Coinimal - Fund your paypal with Bitcoin

[Apith]

https://www.coinimal.com/trades/sell/paypal

https://www.reddit.com/r/Bitcoin/comments/3ov6rl/effective_immediately_you_can_fund_your_paypal/

Has anyone tried them? Right now they only offer Euros with USD soon to come and GBP after. I think this would be a really cool thing as it encourages people to hold onto bitcoin and use it to trade. You cannot buy bitcoin with paypal, only sell bitcoin. Apparently Paypal is fine with this.

So what do you guys think? Will you be using this in the future if it gains traction and supports multiple currency?

 

Interesting. Does this mean you need to verify your paypal account to send bitcoin?

 

Yeah PayPal would be alright with bitcoin sales. You know their developer platform(tried to be like stripe) is braintree. Braintree accepts bitcoins and converts it to paypal.

 

Oh boy. This means paypal might find a way to allow chargebacks for bitcoin. I really really really hope they don't.

 

[Apith]

Interesting. Does this mean you need to verify your paypal account to send bitcoin?

Nope, Paypal and coinimal are 2 separate companies. Think of Coinimal as an exchange that sends you paypal for bitcoin.

Oh boy. This means paypal might find a way to allow chargebacks for bitcoin. I really really really hope they don't.

They're 2 different companies and coinimal doesn't sell bitcoin for paypal. The only thing you can do is sell your bitcoin for paypal. I haven't used them yet, but it would be interesting if users who had bitcoin wanted to buy something from people that only accepted paypal. Input their paypal address and send them the money directly, eliminating the risk of chargebacks. However I don't know the process of selling as I haven't used them (I don't have paypal).

 

[HotColdRush]

Nice to see some reputable btc -> real money exchanges

 

[fragan77]

Sorry I'm confused. Does that mean we can sell bitcoins for real cash and paypal accepts them as your balance?

 

[Hamouze]

Since all proof of purchase and trade is online and virtual with no physical product at hand to prove receipt, isn't it possible with decent Photoshopping skills or even no proof at hand that the person receiving the PayPal could claim that they never received the BTC and simply charge it back? I may be confused about something here.

 

Sorry I'm confused. Does that mean we can sell bitcoins for real cash and paypal accepts them as your balance?

Its a business that sends you PayPal funds for your Bitcoin.

 

[fragan77]

Its a business that sends you PayPal funds for your Bitcoin.

Ah alright. Why aren't people using it more then? Does that mean its either unknown or their buying rates are low?

 

Since all proof of purchase and trade is online and virtual with no physical product at hand to prove receipt, isn't it possible with decent Photoshopping skills or even no proof at hand that the person receiving the PayPal could claim that they never received the BTC and simply charge it back? I may be confused about something here.

I originally understood this to be that you'd send someone btc, and it'd get automatically converted to paypal in your paypal, and coinimal would be the middleman. I could have misread this though.

 

[Apith]

Since all proof of purchase and trade is online and virtual with no physical product at hand to prove receipt, isn't it possible with decent Photoshopping skills or even no proof at hand that the person receiving the PayPal could claim that they never received the BTC and simply charge it back? I may be confused about something here.

You can't receive both Paypal and BTC. You send them bitcoin, and they send you paypal. They haven't added Paypal for bitcoin and I doubt they would, chargebacks and that sort of stuff takes too long and too much work. If they did, they wouldn't be able to afford competitive rates without taking a bigger cut in case of future losses.

Ah alright. Why aren't people using it more then? Does that mean its either unknown or their buying rates are low?

It's new. Their rates are actually pretty good last I checked. They only send GBP though and are working on adding USD next.

 

[Moes]

I tried it a couple of days ago. It took a few hours for them to send the PayPal funds and there's a huge fee.

 

[fragan77]

I tried it a couple of days ago. It took a few hours for them to send the PayPal funds and there's a huge fee.

From my calculations, that's

4.097541475114931041375174895063 %

So I guess its kind of like playerauctions with its fees... If you want convenience, you pay for it.

 

[Panda]

Bump