The Jewish Week is always here for you.
We need your support now.
Your contribution will help us bring you vital news
and frequent updates about the impact of COVID-19.
search

How to Purchase Bitcoin or Other Cryptocurrencies via PayPal

With the growing popularity of cryptocurrencies, it is now possible to purchase cryptocurrencies in many different ways. Out of all these avenues, PayPal has now emerged as one of the most trusted ways to buy cryptocurrencies. Numerous crypto exchanges as well as brokerage services now offer PayPal as a payment option for purchasing digital currencies. In this brief discussion, we will discuss how you can buy crypto using PayPal as the payment platform.

Buying Crypto Using PayPal:

The cryptocurrency ecosystem has now completed 11 years, and it is possible to purchase and obtain cryptocurrencies in more ways than ever before.  Through some trading platforms, it you can now use credit and debit cards as well as bank transfer for obtaining cryptocurrency. Also, a slew of businesses now utilize the PayPal payment processor for purchasing bitcoin and other cryptos.

If you are interested in purchasing any cryptocurrency using PayPal, the first thing you need is a PayPal account. This process is simple and you only need a valid bank account and email address to create your PayPal account. You will also have to register with a brokerage service or trading platform that offers PayPal as a payment method while selling digital currencies such as ETH, BCH, or BTC. Finally, you would also require a cryptocurrency wallet. Please remember that your cryptocurrency wallet must support the type of digital asset you are looking to purchase.

Mentioned below are two of the most common options for purchasing cryptocurrencies using PayPal.

Via an Exchange: There are many popular cryptocurrency exchanges that now allow individuals to link their PayPal accounts to the respective exchange accounts. Depending of their place of residence, users can purchase or sell all digital assets listed in the exchange using the PayPal system. However, for using this payment method, the users may be required to complete several identity verification procedures created by the exchange.

Once the users’ identity is confirmed with the exchange, they are required to visit the “settings” section followed by “linked accounts.” Once they click the tab “new account” and select PayPal, the dashboard of the exchange will prompt them to log in to PayPal. As soon as these steps are complete, digital assets can be sold or purchased using PayPal. Please note that this procedure may vary to some extent across exchanges.

Via Peer-to-Peer Marketplaces: Using a peer-to-peer marketplace is another popular alternative to obtain cryptocurrencies using PayPal. To use these platforms, you will simply have to create an account, log in to your account, and press the “trades” tab.  By doing this, you will gain access to tabs for finding and creating offers. Now, if you visit the “find offers” section, you will find a list of individuals accepting PayPal for selling the type of digital currency you want to purchase. A great number of buyers and sellers now use these peer-to-peer marketplaces to pay or get paid via PayPal.

Consider the Pros and Cons:

A large number of trading services and peer-to-peer marketplaces now allow the purchase of digital currencies via PayPal. Out of all these alternatives, some of the most familiar names include xCoins, Coinbase, Localbitcoins, Paxful, Cryptonit, Cancoin, etc. Naturally, all of them are not the same in terms of their functional features and benefits. Therefore, before deciding to use any of them, it is important that you thoroughly look at their pros and cons. Some of these services offer better privacy for the users and require no identity verification whatsoever. On the other hand, some others have a series of account verification and KYC procedures including the submission of a proof-of-residence or photo ID. However, since PayPal itself doesn’t offer any privacy or anonymity, this should not be a big deal for people who want to use this payment method for purchasing cryptocurrencies.