Can We Buy Bitcoin From PayPal?
Bitcoin, the most valuable cryptocurrency, has been waiting for investors to diversify their portfolios with Bitcoin investments. Millions of people worldwide use PayPal to send and receive money. Keeping the ease of PayPal in mind, many individuals across the world want to know whether they can purchase bitcoins with PayPal.
And it’s not just Bitcoins, PayPal also stated that it would enable everyone to acquire and keep Ethereum and other assets in their wallets that raise the values for such investments.
So, we can buy bitcoins using PayPal by the following process:
1. Log into your PayPal account or create it.
All you need to do is log in with your account credentials if you are a current PayPal user. After login in, go to the dashboard “Crypto” section. If you don’t have a PayPal account, establish and follow a new one.
2. Select bitcoin from the list of cryptocurrencies
You will notice a list of cryptocurrencies aside from bitcoins once you arrive in the cryptocurrency area of PayPal. Since we speak about bitcoins, choose the option Bitcoin.
3. Analyze and buy
Once you have selected Bitcoin, PayPal will display you the price history of 24 hours to 1 week and 1 month. Analyze the growth trend and click purchase to see standard Bitcoin options of $20, $50, $100, or $500. You may input a custom amount if these values do not suit your budget.
4. Choose a method of payment
You may proceed with your current payment method if you have an existing PayPal account. If you purchase bitcoins on a fresh account, bear in mind that either a debit card or a bank account may be your method of payment. PayPal is currently not accepting credit cards or crypto transactions. Once the payment option is chosen, a review page containing the exchange rate, total purchase cost, transaction fees, etc. is shown. After your purchase is reviewed, you are ready to buy your bitcoin by selecting “Buy Now.”
According to the new PayPal update, only the cryptocurrencies you have bought on PayPal may be maintained on the site. PayPal does not let customers transfer assets to another crypto wallet. You cannot move the bitcoins you purchase to another platform.
How Can I Purchase Bitcoin Using PayPal?
Some options are available to learning how to buy Bitcoin with PayPal, or any other cryptocurrency. We’ll explain what we believe are the two best methods to purchase bitcoin via PayPal. With your money or your connected debit card or bank account, you can purchase Bitcoin straight from the PayPal app. You may also purchase and sell bitcoin by transferring or checkout PayPal on any of the above-listed trading sites, peer-to-peer markets, or peer-to-peer lending platforms.
Using Local Bitcoins
Local Bitcoins is a peer market for Bitcoin buyers and sellers all around the globe. Started in 2012, Local Bitcoins allows over 20 different ways of payment, including PayPal. Users may check how many Bitcoin vendors and their feedback ratings are sold. Once the rate is found, customers may then buy Bitcoin using their PayPal account if it is their preferred payment.
Bitcoin is extremely simple to purchase with PayPal on eToro, since once you register you can fund your account with PayPal instantly so that you may buy any of the available goods. It should be mentioned that eToro is a trading site, meaning you don’t get your asset in your Bitcoin wallet when purchasing Bitcoins using PayPal. Instead, you speculate on whether or not the price increases, and you may earn money by correcting this prediction.
Bitcoin purchasing via PayPal has various benefits and drawbacks
Although Bitcoin has progressed much as a new kind of electronic money, PayPal remains the norm for online money transactions. Because of PayPal’s online ubiquity, many believe that it would be the ideal fit for trade in the Bitcoin Ecosystem; nevertheless, the two payment methods render them mostly incompatible.
Advantages of buying Bitcoin from PayPal
- PayPal is a user-friendly method to pay online for most individuals
- PayPal is regarded as a safe online payment platform
- Many individuals have a PayPal account already
Disadvantages of buying Bitcoin from PayPal
- PayPal purchases cryptocurrency have higher costs
- The number of bitcoin customers who may purchase through PayPal is strictly limited.
- Most exchanges even do not provide PayPal as an option.
For a safer trade experience, some sellers may need extra procedures to validate their trading partners’ identities. These stages may need you to provide specific papers, such as ID cards, selfies, or screenshots. This lowers the chance that PayPal accounts will be used fraudulently and thus, Paxful will be made a safer market.
This article has been published in accordance with Socialnomics’ disclosure policy.