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Don’t buy crypto on PayPal or Venmo

I think a lot of people need to hear this. PayPal is in the business of making money. PayPal doesn’t give a rat’s ass about crypto. Need proof? [https://cryptocrunchapp.com/news/paypal-ceo-says-crypto-is-positively-producing-amazing-results-for-paypal/](https://cryptocrunchapp.com/news/paypal-ceo-says-crypto-is-positively-producing-amazing-results-for-paypal/)

When you make a crypto purchase on PP or Venmo, you don’t actually get any crypto. “Well, that’s not true” – some might say – “I see it in my balance”. But what happens when you decide to transfer it to your wallet or stake it? NOTHING – because you can’t! PayPal wants to make money off transaction fees, not help you earn money investing in crypto.

PayPal offers assurances that your crypto is safe but you really have no control over it like you would on exchange. You’re putting all of your trust and faith into the company and hoping they don’t change their policies or get regulated while you’re HODLing.

I certainly see the appeal of buying on PP or Venmo, but (not financial advice) – my suggestion is to find an exchange you trust, make your buys and get your crypto in your wallet or stake it. Don’t let PayPal be the custodian for your coins.



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8 Comments

  1. It’s very similar to what Robinhood is doing. Could be dangerous if they behave the same way and freeze accounts or coins. However, I definitely have used PayPal to buy crypto on Coinbase. Super fast and no wait period for it to clear before trading.

  2. I agree with your perspective. For me, it is better to buy directly myself and store it in my wallet.

    Think about this perspective though. What about all the Bitcoin and Ethereum Wales

    They can move a small amount of their crypto (literally pocket change) into these accounts and go about their daily business buying in pure crypto.

    If Bitcoin is up that day, two candy bars at the gas station, if it’s down… well I guess skip on the candy bar.

    But this could be one of the first major stepping stones into total integration.

    Being able to purchase all daily items with your venmo debit card or online purchases using your PayPal account

    I only wish I was up there with the giants to try this out

  3. In fairness to PayPal, when I logged on to my account and looked at the crypto section, they made it very clear that they offered no native send/recieve functionality and that one could only buy and sell within PayPal. This was unlike my experience with Robinhood, where I had no idea of the limitations.

  4. Regardless of what people say, they’ll still do it. Why? Because it’s convenient.

    These paypal and robinhood investors don’t really care about crypto in general. They just care about the money and the possibility of it going 2x, 3x etc.

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