Paypal was my very first foray into crypto just a few months ago. I was just getting my feet wet and a total noob. Still a total noob, but wiser now. At the time I bought it, I thought it would just be a pleasant way for me to watch a tiny investment grow over time, and maybe cash in some profits every now and then for coffee money. Now I realize crypto is far more than just that, with the potential for enormous profits, and for the most part should be held and not spent on coffee. lol! And if I want to invest a larger amount of funds, I need access to my funds so I can store them (NOT on PayPal) in a secure wallet with my own key(s). Now I'm waiting for the functionality to be added to PayPal, but it could be years, right? So thank God it was only a tiny amount of money. And any further transactions, if I decide to invest more, will be done on a proper, reputable exchange where I can transfer the coin OUT, and into a secure wallet.
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My very first, and very recent, foray into crypto was on PayPal. It wasn't much, but it's STUCK here for the time being, and it's an enormous red flag that they didn't disclose this up front. What if I had put a large sum into Bitcoin two months ago? The taxes alone for converting to dollars would be prohibitive! I can keep my meager crypto balance on PayPal for now, I suppose, as long as they don't get hacked. But it's a HUGE security problem that I can't consolidate my crypto in my own cold storage. In order to do that, I'd have to convert it to USD (for a fee), withdraw it to my bank (which can take days), upload the funds to a different exchange (which can take days) and then convert those dollars to the same exact crypto at whatever the market value is (probably MUCH HIGHER since it will be eight+ days later) somewhere else. This is an extreme rip-off and extraordinarily inefficient. I'd lose so much money while I waited a week or more to complete the transaction! Not to mention that it creates a taxable event, which I absolutely cannot have, when all I frikken wanted was to put my funds into my own wallet. I'm not happy with PayPal. I do realize, however, that they have plans to implement robust support for crypto in the near future. I am very hopeful that this will include transferring to a private wallet. Until then, I am hodling a small sum here until the day make it possible to send it to my own wallet.
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