Post
Topic
Board Bitcoin Discussion
Re: Why you should not use Paypal for Bitcoin
by
mich
on 30/12/2020, 08:04:56 UTC
NOT YOUR KEYS.......... NOT YOUR BITCOIN!!!   MEANING IF YOU DONT HOLD THE KEY TO YOUR COINS THEN YOU REALLY DONT OWN THEM. PAYPAL HAS CUSTODY OF YOUR BITCOIN WHEN YOU BUY IT. WHICH IS NOT GOOD, CAUSE IF SOMETHING HAPPENS AND BITCOIN GOES MISSING. GUESS WHAT??? YOUR SCREWED. YOU WANNA BE ABLE TO TAKE YOUR BITCOIN INTO YOUR CUSTODY ON A HARDWARE WALLET NOT CONNECTED TO THE INTERNET. A USB WALLET THAT YOU OWN AND HOLD ONLY YOU!

This is the big thing that is a concern to me when it comes to digital currencies and specifically Bitcoin. 

If I am not in control of my keys then I dont feel safe and dont trust that something horrible could happen to my crypto.

It is a great thing for our community and Bitcoin to have such a major company like Paypal get on board.  I would never ever consider to use Paypal as a means of buying any crypto.