Friday, April 20, 2018

How To Buy Bitcoin With PayPal Instantly?

With the passing days, we are seeing more and more ways to buy Bitcoin emerge. From debit card to credit card to direct cash transfer, you have many choices to march your way into the cryptocurrency world.

However, what if you want to buy Bitcoin with PayPal account?

Surprisingly, even today, buying Bitcoin using PayPal isn’t very simple. It’s still very confusing.

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Buy Bitcoin With PayPal

Why Buying Bitcoin Using PayPal is Difficult?

The biggest problem is that majority of top cryptocurrency exchanges don’t support PayPal transaction. Also, neither have we seen PayPal make any proactive attempts to make this possible. A simple reason behind this is the high chances of scams if this is made possible.

Imagine we buy Bitcoin worth $100 from you. We paid you through PayPal and you transferred the chunk of BTC to our account. Now after few days, we can contact PayPal and tell them we haven’t received our Bitcoin. In such cases, the buyers (we) are usually favored more than the sellers (you). If something like this happens, PayPal will give back our money with no clue whatsoever that we’re lying. Meaning, we’ll get to keep our BTC as well as money, while you are left with nothing. 

Also Read: Bitcoin Price Prediction 2018

This is probably the reason why there would be no direct way to buy Bitcoin using PayPal account. But does that mean…

You Can’t Buy Bitcoin With PayPal?

No, it doesn’t mean that!

You can buy! But it’s not very easy, as is the case with, say, buying Bitcoin with debit card.

But don’t let the complexity of the process stop you though. Let us simplify it. There are two methods to Buy Bitcoin with PayPal balance:

(i) Through LocalBitcoins

(ii) Through VirWox

Buy Bitcoin Through LocalBitcoins


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Buy Bitcoin With PayPal

LocalBitcoins.com is one of the world’s most popular platform for over-the-counter buying and selling of Bitcoin. Buyers and sellers meet and agree to transact BTC and Cash on a set price.

All you’ve got to do is make an account on LocalBitcoins.com and find yourself a seller who is selling a desired range of BTC at the desired price. (You will find many!)

If you like their listing, send your trade request to them. Once they receive your request, the transaction can be made then. They will transfer you their BTC to the given Bitcoin wallet; you will transfer them the money in their PayPal.

LocalBitcoins.com has a good Escrow service which protects both the buyers and sellers from fraudulent instances. Plus, it also has a reputation system that tells how reputed and reliable the buyers/sellers are. However, even with all these features, you will often find scams happening in this Bitcoin marketplace.

So if you’re going with LocalBitcoins.com, be careful. Spend some time to find a good seller. Check their profile, reviews, and ratings. If the sellers look trustworthy, only then place your trade request.

Registering, buying and selling on this platform is completely free. Those who create advertisements (“I want to buy” “I want to sell”), they are charged 1 percent fee for every completed trade. 

Also Read: What if Bitcoin Becomes Illegal

Buy Bitcoin Through VirWox


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Buy Bitcoin With PayPal

VirWox is a virtual world exchange, one of the most reputed platforms to Buy Bitcoin with PayPal. It has been in existence for quite some time now and has a good user base who uses it often.

Also, the platform is much robust with the decent support that ensures high safety and assistance of its users.

With that being said, even on this platform, buying this cryptocurrency isn’t that clean. You can’t directly transfer your fund from PayPal and buy Bitcoin instantly. First, you need to transfer your currency into a virtual currency called SLL (Second Life Linden Dollars). And then using your SLL you will have to purchase BTC.

Here are steps you need to follow to buy Bitcoin with PayPal using VirWox-

1) Create a free account on VirWox. Fill out the form and then activate your profile.

2) Add Fund to your account using PayPal

3) Buy SLL with your added fund

4) Purchase Bitcoin using your bought SLL

5) Transfer BTC to your Bitcoin Wallet.

Similarly, at the time of selling Bitcoin, you have to follow the same steps but just in reversal. Here’s how to sell Bitcoin with PayPal:

1) Transfer BTC from your wallet to VirWox

2) Sell your Bitcoin to get SLL

3) Sell your Bitcoin to get your money in real currency

4) Transfer the currency into your PayPal account

5) Transfer the money from PayPal to your bank account

That’s it! You just bought and sold Bitcoin using PayPal. 

Also Read: 21 Best Bitcoin Memes That Only True Bitcoin Lovers Will Understand

Now here are few things you need to remember:

  • The fee of VirWox could be a bit high. There are two layers of transactions happening in the process. You buying SLL. And then using SLL to buy BTC. So factor the fee when going about with your purchase Bitcoin using PayPal. Here’s their basic level fee structure,
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Buy Bitcoin With PayPal using VirWox

To know more about the fees of VirWox, go here.

  • As a new user, for few days, you will have to face certain limits as to how much money you can deposit from PayPal and use it to buy Bitcoin on this platform.
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Buy Bitcoin with PayPal using VirWox

  • Due to its rising number of users, you can experience some delay in transaction processing of up to 36 hours. But relax, their customer support is quite good. So if you’re concerned about the transaction, you can always get in touch with them.

These are the series of steps you need to follow to buy and sell Bitcoin with PayPal through VirWox. Of course, there are few other virtual currency exchanges. But VirVox is one of the most trusted ones with its user base inching to a million.

That’s how you do it! That’s how you buy Bitcoin with PayPal. Indeed there are lots of steps in middle, but they are all pretty straightforward.

So now time for some action.

If you want to buy Bitcoin with PayPal through LocalBitcoins, create a free account on LocalBitcoins.com.

If you want to buy Bitcoin with PayPal through VirWox, create a free account on VirWox.

If you have any other question, feel free to ask.

Also Read: How to buy Bitcoin using Paytm

For more such tutorials, guides and trading tips, Subscribe to Bitcoin India Wiki, a leading Bitcoin India Blog.

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