After researching it , I think the while "buy Bitcoin on PayPal" is a scam at best , and could be something more sinister at worst. Basically , you cannot withdraw the crypto , which for me means that it isn't crypto at all. But after doing research , I found that you cannot EVEN PAY another person with it - you're simply buying a token that is linked to the Bitcoin price - what is the value of this ?
I believe that this could be an attack on Bitcoin - I discuss this in detail here :
https://youtu.be/bApVhoTemGwTo recap :
- You cannot withdraw your Bitcoin
- You cannot Pay anyone ( ironic ) , so it can't even go to another PayPal account
- You dont own the keys
It is too early to say it as scam but i don't think it is scam anyway. I have read Paypal's official news about Bitcoin's acceptance where they said from the beginning of 2021, Members of Paypal account will be able to use their cryptocurrencies as a funding source at Paypal's supported merchants. They can instantly convert their balance into Fiat currencies. So it is on testing situation. You have to wait for full upgrade of Paypal. You can read official press release of Paypal.