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A lot of people would like to get their hands on cryptocurrencies without going through the herculean task of series of verifications, accounts on exchanges or any other hectic process. Some people would prefer to acquire bitcoins using Paypal, assuming that it might be a better and quicker solution.
The act of purchasing bitcoin has become more convenient over the course of recent years, with a plethora of payment options that are popping up here and there. There’s no surprise there – after all, investing in cryptocurrencies has shown to be a very profitable and appealing endeavor.
However, acquiring bitcoins with PayPal can be complicated. Luckily, this article will clear up all the confusion and put you on your way toward purchasing digital assets with PayPal.
It’s Not that Easy, But Possible
First of all, you have to know that there are no ways through which you can buy bitcoins using PayPal directly – there isn’t any support for that action currently. Thankfully, there are some ways to work around that, and there are marketplaces online that allow bitcoins to be purchased with PayPal.
Sure it is frustrating, and many people do not understand why that is overly complicated. However, there are a couple of good reasons why Bitcoins cannot be purchased directly through PayPal.
Bitcoins also do not allow chargebacks, and fraudulent or fake charges are frequent due to bitcoin accounts being regularly targeted by scammers and hackers.
The simple reason why it is hard to buy Bitcoin with PayPal is that a PayPal payment is reversible and Bitcoin isn’t.
You would need to take a few extra steps to purchase Bitcoins with PayPal successfully. There aren’t exchanges out there which allow you to make such purchases. However, many of these exchanges place holds onto user account until specific verifications are passed.
It should be noted that PayPal does not exactly appreciate users buying bitcoin through the platform, and occasionally, it might scold users who try to do so. Thankfully, there are a couple of workarounds, so you don’t need to get into trouble.
Check out VirWox
It is crucial for you to know that the PayPal terms of service allow for the use of Second Life Lindens (SLLs) to make bitcoin purchases. Thanks to this, several exchanges have sprung up that provide SLL services – the best of these exchanges is VirWox.
Despite this designation, it does not function as a full-blown exchange. Instead, it is a platform which serves the famous Second Life game as a means to purchase in-game collectibles.
The game is big enough to be fully accepted by PayPal, and that creates a gray area for using in-game money to purchase cryptocurrencies. To start buying bitcoins this way, you first need to establish a budget for yourself, study up on some platforms and, exchanges, do some research about cryptocurrencies and set up a bitcoin wallet.
Following this, you should visit VirWox and open up an account there, full in all the appropriate information boxes and confirm your account via email. After all that is completed, you can deposit money into your VirWox account through PayPal.
You also have the option of exchanging your balances for SLL after which an option to convert SLL to bitcoins will be presented to you. VirWox will place a ten percent transaction fee on users due to PayPal – unfortunately, the fee is inevitable.
After you purchase bitcoins through VirWox, I recommend you to transfer your bitcoins to the personal wallet. These transfers can usually take up to two days.
Other Platforms to Consider
There are many other services and platforms besides VirWox that have been popping up on the web and providing users with the option to purchase bitcoins through PayPal. They might not be as frequently used and popular as VirWox, but they are still useful alternatives.
LocalBitcoins is a highly reputable bitcoin exchange platform which is used all over the world. It provides a virtual setting through which buyers can connect with sellers and conduct exchanges through a variety of payment platforms, including PayPal.
If you decide to use LocalBitcoins, you would have to connect with an individual who’s willing to accept PayPal as a form of payment for bitcoins. Users of this platform are responsible for conducting their due diligence about the sellers they communicate with.
Generally, the platform is quite reputable and safe.
Paxful is a service which allows users to create accounts, find sellers and exchange funds in PayPal accounts for bitcoins. The fantastic thing about Paxful is that it uses an escrow service to provide additional security for users.
Overall, Paxful is nice, but it has yet to have reached optimal public acceptance.
Despite PayPal being entirely trusted and safe, as well as there being exchanges which accept payments through PayPal, it’s critical for you to keep your bitcoin wallet as safe as possible. Whether you use online wallet services, store it on your personal computer or employ some kind of cold storage method, remember to never give your private key to anybody.
Nobody needs to know any info about your private key or recovery seed. After all, you do not want anybody stealing your assets, efforts and time.
There are various ways through which you can buy bitcoins using PayPal, and it is your pick to decide which exchange method best suits your preferences and needs. Remember that in order use PayPal for purchases of bitcoin, your account must first be fully verified, which means that you must link your debit cards, link your bank and go through some identity verification controls.
You should now better understand some of how you can get on the path to purchasing bitcoins with your PayPal account. Keep in mind that bitcoin is a highly volatile cryptocurrency that can bring awesome returns for investors, as well as great destabilization to the financial world.