Bitcoin and cryptocurrency have taken the world by storm. There are many benefits to shopping with Bitcoin and other cryptocurrencies than using a debit or credit card. For online purchases, cryptocurrencies are safe; they keep your transactions anonymous online and allow you to shop online worldwide.
While it does take a few extra steps to convert your local currency into Bitcoin, learning how to buy Bitcoin with PayPal can make the process easier while adding an extra layer of protection. In this article, we will learn precisely how you can use PayPal to purchase Bitcoin and other cryptocurrencies and see some great results.
How to Buy Bitcoin with PayPal?
There is a lot of confusion around this one. In the past, it was impossible to use PayPal to purchase Bitcoin at all. Most sites wanted direct banking information to get started. A few would work with credit cards. For a long time, none of the common cryptocurrency exchange sites would work with PayPal.
With the rise in Bitcoin and the popularity of cryptocurrencies as a whole, many exchange sites have added PayPal as a payment method. It's simple to use and adds an extra layer of protection for those who want to remain anonymous online. It is relatively easy to find exchanges that make it easy to buy Bitcoin with PayPal today.
The Best Sites to Buy Bitcoin with PayPal
When you want to learn how to buy Bitcoin with PayPal, you must pick the right websites to get this done. Several exchange sites currently accept PayPal for payment, allowing more security when you complete the payment.
The table below shows how to buy Bitcoin with Paypal.
Where to buy Bitcoin with Paypal?
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Bitcoin Exchange with PayPal
It is possible to do a Bitcoin exchange through PayPal, though this method may take a few extra steps compared to using your bank account or another method. For that added level of security, though, it is simple and easy to use.
The steps you need to use to complete a Bitcoin exchange with PayPal include:
Sign Up for a PayPal Account
If you don't already have a PayPal account, it is time to sign up. You will need some personal information like your name and address. You must also hook up a funding source, like a credit card or banking information. This may take a few days to process. If you have this account, then this step is done.
1. Visit the main page for PayPal
3. Fill in the necessary information and wait for the security code to get sent to you. Agree to the Terms, and you have your account.
Sign Up for Your Trading Platform
You must register with a brokerage service or a trading platform that sells Bitcoin and other cryptocurrencies. There are many of these available that allow the user to pay for the online currency with PayPal. Choose one of those to make things easier.
Set Up a Bitcoin Wallet
It would be best if you had a wallet to hold your cryptocurrency in. You can't print off Bitcoin and carry it around as you can with money from the bank. You need a secure wallet online to hold the money until you use or exchange it.
Once the money is in your wallet, you are free to use it anywhere that accepts this cryptocurrency. If you invest, hold the money there until you see the upswing you want, and then exchange it back through, leaving the profits in your PayPal account.
How to Buy Bitcoin with a Credit Card
There are several ways you can do this. If you want to stick with PayPal, but pay with your credit card instead of with your bank account, set up your PayPal Account to do this.
Go into your payment options and choose to link a credit card.
Add the necessary information for your credit card.
Choose this as the primary payment method.
Purchase the Bitcoin You Want to Use
Once the verification is done, any time you purchase more Bitcoin through the right exchange site, the money to fund will come from your credit card.
Any money that you earn from exchanging the Bitcoin will go into your PayPal funds, and you can choose to either put it back on the card or move it to your checking account.
Using a Credit Card on the Exchange to Purchase Bitcoin
If you plan to go straight through the exchange without using PayPal, it is possible to use your credit card as well. You will need to look at the payment section found on that exchange site. They may ask you for some verification, depending on whether you already belong to that exchange or not.
You will receive a prompt to fill in your credit card information. Choose which card you would like to use. Some Bitcoin exchanges will require a period of waiting. You may need to wait, or you may need to verify a few small credits on your account to make sure the credit card belongs to you.
Once that is done, you can use that credit card. Since this option shows your information more and doesn't make it as smooth and easy to use, working with PayPal, and linking your credit card to it, is often the preferred method for purchasing Bitcoin with a credit card.
Can I Buy Bitcoin with PayPal on Coinbase?
Coinbase is a popular exchange site to use when purchasing Bitcoin and other cryptocurrencies. For now, users cannot buy Bitcoin Paypal on Coinbase. However, a notice on Coinbase official website points out that plans are in place to incorporate this service on Coinbase this November.
According to the announcement, only the sell feature will be available. Simply put, users will not be able to buy bitcoin yet. They, however, will be able to sell the cryptocurrencies on the exchange via PayPal. The service, when launched, will be available to users based on their location. To make use of this service, there are a few steps users must take, they include;
Anyone who wants to use PayPal with Coinbase must complete all of the identity verification. The exact steps depend on where you live, and you may need to provide a photo ID to complete this. Only once the identity is confirmed can these two accounts be attached.
Link the Accounts
Once the identity verification is done, you need to get onto your Coinbase account, find your way to settings, and then click on “linked accounts”. Click on the tab for “New Account” and choose PayPal. The dashboard will ask for your PayPal credentials at this time.
You may need to give Coinbase some time to link up to the PayPal account. Once that happens, though, you can then sell Bitcoin alongside any other digital assets.
One thing to note when setting up your PayPal account is that it can only be used with one Coinbase account. These are the company guidelines, so there are no exceptions. Even if you and someone else share a PayPal, only one of you can link to a Coinbase account.
Learning how to buy Bitcoin on PayPal is a simple process. While the verification steps may take a few days to complete, especially if you don't already have your own PayPal account, it is simple to connect your PayPal account to the most prominent cryptocurrency exchanges for payment purposes. The process is even more straightforward if you already have your own PayPal account and have set yourself upon an exchange.
Once the verification is done, PayPal is up and ready to begin your Bitcoin purchases. Whether you want to use Bitcoin to make purchases or as an investment tool, using PayPal to purchase your digital currency will make life easier.