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YMMV- Buy $10 in Cryto using Pay Pal, get a $10 Pay Pal Voucher

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https://www.paypal.com/us/webapps/mpp/crypto10


INCENTIVE TERMS AND CONDITIONS

BUYING AND SELLING CRYPTOCURRENCY IS SUBJECT TO A NUMBER OF RISKS AND MAY RESULT IN SIGNIFICANT LOSSES. PAYPAL DOES NOT MAKE ANY RECOMMENDATIONS REGARDING BUYING OR SELLING CRYPTOCURRENCY. CONSIDER SEEKING ADVICE FROM YOUR FINANCIAL AND TAX ADVISOR.
"Eligible Participant": Open only to residents of any one (1) of the forty-eight (48) United States, Alaska or the District of Columbia who: (1) are eighteen (18) years of age or older; and (2) are holders of a U.S. PayPal Cash and PayPal Cash Plus account in good standing ("Valid Account") during the Qualification Period (defined below) and through the Reward fulfillment; and (3) receive an authorized email containing the invitation to participate in the offer (eligibility for/those who receive such an email will be determined solely by PayPal). Residents of Hawaii are not eligible to participate. If you do not have a PayPal Cash, PayPal Cash Plus you may create one.

"Qualification Period": Starts at 12:01 a.m. Eastern Time ("ET") on March 1, 2021 and ends at 11:59 p.m. ET on March 27, 2021.

"Qualifying Transaction Period": Starts at 12:01 a.m. Eastern Time ("ET") on March 1, 2021 and ends at 11:59 p.m. ET on March 30, 2021.

"Redemption Period": Starts at 12:01 a.m. Eastern Time ("ET") on March 1, 2021 and ends at 11:59 p.m. ET on April 30, 2021.
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Community Wiki

Last Edited by SamS March 5, 2021 at 08:06 AM
You must provide your social security number to participate
You only need to provide your SS number if you withdraw the funds associated with the purchase, not just to "buy" the crypto-based funds.

Upload a scanned copy of your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) — free of blur, glare, and shadows containing all 9 digits of either document.
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100 Comments

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HIDDEN
03-05-2021 at 05:16 AM
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Joined Feb 2008
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#4
Quote from BigBlueShock :
Also, the bitcoin is stuck in PayPal and not transferrable out.
This is the biggest issue with Paypal, you don't actually own the coin. Imagine getting cash on Paypal but you can't spend it, it's useless.
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HIDDEN
03-05-2021 at 05:23 AM
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Shemomedjamo
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#6
Quote from BigBlueShock :
Don't forget to report your bitcoin purchase to the IRS.

Also, the bitcoin is stuck in PayPal and not transferrable out.
Ok, I am new to Paypal crypto operation. Can you please elaborate what your statement entails? Is it a bad thing? Does it mean we cannot sell it and give Paypal our money for nothing?
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World dominator and rebel
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#7
Quote from BigBlueShock :
Don't forget to report your bitcoin purchase to the IRS.

Also, the bitcoin is stuck in PayPal and not transferrable out.
You don't need to report the purchase unless/until you sell...like buying stock.
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Joined Dec 2008
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#8
I did this last night and Paypal charges $0.50 fees for buying $10 in Bitcoin. Got the $10 bonus email instantly. Now the market value of my Bitcoin is $10.10 this morning.
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World dominator and rebel
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#9
Quote from TekkenLord :
Ok, I am new to Paypal crypto operation. Can you please elaborate what your statement entails? Is it a bad thing? Does it mean we cannot sell it and give Paypal our money for nothing?
You can't send the bitcoin anywhere. You can't use it as such. Who knows if they really back it with bitcoin or if it's basically. "Give me 50, if bitcoin goes up, your 50 will be wort more proportionally, or if it goes down..."
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#10
I wasn't eligible Frown. Maybe for anyone who has PayPal and hasn't bought crypto on that platform yet?
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Shemomedjamo
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#11
Quote from SDRebel :
You can't send the bitcoin anywhere. You can't use it as such. Who knows if they really back it with bitcoin or if it's basically. "Give me 50, if bitcoin goes up, your 50 will be wort more proportionally, or if it goes down..."
Thanks, I have not read over Paypal's T&C on crypto, but I would imagine we can resell it back to Paypal if the value is up, and the fund will be moved back to Paypal cash balance, no?
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Joined Jun 2006
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#12
Bought mine last night and received the $10 voucher.
FYI PayPal only allows buying and selling. No transferring.
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#13
Quote from TekkenLord :
Thanks, I have not read over Paypal's T&C on crypto, but I would imagine we can resell it back to Paypal if the value is up, and the fund will be moved back to Paypal cash balance, no?

I have not tried to myself. When I made the purchase last night, it has "buy" and "sell" for you to choose, so I guess you can sell it back to Paypal.
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"Buy Low-Live High"
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#14
Not good for most. Frown
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#15
Quote from SDRebel :
You don't need to report the purchase unless/until you sell...like buying stock.
Partially true, Unfortunately virtual currency and the IRS is such a gray area at this moment.

www.forbes.com/sites/irswatch/2021/03/03/irs-rules-on-crypto-reporting-just-got-even-more-confusing/... [forbes.com]

I suppose you don't need to report how much you purchase, but there's a checkbox that you must answer yes to, but I wonder what it triggers on the IRS side of things.
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