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devee8

Bitcoin V Paypal

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devee8

Just wondering has anyone had experience of using bitcoin as a method to receive deposits  ? Is it similar to Paypal ?

Edited by devee8

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Pilat

Bitcoin transaction fees are very cheap only 4 USD cent! Paypal around 3 or 4 % as I know. Can recommend bitcoin. However as soon you receive the bitcoin payment you should exchange it to real money and withdraw it to your bank account or get it in cash.

 

localbitcoins.com

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bace

Bitcoin transactions are very cheap but the value of Bitcoins relative to any given currency can fluctuate WILDLY - so if you hold on to bitcoins for any length of time you could loose (or win) way more money than the 2-3% paypal charges. If you don't mind the volatility of bitcoins they may be worth it but if you just want to know what your money is going to be worth next week then paypal is safer.

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chris_heaton

I thought Bitcoin was made illegal in Thailand.

Chris

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flyx

Bitcoin is much more safe and secure than paypal

paypal is a company and under US laws , it can limit your account or steal your money easy for any reason!

but that matter is not possible for BC

I prefer Bitcoin to pay of course

I used BC for pay online many times

 

Edited by flyx

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jimjimmy

Feck PayPal, Bitcoin is far better for transactions for many reasons. You can change it back to FIAT at once if you need cash. 

 

Just a couple of links

See This  and This

 

Yes, you should spend some time learning about it before you can use it securely . The learning curve it's worth the rewards me thinks.

 

Read the Reddit Forum

Edited by jimjimmy

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jimjimmy

I thought Bitcoin was made illegal in Thailand.

Chris

No it is Legal for example look at :

This

This

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Arms

Feck PayPal, Bitcoin is far better for transactions for many reasons. You can change it back to FIAT at once if you need cash. 

 

Just a couple of links

See This  and This

 

Yes, you should spend some time learning about it before you can use it securely . The learning curve it's worth the rewards me thinks.

 

Read the Reddit Forum

 

Buying bitcoins to convert in Thailand really isn't very smart

 

from data taken as at time of writing:from your https://localbitcoins.com link

 

Buy bitcoins £:

bitcoin%C2%A3.jpg

 

Buy bitcoins $:

bitcoin$.jpg

 

Sell bitcoins THB:

bitcoinB.jpg

 

 

At time of writing cash exchange rates are: 54.8 THB/£ and 35.1THB/$

 

So I can buy 1 bitcoins at an average of

 

£170.51 x 54.8 = 9,399 THB

or

$265.16 x 35.1 = 9,307 THB

 

I can then sell at an average of 8,579.58, an instant loss of 8.71% and 7.82% respectively

 

I don;t think even Paypals conversion rates are that bad, I believe their margin is about 3%

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Anastasios

Buying bitcoins to convert in Thailand really isn't very smart

 

from data taken as at time of writing:from your https://localbitcoins.com link

 

Buy bitcoins £:

bitcoin%C2%A3.jpg

 

Buy bitcoins $:

bitcoin$.jpg

 

Sell bitcoins THB:

bitcoinB.jpg

 

 

At time of writing cash exchange rates are: 54.8 THB/£ and 35.1THB/$

 

So I can buy 1 bitcoins at an average of

 

£170.51 x 54.8 = 9,399 THB

or

$265.16 x 35.1 = 9,307 THB

 

I can then sell at an average of 8,579.58, an instant loss of 8.71% and 7.82% respectively

 

I don;t think even Paypals conversion rates are that bad, I believe their margin is about 3%

If you dont like the offers, make one yourself, that is exactly the exchanges value.

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goodgambler

Bitcoin is totally decentralized, if you are smart about it no one can seize them and no one will know they are yours...

 

Fees are almost nothing, compared to Paypal.

 

I don't like to keep bitcoins on other companies servers since there is always a risk of them getting hacked and you losing your

bitcoins...

 

Here are some storage options... http://www.coindesk.com/information/how-to-store-your-bitcoins/

 

I prefer to use BREADWALLET app (iphone or Android)

 

"Unlike other iPhone wallets, breadwallet is a real standalone bitcoin client. There is no server to get hacked or go down, so you can always access your money.

Using SPV mode, breadwallet connects directly to the bitcoin network with the fast performance you need on a mobile device."

 

http://breadwallet.com/

 

App for iphone or Android. Theoretically I could have 1 Million $ in bitcoin on my phone if I travel

and don't want anyone to know I could uninstall the app. Then when I get to my destination reinstall the

APP with my long passcode for verification, and there you go! Bitcoins are back like magic   ;)

 

Decentralization is the future peeps... look at Uber, AirBNB, Bitcoin, etc...

Edited by goodgambler

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hioctane

There are pluses and minuses to both... Bitcoin has very low fees. With that comes no assurances. If someone hacks into your account and steals all your money, you are SOOL! It is like cash. Once someone sends it to you, it is yours. You will have to see if it makes sense to convert it into your currency... and if there is a place where you can withdraw it! Paypal charges much more fees, but at least there is some insurance. However, if they suspect you of fraud, they can freeze and take your money! You also have to worry about people charging back and then Paypal will deduct it from your account. Bitcoin is also not as widely used.

 

My advice is to use both (if Bitcoin is even an option for you.. meaning you can withdraw at a good rate).. Use that as a primary and paypal as a backup... but always withdraw regularly!

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