A Beginner’s Guide on How to buy Bitcoin with PayPal
Bitcoin is the most popular cryptocurrency, but it’s not so easy to buy. If you want to get in on the action, you’ll need to buy Bitcoin. Fortunately, there are many ways to purchase Bitcoin with PayPal.
In this guide, we will walk you through the process of buying Bitcoin using your PayPal account, step by step. By the end of this guide, you will be well-equipped to purchase Bitcoin using your PayPal balance.
So, let’s dive into the world of cryptocurrency and explore how you can invest in Bitcoin using one of the most popular online payment methods.
How to buy Bitcoin with PayPal directly
Here is a beginner’s guide on how to buy Bitcoin with PayPal. You can buy Bitcoin directly from PayPal. You can also buy Bitcoin with PayPal at a crypto exchange or a broker, but this is not as direct as buying it directly from your PayPal account.
The easiest way to do this is to use an online service that allows users to purchase cryptocurrencies through their PayPal accounts, such as Paxful and LocalBitcoins.
If you want further security for your transactions, then consider using an ATM machine instead.
1. Login to PayPal and Select Cryptocurrency
Login to your PayPal account, and select the ‘Cryptocurrency’ tab at the top of your page.
Select ‘Bitcoin’ from the list of cryptocurrencies that appear on your screen (it should be one of the first options).
2. Select ‘Bitcoin’
Now that you’ve selected PayPal as your payment method, you’ll be taken to the next step of the process. If you choose ‘Bitcoin,’ click on “Continue.” If instead opted for Ether (the Ethereum cryptocurrency), click on “Next.”
3. Select ‘Buy’
Once you’ve selected the amount of Bitcoin you want to buy, click on “Buy.” This takes you to a page that allows you to choose between various payment methods. You can pay with your PayPal balance or bank account, but if either of these options isn’t available in your country (or if they’re just not working), then click on “Pay with Credit Card” instead.
You’ll then be prompted to enter some personal details: first name, last name and email address–these are all required fields and must be valid.
4. Choose How Much You Want to Buy
You can choose how much you want to buy, but the minimum amount is $20. If you’re just starting out and want to test the waters, this is a good place to start.
For example: If the Bitcoin price was $10,000 per BTC and you wanted to purchase 0.5 BTC (half a bitcoin), then your total cost would be $5000 (0.5 x 10k = 5k).
5. Select Payment Method
If you want to buy Bitcoin with PayPal, your best bet is to use a service that supports it. There are several exchanges that do this, but KuCoin, Coinbase and LocalBitcoins are the most popular options.
6. Hit the ‘Buy’ button
PayPal will ask you to confirm your transaction, so go ahead and do that. Once you’ve confirmed it, wait for your Bitcoin to arrive.
How to buy Bitcoin on crypto exchanges using PayPal
- Go to a crypto exchange, such as KuCoin, Coinbase or Gemini, and sign up for an account.
- Select ‘PayPal’ as your payment method and enter your email address, password and phone number (if required) when prompted.
- Select ‘US Dollar’ as currency and click “Next”.
- Select ‘Bitcoin’ as cryptocurrency then click “Next” again; 3b if you’re buying Ethereum instead of Bitcoin then choose that instead! 4/5 depending on which exchange you use.
How much Bitcoin can I buy on PayPal daily?
You can purchase up to $100,000 worth of Bitcoin per week on PayPal. However, there is no specific daily limit mentioned. It’s important to note that this limit applies to eligible customers in the United States, and there are no annual limits for these purchases.
The upside of selling Bitcoin by PayPal
Selling Bitcoin through PayPal offers several advantages for both buyers and sellers. Here are some of the key benefits:
Convenience: PayPal is a widely-used online payment system, making it a familiar and convenient option for many users. The process of selling Bitcoin via PayPal is simple and straightforward, allowing for easy transactions.
Speed: PayPal transactions are typically processed within minutes, which means that you can quickly convert your Bitcoin into fiat currency and access your funds. This is particularly useful when you need to cash out your Bitcoin earnings in a short amount of time.
Global Reach: PayPal is available in over 200 countries and supports multiple currencies, making it an ideal platform for selling Bitcoin to users from around the world. This broad reach can help you find more potential buyers and increase your chances of making a successful sale.
Security: PayPal offers a range of security features, such as encryption and fraud protection, to help keep your transactions safe. Additionally, if you’re using a reputable exchange platform to sell your Bitcoin, they will also have their own security measures in place.
Dispute Resolution: In case of any issues with the transaction, PayPal provides a dispute resolution process that can help protect both buyers and sellers. This can be particularly valuable when dealing with digital currencies, as it offers an additional layer of protection against fraud and scams.
Downsides of Buying Bitcoin with PayPal
While PayPal offers several advantages for buying Bitcoin, there are some drawbacks to consider. One of the main downsides is that users can’t lend their crypto when purchasing through PayPal. Here are some other potential disadvantages:
Limited Control: When you buy Bitcoin with PayPal, the cryptocurrency is stored in your PayPal account rather than in a personal wallet. This means that you don’t have full control over your Bitcoin holdings, and you may not be able to use them for certain activities, such as lending or staking.
Higher Fees: Buying Bitcoin with PayPal often comes with higher fees compared to other payment methods, such as bank transfers or credit cards. These fees can quickly add up, especially if you’re making frequent transactions or investing in large amounts of Bitcoin.
Potential Account Limitations: PayPal has strict policies regarding cryptocurrency transactions, and using your account to buy Bitcoin may result in limitations or even account closures. This can be a significant inconvenience, particularly if you rely on PayPal for other online transactions.
Limited Availability: Not all cryptocurrency exchanges or platforms support PayPal as a payment method for buying Bitcoin. This can limit your options when it comes to choosing a platform to purchase Bitcoin.
Chargeback Fraud Risk: While PayPal’s dispute resolution process can protect buyers, it can also be exploited by dishonest users who may attempt to reverse a transaction after receiving the Bitcoin. This is known as chargeback fraud and can result in financial losses for the seller.
We hope that this article has given you a better understanding of the process of buying Bitcoin with PayPal. As we mentioned, there are a few drawbacks to doing so and it may not be right for everyone. However, if you’re looking for an easy way to invest in cryptocurrency without having to deal with complicated exchanges or wallets then purchasing directly from PayPal could be just what you need.