Quote from: bitwiser on September 24, 2011, 01:31:46 PM

Quote from: badger4life on September 23, 2011, 06:06:10 PM

I've never had a paypal account so I wanted to try and get some feedback from the bitcoin community about the service. I understand how a paypal account can have value and why someone would want to create one. I've also heard bad things about paypal and how they can be very heavy handed.

Any constructive replies will be very much appreciated

PayPal is very convenient because it's a fast and easy way to transfer funds using a credit card which offers the most protection when doing business online in what may be lets say, uncertain situations where there might be more risk of something going. Also you're protected against fraud by the credit card company and PayPal itself to a lesser extent. PayPal also supports multiple currencies so it's convenient and cheap for dealing with buyers/sellers in other countries using other currencies.

But the problem with using PayPal for Bitcoins is two-fold:

1. PayPal doesn't allow its service to be used to buy or sell Bitcoins and they will instantly close an account if they discover you doing that.

2. If you're selling Bitcoins and taking PayPal as payment, there is nothing to stop the buyer making a chargeback against your PayPal account/credit card.

+1 to this post. PayPal is good for what it is. PayPal is not good for BitCoin related endeavors. I've never had trouble with PayPal when it comes to buying and selling (buying anywhere that accepts it, selling on eBay). But they can be strict if you break their rules, and they're not fond of BTC.