Am I allowed to buy bitcoins using paypal?

Digitall
Contributor
Contributor

I want to be pretty sure about this, because I feel that paypal can close my account for any reason, I want to do everything correctly. So, if I buy bitcoins in e-bay using my paypal account, I'm not doing anything not allowed by paypal? 

 

Please do not answer me that I'm not going to be protected by seller or buyer protection from Paypal, I know that. 

 

I just want to know if paypal is going to shut down my account for doing that. 

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6 REPLIES 6

DPCreations
Frequent Advisor
Frequent Advisor

Best to read and understand PayPal legal agreements and policies and then evaluate your risk.  No one here can give a definitive statement about the legality.  You could phone PayPal customer service and ask for a direct opinion.

 

Question:  how much are you willing to lose?

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sharpiemarker
Esteemed Advisor
Esteemed Advisor

sharpiemarker
Esteemed Advisor
Esteemed Advisor

The only "problem" with bitcoins related to PayPal are the high risk of disputes on the seller-side on the transaction, imo.  So PayPal is more likely to give payment recipients more grief from such sales than the buyer.  If the bitcoins can be sold, then you can buy them. Selling them on eBay is not illegal otherwise eBay won't let users list them for sale.


Kudos & Solved are greatly appreciated. 🙂
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Whac-A-Mole
Frequent Advisor
Frequent Advisor

search this forum,there are some seller who sold bitcoins and accept Paypal.

Lost dispute.

But if you are buying,your concern is if you ever get the coin.

always use your credit card to pay.

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Whac-A-Mole
Frequent Advisor
Frequent Advisor

Paypal will shut down any account which is a troublemaker,filling too many disputes,seeking too many buyer/seller protection,doing business with dubious parties etc etc

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MissouriMiner
Contributor
Contributor

The buyer will be fine.  It's the seller that carries all the risk and will get their account shutdown.  I sold Bitcoin for about 4 months, not knowing it was against their rules.  Over the 4 months, I had 7-8 chargebacks where people said they did not buy the Bitcoin.  Some were lying and fraudulent chargebacks, and some might have had their accounts hacked.  But, regardless, I lost all the cases because Bitcoin sales are not covered by Seller Protection.  I was told this every time by PayPal.  Then after 4 months go by, they say they "just noticed" I was selling Bitcoin and are forcing me to sign an affidavit saying I will not sell Bitcoin or my account will be shutdown. 

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