Bitcoin is a decentralized Crypto Currency that has been trending since the last few years. It has grown its value exponentially within the last few months. Thanks to the Ransomware attack. In 2011, it was just under $10 at some point. Currently it is now sitting at $11819 at the time of writing this post. Now, with the kind of growth most of the people considering it as a good investment for long term rather a day to day transaction purpose.
If you are also looking to buy some Bitcoin for you, you will find this guide very helpful. In today’s article I will tell you how to buy bitcoins using PayPal. Check Out!
How to Buy Bitcoin using PayPal
Local Bitcoins is an awesome place to buy and sell bitcoins locally. It provides various payment methods so that users can buy Bitcoin at their convenience.
How to buy Bitcoin on local bitcoins
- First, you need to register with local bitcoins. Log in to your account. You will find options like Buy Bitcoins, Sell Bitcoins, and Post a trade on the menu.
- Click on Buy Bitcoin then it will show you all the nearest sellers to buy.
- Select your currency, country and type of Payment >> Select PayPal
- Then it will display list of available sellers with no.of trades and feedback. Select a good seller and amount range you want to buy and click on it. It will take you the seller page
- Enter the amount/BTC you wish to buy and Send the trade request.
Read the Terms and Conditions and follow them. Once the seller accepts your trade he/she will follow up with additional details like wallet address etc. Local Bitcoins will provide a wallet address for receiving Bitcoins in your account. You need to give it the seller.
Pay the amount you wish to buy and the seller will transfer the Bitcoin to your wallet within 90 minutes of the payment.
Bitcoin transactions will take 15-30 minutes or more to verify depending on the blockchain traffic.
This way you can easily buy bitcoins from PayPal. However, this is just one method. Below I will discuss some more methods so that you can buy Bitcoin using the the method which you feel is convenient for you.
Note: You need to keep your original details as much as possible on the local bitcoins as the seller needs to trust you.
Here’s a funny way to Buy Bitcoin with Paypal. virWox is an virtual world exchange where you can buy SLL(second life lindens), is a virtual currency which is used in the Second Life. Later, these SLL’s can be exchanged to different other currencies including BTC. Here’s come the opportunity for us. And they accept PayPal, Skrill and a lot of other payments to buy the virtual currency.
Let’s find out how exactly you can get Bitcoin with this method.
Steps to Get Bitcoin with virWox
You need to open an Account on virWox, click on Not Registered yet?
- Fill in all the basic information like username, Email, select SL(second life) for the virtual world.
- Also, give your personal details like First Name, Last Name, Country and proffered language etc.
- Agree to Terms of Service and fill the Captcha then click on Register.
- Verify your Email and Change your Password. Then log in to your account.
- In the Dashboard, you will find options like Deposit, Withdraw, Send Money, and Transaction History etc.
- Click on Deposit ,it will take you to deposit page, scroll down a little choose PayPal Express Checkout and enter the amount in USD
- Click on Check out with PayPal it will redirect you to PayPal log in page. Give in your log in details and pay the specified amount.
Note: PayPal may charge a transaction fee sometimes. However, the amount will be very little.
After following the above steps, you will receive your funds within a short time. Now you need to convert them into second Life lindens.
After you have got SLL, then it will be very easy to get BTC by trading SSL.
Here’s how we do it.
- Now come to Exchange section on the left side of the Dashboard. Click on BTC/SLL.
- It will open order book enter the btc value you want to get it will show you required SLL to make the transaction.
- If you have enough SLL in your account, then corresponding BTC value will be added to your account and the you can find in the My Account section.
- Now how do you receive the BTC you just have received? You need to have Bitcoin Wallet.
Go to Withdraw section. Now give your Bitcoin Wallet address and send those funds. That’s all it guys.
Paxful is also a good option to buy Bitcoin with PayPal. It works similar to Local Bitcoins.
Pro: They have Escrow in place to protect both the buyer and seller.
Cons; they have some huge exchange charges in the market.
Among all above methods, I like local bitcoins to buy bitcoins with PayPal as payment method as it is very easy and charges are also nominal.
Over to You.
Which method you are trying to buy your first bitcoin?
Or did I miss any method that is useful to buy bitcoins with paypal?
Either way, let me know in the comment section below.
In the Next article, we will talk about wallets which are very crucial to save your crypto funds.