I received $3200 through PayPal, $141 was deducted as fees. I wonder how much fees would I pay if get my payment through crypto? Besides, $2700 of that money is on hold, because my income is considered abnormal. I can't use them until 21 days later.

  1. The fact that banks and places like PayPal can freeze your money is unreal. To me that reason alone is enough to get the fuck off these things and move to crypto

  2. I mean, if you or your loved ones were scammed for a large amount of money and PayPal were able to get the money back because they had frozen it at the scammers end, would that not be a beneficial situation?

  3. To be fair it goes both ways. Paypal protection is very useful for say selling things online. Trying to pay in crypto for peer to peer trades means the buyer takes all the risk. With platforms like paypal, ebay etc that can lock your funds all the risk is on the seller. Way more consumer friendly.

  4. Coinbase have frozen my account before and if you look at their sub reddit it's full of people being locked from their crypto for literal months.

  5. I agree 100%. PayPal once locked my account (with some funds in there) because they wanted official proof of my residence. I had to go to my town office and pay $50 to get a residence certification. I still use PayPal but only to buy things online, never to sell.

  6. I use to have to buy PayPal accounts for a one and done transactions before I discovered bitcoin. Had thousands frozen on paypal.

  7. Well, exchanges can always flag the coins so that no one can cash em out, effectively freezing your funds. They won't do it for non hackers usually but who knows what the future holds

  8. The reality is that unfortunately a large proportion of people using crypo rely on exchanges and custodial wallets (despite being told not to!).

  9. Wow, that sounds ridiculous! 4.5% for a payment service, are these guys out of their minds!? If you have other options then use those from now on. Crypto can definitely help you.

  10. PayPal was amazing for what it initially was to the internet. It was much needed at the time and the fees, well, were justified for the service they provided. But, as an eBay power seller of my time (I am talking 2004/2005) I did not put up with their fucked up bullshit of holding my funds for weeks because essentially they fucking felt like it. It is 2022 almost and if anyone is still using PayPal needs to look around as there are way better options available even besides crypto.

  11. 4.5% and 21 days suspension is really cruel .you can pay a lower percentage of fees in crypto and also another advantage is that you can keep your transactions secret through monero

  12. I also live in China, my friend. If you are being paid by someone in another country, such as the U.S., let me tell you my method for moving money into China and avoiding ridiculous Paypal fees:

  13. PayPal has been notorious for blocking payments or sometimes even stealing your money. You could easily make this transaction via crypto currency by using coins like XLM which barely takes any fees, maybe a few cents.

  14. It actually called the $141 fee in the transfer summary. I just use the term. I don't intend to infer that it is a transaction fee. But at the end of the day, what is the difference to a money receiver?

  15. I used to think Paypal was making a good case against crypto as a means of payment - because of how easy to use and fast it is.

  16. It is fast and easy but they have a lot of fishy rules, can freeze your money for a variety of reasons. They're control freaks much like banks, maybe worse than some

  17. Wdym PayPal is, "fast" It takes me 4 days to receive money in my bank (International transactions) Crypto does it in 2min-5min and takes almost no fees.

  18. Probably not the answer you want but get square or stripe and take credit card payments. Fees are around 3% and 3 days to get your money

  19. Stripe can freeze your money as well. They made us wait 6 months to cash out $200k at one point.

  20. 21 days is absurd, and 4.5% seems very high to me. This is a crazy story, especially for what I assume is a business account. You could definitely get lower fees with crypto. If your customers are crypto projects, then getting them to pay in crypto will be easy. If the game people are ok with using crypto, I would say go for it

  21. Just check out the fees on stellar(XLM) or even Algo, they're way low, and if the person sending you know how to buy crypto, you can save a lot of money.

  22. Paypal will make a percentage on the crypto and you will pay for the fees (ETH, etc). So I think it wil be same or even worse. I haven't check so this is just a guess. Try and then tell us how the fees are...

  23. I used to buy and sell clothes, shoes & accessories via eBay & other clothing sites, PayPal being the only payment option. Same thing, every single transaction 4.5% fee (not including the fee the website would take, some up to 9% = 13.5% of sale) and would freeze all the money until the item had been delivered or 30 days. Usually I would have to call on day 31 as they wouldn’t voluntarily release the funds without a kick up the ass. Didn’t matter to them that you had to foot the bill to pay for shipping out of your own money.

  24. its probably the exchange "fee". you need to setup a paypal account with USD, not rmb. Paypal fucks everybody by giving you a 4 or 5% worse exchange rate. its ridiculous.

  25. This is also one of the big reasons we need BTC (or other crypto) as payment methods. No use receiving all that crypto and then still needing an off-ramp to the fiat world.

  26. They can also use your deposit to get more collateral to play with as a company. So they are getting a 3 week interest free loan thanks to you.

  27. I transferred about £2k from Paypal and paid no fees for it? I put it form coinbase first. Didn't know they charge people that much

  28. Same type of shit when I tried to use Square for my business. All I wanted to do was accept credit cards, which is not common for my business. Few clients wanted the option during the pandemic. Client pays with a credit card then Square holds most of it for 21 days to make sure the transaction is legit. I did it once and never again. Be interesting to see what kind of fuckery Dorsey brings to Bitcoin. Very Slippery fellow IMO.

  29. if you receive payments for crypto related projects then they might be able to pay with Terra not? Terr has a beuimtiful tool called paywithterra… try to use this. low cost fees for transactions. why noone else pushed thois idea already is a surprise to me!

  30. After reading through it i think the main oroblem iscthe factcthat the sending party was not eager to pay in crypto due to tax resons. Which i can understand. in my country to pay an business invoice with crypto would be an administrative nightmare!

  31. Sadly it's a double yes for both the outrageous fee at 4.5% & the payment holding for 21 days.

  32. This is a great example of why cryptocurrency will eventually dominate the payment system . Thanks great for the great example.

  33. We're paying for a sense of security and convenience when we use Paypal. I don't think we'll get that with Crypto.

  34. I get paid using crypto, the fees will depend on what network you use too. Now, some of my clients prefer using Sylo bc of the seamless P2P payments and in-app end-to-end encrypted comms they have in their messaging platform.

  35. PayPal is a fucking scam. I had a year long ban from using it with almost a 1000$ locked because I sent a wrong tracking number for eBay on accident for a 10$ item lol.

  36. That sucks. I bought $3k of ETH off a buddy about a year ago because he needed the cash. I sent him the money through PayPal and don't remember a fee or hold. He sent me the ETH through crypto.com and it was just as easy.

  37. They have the market monopoly at over 50% with no direct equal competition, that's why they've been able to stay at the top for this long (& still will) although being one of the most hated companies in history & acting as mini dictators.

  38. The gas in eth would be similar. The reason they hold is because like banks they are risk adverse. The hold is to make sure there is no charge back on the payment as it is from an unverified source.

Leave a Reply

Your email address will not be published. Required fields are marked *