Would you like to buy cryptocurrencies such as Bitcoin (BTC) with PayPal? No problem. Many people don’t have overseas or qualifying bank accounts to directly or indirectly convert their money into cryptocurrency. Many are also wary to share their credit card details, especially with unknown third parties, and understandably so. Thus, despite the higher fees attached to buying cryptocurrency with PayPal, it is a relatively safe and convenient means to do so. In addition to the high costs associated with such transactions and/or PayPal transactions, transaction and/or deposit limits can fast become a reality when payment is made via PayPal. One can of course choose to see these limits in either a positive or negative light. It is positive in the sense that it can limit one’s spending or help one to keep within one’s budget. However, it can be seen as negative when it limits one’s ability to fully utilize one’s money at a specific point in time. Thus, it should preferably only be used in small or smaller transactions. Now we don’t intend to list the specific fees and Terms & Conditions associated with each option here, but here are options to buy cryptocurrency with PayPal:
1. Create an account at VirWorx.
2. Deposit USD via PayPal into your VirWorx account. We recommend a $100 minimum (see below in the comments section).
3. Convert the USD to SLL (Linden Dollars) and then convert the SLL to BTC. The BTC can now be withdrawn to your Bitcoin wallet. Alternatively, if you wish to convert it into other cryptocurrency, you might want to continue following the steps below…
4. Now transfer the BTC to the cryptocurrency exchange of your choice. We prefer Cryptsy. You can register a new account here.
5. Now you can exchange the BTC for the cryptocurrency of your choice. Visit www.coinmarketcap.com to help you in the decision making process.
6. After the exchange, you have the option to keep your cryptocurrency at the exchange or to withdraw it to your relevant cryptocurrency wallet(s). We recommend you only keep a tiny portion at the exchange, due to the risk of theft or fraud, but this is entirely up to you.
P.S. When you wish to cash out, you just do the above process in reverse (except where the registration of accounts is involved).
You also have the option to buy cryptocurrency directly at online market places such as eBay with PayPal, but you can bet on the fact that you will heavily overpay in terms of the price you pay per unit (compared to prices elsewhere in the market, especially at the crypto exchanges).
You also have the option in more than one instance to buy cryptocurrency directly from the marketers or developers of an underlying cryptocurrency with PayPal, but you can also expect to overpay in terms of the price you pay per unit (compared to prices elsewhere in the market, especially at the crypto exchanges). However, it should work out cheaper than the case is with option 2 above. If not, avoid.
If you know a better way to buy cryptocurrency with PayPal, be sure to let us know in the comments below or via our contact form. Thank you in advance.