Multiple sources have confirmed Paypal’s foray into cryptocurrency this year, making it possible for millions of users to buy Bitcoin with PayPal.
Anyone who has ventured into cryptocurrency investments undergo similar entry points in the market in order to acquire their first cryptocurrencies. Some have decided to become node operators for their favorite blockchains and obtain cryptocurrencies through mining, others have chosen the quicker path via direct purchase of cryptocurrencies from a wide variety of options.
Without a doubt, buying Bitcoin with PayPal through the latter is a popular choice among newcomers and experienced investors. Used by millions of people from all over the world, the worldwide payment provider PayPal has introduced a revolutionary method to send and receive fiat money instantly from anywhere across the globe. To better facilitate a convenient money transfer, PayPal supports both online money transfers and payment processing for online purchases, as well as in recent years, to buy Bitcoin with PayPal.
However, PayPal has maintained its position as an entity that supports more into blockchain development rather than the cryptocurrency market. Fortunately, things have changed in recent months. According to a report by CoinTelegraph, the online payments giant PayPal Holdings have stepped up its offering by planning to introduce cryptocurrencies to its massive 320 million users. It is reportedly offering a direct way to buy and sell cryptocurrencies on both PayPal and its subsidiary, Venmo.
Contrary to popular belief, PayPal is no stranger to the cryptocurrency industry. It has established a longstanding relationship with Coinbase as far back as in 2016, enabling the latter’s customers to directly deposit fiat money via PayPal into their Coinbase accounts.
PayPal’s decision to offer direct sales of cryptocurrency would present itself as a major competitor to other popular online payment providers such as Skrill, Revolut and Crypto.com. Unlike its competitors, they have an enormous database of ready customers. Coupled with a familiar and quick transaction process, PayPal is a force to be reckoned in this emerging financial market.
Where can I Buy Bitcoin with PayPal in the meantime?
Since the news was recently announced in July, existing PayPal users may have to wait for a couple more months before they released the actual service. Meanwhile, it is still possible to buy Bitcoin with PayPal by leveraging its service on a good number of services that allow users to purchase with the payment provider. Recently, there is a growing number of newcomers who may want to know how they can exchange their fiat money into Bitcoin easily and instantly due to the renewed “Alt Season” and the “DeFi Boom” in 2020. Our team over at MyCryptoMixer have come up with the following informative guide to help you safely navigate tested methods that will allow you to fulfill your goal to buy Bitcoin with PayPal. Hopefully, this guide will simplify the ways you can buy Bitcoin with PayPal, or any other eligible cryptocurrencies online.
Buy Bitcoin with PayPal via an Exchange
We do not, and cannot emphasise this enough, that if you are in uncharted waters as a first-time cryptocurrency investor, it is always safe to make your first Bitcoin transaction from reputable cryptocurrency exchanges in the market today. There are several renowned exchanges such as Binance, Bittrex, BitMEX and Coinbase which were designed to onboard new users with a relatively legally-safe process. Of which, Coinbase is currently the recommended cryptocurrency exchange which accepts deposits using PayPal as a funding method. Depending on your country’s jurisdiction, the exchange has gained its popularity as the exchange that provides the ability for their customers to link their PayPal and Coinbase accounts. Over the years, many exchanges have made the effort to legitimise cryptocurrency trading by implementing Know-Your-Customer (KYC) verification procedures. Coinbase is no exception to that. Thus, apart from the legal mambo jambos that you may have to undergo initially, it will be a walk in the park after your identity is confirmed with Coinbase. You can then buy Bitcoin with PayPal through Coinbase immediately. Due to security and fraudulent matters, you can only link your PayPal account to one Coinbase account.
Crypto-friendly debit card is another way to buy Bitcoin with PayPal
With the rise of digital banking worldwide, many online payment providers are created to offer a new way to transact in this digital age. And chances are that you may come across several companies which offer either a digital or physical debit card upon successful account creation. Wirex is one of the few providers that assimilates real-world crypto spending by automatically converting multiple crypto and fiat currencies, letting you seamlessly spend money from your Wirex account in real life. In order to start using the account, you can fund your Wirex account with your credit or debit card, bank transfer or crypto. