivered.  LocalBTC will protect your rights as a buyer if there is foul play and there is an escrow system.

You can also meet up in person with people, but the quickest way is the above method of bank cash deposit where you can get it done and over with without any trace it was you.

best of luck to you
Title: Re: Paypal for Bitcoins
Post by: esoteric69 on July 26, 2013, 12:28 am
Some people buy BTC on Ebay but I wouldn't recommend it. I tried selling some LTC on there and I had scammers bidding left, right and center. Localbitcoins is your best bet, ideally find a seller who sells for cash. Leaves no paper trail to your bank account
Title: Re: Paypal for Bitcoins
Post by: hayzeus on July 26, 2013, 12:30 am
That's a great idea.  I have a Chase Bank 2 blocks away from work.  I'm headed over to this INSTANT delivery site right now. 

You would say that delivery is pretty much instant once the money is deposited into the person's account?  What are the fees like?  Do I buy BTC at the current market value for that moment in time?

Sorry for all the questions.  I'm on COINBASE and on my 3rd day of waiting of 4 days before they deposit the btc into my wallet (that I bought on Monday!  >:( )
Title: Re: Paypal for Bitcoins
Post by: MoneyPakJack on July 26, 2013, 12:38 am
Nobody will take paypal or debit/credit for bitcoins because they are reversible transactions. Paypal does not allow you to use there service for digital goods. You can report the funds as stolen and then the seller loses the coins and the money. Virwox is the only place i know of that accepts paypal or debit/credit and they charge very high fees.
Title: Re: Paypal for Bitcoins
Post by: TriedItAll on July 26, 2013, 02:01 am
That's a great idea.  I have a Chase Bank 2 blocks away from work.  I'm headed over to this INSTANT delivery site right now. 

You would say that delivery is pretty much instant once the money is deposited into the person's account?  What are the fees like?  Do I buy BTC at the current market value for that moment in time?

Sorry for all the questions.  I'm on COINBASE and on my 3rd day of waiting of 4 days before they deposit the btc into my wallet (that I bought on Monday!  >:( )

delivery is less than 5 minutes after deposit and proof of deposit.  You should do it first thing tomorrow morning.  He lays out all the instructions and everything in the ad.

It is a bit more expensive than Coinbase will give you, but again, it will be instant if within banking hours, and it will more importantly be completely anonymous and not tied to you or your bank account in anyways.

good luck!
Title: Re: Paypal for Bitcoins
Post by: k132s216 on July 26, 2013, 02:21 am
I really don't see why people are concerned with their ID being tied to the buying of bitcoins.
Title: Re: Paypal for Bitcoins
Post by: cryngie on July 26, 2013, 02:34 am
I really don't see why people are concerned with their ID being tied to the buying of bitcoins.

You are aware all coins transactions can be traced
your id buys BTC same BTC buys drugs 2+2=4
Title: Re: Paypal for Bitcoins
Post by: cryngie on July 26, 2013, 02:38 am
Nobody will take paypal or debit/credit for bitcoins because they are reversible transactions. Paypal does not allow you to use there service for digital goods. You can report the funds as stolen and then the seller loses the coins and the money. Virwox is the only place i know of that accepts paypal or debit/credit and they charge very high fees.

You can use debit/credit in Aus and only 2% fee
Title: Re: Paypal for Bitcoins
Post by: oznation22 on July 26, 2013, 02:44 am
coinjar  for australian people the simple and easy way to get on the bitcoins
Title: Re: Paypal for Bitcoins
Post by: TriedItAll on July 26, 2013, 02:49 am
I really don't see why people are concerned with their ID being tied to the buying of bitcoins.

The problem is not that your ID is tied to the Bitcoins, it is that your ID is tied to the Bitcoins that you may use for illegal things.  That's why using LocalBTC is the best.  They even let you access through Tor if you want.

and cash deposits to banks seem to be the fastest, most anonymous and convenient way you could acquire them without any attachment to your ID whatsoever.
Title: Re: Paypal for Bitcoins
Post by: BenZoKingVendor on July 26, 2013, 03:45 am
Almost no one would accept PayPal for BitCoins because many people will reverse the money after they receive the coin in order to get the money and the coin and the seller just loses out.
Title: Re: Paypal for Bitcoins
Post by: TriedItAll on July 26, 2013, 02:35 pm
Almost no one would accept PayPal for BitCoins because many people will reverse the money after they receive the coin in order to get the money and the coin and the seller just loses out.

so true, i have been ripped off this way...also Chase quickpay....anything that is reversible will be used to scam...cash deposits are irreversible and permanent : )