Learn how to buy bitcoin with paypal and how to store your cryptocurrencies safely.
Buying bitcoin from PayPal has been considered a very long and complicated procedure. Is it? Let’s find out. In this tutorial, you are going to learn three of the best methods which will guarantee a good return when you buy bitcoin using PayPal.
Prerequisites
* A digital wallet where you will put your bitcoins.
Virwox
Virwox (Virtual World Exchange) uses a virtual currency called Second Life Linden dollars (SLL) to circumvent the PayPal restrictions. Virwox is the most reliable method. The only disadvantage of Virwox is its high transaction fees, about 10% of the transacted amount.
The process of buying bitcoins on Virwox is fairly straight forward; you buy SLL with your PayPal account, and then you sell the SLL for bitcoins.
To use Virwox, do the following;
* Head to the Virwox site and create and confirm your account.
* Click Deposit and choose PayPal Express then proceed to fund your Virwox account.
* Head to the exchange section and proceed to buy SLL (USD/SLL), using the available funds.
* Once you have the SLL, proceed to buy bitcoins (BTC/SLL).
* Finally, click Withdraw to send the bitcoins to your wallet (you will have to key in your bitcoin address)
LocalBitcoins
LocalBitcoins is a peer to peer marketplace where buyers and seller interact directly. This means that you are dealing with a real person each time you use LocalBitcoins. Due to this factor, sellers will charge you a lot more than Virwox. The advantage is that you get your bitcoins in a fast manner.
To buy bitcoins from LocalBitcoins, do the following;
* Create a LocalBitcoins account.
* Browse advertisements from sellers or place your advert detailing your currency and transaction amount
However, to avoid unnecessary risk, please make sure you check the following before starting a transaction;
* The sellers feedback score – The higher the score the trustworthy the seller.
Trade limits – This is the amount of bitcoin a seller is willing to trade with.
* Payment window – This is the time required to perform the transaction.
Paxful - Discover how to buy bitcoin with Paypal and Paxful accounts.
Just like LocalBitcoins, Paxful is a peer to peer marketplace. It has a wide range of payment systems including Payoneer and PayPal that allow you to purchase bitcoin.
To use Paxful, do the following;
* Open a free account.
* Select a payment method (PayPal) and the amount.
* Select your seller manually, or Paxful can select the best seller for you.
After you kick off the trade, Paxful will start an online chat with the seller where you will talk terms and finalize the deal. Paxful uses escrow to safeguard the sellers’ interests. Bitcoins (from the seller) are sent into escrow and only if you send your payment do they get deposited into your account. If you delay the deal by 30 minutes, it gets canceled.
Paxfuls major disadvantage is its high fees.
Conclusion
Learning how to buy bitcoin in UK and abroad safely can make a big difference in your return on investment. In this article, we have outlined three methods which you can use to buy bitcoins using PayPal. Each platform has its pros and cons. You can easily find one that is appealing to you. However, there is the need to be careful since you don’t know who you are transacting with. In conclusion, when purchasing bitcoin using PayPal, you should be prepared to pay large transaction fees.