Selling Crypto on PayPal PSA

Selling Crypto on PayPal PSA


So here we go again with another public service announcement (PSA) post. I honestly don't think that these will stop just because of the plethora of ways to get scammed or lose your crypto. 

The other day I came across this Reddit post where the poster says that he or she had sold some Bitcoin and received payment via PayPal. All was good until a month after when the poster, i.e. seller, receives an e-mail from PayPal saying that "the buyer stated that they did not authorize this transaction". The poster tried disputing it but was met with no luck. In essence, the poster just gave away his or her Bitcoin for nothing in return. 

I hope that this post is a lesson to you should you need to sell your crypto. If you do, NEVER use PayPal to do so because PayPal will almost always side with the customer. They have a "the customer's always right" sort of mindset. There are definitely better ways to sell your coins where you won't get charged back for it. This is especially true with crypto because the transactions are irreversible. Once you send them, they're gone for good.

Here's a quick 2 minute video about the Reddit post.

I hope that this post helps you out and has prevented you from accepting payment via PayPal when selling your coins.

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cryptoforcanadians
cryptoforcanadians

Educating Canadians, and others, about crypto.


cryptoforcanadians
cryptoforcanadians

Educating Canadians, and others, about crypto.

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