Paypal Sucks! - Decentralized Platforms Rule!
Yes, disappointed in myself, for having believed for so long in centralized platforms.
On the other hand, this is one more proof for me and I hope that for you too, the blockchain superiority over the archaic centralized platforms with its mutant policies that change at the convenience of the interests of the owners of these systems.
Can you imagine being in a baseball game and in the seventh inning the stadium owner says that from that moment only left-handed players can play?
PAYPAL
It is true, they provide a great service. They also have large commissions per transaction. These commissions have been increasing over time (currently 5.7%).
Opening a Paypal account, besides being free, practically does not require a KYC process. But then, when you already have your account you must meet certain requirements such as affiliate bank account or credit card.
They also have an annual process related to the tax return. There are other services that are very practical for users such as paypal.me.
All right, everything sounds great, they thought of everything. So why am I so upset?
POLICIES
This is the part of the contract that most of us almost never read unless we have to resolve a conflict. So we do read the small letters.
"The problem is that these policies can change without notice and Paypal is not really interested in the comfort of its customers."
Everything is justified by placing a bullet at the end of each email:
Copyright © 1999-2019 PayPal. All rights reserved.
User Note: PayPal Pte. Ltd., holder of PayPal's stored value instrument, does not require the approval of the monetary authorities of Singapore. We recommend that users read the terms and conditions carefully.
... and ready!
MY CASE
I have a Paypal account since 2016. In April this year I received a notification asking me to answer some questions about certain transfers that I had made.
Once I answered those questions, they asked me for some documentation: government ID or passport and a statement of account.
I must clarify that since I use that PP account I never linked any bank account or credit card.
After attaching my ID, I proceeded to explain to them that I did not have any statement of account that would interest them or to show them.
The response I received was a unilateral decision where they proceeded to "permanently limit" my account, blocking my funds, without giving me the opportunity to use them or dispose of them in any way.
But very kindly (sarcasm) they gave me the opportunity to withdraw my funds after waiting 180 days. Fuck! 180 days is 6 months!
On top of that the only way to get my money would be to transfer to a bank account in the US in my name. Holy shit! How the hell am I going to open a damn bank account in the US?
The 180 days of punishment have already been completed. On October 19 I received their kind email (sarcasm again) notifying me that I can withdraw my funds.
It was useless to explain that I am a Venezuelan citizen, that I live in Venezuela and I cannot open a bank account in the US because for that I must be in that country, blah, blah, blah ...
CONCLUSION
I think that with decentralized platforms such situations would not occur.
Blockchain allows P2P transactions without intermediaries, without mutant policies.
Especially with blockchain, I have control over my assets. No one can hold them and demand to me a bank account.
That is, these centralized platforms such as Paypal, are still tied to traditional banking systems and pretend that their users do too.
Definitely, the financial freedom we obtained, for having adopted cryptography, is our greatest wealth. Unfortunately, many of us will have to experience situations like this to realize the true empowerment that Blockchain gives people.
@juanmolina
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DeFi is the future :)
@tipu curate
Upvoted 👌 (Mana: 5/20 - need recharge?)
DeFi is Present and Future. ;-)
Well said ;)
Is there a DeFi app now on steem or in any other blockchain?
Posted using Partiko iOS
Dear friend:
DeFi is a concept, a philosophy ...
Decentralized Finance, am i right?
Is there a blockchain now that can do what paypal can do and more?
Totally right my friend.
It is very easy to get valuable articles about this trend. In the blog of @culgin you will surely find.
I hope so, I don't know a blockchain platform that unites as paypal. But if it has not yet been created, it sure should not take long to be launched.
Hugs!
It sounds very terrible my friend, how somebody else can block your own funds.. Centralized system is not the future.
As I said in the past in one of my publication about Bitcoin.
The only problem here in this world is our own financial system.
Hope everything change positively my friend @juanmolina
Posted using Partiko iOS
I don't think it's "the only one", but surely it's one of the biggest.
Thank you for your good wishes friend. But I already resigned myself to losing that money. Today I had a feedback of approx 15 emails with the people of PP. I did not get a favorable response.
Can you try calling them directly and check the phone number of PayPal, maybe you can get a password before calling them. And possibly you can resolve the problem. Verify well my friend before resignation..
Posted using Partiko iOS
Sure, I´ll try.
Thanks dear friend.
Sorry about your experience. We suffer similar limitation or even worst here in Nigeria (Of course you know every Nigerian is considered fraud online). They do not allow us to withdraw, we can just pay through paypal and not receive funds. Decentralized finance is the only way to escape this prison
Oh wow! this is incredible.
How is it possible that this type of discrimination exists?
Hi my friend,
I'm really sorry to hear about your troubles with paypal. As long as you depend on a third party for financial transactions you always run the risk that they shut you out. Decentralised services are unfortunately not exempt of it. I've been running crypto faucets for a long time and have distributed many coins to users all over the world. For that I used the faucethub.io microwallet.
Last week however I learned that because of the authorities this service has to be closed. There are litteraly thousands of faucet owners that stand now without a payment service. There is no alternative at the moment and they can just close shop. In this respect I think that we have to come up with ways to build payments system within the blockchain, without middle man that has to obey regulation of his homecountry.
We will definitely have to investigate about it. With all the growth that blockchain has had, surely there must already be some alternative.
Dear @achim03
Is faucethub.io being forced to shut down? Which authorities are shutting them down?
Enjoy your sunday,
Yours, Piotr
They really stink!
These kinds of problems cause one to be harassed and do not want anything to do with their services, it is very annoying.
I remember that years ago they made a change that annoyed those who worked with adsense advertising and it was a great loss that they caused, today they are a nuisance with the changes in regulations and the restrictions they place.
I will share this post on other networks, I really share the complaint about these people.
Perhaps you have had uncomfortable experiences with their services?
Let's say that a few years ago they bothered a little what I could do of additional income, then I found that in job payment sites I used restrictions were placed due to modifications of Paypal conditions and by now I do not have much appreciation to they.
This is the big problem with centralized platforms and their policies. These may change without prior notice by the directives of these companies, and without taking into account the welfare of their users.
Hi @Juanmolina.
Wooo brother what experience! ... Definitely your statement about the empowerment that blockchain gives us is right. Sorry for the bad time you had, friend, and Long live Blockchain!
God bless you, greetings to the family.
@fucho80
Thank you for your feeling of empathy.
Dear @juanmolina
Thx for sharing your experience with Paypal. Upvoted already :)
You've surely believed in centralized platform, because for many years those platforms did care about our trust. Right now main priority for all of them is to comply with laws and regulations. And those are becoming very strict everywhere across the globe.
One thing I'=ve learned is not to store funds on Paypal and to make only small transactions. As a customers it's scary to think that paypal can freeze your money anytime they want.
I was also amazed and I wonder why does it say that after 180 days you could withdraw funds to a bank account in US?
CONCLUSION: STAY AWAY FROM PAYPAL
Yours, Piotr
This is a condition established in their policies.
Once my account was locked they established that waiting period, supposedly to resolve any legal dispute.
Currently, those 180 have passed. They notified me via email that I can already withdraw my funds, but the only way to do it (due to policies) is to make a transfer to a US bank account in my name.