Buying Bitcoin Via PayPal, Step By Step
We offer you to buy bitcoin via PayPal, in steps, as this bank is one of the most popular electronic banks in the money market and online shopping.
Contents
1 Buying bitcoins via PayPal
2 Binance P2P platform
3 LocalBitcoins platform
4 Wirex platform
5 Buying Bitcoin via PayPal, step by step
6 advantages of buying bitcoins via PayPal
7 Disadvantages of buying electronic currencies via Paypal
8 What is Bitcoin?
Buying Bitcoin via PayPal
There are many reliable ways to buy bitcoins through PayPal, and the most important and best of these methods are as follows:
Binance P2P platform
Binance is the largest and most trusted cryptocurrency exchange in the world, and we recommend it if you want to buy Bitcoin with PayPal.
The platform offers a free (P2P) service, where people can buy and sell bitcoin and other cryptocurrencies from each other without having to do so.
In addition, the platform guarantees the rights of both parties (buyer and seller), by reserving digital currencies for the person who wants to sell them.
All you have to do is register on the Binance platform, confirm your identity, then go to the (P2P) service and find offers to sell bitcoins for PayPal.
Pay attention to the price as it will be a good percentage higher than the market price, take your pick and transfer the amount to the person who will transfer the bitcoins to your Binance account.
LocalBitcoins platform
Recently it is a popular way to buy bitcoin via PayPal, but we do not recommend using this platform as the transfer fee is much higher compared to virwox platform.
LocalBitcoins is a system based on direct purchase from people without an intermediary. And as the conditions differ from one person to another, this means the possibility of falling into a scam.
Therefore it is necessary to be very careful when choosing the people to deal with.
Here are the steps to buy bitcoins with PayPal on the LocalBitcoins platform:
*. The official website of the platform is entered to create an account by clicking on the page link.
*. The user searches for the bitcoin to buy, with the need to select PayPal as the payment method.
*. Once a suitable ad is found, click on the buy button to read the terms and check the status of the seller. With the need to confirm his account and comments by clicking on his name.
*. When someone is found willing to sell bitcoin on the right terms, an exchange request is sent by specifying the amount spent and writing an optional message.
Wirex platform
It is a service platform that provides virtual and plastic cards for Bitcoin withdrawal, with the ability to buy these cards with money via PayPal.
Here are the steps to buy Bitcoin with PayPal on the Wirex platform:
*. The user goes to the Wirex platform, registers and orders a new card.
*. The card is also added to the PayPal account, with the account having to be at least $3 in order for PayPal to charge the fee.
*. Funds are deposited into a Paypal account, and then the user transfers funds from Paypal to a Wirex account.
*. Buying bitcoins with a user account on Wirex is very easy.
Buying Bitcoin via PayPal, step by step
As we explained before, there are many platforms that support the purchase of bitcoin through the most famous electronic bank, Paypal, from these platforms:
*. Paxful platform
It is a buy-to-trade platform, which is less popular than other platforms.
To complete the purchase, you must first register with it. Then choose PayPal as a payment method, search for sellers and complete the transaction, like the rest of the platforms above.
*. Xcoins platform
It is a peer-to-peer platform for Bitcoin lenders and borrowers. PayPal is also accepted as a payment method for individuals who want to access a secured Bitcoin loan.
*. Cryptonite platform
It is a less popular exchange platform, which allows people to buy Bitcoin and other cryptocurrencies using PayPal, credit cards, and other payment methods.
The platform also imposed some procedures on users, as follows:
1. Submit a copy of your personal ID.
2. Send a copy of an invoice or lease contract.
3. In the event that the user does not wish to complete the previous procedures. The User must agree to a Skype video chat to verify the actual identity of the User and verify certain information.
4. Once these steps are completed, the platform is traded and the funds are received. The most important advantage of this platform is that its fees are relatively low compared to other platforms
Advantages of buying bitcoins via PayPal
The process of buying Bitcoin via PayPal as a payment method has many advantages, and these advantages are as follows:
*. The payment process is fast and convenient if the user already has a PayPal account.
*. Safe and reliable payment method.
*. This method allows you to buy bitcoins with US dollars.
*. It is well known that PayPal is one of the most reliable electronic banks around the world.
*. It is also available in many Arab countries
Disadvantages of buying electronic currencies via Paypal
Despite the previously mentioned advantages of buying Bitcoin with PayPal, this method has some disadvantages that cannot be overlooked, and these disadvantages are as follows:
*. The purchase process fee is very high and the user is very expensive.
*. If the platform refuses to pay in US dollars, the user will be charged a conversion fee.
*. Few sites accept PayPal payments.
What is bitcoin?
Bitcoin is a cryptographically secured digital currency that is traded outside the jurisdiction of a central authority.
The coin was created in 2009 by a mysterious person who called himself Satoshi Nakamoto.
The currency was introduced primarily to be used for payments that are not subject to government oversight, transaction fees or delays in transfers, unlike traditional fiat currencies.
In 2010, the price of Bitcoin was around 0.003 cents per coin. In October 2017, the coin rose to $4,200.
Although this value has been volatile, with daily fluctuations and frequency of movements. At this time, hundreds of other virtual currencies have appeared, each with its own advantages and applications.
However, few of these coins are highly valuable, but Bitcoin has competitors in the form of Ether and Bitcoin Cash, as well as Litecoin to a lesser extent.
Bitcoin was initially invented as a payment method, and in some specific cases it works exactly as intended.
However, it lacks a wide range and is currently too fluctuating to be considered a true alternative to fiat currency: sellers need to constantly review their prices to deal with volatile moves in its value.
This means that bitcoin is mainly used as an investment similar to gold and other precious metals. Not as a traditional currency like commodities. A currency bypasses the direct influence of a particular economy, and is not significantly affected by changes in monetary policy.
Remember that although Bitcoin is not affected by many of the factors that affect traditional currencies, there are a number of unique influences to consider.
In the end, we have provided you with the steps to buy bitcoin via PayPal.