In order to buy Bitcoin (available on Coinbase), casual investors want to avoid the complicated process of setting up an account with exchanges or going the mining route – two rather detailed and laborious processes. Thankfully PayPal offers a more convenient mETHod to acquire digital currencies.
Below we’ve provided a detailed explanation on how to buy Bitcoin (available on Coinbase)s with PayPal – in hopes of easing the purchasing process for some of you newer crypto investors.
How to Buy Bitcoin (available on Coinbase)s with PayPal through eToro
Pros: Accepts a variety of payment mETHods, low fees
Cons: Not available in the US
eToro is a platform that allows users to buy Bitcoin (available on Coinbase)s with PayPal and is considered to be one of the easiest mETHods to do so. Worthy of note is that eToro does not enable users to withdraw or transfer Bitcoin (available on Coinbase)s to other users, rather it allows users to sell Bitcoin (available on Coinbase) only for fiat currency. Users do not need a Bitcoin (available on Coinbase) wallet to use eToro as they do not store any coins.
How to Buy Bitcoin (available on Coinbase) with PayPal through VirWox
Pros: A reliable mETHod
Cons: High fees
VirWox (Virtual World Exchange) – It is a platform that allows trading of digital currencies such as Lindens, Bitcoin (available on Coinbase)s, etc. This exchange has more than 400,000 registered users and is an authorized reseller of Second Life Lindens (SLL).
Here is a step-by-step guide taking you through VirWox:
Go to VirWox.com
Open an account – login to Virwox, register and fill personal details like username, email address, etc. Skip when asked for “avatar name” and enter all other necessary information and click “register”.
Activate an account – a confirmation email is sent to your account with a password. Login to Virwox with these credentials. It is advised to change the password before transferring money.
Deposit money through PayPal – To do this, ensure you have an account with PayPal and ‘understand terms of service’ allowed by PayPal for using SLLs to buy Bitcoin (available on Coinbase)s. Deposit money into Virwox account via PayPal. Now you have a balance in your VirWox account to purchase coins with.
Go back to VirWox and buy SLL, and then buy Bitcoin (available on Coinbase)s with your newly purchased SLL. Click “withdraw” to send your new Bitcoin (available on Coinbase)s to your wallet. That’s it! Now you own Bitcoin (available on Coinbase)!
VirWox charges fees for each transaction such as exchanging USD for SLL and then exchanging SLL for BTC. The fee structure of VirWox changes constantly so keep an eye on this every time you want to make a transaction. VirWox has been in the market for a long time and is currently the most reliable platform.
How to Buy Bitcoin (available on Coinbase) with PayPal through Local Bitcoin (available on Coinbase)s
Pros: Various sellers from all around the world
Cons: High fees, chances of scams
Local Bitcoin (available on Coinbase)s is another marketplace where buyers and sellers meet. In this mETHod, users can buy Bitcoin (available on Coinbase)s with PayPal by finding a suitable seller with an excellent feedback score and large trade volume. Trading with new buyers involves higher risk, so sellers charge buyers high fees – keep that in mind!
Enter search parameters – go to Local Bitcoin (available on Coinbase)s and select your country and choose the amount to be purchased.
Choose a seller – a list of sellers is displayed by Local Bitcoin (available on Coinbase)s. Choose a seller who has a good feedback score. Each seller has trade limits which range from a minimum to a maximum amount of Bitcoin (available on Coinbase)s required to trade.
Go to Payment window – buyer’s reputation increases per transaction and sellers prefer to sell Bitcoin (available on Coinbase)s to buyers with a good reputation to avoid becoming a victim of fraud.
Complete the trade – after finding a suitable seller and entering the quantity of purchase, click “Send trade request” and your done!
How to Buy Bitcoin (available on Coinbase) Using PayPal through Wirex
Pros: Normal fees
Cons: Withdrawing funds takes more than a week
Wirex is a leading company that provides virtual and physical Bitcoin (available on Coinbase) debit cards (which is just like a normal debit card). Users can use Wirex’s card to buy Bitcoin (available on Coinbase)s with PayPal.
Request for a new physical/ virtual debit card from Wirex – login to Wirex and click on “request new card” and choose the card type. Users can use both physical and virtual cards to buy Bitcoin (available on Coinbase)s via PayPal.
Link debit card details to PayPal account:
In PayPal account, go to “wallet”, select “add a card” to add your virtual Bitcoin (available on Coinbase) card. A minimum of $3 is required in PayPal account to verify this card.
A 4-digit code is generated, which is the verification pin for Wirex cards on PayPal.
Go to “wallet” and click “Withdraw funds” and choose “withdraw funds to your card” option.
Withdrawal would take up to 7 days to appear in Wirex account.
Buy Bitcoin (available on Coinbase)s with Wirex debit card.
How to Buy Bitcoin (available on Coinbase)s Using PayPal through Paxful
Pros: Wide range of sellers from all over the world
Cons: Chances of scam, high exchange rate
Paxful is the latest version of Local Bitcoin (available on Coinbase)s. It is a decentralized peer to peer marketplace and allows users to buy Bitcoin (available on Coinbase)s with Skype credits, Amazon gift cards, etc. In Paxful, a seller sends Bitcoin (available on Coinbase)s, buyer purchases and sends dollars to escrow. Once the trading is completed, funds are released to each party.
The process to buy Bitcoin (available on Coinbase)s through Paxful is:
Create an account
To buy, select payment mETHod by entering the desired amount
To sell Bitcoin (available on Coinbase)s, select “seller manually” or allow Paxful to decide who the best seller is.
Final Thoughts…
Cryptocurrencies are tentative, complex and involve high risks as they are highly volatile. Before buying Bitcoin (available on Coinbase)s through PayPal, ensure that the terms and conditions of PayPal and Bitcoin (available on Coinbase)s are well – understood to make your transactions secure.
Featured Image: Twitter
PreviousHow to Buy Bitcoin (available on Coinbase) with PayPal
NextHow to Buy Bitcoin (available on Coinbase) with PayPal
If You Liked This Article Click To Share