Would you accept Bitcoin for a TS rental?

[jp10558]

A little research will bring enlightenment. My two second Claude search resulted in:

Based on PayPal’s new “Pay with Crypto” system, here’s how the payment process and refunds work:

## Payment Process

PayPal will let users connect existing crypto wallets they own to a checkout page. Depending on a buyer’s crypto wallet, PayPal will sell the cryptocurrency on a centralized exchange like Coinbase or a decentralized exchange like Uniswap. The proceeds of that sale will be converted into PayPal’s own stablecoin, which will then be converted into U.S. dollars sent back to the merchant.

The process works in several steps:

1. **Wallet Connection**: Customers can connect wallets including Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus
1. **Conversion Chain**: Your crypto → Sold on exchange → Converted to PYUSD stablecoin → Converted to USD for merchant
1. **Settlement**: The system powers near-instant settlement

## Wallet Transfer Details

PayPal **does not** transfer funds from your wallet to theirs in the traditional sense. Instead, when you pay with crypto from an external wallet, PayPal facilitates the sale of your cryptocurrency on exchanges and handles the conversion process. Your crypto remains in your external wallet until the moment of sale/conversion.

For PayPal’s internal crypto system, you can use your crypto balance to make purchases at millions of merchants that accept PayPal by selecting the crypto you want to use to pay , and PayPal handles the conversion automatically.

## Refunds

Refunds for any transactions processed to Checkout with Crypto generally will be provided in U.S. dollars to your Balance Account, and in all cases will be provided in cash, not cryptocurrency. Cash refunds will be added to your Balance Account balance.

Key refund details:

- **No crypto refunds**: You’ll always receive refunds in cash (USD), never in the original cryptocurrency
- **Destination**: Refunds go to your PayPal Balance Account
- **Irreversible nature**: Because of the irreversible nature of cryptocurrency protocols, transactions can’t be canceled or reversed once initiated

This means if you paid with Bitcoin worth $100, but Bitcoin’s value changed by the time you get a refund, you’ll still receive $100 in cash, not the equivalent amount of Bitcoin. The crypto-to-cash conversion happens at the time of purchase, not refund.

Ok, but as @WaikikiFirst pointed out, this isn't accepting crypto, it's accepting PayPal, which is IMNSHO a very different thing. I think the confusion is from how I read the suggestion that you could take crypto via PayPal - it didn't seem to me that I should go off and research what the person suggesting it meant. Ideally they'd make it clear - though I imagine many people aren't familiar with crypto. Or PayPal necessarily.

And I agree with @WaikikiFirst that this is a tiny market. It's got to be even tinier for the crossover to TS rental tenants, and tinier still for those potential tenants who would rent from someone preferentially because they took crypto via PayPal. Vs IDK just withdrawing the cash yourself and having a much larger potential pool of renters which may well drive the price down.

 

[pedro47]

Question at what point will Bitcoin / crypto turned into a cash transaction?

To jp10558, I just finished reading your response. Wow.

 

[montygz]

It's a shame I didn't accept any bitcoins for payments back in 2010.

It's the ultimate purchase when I get my time machine working!

 

[jabberwocky]

Wow. I keep my head down traveling for work to check back in and see that this thread kinda took off!

The intent was simply to see how Tuggers approach the topic when it comes to rentals. It’s good to see the different viewpoints - some more grounded as others.

I’ll have to reply directly to a few comments here as I get the time. But I appreciate the effort @Ken555 has put into looking through and understanding the PayPal product - I learned something.

 

[jabberwocky]

Would you take shares in NVDA for a TS rental?????????????????????????????????????????
I've got my own bitcoin. I'd rather take a buncha BOGO pizza coupons. It ain't a currency.

Laszlo Hanyecz is that you?

 

[jabberwocky]

Scammers and fraud characters are always sending phishing emails that take on the look of legitimate emails. Emails get delivered from the likes of Trezor the hardware wallet vendor posing as a legitimate data breach. The email looks legit however it is a veiled phish with a clickable link to another site that will attempt to steal your wallet and credentials.

I have seen these emails from Coinbase, PayPal, Bankruptcy Law firms. These emails are extremely deceptive and they look legit. This opens you up the this vulnerability and vector for the bad actor to break into your wallet. @jabberwocky

In fairness a person always need to be cautious in any financial situation. Scammers will try to get your bank accounts and credit cards using the same methods.

The precautions you should use for cryptocurrency are the same as you would take for handling your wallet or other bank information.

 

[bnoble]

Wow. I keep my head down traveling for work to check back in and see that this thread kinda took off!

I'm amazed at how much this thread has been dominated by people I have on ignore. On reflection, that's not really surprising.

 

[jp10558]

It's a shame I didn't accept any bitcoins for payments back in 2010.

It's the ultimate purchase when I get my time machine working!

I'm still sad I didn't buy more bitcoins when I got them for ~$14 each way back when, and sad that I thought "they can't go any higher" and sold most of them for $130 each and my last one for $1,000, and then my last fractional for $4,000. I'm still flabberghasted they're still around and worth seemingly ever more. I finally bought some more fractional bitcoin and might do so again as if people are stuck on it being worth owning then the mechanism of the design where it has a fixed total amount that can ever be created will keep driving the price up.

 

[jp10558]

In fairness a person always need to be cautious in any financial situation. Scammers will try to get your bank accounts and credit cards using the same methods.

The precautions you should use for cryptocurrency are the same as you would take for handling your wallet or other bank information.

Yes ... and no. The problem with crypto over a bank account is there's protections if someone fraudulently does an ACH transaction and a very limited number of institutions that can access ACH. Anyone with the internet can do a crypto transaction, so there's a lot more technical hacking attacks in a way. With a bank (for most people) if the bank shuts down on a Tuesday with no warning, the FDIC and government steps in and guarantees your deposit accounts to $250,000. When Mt Gox and others disappeared, well - sucks to be anyone who had crypto there. Crypto is also so convoluted that if you try and do any of it "yourself" you are likely to get it wrong at least a few times, and you lose money when you do that, even if it's just moving crypto from one wallet to another...

 

[WorldT]

This is kinda getting .

If I had a wallet already, I would take payment in cryptocurrency, preferably Bitcoin, if and only if
1. I plan on holding for my personal investment OR
2. I plan on converting it immediately into cash and the fees and exchange rate doesn't cause me to lose money.

Scammers, the renter dodging taxes, and other things being mentioned in this thread are no different from other forms of payment.
Payment in crypto currency has one advantage to me as the owner, the payment cannot be reversed. If the renter cancels, I control if and how the money goes back to the renter.
In summary, from the owner's side, the answer is maybe.
From the renter's perspective, absolutely will NOT pay with cryptocurrency.

 

[emeryjre]

This is kinda getting .

If I had a wallet already, I would take payment in cryptocurrency, preferably Bitcoin, if and only if
1. I plan on holding for my personal investment OR
2. I plan on converting it immediately into cash and the fees and exchange rate doesn't cause me to lose money.

Scammers, the renter dodging taxes, and other things being mentioned in this thread are no different from other forms of payment.
Payment in crypto currency has one advantage to me as the owner, the payment cannot be reversed. If the renter cancels, I control if and how the money goes back to the renter.
In summary, from the owner's side, the answer is maybe.
From the renter's perspective, absolutely will NOT pay with cryptocurrency.

From the renter's perspective, a cash payment cannot be reversed