Buying Bitcoin With PayPal
Everyone wants to buy bitcoin and there are various ways also to buy it. Today we are going to discuss Buying Bitcoin with PayPal. To buy bitcoin this is one of the simplest ways but before we start discussing the steps you should have an overview about them.
Bitcoin is the cryptocurrency that was released in 2009. It is the first digital currency designed to act as the replacement for the fiat currencies. After the inception of the bitcoin, there are various currencies that came into existence. Even after that bitcoin is the poster boy for the cryptocurrencies.
PayPal is the American company that is operating worldwide. This provides the online payment services to transfer the money. This is the alternative for the methods like checks and money order.
For these services it provides, it charges fees but you can have the benefits of using PayPal like one-click transactions and password memory.
Buying Bitcoin With PayPal
You can buy the bitcoin with the PayPal using the exchanges like Coinbase, Paxful, LocalBitcoins, Wirex, and others.
Buying the Bitcoin With PayPal using Paxful
Paxful is the lesser known and smaller version of the LocalBitcoins. You can buy the bitcoin with almost anything from here (e.g. Skype Credits, Amazon Gift Cards). It provides the peer to peer service. These are the following steps for buying it with PayPal using Paxful:
- The first step and the basic step is to create your own account.
- Now select the payment method for buying the desired amount.
- Choose the seller. Here you can choose the seller manually or you can let the Paxful decide for you.
Once these initial steps are done you can do the online chat with the seller, where the deal can be finalized. Now the seller will send the bitcoin in your escrow, and from here you have to transfer the money from Paypal. But you have to keep in mind that there is a specific timeframe (usually 30 minutes) the deal will be canceled.
Buying the Bitcoin with PayPal using LocalBitcoins
LocalBitcoinsis little different than the other exchanges. As here you can do the deal with the actual person. The transaction fees for using it can be high but the plus point is the bitcoin will be transferred to your account very quickly.
Here are the following steps to buy the bitcoin:
- Enter your search parameter.
- Choose the seller. Here you should check the feedback score, trade limit, and payment window of the seller you are dealing with.
- Complete the trade.
These are the simple steps for you to buy the bitcoin using the Paypal.
Buying the bitcoin with Paypal using coinbase
Coinbase is one of the most used and secured exchanges for bitcoin buying. But the problem is it does not provide the service of buying the bitcoin using the Paypal accounts. Since February 2018 the coinbase has disabled the option. There is no way to connect your coinbase and Paypal account.
These are not the only exchanges which provide you the facility to buy the bitcoin with Paypal. You can buy using the exchanges like eToro, Virwox, and may other. But you have to be vigilant on those sites as they do not have the reputation in comparison to the above mentioned.
From the above article, you can estimate that there are various ways of Buying Bitcoin With PayPal. PayPal may have increased the methods of buying the bitcoin but you have to prepare yourself for the high fees charged by them.