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Is that an issue if you don't plan to "store" money in PayPal but only use it for payments?
The question is if a EU bank has to provide deposit insurance but PayPal does not how can PayPal be a bank.
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This is all true, but are they actually any worse than any other crypto exchange? I just take it as a given that a crypto exchange can lock me out and steal my money at any time with no legal consequence, and so I try to keep as little money in them as possible. And at least PayPal is older and likely to have more senior engineers and fewer vibe coders, and thus be less likely to lose everything because of an element…
No startup can compete with PayPal's decades long track record of suspending accounts and freezing funds.
Just to echo other sentiments. Don't use PayPal to hold your crypto. Yes it will open the gateway to existing PayPal users and enable them to transact in these currencies. But the reality is that these centralised entities do not operate under an ethical code the way you would expect them to. They make unilateral decisions about what happens to your account and funds without asking you a single question. Be very care…
Well, they're not above the law. They're effectively a bank and must follow the laws in the countries in which they operate.
Holding money (or crypto) in PayPal is a terrible idea. They are not a bank, they do not abide by banking regulations. They can lock you out of your account and your money at any time and leave you going in circles with their offshore support. Yes, they are somewhat of a necessary evil if you do any online peer-to-peer buying/selling, since they are the only money transfer service that provides some level of "buyer p…
> Link one bank account (not your primary) to PayPal to receive money, and transfer received money immediately. Costs 1.5%. Or wait a few days.[1] Plus a fee for receiving cryptocurrency. There are additional fees for buying cryptocurrencies, other than PayPal's own. And none of this is FDIC insured. [1] https://www.paypal.com/us/legalhub/paypal/pp-balance-tnc?loc...
I thought the whole point of a decentralised ledger was not needing companies like PayPal…
One of the reasons I don't think crypto can succeed is because people will only use it if it's convenient, which very likely means corporate involvement, which of course ultimately defeats the whole argument of being decentralized.
Corporate involvement isn't that bad as long as the user can exit to fully decentralized operation in case of abuse.
One of the reasons I don't think crypto can succeed is because people will only use it if it's convenient, which very likely means corporate involvement, which of course ultimately defeats the whole argument of being decentralized.
Without convenience it will not be successful as a common currency. It does not need convenience to succeed in other ways. For example, as a store of value.
It took nearly six months to fully close down the account and many, many phone calls, which were equally difficult because it's nearly impossible to speak to a real person, and when you do finally get connected to a real person they just hang up on you when they realize they can't solve your issue in under five minutes. Paypal is one of the worst companies I have ever had the misfortune of dealing with, and money or crypto is the last thing I would trust them with.
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If you link your bank, and approve direct debit (it’s just a popup with yes/later - very risky move), they will eventually withdraw from it when there are any issues. And most likely you’ll lose more disputes when your bank is linked - but no proof of this so take it with a grain of salt.
Fortunately I can review direct debit consents and revoke them via my bank's web app UI.