Over the years, cryptocurrency lovers have been using different Bitcoin buying options with alternatives payments systems popping up daily. Bitcoin investment is considered as a profitable venture and many people are looking for easier ways to access the maiden cryptocurrency. One reason why adoption of cryptocurrencies has been slow is due to the tedious process of acquiring digital currencies. The process can be tedious considering that you have to set up mining equipment, sign up with exchanges just to acquire cryptocurrencies.
To beat the tedious process, inexperienced investors opt for Bitcoin buying options that are convenient. Payment methods like PayPal are much more comfortable. Notably, in some cases, acquiring Bitcoins via PayPal can be complex. In this article, you will get a guide on how to acquire Bitcoins through PayPal which enjoys a good market reputation.
Buying Bitcoin Through PayPal
At the moment, we have no direct ways of buying Bitcoins using PayPal. Over the recent past, we have witnessed cases of chargeback cases by scammers who buy Bitcoin with PayPal with your money and then claim they didn’t receive any funds. They end up keeping everything. It is important to note that Bitcoin does not allow chargebacks. Another reason why purchasing Bitcoin through PayPal directly is hard is because Bitcoin is a PayPal competitor. Furthermore, Bitcoin payments, unlike PayPal, are irreversible. However, we have ways you can indirectly purchase Bitcoin through PayPal. It is can be a frustrating process but worth it.
Currently, some cryptocurrency exchanges allow purchasing Bitcoin through PayPal, but with some limitations. Your account can be placed on hold until the exchange conducts certain verifications. If PayPal discovers that users are trying to purchase Bitcoin through the platform, such clients might get into trouble. Here are various ways you can maneuver and buy Bitcoins using PayPal at ease.
VirWox is not a Bitcoin exchange platform. The platform is a viable market for Second Life Lindens (SLL), a currency used in the virtual world, Second Life. Note that PayPal terms of service permit the use of Second Life Lindens, to make bitcoin purchases. Although you cannot buy bitcoins with PayPal directly through VirWoX, you can buy Second Life Lindens and then sell these for bitcoins. VirWox works like an exchange but it is not yet fully functional. The platform commonly offers SLL services.
VirWox deploys Second Life games that are used to buy in-game collectibles. The game has grown over the years to earn the trust of PayPal. Before you get into buying Bitcoins with VirWox, there are a few things to consider. Set up a budget and gain more knowledge on how the cryptocurrency world works. Look for information about exchanges and set up a bitcoin wallet.
Visit VirWox and open an account. Submit the required information and confirm the account through your email. Once your account is up and running, deposit funds through PayPal. Go to “My Account” button and select “Deposit”. Select the PayPal button and enter the amount you wish to deposit. You will then check out with PayPal. First-time deposits with VirWox usually take a couple of days to reflect. However, future deposits are instant. VirWox has placed an initial buying limit at $90 per day, although these limits grow quickly with time.
Once the deposit has reflected, you can exchange your amount for SLL. You will then convert the SLL into Bitcoins on the VirWox platform. To send your Bitcoin to a wallet, go to the withdrawal section under “My Account” section located on the menu bar. Enter the amount you want to withdraw and the address that you are sending it to. Click on “Request Withdrawal” and the Bitcoin will be with you within two days. Note that VirWox will place a 10 percent transaction fee on users due to PayPal. This high fee is one of the downsides when transacting with VirWox.
LocalBitcoins is an online marketplace where buyers and sellers link directly. In this case, you deal with a real person, so you don’t have to worry about the credibility of the user. LocalBitcoins users are responsible for conducting their own due diligence pertaining to the sellers that they engage. The platform has a positive reputation globally.
To get started with LocalBitoins, you need to sign up. The sign-up process is easy and you will have to confirm your account via email. On the dashboard, select “Buy Bitcoin” section. Enter the amount of Bitcoin you want to buy and from which country. However, the list has no worldwide option.
The next phase entails selecting a seller from the available list. Before settling on a seller, consider factors like feedback score, confirmed trades, the age of the account, people trusted by the seller and how many people have been blocked by the seller. With a seller already selected, it is time to complete the transaction. Before proceeding, pay attention to the terms of trade for the selected seller. Some sellers are always on the lookout for scammers. Always conduct communication within the Localbitcoins platform.
Enter how many bitcoins you want to buy and click “Send trade request.” Chose the PayPal payment method to complete the transaction. The Bitcoins are then deposited in your wallet from where you can send to other destinations.
Paxful model is similar to LocalBitcoins but with a small reach. The platform is a peer-to-peer marketplace that allows you to buy Bitcoins among other assets. Paxful uses an escrow service to provide additional security for buyers. To get started with Paxful, you have to create an account. Select your preferred payment method which should be PayPal. Go through the list of sellers and select one that suits you. Look out for the reputation of the seller before transacting with him or her.
Once the trade initiates, you will be sent to an online chat with the seller and finalize the deal. The seller’s bitcoins will be sent into escrow. After confirming your payment has been sent, the Bitcoins will be released into your account. However, it is important to note that Paxful usually cancels the unfinished transaction after a period of about 30 minutes. On the downside, Paxful attracts a high transaction rate.
Wirex is a company that supplies virtual and physical Bitcoin debit and credit cards. The card can be linked with your PayPal since its a card like any other. However, Wirex and PayPal do not have any partnership. This means that if the transaction fails, PayPal will not be in a position to offer you any assistance. However, buying Bitcoin with Wirex from PayPal is fast and easy.
To get started, create an account with Wirex and order your Bitcoin debit or virtual card. Look out for countries that support the card. After the card is delivered, link it to your PayPal account. This process is done through the PayPal account. Click on wallet section and then “Add a card”. Add your virtual Bitcoin credit card. Verify the card in a process that will cost you about $3.
You will then deposit funds into your PayPal account. The next step is to withdraw your funds from PayPal to the Wirex account. Go to “Wallet” and select “Withdraw funds to your card” option. Enter the amount you want to withdraw. With money in your Wirex account, you should be able to buy Bitcoins. Note that the process can take some time. Verifying your Wirex card with PayPal is not instant, and withdrawing the funds takes seven days.
PayPal’s reputation in the market makes it a viable option to purchase Bitcoins indirectly. With PayPal’s security guarantee, you should focus on the safety of the Bitcoins you purchase. Always ensure your wallet is secure at all times. You can use cold storage that has an extra layer of security. Once you have your Bitcoins, select an exchange platform that meets all your needs. Although many options for buying Bitcoins with PayPal are popping up, the ones covered above have a good market reputation. Settle on a platform that will allow you to purchase Bitcoins with PayPal at ease.
Image Source: 99bitcoins
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