crypto this is a scam!

BIGAL78_RTR
Contributor
Contributor
So am i to understand that i bought some bitcoin and litecoin but now i cant use my coin or transfer it so this is a scam just something to charge fees for usless actions? I get charged a fee for buying it and now they are going to charge me a fee to exchange it back to usd so what part of this is not correct you buy coin to use but yet you can't help me understand how this is not a scam?
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dmz30
Contributor
Contributor

https://www.cnbc.com/2021/05/05/investing-in-bitcoin-with-paypal-what-you-should-know.html

“PayPal manages the wallets, which means that you don’t necessarily hold your own bitcoin,” said Mike Bucella, general partner at BlockTower Capital.

 

You simply own a share of Bitcoin on paypal. You can't withdraw it. You can hold it and sell at a later date for profit or loss.

Say you buy it now at 40000 and 3 years later BTC is 120000. You sell it and withdraw 120000.

It's like buying company shares.

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