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
In my opinion, it's not a scam. but PayPal has bad service in buying and selling crypto assets. What I mean is that after we buy Bitcoin using US dollars on the PayPal service, Bitcoin is immediately available on the account, without being transferable at all. Bitcoin will return to the PayPal wallet custodian when we sell it or use it in online payments to tens of millions of merchants around the world.