PayPal has been one of the most popular payment methods on the internet for years. Now, you can use PayPal to buy cryptocurrency. Here’s how.
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Cryptocurrencies are digital or virtual assets that use cryptography for security. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Cryptocurrencies are often bought with national currencies such as USD, but they can also be bought with other cryptocurrencies or directly from exchanges. PayPal is one of the most popular payment methods for online purchases, and it can also be used to buy cryptocurrencies. In this article, we will show you how to buy crypto with PayPal.
What is PayPal?
PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.
History of PayPal
PayPal was founded in 1998 by Peter Thiel and Max Levchin. The company was originally called Confinity, and it focused on providing security software for handheld devices. In 2000, Confinity merged with another company called X.com, an online banking company founded by Elon Musk. Musk was the CEO of the new company, which took on the X.com name.
In 2001, the company adopted the name PayPal and began shifting its focus to online payments. PayPal went public in 2002 and was quickly acquired by eBay in 2003 for $1.5 billion. PayPal became eBay’s exclusive payment processor and grew rapidly over the next decade.
Today, PayPal is one of the world’s largest payment processors with over 300 million users in 200 countries. The company processed $228 billion in payments in 2017 alone!
How PayPal Works
PayPal is a digital payment service that allows you to pay for goods and services online. You can use PayPal to pay for items on websites, or to send money to friends and family. To use PayPal, you will need to create a PayPal account and link a bank account or credit card. Once your account is set up, you can start making payments.
When you make a payment with PayPal, the money is first transferred from your bank account or credit card into your PayPal account. From there, it is sent to the recipient. The recipient can then choose to either withdraw the money from their PayPal account, or keep the money in their account and use it to make future payments.
One advantage of using PayPal is that it is a convenient way to make payments online. You can use PayPal to pay for items on websites without having to enter your credit card information each time. Additionally, PayPal offers buyer protection, which means that if you do not receive the item you purchased, or if the item is not as described, you can get your money back.
Another advantage of using PayPal is that it is a secure way to send money. When you send money through PayPal, the recipient will not have access to your bank account or credit card information. Additionally, all transactions made through PayPal are encrypted, so your personal information is safe and secure.
How to Buy Crypto with PayPal
Using PayPal to buy cryptocurrency is one of the easiest ways to do it. You can use PayPal to buy crypto on a number of different exchanges, and you can even store your crypto in a PayPal wallet. In this guide, we’ll show you how to do it.
Step One: Sign Up for a PayPal Account
The first thing you need to do is sign up for a PayPal account. You can do this by going to the PayPal website and following the instructions. Once you have an account, you’ll be able to add money to it using your bank account or a credit or debit card.
Step Two: Select a Cryptocurrency Exchange
Once you have a PayPal account, you’ll need to select a cryptocurrency exchange. There are many different exchanges that allow you to buy and sell cryptocurrencies, so make sure to do some research before selecting one. Some things you may want to consider include the exchange’s fees, security measures, and selection of coins.
One popular option is Coinbase, which allows you to buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. To get started, create an account on Coinbase and then link your PayPal account under the “Settings” tab. Once your accounts are linked, you can buy cryptocurrencies using your PayPal balance.
Another option is CEX.io, which also allows you to buy and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. To get started with CEX.io, create an account and then select “PayPal” as your payment method. You will then be asked to link your PayPal account to CEX.io. Once your accounts are linked, you can buy cryptocurrencies using your PayPal balance.
Step Three: Transfer Your Cryptocurrency to Your Wallet
Once you’ve bought cryptocurrency on an exchange using PayPal, you’ll need to transfer it to a wallet in order to store it safely. A wallet is like a bank account for your coins and tokens—it allows you to hold them, send them, or receive them like regular currency. There are many different types of wallets available, so make sure to do some research before selecting one. Some things you may want to consider include the security features of the wallet and whether it supports the coins you want to store.
One popular option is Exodus, which is a software wallet that supports Bitcoin, Ethereum, Litecoin, and a variety of other coins and tokens. To get started with Exodus, download thewallet onto your computer or mobile device and then follow the instructions provided by the company during set-up. Once Exodus is set-up on your device, find the “Send” or “Receive” tab in order totransfer your currency from Coinbase (or another exchange) into Exodus.”
Step Two: Choose a Cryptocurrency Exchange
Now that you know how to buy cryptocurrency with PayPal, you need to choose a cryptocurrency exchange. There are many exchanges available, but not all accept PayPal.
The most popular exchanges that do accept PayPal are VirWoX, Paxful, and eToro. VirWoX has been around the longest and is the most established exchange. Paxful is a newer exchange but has built up a good reputation. eToro is a multi-asset platform that offers both cryptocurrency and stock trading.
If you want to use VirWoX, sign up for an account and deposit money into your account via PayPal. Once your money is deposited, you can use it to buy Second Life Lindens (SLL), which is the currency used in the virtual world Second Life. You can then convert your SLL to Bitcoin, Ethereum, or Litecoin and withdraw it to your wallet.
Paxful is similar to VirWoX but with more options for buying Bitcoin. You can choose from over 300 payment methods, including PayPal, to buy Bitcoin. Once you have found a seller that accepts PayPal, you will need to create an account and deposit money into it via PayPal. Once your money is deposited, you can use it to buy Bitcoin.
eToro is a little different from the other exchanges because it offers both cryptocurrency and stock trading. If you want to trade cryptocurrencies on eToro, sign up for an account and deposit money into your account via PayPal. Once your money is deposited, you can use it to buy Bitcoin, Ethereum, or Litecoin. You can also use eToro to trade stocks, ETFs, commodities, and more.
Step Three: Deposit Funds into Your Account
In order to buy crypto with PayPal, you will first need to deposit funds into your account. To do this, log into your account and click on the ‘Deposit’ button. From there, you will be able to select your payment method and enter the amount of funds you wish to deposit. Once you have confirmed your transaction, the funds should appear in your account within a few minutes.
Step Four: Buy Cryptocurrency
buying cryptocurrency with PayPal is easy! All you need to do is find a reputable exchange that supports payments through PayPal. Once you’ve found an exchange, simply register for an account and verify your identity. Once you’re verified, you’ll be able to link your PayPal account to the exchange and start buying crypto!
We hope this guide has been helpful in explaining how to buy crypto with PayPal. As always, be sure to do your own research before making any decisions, and happy investing!