Three Simple Ways to Buy Bitcoin with Your PayPal Account

how to buy bitcoins with paypal

One of the most popular and widespread payment systems is the well-known PayPal. The company has been working as part of eBay for many years, so people trust and rely on this payment system. Here, we are going to discover all the opportunities available to buy Bitcoin using our PayPal account.

Second Life Currency

The first opportunity we’re going to discuss is the old method of exchanging. It was popular when the ecosystem of Bitcoin exchanges wasn’t very well developed so people were seeking a way to buy Bitcoins. In order to purchase some coins, you have to register on the website called Virwox. On this Virtual World Exchange, you need to attach your PayPal account to make transactions. When your PayPal account is linked, you should buy SLL or Second Life Linden. That’s currency which is used in the game. It is also possible to trade SLL for Bitcoins, therefore, there is an opportunity to buy Bitcoin in an indirect way. Having bought SLL, you should sell them for Bitcoins and then transfer them to your online wallet.


There are two obvious problems here. First, you have to pay twice. In this case, you need to pay a fee for the USD/SLL transaction and another fee for the SLL/BTC transaction. Moreover, you have to register on the website which is not designed to be a Bitcoin exchange, therefore, is inconvenient.

LocalBitcoins

The next option is LocalBitcoins. Here you can find a person who is willing to sell his or her coins to you. You have to choose your location and payment method. Make sure your location has PayPal as the payment method. Some regions do not have such an option. So, when you choose PayPal, you will see a range of Bitcoin owners who are selling Bitcoins at this time. You need to choose one and pay for your Bitcoins according to the instructions. After a short period of time, your coins are going to be in your wallet. Of course, you need to have a wallet.

Related: Advantages and Disadvantages of Bitcoin One Day Trading

buy btc on localbitcoins with paypal

Paxful

The last option we’d like to show you is quite similar to the previous one. Paxful looks and works like LocalBitcoins, therefore, you have an opportunity to choose the best. On the website, you can look through a huge amount of offers. Pay attention to a person’s reputation and the price which is given. The platform does have its own security system in order to avoid scams and frauds. They use Escrow Security which holds a seller’s Bitcoins while the payment is processing and when completed, you’re Bitcoins are available in your wallet.

So, as you can see, using your PayPal account is possible if you want to acquire some Bitcoins. The problem for PayPal and comprehensive acceptance of the cryptocurrency lies in the PayPal refund policy.

This was a very competitive point when it was a part of eBay. A client was protected by the refund policy. If he or she paid for an item which wasn’t delivered, afterward, PayPal would provide a refund for the full amount. PayPal made online shopping more popular and extended EBay’s business. However, today, it is an obstacle for lots of companies who are accepting cryptocurrency. A Bitcoin transaction is impossible to cancel due to the nature of Bitcoin. It seems similar to an email or SMS. Nobody tries to cancel the message when it’s already sent. Here it’s the same and it was inappropriate for PayPal. In the future, the company’s policy will soften according to Bitcoin’s expansion but today, we only have the options we have discussed here to get the cryptocurrency via PayPal.

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