Buying Bitcoin with Paypal is somewhat difficult to do but it is possible. The exchange Virwox allows you to buy something called Second Life Lindens (SLL) which are a virtual currency from the video game Second Life. After purchasing SLL you can instantly convert them into Bitcoin. This is a bit of a strange method, but it is one of the most popular ways to buy Bitcoin with Paypal.
Paypal is not the most optimal method for purchasing Bitcoin as the fees associated with it are a bit higher (~10%) but it can still be done. If you would like to learn about other methods, check out our guides on purchasing Bitcoin with credit and debit cards as well as with a bank account.
How to Buy Bitcoin with Paypal
To get started buying Bitcoin with Paypal, create an account on Virwox. All of the fields are pretty self-explanatory, although I would recommend leaving the link to avatar section blank.
Depositing into the Exchange
After signup, click the deposit link on the left sidebar.
After clicking deposit, you will be taken to this page, where you will need to scroll down to find Paypal.
SOFORT, Skrill, OKPay are also options for purchasing Bitcoin.
Enter the amount in Euro that you would like to buy, and then click the check out with Paypal button. Even if you use another currency other than Euros, Paypal will automatically convert it for you.
Selecting your Trading Pair
Once your transaction has been completed with Paypal, you can go to the USD/SLL, EUR/SLL, GBP/SLL or whatever currency pair works for you.
From this page, you can do a market order or limit order. I would recommend a market order which will buy SLL at the going rate, but if you want to choose your price (no guarantees your order gets filled) use a limit order.
Go to the Exchange USD/SLL section(or whatever pair you are using) and enter the number of lindens that you want to buy.
Next, go to the BTC/SLL page and enter the amount of BTC you want to buy. In this example, I can buy .00016 BTC for 3,255 SLL. If you chose a market order your order will be filled immediately and you will receive Bitcoin.
To send Bitcoin off Virwox, to an exchange or wallet, go to the Withdrawl page on the left side menu under My Account.
Enter the amount you want to withdrawal, and the address that you are sending it to, press request withdrawal and wait for it to process! It should take less than 30 minutes for your Bitcoin to arrive at the address!
Congrats, you now know how to buy Bitcoin using Paypal! It is not the simplest method but can certainly be done!
How to Buy Bitcoin with Skrill
This follows almost the exact same procedure as above, except that on the deposit page you need to choose Skrill as your deposit method.
How to Buy Bitcoin with OKPay
To do this follow the above steps except for when you go to the deposit page. On this page click OKPay as your deposit method.
Why Do I Need to Buy Second Life Lindens First?
Unfortunately, due to Paypal’s chargeback feature, we are unable to buy Bitcoin with it as there are no chargebacks in Bitcoin. That is why we must first buy Second Life Lindens and then buy Bitcoin.
What are the Limits for Buying Bitcoin with Paypal?
The limits placed on your account depending on the rank of your account. This rank is determined by age and verification process.