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One of the most common questions that new cryptic investors ask is: Can I buy cryptocurrency with PayPal? Almost everyone has a PayPal account and the ability to use that account to buy encryption makes things easier for those entering the cryptographic sphere. However, PayPal does not yet support cryptocurrency. The company also lists the sale of Bitcoins against company policy.
The company's founding CEO has called Bitcoin a scam publicly, so I'm not exactly pro crypto. A closer look reveals that the decision not to directly handle cryptography is probably more based on currency mechanics, rather than on total hate for Bitcoin.
Non-reversible payments: PayPal Cryptocurrency
Cryptocurrencies, like Bitcoin, are not reversible. However, PayPal operates similarly to credit cards. Users are granted certain reimbursement features based on the circumstances of the transaction with PayPal. In Bitcoin, there is no central office, customer service or known creator to send complaints. When you send Bitcoin, it's permanent. This makes it incompatible with the PayPal network.
Find out how to buy Cryptocurrency with PayPal
Even if you can not sell your Bitcoins via PayPal, you can still buy cryptocurrency using their platform. You'll simply need to use a third party specializing in these types of transactions if you do not want to manage a blocked account. PayPal is known for freezing accounts. Their account policy allows them to do so to freeze your account for 180 days if they believe you have violated their terms.
A quick warning: scammers
Both PayPal and the encrypted market have their fair share of scammers. When you join the two and a new investor, you can end up in dangerous waters. One of the most popular cryptocurrency scams to avoid is the PayPal repurchase scam. It is also one of the main reasons why the sale of Bitcoin is prohibited on PayPal.
In this scam, someone buys Bitcoin from you via PayPal. Once Bitcoin is in their account, a refund is sent with PayPal declaring that it has never received encryption. PayPal cancels the payment and the scammer goes out with his funds and your crypt. To avoid these scenarios, only follow the trusted services, such as those listed below.
VirWoX
VirWoX entered the market in 2007 as a virtual exchange of digital currencies used in video games. The platform allows you to purchase Linden Dollars via PayPal or a credit card. The Linden Dollars are the digital currency used in the Second Life video game. Bitcoin, along with other game currencies, was added to the platform in 2011.
Purchase Linden Dollars via PayPal and transfer their funds directly to Bitcoin. Since, technically, the platform only sells Linden Dollars, it avoids the problems of PayPal with cryptocurrency.
Registration process
The VirWox signup process asks you to connect to your gaming avatar. This step is necessary to transfer your virtual funds from your VirWox account. Initially, you enter the registration information of your account, which includes a name, e-mail and avatar information above. You can not put an avatar if you do not have one.
VirWox through the Homepage
Confirmation
Next, you will receive a confirmation e-mail that includes a temporary password. You will have to follow the link provided and enter your username and temporary password to access the platform. At the entrance, you can change the password.
Deposit funds
Once you've entered your account, go to the deposit button located in the right hand corner of the page directly below my account section. This button takes you to the overview of the payment section. Here you will see the purchase options and how long they will take to complete. PayPal is listed as an immediate transaction on the chart.
Scroll down the page to the PayPal Express Payment section. You will find a link that will take you to the PayPal purchase options. Click on the PayPal link and upload your account with all the money you want to spend in cryptocurrency. While it is a fast transaction, you must authorize the transaction on the PayPal site or it will never be completed.
PayPal instructions through VirWox
Exchange for Bitcoin
Once you've created your account, you can exchange the Linden Dollars (SLL) you bought for some sweet Satos. The next step is to click on the exchange tab which lists BTC / SLL. This card is located on the left side of the website under the my account section. This button takes you to a page that will inform you of how much SLL you have available in your account.
Then, place an order to exchange your BTC SLL at the desired speed on the page. In a few minutes, your Bitcoin will be delivered to the address you entered during the exchange transaction. Not as easy as Coinbase, but it allows you to use that PayPal account to get your hands on some Bitcoins.
LocalBitcoins
If the previous process is too much for you, there is always the original method of using PayPal to buy cryptocurrency: LocalBitcoins. This platform does not actually exchange cryptocurrency. Instead, users connect through the virtual card and then meet in person to manage their Bitcoin transactions. Although this requires additional travel expenses and time, it provides you with an anonymous way to purchase cryptocurrency via PayPal.
LocalBitcoin through Homepage
Do not be surprised if the person who sells their precious Bitcoin asks you to verify the transaction while you are there with them. This is done to avoid the PayPal refund fraud previously discussed. As with any transaction with a stranger, you must always pay attention, such as meeting in a public place. If you need anonymity, this is the way to go.
Buy Cryptocurrency with PayPal: not impossible
Now that you know exactly how to buy Bitcoin with PayPal, you're ready to start your crypto investment strategy. Make sure you do yours searchand follow these tips to increase yours cryptographic portfolio as a professional.
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