Understanding the steps required to Buy Bitcoins using PayPal
The cryptocurrencies have ever been increasing in its value for a very long time. When Bitcoin reached a staggering 19,000 dollars in December 2017, the whole world was in a state of shock on seeing such a widespread adoption of Bitcoin. Since then everyone from all over the world is looking forward for an opportunity to invest in Bitcoins. With the increased regulations all over the world, it has been a difficult task to buy Bitcoins for any normal people hence alternative ways have been reported out to help such people. Cryptocurrencies can be bought by registering oneself on any particular cryptocurrency exchange or by using PayPal.
PayPal doesn’t directly allow you to buy Bitcoins after it experienced a number of scams in the name of chargeback but allows it through the other platforms available.
Buy Bitcoins using PayPal on Virwox
This particular platform charges huge amount of transaction fees but the plus point of this is, that, it has been one of the most reliable places to buy Bitcoin. The Virtual World Exchange allows you to buy Bitcoins when no other traditional cryptocurrency exchange allows it through PayPal due to the chargeback issues related with PayPal. The virtual cryptocurrency exchange uses a virtual currency named SLL (Second Life Linden Dollars). It is one of the prominently used virtual currency in one of the biggest virtual world today, Second Life. Bitcoin is bought on this particular platform through this particular virtual currency.
The users first need to buy these virtual currencies through their PayPal account and then in turn by using this virtual currency one can buy Bitcoins.
Before undertaking any of the above-mentioned transactions the users need to visit the website and register themselves on the virtual exchange. The registration process is very easy, one can register themselves by entering the personal details.
- Once all the personal details are filled username and password is sent to the respective email ID.
- The users can then login into the account by using this particular user id and password and it is highly preferred that the user changes their password when he or she logins for the first time.
- After logging in into your account, next thing that one must need to do is to fund their account through PayPal with US dollars.
- After funding one’s account, one must need to use their US dollars fund, in their account in order to buy the SLL by clicking USD/SLL.
- Once the SLL is deposited into one’s account, by clicking on SSL/BTC one can buy Bitcoins by using their SSL deposit.
- This particular step of buying Bitcoins with their virtual currency can take up to two days since the company exclusively verifies all the details. After which, one has Bitcoin into their account.
- These Bitcoins can be transferred to their personal wallet by clicking on the withdraw button and by entering their Bitcoin wallet address.
In this process of buying Bitcoins, 2 intermediary transactions took place, one was, buying the virtual world currency by using the US dollars and another one by using the virtual world currency to buy the Bitcoins. The transaction fee structure keeps changing for each and every kind of transactions which can be checked out on this website here.
Buy Bitcoins using Paypal through Paxful
This service incorporates high transaction exchange rates but has a wide variety of sellers to choose from all over the world. Paxful is basically nothing but a peer-to-peer Marketplace which allows the users to purchase Bitcoins in exchange for almost anything. The fact that this service is a smaller version of LocalBitcoins is not very much known to people.
The steps involved in the purchase of Bitcoin are as follows.
- Creation of the account on the website.
- Enter the desired amount and also choose the payment method which is required, suitably.
- Choose the preferred seller of your choice. Here is a provision is provided that Paxful will suitably choose the best seller of your requirements.
- Once the trading is fixed with a particular seller, the user is redirected to an online chatbox with the seller, where the deal can be confirmed.
- After the deal is completely finalized, the sellers’ Bitcoins are sent to an escrow account. It is sent to the user only when he confirms his payment. A window of 30 minutes is provided for this process, after which, usually the transaction automatically gets canceled.
A number of other methods are also available in order to Buy Bitcoins using PayPal.