How To Use Paypal To Get Money Out?

[thanksmister]

Use the search function bitcoin was raised here a cpl of months ago and discussed to death already.

Could you start a new thread and explain the basics? I think a lot of people here may be interested in this.

Yeah, I will put together a new post to discuss the use case of Bitcoins for transferring money as I think it will have value to some people. I definitely do not propose Bitcoin as an investment tool but as a money transfer tool it can't be beat. I think it was discussed previously under a different context and having a description of the money transfer use case and how its done within Argentina is valid.

 

[trennod]

http://baexpats.org/topic/25971-youtube-film-smart-tourists-selling-bitcoins-in-argentina/page__hl__bitcoin

FYI, here was the thread a cpl of months ago.

 

[kellrobinson]

I have bought bitcoin and attended meetups here in New York. I also attended a venture capital conference devoted exclusively to bitcoin startups, ultralight startups (check it out).
Argentina is a prime example of a country where bitcoin could do worlds of good for many, many people. Argentines who do tech consulting work remotely for clients in other countries love to get paid in bitcoin. And it's good for visitors to Argentina, too; on my next trip I won't have to bring thousands of dollars in cash -- instead I'll sell bitcoins in Buenos Aires when I arrive.
The negative attention bitcoin attracts comes from people who feel threatened by it, either because of a vested interest in the fiat currency system, or simply because they don't understand it.

 

[scotttswan]

The negative attention bitcoin attracts comes from people who feel threatened by it, either because of a vested interest in the fiat currency system, or simply because they don't understand it.

I'm not threatened by it, have no vested interest in Fiat currency and i understand it perfectly. Its hilarious people are investing their life savings, and even funnier the winklevoss twins (of facebook lawsuit fame) are heavily invested and trying to get out via a dodgy ETF.

Paul Krugman puts it well.

bitcoins are in a sense the ultimate fiat currency, with a value conjured out of thin air. Gold’s value comes in part because it has nonmonetary uses, such as filling teeth and making jewelry; paper currencies have value because they’re backed by the power of the state, which defines them as legal tender and accepts them as payment for taxes. Bitcoins, however, derive their value, if any, purely from self-fulfilling prophecy, the belief that other people will accept them as payment.

I'll just point and laugh at anyone who uses bitcoins after looking at them for a minute or two.

In the past 24 hours the price has been
high: 87.08 low: 83.00

and the past 7 days
high: 93.90 low: 77.00

It takes time for a transfer to go through and each time there's a payment to make the transfer. So by the time you have moved your money into bitcoins then transferred them to another person / random payment place (which could close down, be hacked or steal all your bitcoins) you could easily have lost as much as you would using official rates.

but of course you could just keep bitcoins.....
high: 259.34 low: 16.00
:lol:
http://bitcoinity.or...ts/bitstamp/USD


For a proof of concept (which is what it was designed to be) it works as intended and has some neat ideas, but it was never meant to be used like it is now.

 

[D.B. Cooper]

I have my PP account linked to my Chase bank accnt. in NYC. I transfer $$ to my Chase accnt from PP then I transfer $$ to xoom.
Easy as one, two, three !!!...

 

[GS_Dirtboy]

I have 2 PP accounts. One linked to my US account and one linked to my Arg account. I pay myself monthly from my Arg PP to my US PP. Once in awhile I'll get blocked, but so far pretty smooth.

 

[thanksmister]

It takes time for a transfer to go through and each time there's a payment to make the transfer. So by the time you have moved your money into bitcoins then transferred them to another person / random payment place (which could close down, be hacked or steal all your bitcoins) you could easily have lost as much as you would using official rates.

I think the actual time to transfer BTC is about 15 minutes to 1 hour for full verification of the transaction. I don't think the fluctuations you described are of any concern in the time frame it takes to purchase, send, and sell BTC. From the moment you purchase BTC on LocalBitcoins the price is frozen, when you make the transfer in person, you receive the BTC on the spot. You could then transfer them to Coinbase or Bitstamp and sell it within minutes or hours, at the very least within the same day depending on your schedule.

It's true that for some accounts on Coinbase you do have to wait 5 days to get your money from the sale of BTC into your bank account but there is no wait for selling the BTC. For verified accounts the transfer of your money is instant and there is no waiting period.

The use case I described was for using BTC to transfer money which works well and I think the risk you describe is minimal. Coinbase isn't a trading platform, they hold their own coins and the price stays pretty consistent when compared to the major indexes. Of course holding BTC for long periods of time offers risk, but I think the conversation about the long term validity of BTC as a currency or investment vehicle has already taken place within the group.

Rather than start a new thread about BTC for transfer I decided that I would help anyone wanting to know more in private. I think the subject of Bitcoin is too contentious to discuss openly and its clearly not constructive for others that may be interested.

 

[Splitty]

US Paypal lets you process up to $20k per year before informing the IRS. If anyone wants to get around this, you can set up Student accts . Money transferred from a student acct to the parents account is not counted as income ( up to $20k). You can have up to 4 student accts.

What most American Expats could do is find Argentine s here that want to move money abroad or pay for things in the US then just swap the money.
Much better than using Xoom.

 

[kellrobinson]

I think the subject of Bitcoin is too contentious to discuss openly and its clearly not constructive for others that may be interested.

Proper diction: A subject of discussion is not contentious. The correct adjective is controversial, as in
"the subject of Bitcoin is too controversial to discuss."
A participant in a discussion may, however, be contentious; and if more than one participant is contentious, then the entire discussion could be qualified as contentious. But it only takes one contentious person to ruin a discussion.

 

[thanksmister]

Proper diction: A subject of discussion is not contentious. The correct adjective is controversial, as in
"the subject of Bitcoin is too controversial to discuss."
A participant in a discussion may, however, be contentious; and if more than one participant is contentious, then the entire discussion could be qualified as contentious. But it only takes one contentious person to ruin a discussion.

Why come back to this post after a week just to give a lesson on proper diction?