It has never been easier to buy bitcoin than it is today, and the cryptocurrency is seeing increasing levels of adoption day by day. There are a number of different methods to purchase bitcoins, including cash, credit card and bank transfer. It is even possible to get bitcoins from ATM’s worldwide.
Surprisingly, PayPal is not a commonly accepted way to purchase bitcoins as compared to credit cards, cash, and bank transfers. This is because of PayPal chargeback scams, where criminals buy bitcoins with PayPal, claim they did not receive anything, and get a refund.
But there are still ways to do it for those looking to go down this avenue. Below are 3 simple and effective ways to invest in bitcoin using PayPal.
Buy Bitcoins with Local Bitcoins
The easiest way to get bitcoins with PayPal is through Local Bitcoins. This site is extremely well established and well known and is a central platform for the exchange of bitcoins, being one of the first established marketplaces.
The site features sellers from all over the world. Each seller will have his or her price per bitcoin along with a reputation consisting of individual client feedback. This ensures the integrity of the seller, and many businesses have thousands of reviews with highly positive feedback.
In other words, the sellers are highly unlikely to jeopardize their reputation by scamming sellers for the sake of a single trade, as it would be costing them money in the long run. You can also see what payment methods are accepted on the site, such as SWIFT, SEPA, PayPal, cash, or debit card.
All the information is there, and you simply choose the seller of your preferences based on feedback and payment methods. Once you find your ideal seller you can proceed to initiate the trade.
Local Bitcoins is a marketplace connecting buyers and sellers of bitcoins, merely being an intermediary platform. When the funds are sent to the client’s account, the bitcoins are released.
There is a trade window usually of around 90 minutes within which you have to make payment once the trade is initiated.
Many sellers on this platform have specific requirements which they stipulate in the trade details section, and it is important to read these. This is a great site but unfortunately, the fees are too high, and the sellers often take a significant cut by giving less bitcoins that the official market price.
The funds are kept in escrow for additional security and it is important to keep all messages between buyer and sellers on the platform. Generally speaking, this is a safe platform that is easy to use but with high fees. It is very secure and beginner friendly.
Buy Bitcoins with Wirex
Wirex is a new and innovative company specialized in providing cryptocurrency-based financial services. They offer a variety of payment services and are one of the only, if not the only, provider where you can buy your bitcoins with PayPal or other payment method, store it, and get a card backed by your bitcoin purchase.
You exchange your bitcoin for cash and can then spend this at local shops and online. It is a real merging of cryptocurrency and standard money.
As an additional bonus, the fees on this platform are not that high and they store the bitcoins for you. This takes away the common issue of people not trusting or being familiar with bitcoin wallets and technology in general.
They provide you with a wallet address to store your bitcoins on their platform, and provide you with a typical card for everyday purchases. If you want to learn about and invest in bitcoins, then Wirex is a great way to do it without requiring lots of technological savvy.
The disadvantage is that it takes a long time to complete the purchase, around 10 business days, which is too long for many. In order to buy bitcoins with Wirex, you need to register and order a Wirex Card.
This debit card will be connected to your PayPal account and you top up this card with PayPal and then buy the bitcoins through the Wirex platform. Buying with Wirex is easy and convenient, with the disadvantage that it takes a long time from registering to withdrawing funds to getting the bitcoins.
Buy Bitcoins with Virwox
Buying bitcoins with Virwox is a very easy way to gain access not just to bitcoins but to a number of different cryptocurrencies. Virwox charges high fees but the exchange rate for bitcoins is good. The buying limit is $400 per day.
To use this method, simply deposit money to your Virwox account using PayPal, buy SLL on the exchange and then transfer SLL for bitcoin through the exchange. You can then withdraw your bitcoins to your local wallet or keep them on the exchange for trading.
If you do not need access to the actual bitcoins but still want to take advantage of the price swings, you can use eToro, which lets you buy bitcoins, but you cannot withdraw them to a local wallet.
Buying Bitcoins with PayPal Summary
Buying bitcoins with PayPal is trickier than other payment methods but it can be done. The most direct way of doing this is through Local Bitcoins, but Wirex can offer additional financial services and Virox can give you access to an exchange. It all depends on your personal preferences.