- PayPal users can buy crypto from this service, but only in certain countries
- Through a partnership with Paxos Crypto Brokerage and other firms that are dedicated to these matters, PayPal aims to gradually transform itself into a relevant wallet in the Bitcoin world.
Bitcoin is the main cryptocurrency worldwide, and PayPal is the most famous online payment processor that exists, which probably leads many to wonder if it is possible to recharge Bitcoin with PayPal , how difficult it is to do so and, in any case, how, what are the steps to follow to complete this basic procedure..
And if PayPal has been allowing you to pay with Bitcoins for a long time thanks to Checkout with Crypto, some of the readers will know that this platform can also be used to buy cryptocurrencies , and that is a great advantage when, for various reasons, a large part of our income per month they arrive through PayPal, something quite common.
Clarifying in the first instance that this alternative is only available, at the time of writing this article, in the United States and the United Kingdom, the next step will then be to review all the important details about said mechanism so that, when it reaches the rest of Europe and to Spain, you can take advantage of them 100%..
All this, while the users of the service little by little begin to show interest in cryptocurrencies .
First of all, how to buy Bitcoin using PayPal?
Well, to eventually recharge Bitcoin with PayPal, you will need several things , such as an active account on this platform, which you must first configure by adding information about a bank account, a credit card that serves as a backup and an email, where you They will report on each of the movements made, so that you keep an exhaustive control of them..
For the rest, the procedure to buy Bitcoins with PayPal is quite simple, and consists of the following:
- Open your PayPal account
- Under Payments, go to Buy Bitcoin and more
- Select the cryptocurrency to trade (Bitcoin)
- Indicate an amount you want to invest, between 1 and 100,000 dollars per week
- Accept PayPal's Terms and Conditions regarding operations involving cryptocurrencies
Before finalizing, a message will appear saying "The exchange rate includes a margin and is updated frequently until you buy or sell". In other words, there may be variations between the simulated expense and the final expense .
If you agree with everything expressed, you just have to go ahead until the transaction is closed.
From our point of view, PayPal transaction fees can be considered reasonable, as they barely reach $ 0.50 for purchases of less than $ 25, and only in the worst case they represent 1.5% of the final amount, although that is when we invest more than $ 1,000 in cryptocurrencies.
Once the purchase is complete, your Bitcoin holdings will be reflected in your account status .
What to do with PayPal's cryptocurrency balance?
From that moment, the cryptocurrency will be converted into fiat currency and will be displayed in the Balance section of the cash account. Later it can be sold to receive dollars, for example .
It is essential to know, however, that PayPal's relationship with other wallets is quite limited for now. Because of that, it is not the best option if you think you are constantly moving your assets .
And although those in charge of the platform have already announced that they will improve their support for third parties, there have been no great news, and everything indicates that we will have to continue waiting a bit to notice these advances.
This has to do with PayPal allowing buyers to request a chargeback in the event of a fraudulent transaction. In the case of Bitcoin, giving this guarantee of confidence to the buyer, without the latter taking advantage of the system either, seems difficult to achieve. Therein lie the delays in offering better interaction with other wallets.
Third-party apps, another possible way out
Assuming then that you want to recharge Bitcoin with PayPal, but without your funds remaining as a balance on this platform, without something more versatile in some other wallet, there are still third-party apps as a possible outlet .
Coinbase is one of them, enabling users to buy cryptocurrencies with their PayPal balance or the cards associated with their PayPal account, simply by adding it as one more payment method.
eToro has also opened the doors to the acquisition of Bitcoin through PayPal, although in their case we first have to load funds from the payment processor, and then with those funds buy cryptocurrencies.
On the other hand, you have sites like LocalBitcoins or Paxful . These take care of connecting people who want to carry out reverse transactions, generally offering them lower commissions for each of their operations. While some Bitcoin sellers don't accept Paypal as a payment currency, others are happy to do so.