ZoneBitcoin EditorialThis is something I get asked a lot; Learn how to buy cryptocurrencies with Paypal. That said, I had already written an article to explain how buy bitcoin with PayPal on LocalBitcoin. Today, I'm going to go further by explaining to you all the methods that currently exist to buy bitcoin with Paypal.
The guide to buying crypto with PayPal
Today, buy bitcoins or cryptocurrencies has become more user-friendly with a multitude of payment options. There is nothing extraordinary about this because investing in Bitcoins is an exciting activity in addition to being profitable (especially if you know where invest).
Small, beginner and inexperienced investors (like me when I started) would like to acquire Bitcoins with simple means such as with Paypal. Simply, because they feel more comfortable with this payment method. However, buying Bitcoins with Paypal, although seemingly simple, can unfortunately turn out to be complicated. This article is intended as a guide to direct you towards the easiest path to acquiring cryptocurrencies with Paypal.
First, know that it is entirely possible to buy Bitcoins with Paypal although it is not easy. For the year 2019, new platforms have opened up to PayPal, as is the case with eTorus. This platform is a good option for beginners who not only don't understand anything about trading processes but want to try their hand at it. That said, I am not pushing you to get started in crypto trading if you are not aware of the risks.
Why is Paypal not very common in the crypto field?
In addition, be aware that it is still not possible to buy bitcoin on known platforms like Coinbase ou Binance For example. The good news is that there are ways around these challenges. I understand your frustration, but that's how it is. For the moment anyway.
However, there must be a reason or several reasons why it is difficult to buy bitcoin with PayPal. First of all, know that until now, cryptocurrencies represent direct competition to Paypal. Indeed, whether with Paypal or with bitcoin, the goal is to send money. You understand better now and this is not going to be resolved with Paypal who sees no interest in it on their side. There is also the fact that with cryptos, if you make a mistake, there is no way to reverse the payment. Which could embarrass Paypal. In addition and finally, there is also the fraud increased by hackers and scammers which does not push Paypal to authorize crypto purchases.
So, remember that it is almost an obstacle course to want to buy Bitoins with Paypal because a Paypal payment is reversible whereas with Bitcoin this is not possible once the act has been triggered.
There are currently platforms that allow you to do this. However, most keep the username pending necessary verifications. Note that Paypal hates users who buy crypto via the platform and they will be happy to sanction them without qualms. Competition requires, no sentiment.
But, my charitable soul still wants to help. I'm going to give you some emergency solutions below to make your life easier.
Buy Bitcoins with Paypal on VirWox
Paypal allows the use and purchase of specific game tokens Second Life Lindens (SSLL) which is a kind of virtual currency of the game. Second Life players use this currency to buy different equipment within the game itself. However, it is possible to exchange this currency for Bitcoins. It is with this in mind that many SSL platforms have emerged, but the best of them in my opinion is VirWox. Certainly the interface is not very modern but it is very effective. However, it suffers from the handicap of not fulfilling the functionalities of a real exchange platform.
Why does this technique work? Because it's just a way to get collectibles from the Second Life game. And since this game is interesting and very popular, Paypal accepts it. Which fortunately results in a gray area allowing in-game money to be used to buy Bitcoin. You see?
So, concretely, how to buy bitcoin on VirVox?
To do this, connect to the VireWox platform and create an account by filling out the form and providing an email address. So, you can deposit Bitcoins there via your Paypal account. You will then be able to exchange your balance for SSLs so that a conversion of your SSLs into Bitcoins will be offered to you. But the conversion fees are quite high (10%) because of Paypal. Either way, there is no way to avoid these fees.
Once your Bitcoins have been purchased through your VirWox account, I recommend that you transfer them to your personal wallet as quickly as possible, just to keep them secure. The transfer may take up to two days.
Other platforms for buying Bitcoin other than VireWox also exist. Even though they are not as popular as VireWox, they are still happy alternatives for you so that you can overcome your difficulties of purchasing Bitcoins with Paypal.
Buy Bitcoinsvia Paypal on LocalBitcoins
Still in this list, I suggest you reread the article to buy bitcoins with Paypal on LocalBitcoin. It is a credible and reputable platform in addition to being used around the world. On this platform, you will be able to communicate with sellers and make exchanges through several platforms such as Paypal.
Find and contact someone who accepts Paypal as payment for purchasing Bitcoins. On LocalBitcoins, the choice of your seller (their credibility) is exclusively your responsibility. But rest assured, LocalBitcoin is very safe and credible. It is a site that allows you to make peer to peer payments easily and quickly.
Buy Bitcoins with Paypal using Paxful
Similar to LocalBitcoin, you can use Paxful. On this platform you can create accounts, find Bitcoin sellers and exchange your funds from Paypal accounts in exchange for Bitcoins. Its escrow service is a plus for your security. What I really appreciate as a buyer on Paxful is precisely its broad offering based on several payment methods.
Paxful is very well done but you have to choose your seller carefully, I can't say it enough.
Conclusion: My opinion on buying cryptos using Paypal
Once you have purchased your bitcoins with Paypal, you will subsequently be able to have many other cryptocurrencies. For example, you can exchange your bitcoins for ethereum or other crypto on Changelly for example.
No one doubts the professionalism and rigor of Paypal in addition to being trustworthy for years now. And then, even if there are platforms that allow you to buy Bitcoins via these platforms, always keep your crypto wallet secure. Hackers in the crypto world are very skilled, as you probably know.
Although I recommend a physical hard wallet like a Ledger wallet, please always secure your access somewhere (USB key or other). Never communicate your connection information (API key, password, etc.) to anyone, even if you are asked for it.
