How to buy Bitcoins with Paypal?

How to buy Bitcoin with Paypal? Source: Pixabay
How to buy Bitcoin with Paypal? Source: Pixabay

Depending on your goals, there are several ways to purchase bitcoins. Some people may want to acquire bitcoins with PayPal in order to simplify their lives. There are several tools that allows you to buy bitcoins using your PayPal account, although this is not always the simplest approach. Here’s a rundown of the finest choices for those looking to buy bitcoins with PayPal.

Virwox, the retired Legend of the Purchase of Bitcoins by Paypal

VirWox has long been regarded as the most user-friendly platform for purchasing bitcoins using PayPal. However, after a robust 12 years, VIRWOX simply stopped its activity. They are now referring to BitPanda, which doesn’t offer the possibility to buy Bitcoin via Paypal. 

The Virtual World Exchange (VirWox) informed its members through email that it will be closing down its online platform VirWox.com on January 6, 2020. The VirWox exchange has been operating since 2007 and provides a number of trading options, including the ability to purchase Bitcoin using PayPal.

It was one of the oldest online currency exchangers in the world that has established itself as a premier independent exchange for exchanging virtual currencies. VirWoX was primarily a marketplace for Second Life Lindens (SLL), a virtual currency used in the virtual game Second Life.

Why did Virwox exchange closed in January 2020?

According to multiple sources, Virwox closed because Paypal was no longer supported. 

What is an alternative to Virwox?

>> Coinbase
>> Bitfinex
>> Exmo
>> Binance

Buy Bitcoins via Paypal on P2p Marketplaces

Individuals can purchase and sell bitcoin using their local fiat money on some over-the-counter venues.

In addition to the standard methods of purchasing and selling cryptos, users can purchase bitcoins with gift cards (Amazon, Walmart, iTunes, Steam, and so on). These platforms also offer a broader choice of payment methods, such as Skrill, Neteller, and GooglePay.

When it comes to privacy and identity verification, peer-to-peer markets are often more lenient than standard exchange platforms, however individual sellers can seek buyer identification if they desire. Buyers on these sites frequently pay a premium since prices are established by individual vendors rather than market factors.

LocalBitcoins and Paxful are two popular markets for purchasing bitcoin with PayPal. In terms of dependability, both are equivalent.

>> I covered Localbitcoins and Paxful in detail in my ranking of the best sites to buy Bitcoin in Nigeria or Kenya

The benefit is that you may contact several merchants all around the world and make your decision based on your instincts. Bitcoins are often received fast.

However, the fees are also significant since as a buyer, you often pay a premium to offset the risk of chargebacks. There is also the risk of being duped if you choose an untrustworthy seller.

Buy Bitcoins With Paypal via eToro

eToro makes it easy for people who wish to acquire bitcoins to invest in them using PayPal. However, because these bitcoins are not real bitcoins, they cannot be withdrawn or sent to others once purchased: short transactions with leverage are CFD transactions, and unleveraged long positions are transactions of underlying cryptocurrencies in which eToro purchases the actual asset on your behalf.

If you buy “bitcoins” on eToro, you must engage in speculative activities in order to convert these bitcoins for euros based on market movements.

eToro is thus an appropriate alternative if you wish to acquire bitcoins using PayPal, then engage in trading activities, but never as an exchange currency.

Buy Bitcoins Through Paypal With Coinbase

Coinbase just added the opportunity for its users to withdraw cash to PayPal instantaneously and for free.

As a result, technically, the site does not enable you to buy bitcoins using PayPal, but only to withdraw cash to PayPal. To acquire bitcoins quickly and easily on Coinbase, you may use a credit card.

However, keep in mind that Coinbase’s KYC is significantly more stringent than that of an OTC platform like Localbitcoins or Paxful, and so your transactions will not be private.

Conclusion: Buying Bitcoins With Paypal – is it a good idea?

Since VirWox’s reversal, we believe peer-to-peer systems are the greatest option for purchasing bitcoin using PayPal. Going through PayPal is thus not always the most practical way to receive bitcoins, but it is an intriguing option, especially if you already have a PayPal balance.

