How To Buy Litecoin With Paypal
Are you looking to buy Litecoin and only have a Paypal account? Read our comprehensive guide and purchase Litecoin using Paypal today!
Buying Litecoin with Paypal Made Easy
Litecoin is fast catching up to Bitcoin in investor profitability. Created to be the "silver" to Bitcoin's gold, Litecoin is fast gaining luster. For those who bought at the right time, it is eclipsing Bitcoin's returns. As recently as 2013, Litecoin was the red-headed stepchild of cryptocurrency, at best. Started in 2011, Litecoin traded at up to $38 in 2013 before falling to a dismal $3. However, in 2017, Litecoin has taken off. As of the end of 2017, Litecoin is trading at over $250. With such incredible returns, it's no wonder people are wondering how to buy Litecoin with PayPal.
Though the process to buy Litecoin with PayPal no verification is similar to purchasing Bitcoin, there are some key differences. Those wishing to buy Litecoin with PayPal instantly need to follow a few more steps than those buying Bitcoin. However, once you have all of your cryptocurrency accounts fully operational, it becomes possible to buy Litecoin with PayPal instantly. Here are the steps:
Get a Litecoin Wallet
The first step in how to buy Litecoin with PayPal is setting up a Litecoin wallet. This is because you need a separate wallet from Bitcoin or other cryptocurrencies. The different cryptocurrencies run on different technologies entirely. You cannot simply exchange Bitcoins and Litecoins. You need separate wallets for each, and you must trade each separately on a cryptocurrency exchange.
Other wallet options offer increased security. Hardware wallets like Tezoe and Ledger offer the best protection for your Litecoin assets. Security should always be taken seriously because Litecoin is like cash. If it is stolen (hacked), you lose. There is no method to track the thief. There is no insurance to compensate you. There is no fraud protection, such as with a credit-card purchases.
For this reason, it is always recommended that Litecoin owners keep their money in secured wallets. If you keep your money on an exchange, it is more vulnerable to hacks. Cryptocurrency exchanges have been hacked, and some have even gone out of business as a result. If the exchange is hacked, remember, Litecoin is cash and it is gone.
Of course, you need the wallet in order to buy Litecoin with PayPal anonymously and to buy Litecoin with PayPal no id.
Exchange PayPal Dollars for Bitcoin
That's right. To use PayPal to buy Litecoin, you will need to go through the process of getting Bitcoin first. This is because there is no direct method to purchase Litecoin through PayPal. There also is no direct purchase method from PayPal to Bitcoin, but there is an indirect purchase method. You need to use this indirect method to buy Bitcoin, then you can easily exchange Bitcoin for Litecoin.
To do this, first open an online account with VirWox. VirWox is known as the place where players of the online game Second Life purchase the currency used in that game, Second Life Lindens (SSL). These SSLs can be traded for Bitcoin on VirWox.
Once you have your VirWox account, fund it using your PayPal, which is a simple process. Once your account is funded, use the money you want to invest in Litecoin to purchase SSLs. Once you purchase SSLs, exchange them for Bitcoins. Place these Bitcoins in a Bitcoin wallet. Bitcoin wallets can be easily obtained from Bitcoin exchanges like Coinbase.
Exchange Bitcoin for Litecoin Using Paypal
You can then exchange the Bitcoins for Litecoins on any number of Cryptocurrency exchanges. These include Coinbase, Shapeshifter, BTC-e, and Polonix. It is always important to be mindful of the Bitcoin price, as it affects how many Litecoins you are able to purchase.
Another option is to find someone on a peer-to-peer exchange who is willing to trade Litecoin for cash from your PayPal account. Peer-to-peer exchanges include Praxful and LocalBitcoins. Under this method, you browse for a Litecoin seller and make your offer. In many cases, the seller will refuse because they do not accept PayPal. Those willing to take PayPal may charge a massive premium.
Though this seems unfair, there is a good reason. Scammers have been using PayPal to rob sellers of their cryptocurrency, particularly Bitcoin. Because the cryptocurrencies are anonymous, there is no way for the seller to prove that he delivered the goods. As a result of this, scammers have paid for and received their cryptocurrency, then complained to PayPal that the cryptocurrency was never delivered. Since there is no way for the seller to prove it, PayPal sides with the buyer and refunds the seller's money.
Buy Litecoin Using Paypal In-Person
If you are comfortable with another cryptocurrency trader in your local area, you can always meet and exchange the cryptocurrencies using your cellphones. This works great if you know who you are dealing with, but could set you up to get robbed if you meet up with someone from the Internet. If you know who you are dealing with, it's a great way to buy Litecoin with PayPal no verification.