We see it as absurd not primarily because we don't have the keys. That does not make their entire design very horrible. Many of us might actually be using custodial and exchange wallets, after all. What makes their design extremely ludicrous or even nauseating is that [1] you don't even have an address, [2] you cannot withdraw or even deposit, [3] you cannot even send it within Paypal itself. It would have been less absurd if they don't want it to be withdrawn outside Paypal, but even from one Paypal user to another? That's beyond reason.

It makes a newbie ask, what then should I do with it? What's the point of buying in the first place? Just to play with the price? Everybody can do it somewhere else where the basic features such as deposit and withdrawal are available.  

Maybe, if bitcoin's price on Paypal was reasonable or too close compared to the exchanges' price, and some bitcoin users will probably use it rather than buying peer-to-peer. Of course, many people prefer a safer transaction, so I think even if the fee on Paypal is too high, many will use it to buy bitcoin. I answer maybe because I was already using a platform that can easily buy and sell bitcoin with our country's currency, but if I don't know this, I would probably use Paypal to buy bitcoin.

I'm not sure where Paypal is getting their spot BTC price from. It seems higher than Coinbase/Binance for the 4 times I checked it in the last 3 hours. This is before the transaction fees.

I am happy to see it being listed as an option. Although it's only a matter of time before they issue 1099s for any transaction. Remember is you buy BTC on Paypal and you're filing taxes in the US there's a check box now on the 1040 form that asks if you had any transactions in crypto during the fiscal year. Even buys need to be noted on that form per my CPA.

It would be a matter of which is more convenient to trade, buy, and sell Bitcoin. If there will be delays, higher fees and other issues, people in this industry would more likely choose the traditional exchangers in order to do so. Chances are high that those which are not that familiar to cryptos are the ones who would engage to PayPal in order to do so. I am personally aiming still with exchanges in order to buy an amount of it, with further observations on how will things work for this network. But I am still waing for more feedbacks on how their experience went.

No, I won't.
First of all it's a centralized service and I don't like PayPal for their previous bashing of BTC.
I also won't do it because I don't want to show support for their business and I'm afraid that they will actually use my money to buy BTC for themselves and then ban me for whatever reason and claim my coins. I've read stories about people banned and blocked by PayPal so maybe I would buy if they were the only option out there, but they're not.

Maybe. You can't do much with it other than just hold it, so it's kind of pointless... but I'm tempted just because this is a big mainstream company dipping their toes into crypto, and I want it to be a success so that they expand on this and allow buying and selling using bitcoin. Overall I do think this development is positive news, and we should welcome it. Mainstream integration starts with small steps, this is one.

I'm not very aware of what paypal is offering but I heard some users can't withdraw their BTC to store on their own wallet.

I may also buy is things will be different and if they have lower price. ITs easy to make transaction now out of the money earned from freelancing to investing crypto. But there is always a voice inside me also telling not to use paypal. 

That's about where I am at.  I am glad PayPal has allowed a way to participate, imperfectly, with Bitcoin, but I have other methods I prefer.

Recently I signed on with LibertyX, they have a way to buy BTC for CA$H at almost all CVS stores and 7-Elevens.  You have to go through KYC, that's really the only drawback, but if you don't mind...  LibertyX currently offers BTC as below:

-- $20 - $500 limits IIRC
-- a $4.95 flat fee
-- They sell BTC at the "offer price", so a bit higher than, say, preev.com's BTC price.
-- Customer chooses "fast" or "slow" confirmation/miner's fee
-- LibertyX may end this October 31, check!  

libertyx.com

The above works out to about 1.8% TOTAL premium -- with "fast" confirmation for a $500 purchase, which is pretty good!  Note the $4.95 flat fee, obviously premium would be a higher percent for smaller BTC purchases.  I have done this a few times now, it's a cheap way to buy BTC without messing with exchanges.


edited for clarity

Lets hope that they would really go into that extent where btc deposits would already be available but I highly doubt that they will really be into that transition but who knows?

In the question if I would consider on making up some purchase? Yeah I might try but the same as op where I will test out for 20 bucks and never intend to go above that point.

Nothing beats if you do held up your coins into a wallet where you do possess its keys.

I will buy Bitcoin and Litecoin and maybe ETH (not a chance in hell I'm gonna buy Bitcoin Cash) ....for the following reasons:

I 'suspect' given some time like the old PayPal Viemo...that will become a crypto PayPal wallet now...in that  to PayPal did 'eventually' allow

Vimeo to let you take crypto in/out....so I am 'suspecting' the same here, eventually, with such options in PayPal.

It is NOT that big a stretch to see PayPal, IMHO...suddenly start to act like Coinbase and such. Indeed, cutting into BTC/Crypto Exchange

action via PayPal instead makes a lot of sense for PayPal to do. Not saying the fees would be any less...maybe even more...but they won't stop

with where they are now with crypto and PayPal actions, IMHO.

I also think that it is a 'matter of adoption'. IF PayPal did allow crypto actions in/out even with KYC and such that Coinbase has to do..I think they

will clean up....mostly to our benifit in the way of great inroads into adoption and hopefully HODL'ing to the masses via some 'toe-tipping' into the

waters of PayPal.

Just saying, IMHO, BTC/Crypto is 'virtual land. In Bitcoin's case 18.5 million or the 21 million coins are 'already' mined and out in the world..so

it all depends on adoption to build the 'infrasture' on top of this 'virtual land'. The internet backbone, you made NO $$$ on that, the $$$ were in

the apps like Facebook/Ebay/etc. With BTC/Crypto it is adoption and use, the $$$ are not mostly in the apps..they are mostly reflected eventually

in the BTC blockchain and reflected in BTC price (or as I think of it ..virtual land) so...anyway, how I see it. PayPal will 'evolve' into Coinbase in

some manner or another (good or bad) and Banks IMHO MAY never allow you to have access to your BTC/Crytpo holdings...I suspect they never

will go beyond in/out and never give you direct access to coins. As of 'virtual' type stuff like PayPal...well....I am more hopeful in that they did

eventually allow such with Viemo ...that is to become the wallet.

Of course, back to this thread...IF PayPal 'does' manage to buy BitGo...then they could do the above and use PayPal as it is 'as the in' with links

inside to further just use Bitgo....that would be from  PayPal's point of view the quick and easy way to land like an Elephant in the BTC/Crypto

Playground indeed!

again I know zip, at one time I believed in ButterFly Labs...so keep that in mind..but how I see things likely to play out one way or another

Brad