>> How to mine Bitcoin?
>> How to mine Ethereum?
>> What is a Bitcoin address?
>> How does Ethereum work?
>> How to get free Bitcoin?

FAQ about how to buy Bitcoins with Paypal

Can I use PayPal to buy Bitcoin?

To purchase cryptocurrency with PayPal, you must first create an account. If you already have a PayPal account, all it takes to acquire cryptocurrency is to click a “crypto” button and select the coins you want to purchase. On the PayPal app, you may buy four forms of cryptocurrency: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Can I use Paypal for Coinbase?

Users who already have a PayPal account may begin conducting transactions on Coinbase without having to enter bank accounts or card data directly to Coinbase and can continue to use PayPal to securely handle information.

How do I withdraw Bitcoin from PayPal?

By pressing the Withdraw option, you may withdraw monies from your Wallet. Fill in the “Withdraw from” area with your Bitcoin Cash wallet. You can add a new withdrawal address or pick an existing withdrawal address. You can withdraw Bitcoin Cash by entering the desired amount.

Do any crypto exchanges accept PayPal?

If you’re concerned about the security of your cryptocurrency, we recommend checking out Coinbase and eToro. Both allow you to instantaneously buy Bitcoins using PayPal and provide wallets in which to store the acquired coins. However, the PayPal buying functions of Coinbase and eToro are not available in all regions.

Can I use PayPal on Binance?

Yes, the answer is YES. Any PayPal user may purchase, trade, and keep cryptocurrency for as little as $1. So, yeah, Binance accepts PayPal payments. On August 21, 2020, Binance issued an official statement announcing the addition of 62 new payment methods for P2P (peer-to-peer) trading.

Why can’t I link my PayPal to Coinbase?

If your PayPal email address does not match your Coinbase email address, you must complete two-factor verification on Coinbase for security reasons. The country of your PayPal account must match the nation of your Coinbase account. You may only link one Coinbase account to your PayPal account at a time.

How do I transfer money from PayPal to a Bitcoin wallet?

Coinbase accepts PayPal payments, thus you may withdraw your PayPal amount from your bank account and link that same bank account to Coinbase to buy bitcoins if they do so.

Can I buy Tether with PayPal?

PayPal is a common way to purchase Tether. While you cannot buy Tether directly through PayPal, you may buy it using PayPal in combination with a trading platform such as Ledger Live or a peer-to-peer marketplace such as Kraken.

How To Buy Bitcoins With Paypal?

  • Here’s a rundown of the finest choices for those looking to buy bitcoins with PayPal.
  • As a result, technically, the site does not enable you to buy bitcoins using PayPal, but only to withdraw cash to PayPal.
  • FAQ about how to buy Bitcoins with Paypal Can I use PayPal to buy Bitcoin? To purchase cryptocurrency with PayPal, you must first create an account.
  • Can I use Paypal for Coinbase? Users who already have a PayPal account may begin conducting transactions on Coinbase without having to enter bank accounts or card data directly to Coinbase and can continue to use PayPal to securely handle information.
  • Can I use PayPal on Binance? Yes, the answer is YES. Any PayPal user may purchase, trade, and keep cryptocurrency for as little as $1. So, yeah, Binance accepts PayPal payments.
  • How do I transfer money from PayPal to a Bitcoin wallet? Coinbase accepts PayPal payments, thus you may withdraw your PayPal amount from your bank account and link that same bank account to Coinbase to buy bitcoins if they do so.
  • While you cannot buy Tether directly through PayPal, you may buy it using PayPal in combination with a trading platform such as Ledger Live or a peer-to-peer marketplace such as Kraken.
  • Open an account on Binance today >> Click here
  • Open an account on BlockFi today >> Click here

We wish you all the best in your life as a cryptocurrency, stocks, or ETF investor. We also hope that you enjoy our Lifestyle section. Please keep in mind that I am no financial advisor and none of the above is guaranteed to be correct. I create the content above for education purposes only. Cryptocurrency investments are subject to high market risk. Surfer Investor is not responsible for your trading losses. The opinions and statements made above should not be construed as financial advice. All the best – Surferinvestor.com

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