Buy Bitcoin with PayPal – How to go about it?

In this article, we will explore various ways to buy bitcoin with PayPal. Paypal announced its interest in September 2014 to accept Bitcoin as a payment option via the PayPal’s Payment Hub. In January 2018, news came out that PayPal filed a document in Securities and Exchange Commission kicking things up a notch by allowing its vendors to obtain bitcoins as payments through Braintree. Braintree, a Chicago-based digital payment platform commerce, is another e-commerce PayPal procurement in September 2013. It is noted that although PayPal has shown positive support to bitcoin in the previous years, it is still a tough task. 

Also Read: Bitcoin Hong Kong

Buy Bitcoin with PayPal via VirWoX (Virtual World Exchange)

Founded in 2007, they are one of today’s leading independent exchange for trading virtual currencies, considerate of its number of users and trading volume. In April 2011, Virwox started to buy bitcoins in trade for Linden dollars, and vice versa. EUR, USD, GBP, CHF, are among other currencies that can be traded with the latter. A handling fee of 1 EUR (1 USD, 1 CHF, 1 GBP) + 2% PayPal Fee per PayPal withdrawal will be charged.

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Steps on how to buy bitcoin with PayPal

Buy bitcoin with Paypal following these steps:

1. Go to Virwox.
2. Deposit money to your account with PayPal.
3. Buy SLL on the SLL/USD exchange.
4. Buy Bitcoins with your newly purchased SLL on the SLL/BTC exchange.
5. Withdraw your bitcoins.

Also Read: Trezor Hardware Wallet Review

Buy bitcoin with PayPal via eToro

A social trading and multi-asset brokerage company founded by Yoni Assia, Ronen Assia and David in January 2007. They pioneered bitcoin trading and cryptocurrency offering in 2013 and encouraged their clients’ investment in Ethereum, XRP, Litecoin, and other popular cryptocurrencies. eToro is the easiest way to buy bitcoins. It has low fees and several payment arrangements. The only setback is that even though it allows you to buy bitcoin with PayPal, you will be unable to withdraw or send your bitcoins to others. It limits you to invest on the bitcoin, only to change them back to a fiat currency. Unfortunately, eToro withdrawal charges are a pain. While other similar platforms allow one free withdrawal per month or do not charge at all. eToro charge $5 for the withdrawals up to $200, $10 between $200 and $500 and $25 for an amount beyond $500.

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Video Source: Bitcoin Kit

Steps on how to buy bitcoin with PayPal

1. Set up an eToro account.
2. Opt for PayPal as your payment method.
3. Begin depositing your funds starting from £200.
4. Start placing orders to buy bitcoins.
5. Wait for those profits to accrue.

Buy bitcoin with PayPal via Localbitcoins

If you don’t like the above methods to buy bitcoin with Paypal, you will surely love this method. Tailored to be a “face-to-face” interaction. This is the fastest way to buy bitcoins, the downside is that building a good reputation is an integral part of using this platform. It might take some time to do so and then locate a seller. Transactions to other bitcoin wallets are subject to Bitcoin Network Transaction fee which depends on the current usage rate of the bitcoin blockchain.

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Steps on how to buy bitcoin with PayPal

1. Enter your search parameter indicating how much bitcoins you want and from which country.
2. Select your seller among the options.
3. Finalize the trade.

Buy bitcoin with PayPal via Wirex

Buy bitcoins with credit card instantly, no verification. This is the selling point of a company that provides virtual and physical bitcoin debit cards. Its beauty is,  it functions like a regular debit card. The disadvantage is that it takes 10 days for transactions to complete, as it takes time for PayPal to verify your Wirex card and withdrawing the funds may take additional time, considering where you live. Wirex doesn’t charge any fee for this feature but PayPal will apply a fee of US$5 per transaction which will be deducted from the amount to be withdrawn. The minimum amount users can withdraw is US$10.

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Video Source: Justwallet.online

Steps on how to buy bitcoin with PayPal

1. Place your order for a physical or virtual card from Wirex.
2. Hook up your Wirex card to your PayPal account and verify it.
3. Deposit the funds to your PayPal account.
4. Withdraw the funds from your PayPal account.
5. Purchase bitcoin with your funded Wirex debit card.

Buy bitcoin with PayPal via Paxful

Similar to the design of how LocalBitcoins works, it is the best way to get bitcoins. You can buy bitcoins in trading Skype credits, Amazon gift cards, and the likes. Keep in mind that you need to finalize the deal online with your chat seller in approximately 30 minutes, else the deal is cancelled automatically. Paxful does not charge any fees to the buyers; however, is subjected to pay a fee to the seller for the conversion of their cash, gift card or PayPal money into bitcoin. In this platform, the seller of bitcoin pays a 1% fee.

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Video Source: Quantech

Steps on how to buy bitcoin with PayPal

1. Set up an account.
2. Select a payment method for purchasing and the amount.
3. Choose your seller. You can manually do it or have Paxful decide for you.

Despite each method’s pros and cons, choosing a platform which will be easiest and convenient will always be up to the user. Critically speaking, it does not limit our options; rather, it offers us several channels to purchase bitcoins through PayPal depending on our whims.