Scam Alert Warning!!
Do not buy or sell Cryptocurrency using this payment method...
Hello Steem, I have been doing the Cryptocurrency thing since the mid Jan. of this year. During the nice run up in value I was pumping more money into BTC along with other altcoins. I was exploring the different ways to recover profits when I considered paypal as a payment option. After look into different places on the web I concluded I would experiment by selling a small amount on eBay since I was already familiar with the platform. I received my first sell and it appeared to be straightforward and smooth, so I continued to sell. All the bitcoin I sold on the Ebay over 10 days was paid for by the PayPal system so I could verify each and every payments. As soon as the payment posted to PayPal I assumed the transaction was protected (isn’t that paypal’s job, protecting buyers and sellers). I then would send the bitcoin directly to the buyer’s e-wallet. I thought I had covered all my vulnerabilities, how wrong I was... I got SCAMMED! Come to find out the buyers were not the authorized eBay account holder. So once I sent the bitcoin, the hijacker abandoned the stolen account, and the authorized account holder submits a dispute. PayPal then pulls the funds out of my account and locks it up with a dispute review process. Can you guess who PayPal ended up siding with? In the fine print PayPal will not protected transaction that involve cryptocurrency. Bitcoin has no tracking or a way to reverse the transaction, PayPal will not take responsibility for these types of sales.
PayPal's official response is "We are notifying you that a payment you received was made without the account holder's permission, or was the result of a transaction error." Sucks to be me.
Don't be scammed. Don't accept PayPal as payment for cryptocurrency.
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