Many in the Cryptocurrency community are happy to leave funds in Bitcoin to enjoy the hoped for appreciation of the currency, but others are seeking to pull out returns or at least may wish to recover their initial investments. We’ve found the BitPay card helpful in that regard, but it isn’t perfect.
A new service has emerged called BitExchange that claimed to move Bitcoin to PayPal, and the fees were not bad, so I tried it to see what happened. Don’t! The transaction seemed simple enough, and they used BitPay to post the confirmation…but it never confirmed on their platform. Despite that, the transaction showed clearly that it had multiple blockchain confirmations, even when checking through BitPay!
There was a chat box on their “waiting for confirmation” page, so we tried to contact the, but it did not work. Same thing with their support form, and no, they never responded to my repeated emails to support. It would appear they have simply stolen my funds.
Verdict: FAIL
If you want to move funds from Bitcoin to PayPal, stick with Coinbase. They are not perfect, but they are getting better every day – and they are definitely not a scam!
