Silk Road forums

Discussion => Newbie discussion => Topic started by: buckaroo0987 on August 27, 2013, 03:58 am

Title: Paypal to BTC
Post by: buckaroo0987 on August 27, 2013, 03:58 am
Has anyone tried buying BTC from localbitcoin using paypal cash? I see there are people who will accept PP, but I'm curious how long the transaction takes...

Does it just depend on when the person is online or is there some kind of hold time that goes on during all PP transfers through them?
Title: Re: Paypal to BTC
Post by: unbeknownst on August 27, 2013, 04:11 am
It should be super fast, if the seller is as responsive as most on localbitcoins. Every transaction i've had has been superbly fast, like less than 10 mins. They have an escrow system just like SR, and the coins are released to you as soon as the seller gets the money. If the listing is up, the vendor should be awake. If you click on the offer, seller should list all such parameters on that page.
Title: Re: Paypal to BTC
Post by: ThaMiddleMan on August 27, 2013, 05:20 am
watch out for PayPal , you can get scammed hard and fast even though it is in escrow , they will call and dispute the lost money and lock your account up , and from what I have read it costs a high percent to cash your money off paypal , if you dont need those funds and go paypal route then buy gold and lock it up in your house for retirement funds, right now gold is going for 1400 an OZ and rising , its an investment for your future retirement , jus an idea, you can deposit the money via PP and call them for a check, but PP is risky and costly to cash out..... goto Localbitcoins.com and top right of page says forums , click that link and read about the paypal scams among other scams thats going on there , protect yourself by reading the forums and learning
Title: Re: Paypal to BTC
Post by: wishihada2JZ on August 27, 2013, 05:25 am
Localbitcoins is fantastic, don't know why you'd wanna use paypal, aside from issues everyone's pointed out, it's tied to you on a more personal level, ie more information tying that purchase to you. Localbitcoins you can use cash with many sellers.
Title: Re: Paypal to BTC
Post by: ThaMiddleMan on August 27, 2013, 05:41 am
Cash if the seller lives in your area or cash direct deposit into a bank account if there bank is in your area
Title: Re: Paypal to BTC
Post by: hallucinating horse on August 27, 2013, 06:27 am
I have 250 on a paypal account for some unknown reason. I would rather cash it towards btc, any thoughts?
Title: Re: Paypal to BTC
Post by: ThaMiddleMan on August 27, 2013, 08:45 am
HH you can call them and request a check ,which they charge a % to do , or they sell BTC on ebay for a high price , look up Bitcoins on ebay, they even have the hard coins there which might be a collectors item one day
Title: Re: Paypal to BTC
Post by: striker_90 on August 27, 2013, 09:32 am
its easy to get scammed with paypal, i would avoid...
Title: Re: Paypal to BTC
Post by: Shasta on August 27, 2013, 12:02 pm
LocalBitcoins seems like its the way to go. I am making my first purchase tonight from someone local and I'm going to a BTC group meeting tonight that that the seller is running. Seems very cool.
Title: Re: Paypal to BTC
Post by: Desmumento on August 27, 2013, 12:25 pm
really easy to get scammed
Title: Re: Paypal to BTC
Post by: neplusultra on August 27, 2013, 12:30 pm
I have 250 on a paypal account for some unknown reason. I would rather cash it towards btc, any thoughts?

You can chose "transfer to bank account" from the paypal menu to transfer your funds. It doesn't cost anything.
Title: Re: Paypal to BTC
Post by: Desmumento on August 27, 2013, 01:04 pm
ahah
Title: Re: Paypal to BTC
Post by: ThaMiddleMan on August 27, 2013, 03:00 pm
I have 250 on a paypal account for some unknown reason. I would rather cash it towards btc, any thoughts?

You can chose "transfer to bank account" from the paypal menu to transfer your funds. It doesn't cost anything.

Thought there was a 11% charge ? and can that lock your bank account up if someone disputes the loss ?
Title: Re: Paypal to BTC
Post by: neplusultra on August 27, 2013, 06:15 pm
I have 250 on a paypal account for some unknown reason. I would rather cash it towards btc, any thoughts?

You can chose "transfer to bank account" from the paypal menu to transfer your funds. It doesn't cost anything.

Thought there was a 11% charge ? and can that lock your bank account up if someone disputes the loss ?

Nope, paypal charges a 2.9% transaction fee when funds go into your account, for example if you sell something on ebay and a buyer pays you via paypal, they take a 2.9% cut. But to transfer that money to your bank account is free of charge. I have a standard account, and I'm assuming anyone here does as well. It might be different for a mechant account.

I'm not sure about your second question. if there is a dispute paypal "CAN" lock your account. It's happened to me in the past.