Discussion
Has anyone used this please?
I'm tempted to put a percentage of the money I have invested in traditional funds and trusts into BitCoin but I really can't be bothered with setting up dedicated accounts as the intention is to just do it and then forget about it other than the occasional top-up to keep a rough allocation.
I already have a PayPal account and this looks easy and hopefully PayPal are big enough not to be too concerned about them doing anything stupid.
I'm tempted to put a percentage of the money I have invested in traditional funds and trusts into BitCoin but I really can't be bothered with setting up dedicated accounts as the intention is to just do it and then forget about it other than the occasional top-up to keep a rough allocation.
I already have a PayPal account and this looks easy and hopefully PayPal are big enough not to be too concerned about them doing anything stupid.
Just did a quick search their transaction fees are pretty hefty:
https://www.paypal.com/uk/webapps/mpp/paypal-fees?...
https://www.paypal.com/uk/webapps/mpp/paypal-fees?...
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hstewie said:
hstewie said: 1.5% on transactions over a grand seemed reasonable v Coinbase and some others?
Again not looking to turn this into a trade thing just a simple way to get 1% exposure to Crypto v my other traditional investments.
Kraken would be 0.16-0.26% so quite a bit less.Again not looking to turn this into a trade thing just a simple way to get 1% exposure to Crypto v my other traditional investments.
I agree it’s a simple way to get exposure to the price and would be fair enough in that scenario. Revolut is another similar option.
CubanPete said:
I've got a few hundred quid in PayPal crypto. As of a few days ago I am slightly up.
Watch for the buy / sell value price breaks.
It's just an in out, you can't use it to spend crypto.
OP sorry to hijack the thread..Watch for the buy / sell value price breaks.
It's just an in out, you can't use it to spend crypto.
So within PayPal can you turn cash into Bitcoin and Bitcoin into cash? I have some money in PP (approx £1000) that I haven’t withdrawn yet… possibly would be interested to turn that into BC, if straightforward enough.
Phooey said:
OP sorry to hijack the thread..
So within PayPal can you turn cash into Bitcoin and Bitcoin into cash? I have some money in PP (approx £1000) that I haven’t withdrawn yet… possibly would be interested to turn that into BC, if straightforward enough.
Yes. Issue is you can’t then spend/withdraw the BTC. It has to be turned back into cash first so you end up paying a transaction fee twice. Nice little earner for PayPal. So within PayPal can you turn cash into Bitcoin and Bitcoin into cash? I have some money in PP (approx £1000) that I haven’t withdrawn yet… possibly would be interested to turn that into BC, if straightforward enough.
colin79666 said:
Yes. Issue is you can’t then spend/withdraw the BTC. It has to be turned back into cash first so you end up paying a transaction fee twice. Nice little earner for PayPal.
That makes sense though even if it's not what some people might want.But the main thing is if I put 1% in PayPal Crypto it'll just sit there and basically track the value of Bitcoin?
I really don't care about wallets and cold storage I'd just buy an ETF if I could but I can't.
Phooey said:
Anyway, seems simple enough to do the transaction, just not sure about them fees.
If I were planning on buying or selling often or if there was an ongoing fee or a platform fee like with many regular investments I might be more bothered by it.Crypto is volatile.
Personally the difference between £18 and £10 on buying a grands worth with a plan to simply hold seems like the least of my worries
bhstewie said:
hstewie said: If I were planning on buying or selling often or if there was an ongoing fee or a platform fee like with many regular investments I might be more bothered by it.
Crypto is volatile.
Personally the difference between £18 and £10 on buying a grands worth with a plan to simply hold seems like the least of my worries
edit: not fees - I meant exchange rate (fees) - just need to check if this is inline with normal acceptable BTC fees. Like exchanging currency - some institutions will have your pants down, whilst others are more competitive. But yes, I suppose with crypto being VERY volatile you could argue the fees are the least of the worries Crypto is volatile.
Personally the difference between £18 and £10 on buying a grands worth with a plan to simply hold seems like the least of my worries
Glad you started the thread.. I had a quick look crypto the other night and thought Mmmmmm... do I need some
Condi said:
I think it already exists.
Unfortunately not in the UK because of FCA rules.There were a couple of Bitcoin ETFs but you can no longer buy them on common UK platforms.
Closest I've seen is ETFs that invest in businesses associated with Bitcoin or you could of course buy shares in companies like MicroStrategy.
I have no idea where PayPal stand on regulation but my assumption is they're big enough not to run off with my money.
tertius said:
rfisher said:
And the CGT question?
Can you offset losses? Question for your accountant really but I would assume so ... I'm certainly paying tax on the gains!Crypto is likely to be w
e's knickering for quite a few years yet, so bang a PBD's worth of cash in via PP and sell some at a loss when required.I don't suppose PP worry about CGT liability calculations, so it could be tricky to do the maffs.
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