Here’s the deal:
Buying Bitcoin with Paypal is not an optimal method to do these days.
It’s a method that incurs high fees, low limits, among other issues.
If you’re still determined to use Paypal… it’s possible with the main way being LocalBitcoins and eToro.
Now if you’re convinced in buying Bitcoin via Paypal, let’s jump into how it’s done!
LocalBitcoins offers a highly trustworthy escrow service and peer-to-peer (P2P) exchange. On the exchange, users to trade among themselves by posting a quick buy or quick sell ad on the exchange platform. Fees and limits will depend on the offer or ad that you select.Visit LocalBitcoins Read Review
These are two of the easiest and most popular methods of buying Bitcoin with Paypal. Paypal does not support Bitcoin buying so users have to get creative when purchasing using Paypal.
Virwox had been around for years and has a pretty good reputation in the community. It was the leading method to purchase Bitcoin with Paypal. Unfortunately, in 2020, this method is no longer supported.
This you can do! Coinbase allows you to sell Bitcoin with Paypal on their exchange and receive a balance in your Paypal account. Any Paypal transaction takes around 3% fees so keep that in mind.
No, unfortunately, only the selling of Bitcoin and other cryptocurrencies to Paypal is supported. It is possible this feature gets added in the future. Please note that when selling anything to Paypal, they will take a 2.99% fee + $.30.
Paypal was close to accepting Bitcoin at one point a few years back. Many feared that Paypal wouldn’t actually hold onto their Bitcoin supply and could cause a negative effect on the price of Bitcoin.
Vendor acceptance of Bitcoin is inevitable as it becomes a more widely accepted currency.
One of the CEO’s of Paypal has gone as far as to say that Bitcoin is a scam. It is possible the pressure of Bitcoin taking over his industry has to lead him to these thoughts. Why does Bill Harris think this?
For one, he says that Bitcoin has no intrinsic value. Fiat currencies do not either and are simply paper or certificates with a predetermined value.
Another complaint of Harris is that Bitcoin is too volatile to become a currency. Volatility hurts somethings use as a store of value but does not affect its job at being a currency.
Items and services can be priced in any amount of Bitcoin possible as long as both parties accept.
Lastly, Harris claims that Bitcoin is mostly used to break the law, which is a foolish statement considering how much the dollar and other fiat currencies are used for criminal activity.
Bitcoin is more about censorship resistance making it near impossible for anyone to cause a transaction to not go through.
Funny enough, Peter Thiel another former Paypal CEO is known for his bullish comments comparing it to gold.
Check out Ivan On Tech’s video on Paypal and Bitcoin:
Overall, buying Bitcoin with Paypal is not the greatest option due the high fees, low amounts of options, and low limits.
LocalBitcoins as a method is doable but is not the most beginner friendly exchange, and can has high fees.
eToro can work, but it doesn’t allow US residents to use Paypal. So if you’re from other countries than the US, eToro can be a great option, as long as you know that you’re buying CFDs and not actual Bitcoin.