Sirwin
Sirwin

Public Thoughts #2: The Horrors of PayPal

By Cryptopeach | Public Thoughts | 22 Nov 2020


Here we are in the second Public Thoughts post and in this one we will be discussing PayPal cryptocurrencie policies.

So this is old news, PayPal will let you buy and sell crypto in their cryptocurrencie hub. Should we be worrried about this? Yes we should. PayPal wants people to buy crypto without giving them ownership of their assets, you will not get private keys nor a twelve words seed. This means that they own your Money and they have custody of it. Worse than that they don't even allow you to withdrawl your crypto to any wallet, you just don't have the option to withdrawl, you just have the option to sell it for Fiat.

This goes against every major crypto Whitepapper. This coins where created for you to own your own Money and have the right to do whatever you want with it. This is another case of opression against Crypto world, like we talked about last post on CBDC.

So imagine this situation, Paypal gets hacked and someone stoles "your" crypto. Well you will be damned. Like it happened last month with the big exchange OKEX, trusted by millions, paypal is not imune to hacking and having stolen goods, nobody guarantees that your holdings will be safe. You can have your account blocked for months for hacking activity, this means that you will not be able to do anything, they can block you from making a sell order and your investment may be at risk.

Lets seperate this in two of the most common ways to handle crypto:

• Holding:

If you are buying crypto for holding in paypal you are doing a really bad thing for your investment. You don't have control of your crypto meaning that you can have your crypto stolen and you can do nothing about it. Or you can be in another situation, paypal probably will have higher prices to buy crypto that means that you are already buying crypto at high prices not market prices. If you want to sell your holdings or part of it you can only sell to paypal price because they don't let you move it to another exchange or even to a hardware wallet where your money would be safer.

• Trading:

Well opening a paypal crypto account to do trading it's even a worst idea, you will be subjected to Paypal selling and buying prices. If you see a better price to sell in Kraken to give you an example you just can't move it there to make a better percentage on your trades. This will limit your profit or your stop loss which can put the risk of doing trading even higher.

So if you are thinking on buying on paypal just don't do it, you will be helping our community that wants a decentralize economy, you will be helping everyone who wants an oportunity to make money and doesn't have it with fiat money. Crypto was built to stop economical opression, injustice and for you to be in control of your own money and investments. Paypal and other centralized companies only want to benefit from your investments, they want to have complete control over you, don't let them do this to you. Be your own bank and benefit from crypto by holding your crypto in hardware wallets like Ledger or Trezor. Buy crypto from platforms that will let you withdrawl your holdings or trading investments. Keep your wallet safe, have your own private keys or seeds this way nobody is responsible for your investments only you with no middle man.

Do it safe, do it on your own terms, don't do it on others terms.

Best regards,

Cryptopeach

 

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Cryptopeach
Cryptopeach

Crypto enthusiast.


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