Bitcoins, the flagship cryptocurrency, has seen a meteoric rise in price and popularity since its introduction. It has gone mainstream.
So you want to buy Bitcoins using PayPal?
Well, if that’s what you want; you are at the right place & I’m going to share all possible methods that you can use right now to purchase Bitcoins using PayPal. First thing first; there is no direct way to buy Bitcoins using PayPal as Bitcoins transactions are irreversible. However, there are certain indirect ways which are used by users around the globe to purchase bitcoins using PayPal money.
Here are all the listed sites from where you can Purchase Bitcoins via PayPal:
Virwox: The best to buy Bitcoin with Paypal
Virwox isn’t quite an exchange. It’s actually a platform which serves the online sandbox Second Life as a way to buy in-game items. This is why they are called Second Life Lindens(SLL).Before you begin:
- Set a budget
- Understand the history of cryptocurrency
- Learn about exchanges and platforms
- Get a Bitcoin wallet
Bitcoin has seen swings which is why you must set a budget. The education in the history will help you create safeguards and a wallet will ensure everything is in order so when you do make the exchange, it’s not floating out there for someone to snag upon!
Okay, now into the juicy bits:
- Visit Virwox and open an account
- Fill in the appropriate information for the account. Although leave the ‘link to Avatar’ section blank.
- After signing up, check your email. A temporary password will be emailed to you. This password is temporary and MUST be changed within 24 hours or else your account will be deleted!
- Deposit the money into the account under the deposit tab—select the amount in the form and continue with Paypal.
- Verify and exchange your balance for SLL
- Use the ‘Exchange SLL into BTC’.
- Withdraw the Bitcoins
There will be a transaction fee (up to 10%) for the process because you are using Paypal.
So… What if you want to try a different method?
Alternative Platforms To Buy Bitcoins With PayPal:
Each platform comes with variable amounts of transaction fees and the need for due diligence which includes:
- Paxful: An emerging exchange and conversion option which hasn’t been quite proven now. The process is like others in which you create an account, select your payment options, seller, and then exchange money for Bitcoin using the Paypal account. Paxful uses an escrow account to provide buyer protection. It’s quick and easy but isn’t quite established as the other options.
- E-coin(Wirex): A new account/card can be accessed to buy via Paypal by connecting a debit card to the PP account and processing verification. A basic balance of $3 is required. E-coin will provide a 4-digit code which will allow you to withdraw funds from the account. Once money has been transferred, it’s a matter of using the ‘Buy Bitcoin’ option. This may take up to several business days to complete
- Cryptonit: This service offers low fees which start as a great contender to VirWox. There are buyer protections through the service because of verification through ID’s and addresses which may off-put certain individuals that aim for privacy in their use of cryptocurrency. Turn around is quick (12 hours) while the platform easy-to-use.
- Local Bitcoins: Local Bitcoins, unlike Virwox is a marketplace where buyers and sellers meet. If you use this option you’ll be dealing with an actual person which means that credibility also comes into play. The way you can use Local Bitcoins to buy Bitcoins with Paypal is by finding a person that is willing to sell them to you. But since the seller is taking a big risk, they will usually charge a really big premium (most of the times this will be more expensive than Virwox). The upside is that you will usually get your Bitcoins faster.
Keep your eyes peeled for new, upcoming platforms but do take time to read reviews, research, and vet these services before jumping head first into them to be on the safe side. Speaking of that…
A WORD OF CAUTION:
Protect your Bitcoin wallet with your life. You have the ability to store your wallet on your personal computer or use online wallet services. The personal route is often best as long as you’re careful with the hardware and avoiding troublesome software which may hijack your efforts and hard-earned finances.
There are many different ways to buy Bitcoins. Paypal in tandem with VirWox is one of the easiest for those already accustomed to using the payment processing service. Small investments are best for the beginner since the prices of BTC can hop. Scaling is the preferred method until you’re ready to play heavy with your investments. Bitcoin is on track to change and destabilize the balance of power in the financial World. We encourage you to read crypto news and keep up-to-date with the options you have when using the currency. Knowledge is power.