PayPal is one of the most common methods of online payments and transactions across the world. The PayPal network is broad and helps millions of people lightly transfer money inbetween countries and inbetween canap accounts. Considering the popularity of this method of payment one would assume Bitcoins too can be lightly bought via it, right? Wrong!
Buying Bitcoins via PayPal payments is one of the most challenging tasks, and often time-consuming too. For years there have bot speculations that PayPal will add support for Bitcoin transactions where you can buy and sell Bitcoins via PayPal but that remains a rumor.
The primary reason why PayPal isn&rsquo,t a popular way of buying Bitcoins is because of the chargebacks. Basically the buyer can rechtsvordering that the seller (or the exchange) hasn&rsquo,t sent him the bitcoins, and since Bitcoin transactions are irreversible and ter most cases, anonymous, the buyer can run away with the money causing a fraudulent transaction.
However there are a few exchanges which do accept PayPal payments. Let us take a closer look at thesis exchanges and how to buy Bitcoins using PayPal:
Buy Bitcoins Using PayPal Via VirWoX
VirWoX which stands for Virtual World eXchange has bot around for fairly a long time and has earned fairly a goodwill when it comes to transactions.
The process of buying Bitcoins using VirWoX is a little complicated yet one of the most effective ones spil of now. To give you a epistel overview of how you can buy Bitcoins using this exchange – you&rsquo,d have to buy SLLs (2nd Life Lindens) which are a Virtual World currency. Thesis SLLs can straks be traded for Bitcoins of the same value.
This is fairly a wise way of providing Bitcoins overheen PayPal because unlike Bitcoins which cannot be proven to have bot paid to the buyer, SLLs can actually be proved since transactions aren&rsquo,t anonymous here hence the risk of chargebacks and scams is considerably lower.
Here&rsquo,s a look at how to buy Bitcoins using Paypal overheen VirWoX:
Step 1: Register for an account on VirWoX: This includes packing up private details and is fairly ordinary. Just like signing up for any other webstek.
Step Two: Activate your VirWoX account. After registering with the webstek you would get a mail for activation. Activate your account using the password te the mail.
Step Three: Once your account gets activated, it is strongly advised to immideatly switch the password.
Step Four: Add Money to VirWoX using PayPal. There&rsquo,s an option on the left side of the screen called &lsquo,Deposit&rsquo,. From there you&rsquo,d be able to add money from your PayPal account to your VirWoX account. You would be charged a certain amount of transaction toverfee on adding this amount.
Step Five: The next step is to trade your Dollars to buy 2nd Life Lindens. On the left side you&rsquo,d see &lsquo,Exchange&rsquo,, below which you&rsquo,d see USD/SLL. Click on that and buy SLLs worth your money.
Step 6: Ter the same &lsquo,Exchange&rsquo, section, you&rsquo,d also see another option, BTC/SLL. Here you&rsquo,d be able to trade your SLLs to buy Bitcoins. Please note that sometimes VirWoX would do a manual review before this transaction takes place and might take about a day or two. However it is usually done much quicker than that.
Step 7: Now that you have bought Bitcoins using SLLs bought using your PayPal, you can withdraw them and send them to your Bitcoin Wallet. Tapkast on &lsquo,Withdraw&rsquo, which is under &lsquo,My Account&rsquo, on the left side of the screen. Come in your wallet address and click on &lsquo,Request Withdrawal&rsquo,.
Do keep ter mind that you&rsquo,d be charged fees when you:
– Transfer money from PayPal to VirWoX
– Buy Bitcoins ter exchange of SLLs
The compex toverfee structure makes it fairly unappealing but this is still the most preferred ways of buying Bitcoins using Paypal.
Buy Bitcoins Using PayPal Via LocalBitcoins
While VirWoX remains the most popular way to buy Bitcoins via PayPal, there are other ways too. One of the most popular ways to do this is to buy Bitcoins via LocalBitcoins.
LocalBitcoins is a webstek which acts spil an exchange but also helps you connect people nearby to trade Bitcoins against specie. PayPal is a popular means of transfer when it comes to thesis transactions. The challenge here is to find a person who is willing to accept PayPal payments against Bitcoins.
While this is a popular method, there are two things which remain a onveranderlijk problem
Here&rsquo,s how to buy Bitcoins using PayPal via LocalBitcoins
Step 1: Go to LocalBitcoins webstek and sign up.
Step Two: LocalBitcoins works on a regional ondergrond. Before you start trading you will have to look for traders who are willing to suggest you Bitcoins at a price you want it for. You would have to come in your location, the amount you&rsquo,re willing to buy for ter your preferred currency and eventually the mode of payment, which you can select spil PayPal.
Step Three: You would then see a list of available sellers who are willing to suggest your Bitcoins te exchange for the amount you&rsquo,re suggesting. You could then go through all of them and find the person who is willing to suggest you the most Bitcoins for the amount and supports your preferred payment method.
Step Four: Before going to trade with a seller, look out for the following things:
– Terugkoppeling Score: Based on the seller&rsquo,s past transactions, he&rsquo,d be given a terugkoppeling score. The higher the terugkoppeling score the more trusted the seller is and the safer he is to transact with.
– Trade Limit: The ondergrens and maximum amount a seller is willing to trade for.
– Payment Window: The maximum time that you have for paying for your purchase and for marking the purchase spil &lsquo,done&rsquo,.
Also ensure that you read the terms of the trade. Each seller has their own terms and conditions. Read them cautiously before going for them.
Step Five: After you are sated with the seller&rsquo,s score and conditions you can initiate the trade by injecting your amount ter your local currency. On the opbergruimte opposite to it you&rsquo,d see the Bitcoins the seller is willing to suggest for that price. You can inject your message along with it and then ultimately click on &lsquo,Send Trade Request&rsquo,.
Trading via LocalBitcoins is fairly plain. However one voorwaarde keep ter mind that it is subjected to many risks and frauds and one vereiste step very cautiously while trading here.
Buy Bitcoins using PayPal via Paxful
The third name on our list is that of Paxful, which is another trusted name when it comes to buying Bitcoins via PayPal. Paxful accepts not only PayPal payments, but indien payments overheen Skrill, Skype Credits, Amazon Bounty Cards and many other similar tokens that carry monetary value.
It is perhaps the simplest platforms to buy Bitcoins using PayPal. However, it only accepts verified PayPal accounts of US based users. If your account is not verified or not a US account then you&rsquo,d have to look at other options.
The risks of buying Bitcoins using PayPal via Paxful are the same spil any other toneel: Fraud and Scams. The fees would always be high when it comes to purchase of Bitcoins via PayPal.
Here&rsquo,s how to buy Bitcoins at Paxful using PayPal:
Step 1: Register an account with Paxful.
Step Two: Choose a payment method and you will see a number of &lsquo,open options&rsquo, for that payment method.
Step Trio: Choose your seller by hand or let Paxful choose it for you. You can then proceed to talk with the seller ter private and determine on mutually agreeable terms of the transfer, following which the exchange takes place inbetween the buyer and the seller.
Other Methods to Buy Bitcoins via PayPal
Te addition to buying Bitcoins via the aforementioned methods, there are a few other exchanges where you could attempt your luck. Thesis include the likes of:
While thesis are some of the most trusted, existing names, there are other options too. However make sure you invest te a legitimate exchange and with legitimate sellers. If you are a seller make sure your buyer is legit and does not run scam you overheen PayPal payments.