Purchase BTC via Coinbase Pro and Paypal

[Bsims]

I decided to experiment with purchasing $100 worth of BTC using Coinbase Pro and PayPal. I have established accounts with both linked to the same checking account.
I deposited $100 to my Coinbase Pro and bought $100 at the market. There was a $0.50 fee. I ended up with 0.00673087 BTC. The transaction listed the market price at $14,782.99. The effective price I paid was $14,856.92 because of the fee.

The purchase at PayPal occurred instantly and I received 0.00676639 with an effective price $14,778.93. There wasn't a fee, but there will be when I sell it back to PayPal (somewhere around 2.9%+$0.30). Selling it back to PayPal is the only option since they don't have the option of sending the coins anywhere else.

I'll let you know when the withdrawals occur from the checking account.

[icon]

Thanks for the info Bsims, its appreciated.

Having said that my response to anything related to paypal is FUKK paypal. Paypal is scum.

[Bsims]

Coinbase $100 has been removed from the checking account, PayPal not yet. PayPal showed "Your crypto" as $104.12, then $104.32 after refreshing page.

[mrpapageorgio]

Can you withdraw Crypto from Paypal (or can you deposit cash into Coinbase Pro using Paypal)? From what I've seen, you can only buy/sell crypto on Paypal, but can't withdraw.

[littlekona]

PayPal and Crypto and Gambling is risky proposition. Even the legal horse ADW's ive had huge issues with Paypal and when they flag or freeze your stuck nothing you can do but wait.

[Bsims]

My understanding is that you can only buy BTC at PayPal, keep it at PayPal, then sell it back to them. You cannot send it anywhere else or receive it from somewhere else. And although your crypto balance is shown in USD, you cannot use these funds for purchases without first selling back to PayPal. The selling back does come with a fee. Because of this, the only practical use is for buying and holding BTC.

The PayPal option should appeal to someone who wishes to invest in bitcoins, but doesn't want to mess around with bitcoin accounts and wallets. It would also be an easy way for someone to take advantage of dollar cost averaging. Simply go in every Monday morning and buy something like $10 worth (no fees).

Also, if you're selling stuff on occasion and don't need the cash, convert it to crypto. Kind of like a bank account that pays much better interest when crypto is going up, Or like losing a bet when crypto is going down.

[Bsims]

Paypal cleared a day later.

[raiders72001]

Good info Bsims.

[raiders72001]

PayPal and Crypto and Gambling is risky proposition. Even the legal horse ADW's ive had huge issues with Paypal and when they flag or freeze your stuck nothing you can do but wait.

PayPal screwed me on a charge back. I sold bitcoin on localbitcoins for PayPal. The guy did a charge back. I gave all documentation to PayPal but they still allowed the charge back. This was some years ago. Hopefully the policy has changed.

[themike78]

PayPal screwed me on a charge back. I sold bitcoin on localbitcoins for PayPal. The guy did a charge back. I gave all documentation to PayPal but they still allowed the charge back. This was some years ago. Hopefully the policy has changed.

Paypal did the same exact thing to me with a charge back on bitcoin. They said bitcoin doesn't qualify for seller protection.