How To Buy Bitcoin With Paypal
Learn the 5 easiest ways to buy the most popular cryptocurrency using PayPal.
With Bitcoin drastically increasing in value and many hailing cryptocurrency as a world-changing technology, it's natural for investors to consider using their PayPal accounts to buy bitcoins. PayPal, after all, is a digital currency. Using PayPal to buy it seems logical. Yet, most cryptocurrency exchanges do not accept PayPal. Further, PayPal bars users from buying Bitcoin directly from other PayPal account holders. In other words, PayPal does not function as a Bitcoin exchange.
There is good reason for PayPal's decision to stay out of the Bitcoin exchange business. A few years ago, as Bitcoin became more popular, so did Bitcoin-related scams. As with most new technology involving money, crooks are always looking for a way to pilfer. They found the perfect way with Bitcoin transactions on PayPal.
Before PayPal put a stop to it, the scam worked like this: The scammer would purchase Bitcoin from another PayPal user. For example, let's say the scammer bought $1,000 worth. The scammer transmits his $1,000, and the seller gets his Bitcoin. All good, right?
Wrong. The scammer now contacts PayPal and complains that he paid his $1,000, but "that darn" seller didn't send the Bitcoins. Since Bitcoin is anonymous, PayPal has no method by which it can verify if the scammer is telling the truth. Since PayPal guarantees purchases against fraud, like all other credit and debit card companies, the scammer gets his $1,000 back and keeps the Bitcoin for free. The seller loses because, due to the anonymous nature of Bitcoin, transactions cannot be proven. Bitcoin is like cash. If you lose it to fraud, tough luck. There is no way to reverse the transaction.
For obvious reasons, PayPal discourages Bitcoin sales. For an honest Bitcoin buyer, however, this presents a problem. If your money is on PayPal, why should you get stuck with the inconvenience and cost of transferring money out of PayPal to buy Bitcoin! It hardly seems fair that you can't buy Bitcoin with PayPal instantly.
Luckily, there are several secure, inexpensive methods available that allow you to buy Bitcoins with PayPal, without running afoul of PayPal's rules or risking being scammed.
Buy Bitcoin Using VirWoX & Paypal
VirWox is not a Bitcoin exchange, but it provides a very easy and convenient method to buy Bitcoin with PayPal instantly. If you play the Internet game Second Life, even better. You probably recognize VirWoX as the place where you purchase the Second Life currency, Second Life Lindens (SSL). You're probably also wondering how to buy Bitcoin with PayPal through VirWoX.
The process has a few steps, so stay with me. First, deposit dollars or euros into your VirWoX account using PayPal. Purchase SSL (yes, the game currency) with your dollars or euros. Purchase your Bitcoins with SSL. Then transfer your Bitcoins into your Bitcoin wallet. Of course, you need to set up a VirWox account and Bitcoin wallet first.
Presto! You know how to buy Bitcoin with PayPal. This whole process can be done in just a few minutes. And once you have the VirWoX account and Bitcoin wallet, getting Bitcoin is as easy as checking your bank balance online. However, you may want to consider some of these other sources because of the 10 percent transaction fee. Fees like that would wipe out the profit for most investments, but with Bitcoin's rise from $1,402 to a high of near $20,000 in 2017, many Bitcoin buyers feel 10 percent is a bargain.
Buy Bitcoin Via Wireex
The good thing about VirWox is you get your Bitcoin fast and you aren't at risk of falling prey to scammers. If you want the same level of security but want to save on the transaction costs, consider Wireex, which provides Bitcoin debit cards. You have to sacrifice time, though. Transactions can take up to ten days for card verification and fund transfer. Considering Bitcoin's price fluctuations, many Bitcoin buyers are unwilling to wait that long.
To purchase using Wireex, first order a virtual or physical debit card from Wireex. Once you receive the card, connect it to your PayPal account. Nest, withdraw the funds from PayPal to your Wireex card. Then purchase Bitcoins using the Wireex debit card.
Local Bitcoins is a peer-to-peer, online exchange. This is a great way to buy Bitcoin with PayPal anonymously. All you have to do is find a seller, which takes no time at all. The seller, however, must be willing to accept PayPal. Because the seller faces the risk of being scammed, many will refuse to accept PayPal or charge a massive premium. It's a fast way to buy Bitcoin with PayPal anonymously, but you might pay premiums much higher than the VirWox commission.
Paxful Using Paypal
Praxful is like Local Bitcoins but a smaller exchange. It is a great way to buy Bitcoin with PayPal no id and to buy bitcoin with PayPal no verification. Account setup is simple. Once a member, you can browser for a buyer willing to take PayPal.
If you want to buy bitcoin with PayPal no ID and buy Bitcoin with PayPal no verification, arranging a peer-to-peer in-person transfer offers complete anonymity since there is no middleman. Of course, you have to find someone local willing to accept PayPal. If you know someone willing to do this that is trustworthy, it is an easy process. You simply have to meet the person and use your cellphones to make the exchange of Bitcoin and use PayPal to transfer the funds.
Naturally, always be careful who you meet, as there are scammers and robbers using Bitcoin as a lure to take your money.