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I have, recently, started earning some Bitcoins from CoinURL.com. I want to know all the options available for converting these earned Bitcoins to Paypal USD.

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If you are obtaining this income from the bitcoin community, wouldn't it be good business to then patronize a Bitcoin merchant for at least some of this income? There are so many things you probably are already paying for where there is a way to make the same purchase in bitcoins. Some options are even cheaper in bitcoins, such as prepaid wireless in the U.S., for instance. - en.bitcoin.it/wiki/Trade – Stephen Gornick Jul 15 '12 at 2:16
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@StephenGornick: I understand you in full spirit but bitcoin system doesn't have many (rather any) options in my country. I guess, a fair option for me will be to exchange them with someone who can use them with the bitcoin merchants. – Abhishek M. Jul 15 '12 at 4:44

6 Answers

up vote 4 down vote

The factors that matter for any cash-out decision are:

  • Where are you located (country)?
  • How much are you looking to trade?
  • What type of cash are you looking to receive?
  • How soon do you need access to the proceeds?
  • Is privacy important?

Specifically for cash-out to PayPal, options include:

Here are more cash-out options:

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I'm pretty newbie to bitcoin and most of those factors go over my head for now. My bitcoin source is consistent and I will be getting them on regular basis. I'm looking for PayPal USD as it is the only service that allow withdrawals (low fees) to my country. Private exchanges are obviously preferable. – Abhishek M. Jul 15 '12 at 5:16
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If you accumulate enough to meet the Fastcash4Bitcoins.com minimum, then that's probably your best bet then. – Stephen Gornick Jul 16 '12 at 18:52
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bitinstant now does btc-> paypal. also you could try selling coins for paypal to individuals on bitcoin-otc (though you have to watch out for chargebacks).

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yes, the chargebacks are really an issue to look after. I have been deceived few times trying to sell Amazon.com Gift Certificate Codes (so I moved to this service). And one more thing, I'm checking out Bitinstant right now. I can not find btc to paypal option there, only coupons to paypal. – Abhishek M. Jul 15 '12 at 1:04
up vote 1 down vote

You have for example https://www.spendbitcoins.com/, http://www.fastcash4bitcoins.com/ and https://www.bitinstant.com/.

PayPal is notorious for freezing accounts of people who use it for Bitcoin conversions, so it is not clear how sustainable these services are.

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I came to know about these sites after yesterday's extensive internet searching about BitCoins. Question is are they genuine and can be trusted ? Is there any work-around about this PayPal problem ? – Abhishek M. Jul 15 '12 at 1:20
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@AbhishekM.: Yes, these services can be trusted. – Meni Rosenfeld Jul 15 '12 at 3:52
I would appreciate if you mention the sites that worked for you. – Abhishek M. Jul 15 '12 at 5:20
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@AbhishekM.: The only BTC->PayPal service I've used is CoinCard (coincard.ndrix.com), which was excellent but unfortunately is no longer doing PayPal. But the sites I mentioned have existed for a long time and/or are run by well-known and respected members of the Bitcoin community. Note also that the level of trust required for an immediate exchanger is much lower than for an exchange that keeps deposits. – Meni Rosenfeld Jul 15 '12 at 7:07
up vote 1 down vote

There is an IRC channel #bitcoin-otc in which people trade bitcoins with each other. There are often people there wanting to buy Bitcoins for PayPal. http://bitcoin-otc.com/ will tell you about the channel, and how to register with the channel's bot to build trust with the users there.

Be way accepting PayPal for bitcoin, since PayPal is reversible and Bitcoin isn't. Check the rating of the person buying your bitcoins and be very careful before dealing with people who have low ratings.

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up vote 1 down vote

This site https://www.bitcoinary.com/ is providing exchanges with paypal also. But it is build on different scheme. You are relying on people rather than market.

One thing to be aware of is secure connection which does not work for me, although it can differ with others.

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up vote -1 down vote

Understand that your solutions are most likely to be expensive and corporate*. PayPal is not a fan of Bitcoin and you won't find many individuals willing to to accept PayPal for Bitcoin, and you should, too, be wary of accepting PayPal as an individual.

See also: Why shouldn't I accept PayPal when trading bitcoin?

*corporate means not an individual, but a company with established rapport and customer base, with sufficient means and experience to navigate or mitigate the high potential for chargebacks when selling BTC via PayPal.

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