Bitrabo Editorial
Bitcoin, the first cryptocurrency ever created, has remained popular and dominant in the market. With its widespread recognition, many investors are looking to invest in Bitcoin. While there are various ways to purchase Bitcoin, this guide will focus on buying Bitcoin using PayPal.
Bitcoin at a Glance
Bitcoin, launched in 2009, is the first cryptocurrency and the largest one in terms of market capitalization. It was developed by an anonymous individual or group known as Satoshi Nakamoto. Bitcoin operates on a Proof of Work (PoW) consensus mechanism, which involves a network of users (miners) validating transactions through a process called mining. Mining requires significant computational power and energy.
Since its inception, Bitcoin has experienced significant price fluctuations. Its price has ranged from $0.06 to nearly $65,000 in November 2021. Currently, Bitcoin is trading around $25,000 with a market capitalization of approximately $494 billion and a 24-hour trading volume of nearly $14 billion.
What is PayPal?
PayPal is a widely used payment platform with over 429 million active users worldwide. Founded in 1998, PayPal simplifies financial transactions and is now allowing users to buy Bitcoin directly on its platform. This has led to other exchanges and websites enabling Bitcoin purchases through PayPal. However, availability may vary depending on the country.
Where and How to Buy Bitcoin with PayPal
Buy Bitcoin Directly from PayPal
The most straightforward method to buy Bitcoin with PayPal is using PayPal itself. Since 2022, PayPal users in the US (except Hawaii) can transfer, send, and receive Bitcoin directly on the platform. The process is simple:
- Open the PayPal app and go to your dashboard.
- Go to “Finances”.
- Select Bitcoin from the available options.
- Ensure your PayPal account is funded.
- Select the amount of Bitcoin you want to buy.
- Review the transaction information and complete the process.
Coinbase
Coinbase, a popular cryptocurrency exchange, allows users to add PayPal as a payment method. The steps to purchase Bitcoin with PayPal on Coinbase are as follows:
- Go to “Settings”.
- Select “Payment Methods”.
- Choose “Add Payment Method” and click on “PayPal”.
- You will be redirected to PayPal. Log in to your account.
- Return to Coinbase, and the platform will confirm the process.
- Fund your PayPal account, then go to “Home” on Coinbase.
- Click on “Buy & Sell”, select Bitcoin and PayPal, and confirm the transaction.
eToro
eToro, a trading platform, also allows users to buy Bitcoin with PayPal. Here’s how:
- Go to the cryptocurrency page and select Bitcoin. You can also use the “Search” bar.
- Choose between “Trade” or “Order”. “Trade” allows you to buy Bitcoin at its current price, while “Order” lets you set a specific price target for BTC.
- If you choose “Trade”, select the amount of Bitcoin and click “Deposit”.
- Select PayPal as the payment method and complete the transaction.
Bitstamp
Bitstamp allows US and EU citizens to buy Bitcoin with PayPal using EUR, USD, or GBP. To make a purchase, follow these steps:
- Link your Bitstamp and PayPal accounts by selecting PayPal as the payment method.
- Log into your PayPal account when prompted, and complete the transaction.
Paxful
Paxful is another popular Bitcoin marketplace that accepts PayPal along with other payment methods. To buy Bitcoin with PayPal on Paxful:
- Look for trading offers that support PayPal payments.
- Choose a suitable offer and complete the transaction.
CEX.IO
CEX.IO, a well-known cryptocurrency exchange, allows users to buy Bitcoin using PayPal. Here’s what you need to do:
- Log into your CEX.IO account or sign up if you don’t have one.
- Select “Instant Buy”, the fastest way to purchase BTC on CEX.IO.
- Choose the amount of Bitcoin to buy.
- Select PayPal as the payment method.
- Click “Buy Now” and complete the transaction.
In Conclusion
Bitcoin continues to be a popular investment choice. While US citizens can buy Bitcoin directly on PayPal, other platforms like Coinbase, Paxful, Bitstamp, or CEX.IO support Bitcoin purchases using PayPal. Please ensure that the service is available in your area before making any investment plans involving Bitcoin and PayPal.
Disclaimer: The information provided in this article and the associated links are for general informational purposes only and should not be considered financial or investment advice. It is recommended to conduct your own research or consult a professional before making any financial decisions. We are not responsible for any losses incurred based on the information provided on this website.