Bought some crypto from Paypal and I’m a little disappointed
I am a fairly seasoned bitcoiner at this point and wanted to test the waters to see how Paypal was allowing folks to get into crypto. So I bought 5 bucks of crypto from them just to see what it was like.
To make a long story short, though it’s a cool first step, what they have done seems very confusing and rudimentary. I really don’t get why someone would want to use Paypal to invest in crypto at this point. The only capabilities they seem to have are to 1) buy BTC from Paypal directly or 2) sell it back to them once you have it. The only good part of the experience was that there were no fees to buy it, though the price I paid for it was slightly higher than the going rate. However, there are no seed phrases given to me, there are no transfers to external wallets, and selling back has a hefty 2.9% fee payable to Paypal. It just feels like my dummy test investment money is lost in limbo and it just made me think, if it’s not behind my keys, it isn’t my bitcoin. It wasn’t a very good feeling.
Anyone else try it? Curious on your thoughts...