Most exchanges do not allow users to buy Bitcoin with PayPal for the reason that a chargeback can always be done by the buyer which means a transaction made can easily be reversed since there is no proof that purchase has been made. However, there are still ways in which purchasing Bitcoins is still possible through the use of PayPal.
Before making any Bitcoin purchase it is essential to learn about the basics of Bitcoin. Bitcoin may be a form of digital currency but using it like physical currency may not be as easy. It is also important to learn where and how to get Bitcoins. Bitcoin mining is one way of acquiring Bitcoins.
Bitcoin maining refers to providing computing services that involve verifying and recording transactionS into a public ledger and in turn be paid by Bitcoin networks with newly created Bitcoins or Bitcoins from transaction fees that the miners themselves have verified.
There are a lot of different exchanges online that sell Bitcoins but you can also get them directly from sellers who are offering their own Bitcoins. Although there are a lot of sources of Bitcoins, not all of them allow users to buy Bitcoin with PayPal.
Buy Bitcoin with PayPal
So where and how do you get Bitcoin with PayPal? A lot of users, most especially beginners, are still confused about where to get Bitcoins especially with the use of PayPal. Of course, PayPal is one of the most common and easiest ways to make transactions online. However, Bitcoin exchanges and dealers still find this payment option risky because it is reversible. It is still possible to buy Bitcoin with PayPal but because it is considered as high risk, you must also expect high fees.
One way to buy Bitcoin with PayPal is through VirWoX. Transactions are charged at 9% but still this is the cheapest and fastest way to purchase Bitcoins with the use of PayPal. However, you don’t directly purchase Bitcoins with your PayPal on VirWox but you are going to purchase Second Life Lindens instead, which you can trade for Bitcoins.
Before you can make any transaction with VirWoX, you must register first or open an account. Just follow the instructions on the site, fill in some forms with the correct details and then an email will be sent to you containing your password that you need to change right away in order for you to make transactions. You will then be asked to deposit from your PayPal account. This deposit is what’s going to be used to purchase Second Life Lindens and the SLL in your VirWox account will be used to trade for Bitcoins.
Buy Bitcoin with PayPal
Another place where you can buy Bitcoin with PayPal is through LocalBitcoins although most exchanges charge higher fees. You can also find other exchanges that allow the use of PayPal for purchasing Bitcoins but they also have a limit on how much Bitcoins you can purchase in a day or in a month, although this could increase over time.
You can easily find exchanges that allow PayPal as a payment option but you still have to be on the lookout for fraudulent ones. You can also go to websites that are over the counter but make sure to use escrow so you don’t end up losing a huge amount of money.
If it is not possible for you to buy Bitcoin with PayPal you might want to find other payment options, especially if you are not even willing to pay for higher fees. Keep in mind that exchanges and other sellers do not accept PayPal so you might have a hard time finding those that do accept.
It might also be a good idea to just opt for exchanges that offer different modes of payment including cash, personal checks, or wire transfers. You can also look for friends or direct sellers that offer their own bitcoins for sale. Who knows, they might even allow you to buy bitcoin with PayPal. You could also consider bitcoin mining although it may take a while before you can get bitcoins.
Buying bitcoins may not be easy especially if not all payment options are open. Looking for legitimate exchanges that allow the use of PayPal may also be a daunting task because most of them do not accept payments through PayPal. There are a lot of other options that you can use to purchase Bitcoins and if you really want to buy Bitcoin with PayPal, make sure that you you must be willing to pay higher fees.