Silk Road forums

Discussion => Security => Topic started by: rogerdoger5 on October 26, 2011, 08:07 pm

Title: Paypal USD to bitcoin question!
Post by: rogerdoger5 on October 26, 2011, 08:07 pm
Hello everybody i am new to the forum and this is my first time posting. Hope to make some good connections on here. But anyway i have a question on how you would go about converting your paypal USD into bitcoins and getting those bitcoins on SR. I know this question has been asked probably many times before, but please help out a newbie!   ;D
Title: Re: Paypal USD to bitcoin question!
Post by: faggot on October 26, 2011, 08:18 pm
i think its time for your love affair with paypal to come to an end...she will only break your heart and cup a fart in your face while youre crying...do you understand that constable rodgers?
Title: Re: Paypal USD to bitcoin question!
Post by: rogerdoger5 on October 26, 2011, 08:54 pm
No love affair here. Yes i realize paypal is dangerous because it has all of my information. Is using paypal USD dangerous even though i will be tumbling the money through bitcoins/ewallets? If not i would love some help on this journey to acquire and use bitcoins correctly. Thanks!
Title: Re: Paypal USD to bitcoin question!
Post by: rusty on October 26, 2011, 10:01 pm
i have a question on how you would go about converting your paypal USD into bitcoins and getting those bitcoins on SR.

Withdraw your paypal money to your bank's checking account, sign up for Dwolla.com, add a link to your checking account and add funds (e.g.dollars). Once they've arrived at Dwolla, you can then transfer them to Mt Gox (your account there too) and after they arrive there, you can trade your dollars for bitcoins and then withdraw those to your SR wallet.
Title: Re: Paypal USD to bitcoin question!
Post by: rogerdoger5 on October 26, 2011, 10:05 pm
Basically i need to turn paypal money into cash then connect that cash to a dwolla account. Direct transfer from paypal to mtgox is not possible im guessing....
Title: Re: Paypal USD to bitcoin question!
Post by: pulpfictionbro on October 27, 2011, 12:31 am
Basically i need to turn paypal money into cash then connect that cash to a dwolla account. Direct transfer from paypal to mtgox is not possible im guessing....

Most exchangers dont use Paypal because of the chargeback problems and maybe Paypal even flags your account if you buy BTC? (not sure)

Anywho, point is exchangers wont accept paypal. I suggest looking for vendors who accept cash deposits at your local bank or moneypak maybe. I wouldnt use the Dwolla->Mt. Gox route since Dwolla has all your info and your banking acct. linked.
Title: Re: Paypal USD to bitcoin question!
Post by: phubaiblues on October 27, 2011, 12:50 am
Yeah, I'm less thrilled with dwolla...they used to be about the only way to get into one of the main exchanges, but now there are other avenues...latest fav is get-bitcon.com   

But to OP, yep, give up on paypal...not a good tool....here, cash is best, then transfer that to a btc exchange...and we're still sorting out the ways: moneypack or paxum or LibertyReserve...but they all have problems...easiest seems to be just take cash...tell get-bitcoin how much, they'll send u the info u need, then email them when done....easy, quick

again, we all have different ways....but paypal isn't usually one of them...and be real skeptical of any new bitcoin sellers who might or might not pm you telling you they *do* take paypal....go with what others are using...we have some chickenshit ripoffs lately in this area...
Title: Re: Paypal USD to bitcoin question!
Post by: sensa on October 27, 2011, 12:57 am
The least sketchiest method for using PayPal to get BTC would be using Virwox.  It's a website that exchanges currency mainly dealing with the currency used in 2nd life called lindens.  You can buy the lindens with paypal through the site then use your lindens and exchange them for BTC.  The whole process takes less than an hour to have bitcoins ready to withdraw to your address. 

Two drawbacks to this site other than the issue of paypal are as follows.  Firstly, their exchange rate data involving current BTC rates is a tad behind (ie tradehill showing average 2.8 while virwox is still at 3.2) leaving you with a possible inflation from 5-15%.  Secondly when you withdraw your bitcoins to your address it usually will happen instantly, but they require a manual step sometimes that could take as long as 48 hours.  I've spoken with a customer service rep there and he states that it's usually your first withdrawal that will take up to 48 hours and the rest after that are either instant or no more than 30 minutes.  Do a little google search for info on virwox or look up the thread on bitcointalk.
Title: Re: Paypal USD to bitcoin question!
Post by: rogerdoger5 on October 27, 2011, 01:51 am
Thanks for the great information sensa ill look into virwox. If anyone has opinions on sensa's solution please let me know.
Title: Re: Paypal USD to bitcoin question!
Post by: sensa on October 27, 2011, 05:00 pm
Thanks for the great information sensa ill look into virwox. If anyone has opinions on sensa's solution please let me know.

No problem.  I was kind of hesitant to post that information here as who knows all that may be reading.  The next concern you would have that if it indeed turns out to be a good method and starts to gain a lot of attention it's very likely that before long someone will force them to shut it down or drop BTC from their currency trading.
Title: Re: Paypal USD to bitcoin question!
Post by: vanilla on October 27, 2011, 07:02 pm
Try exchangezone.com if you MUST use paypal. They just recently started offering bitcoins. You may or may not be able to find someone willing to trade but its worth a shot. Or you could trade paypal for LR on exchangezone and use THAT to buy bitcoins on mtgox. The 2nd method would probably be easier and less likely to cause trouble if the bitcoin value fluctuates.