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
I don't think it is scam, its just that it is so limited and there lot of thing paypal is considering to impose regulations. There are lot more better wallet than PayPal and we can use it if we feel like there is something scetchy on their platform. Paypal have just started and they are in the developing stage, it's a good start for the expansion of Cryptocurrency in the mainstream platforms. We have the freewill to not use it, time will tell if Paypal is reliable. Just like any other exchange, you really don't have full control over your funds in paypal, so better choose a hardware wallet.