Buy Bitcoin with PayPal
Purchasing cryptocurrencies with Paypal is not as easy it might seem in the first place. Although, PayPal has been liberal about Bitcoin but the fact is that crypto world is a competition for payment channels like PayPal. The other main reason is the chargebacks as PayPal supports customer claims for their payments for reversible action but Bitcoin transactions are irreversible because of the immutability feature of the BlockChain technology. However, workarounds are still available for customers willing to buy Bitcoin with PayPal. But bear in mind you will be charged by your bank for transfering to paypal, then paypal charges a percentage for the paypal transaction and on top you will be charged on the cryptocurrency trading platform a trading fee. So you you add these up it might not worth it. BUT if you are still desperate to buy through paypal then read on.
Due to hacking incidents and false chargeback cases, most of the popular trading platforms like Coinbase, finex.me, Kraken etc. do not accept PayPal as a payment method. There are a few platforms where you can indirectly buy Bitcoin with PayPal.
- VirWox- It serves as a marketplace for Second Life Lindens (SLL) and PayPal accept payment for this virtual world. VirWox allows you to buy SLLs through PayPal and then you can use them to buy Bitcoins and other Cryptocurrencies. The total transaction cost is crazy high and comes to be around 10%.
- Direct Trades- Platforms like Paxful, LocalBitcoin provide peer to peer trading options for buyers and sellers. Here, all you need is to find someone who is willing to sell Bitcoins for PayPal payments. The transaction charges are also quiet less.
If you use credit card to load your PayPal account then it is better to make a purchase directly with the credit card as it will save you on the transaction amount.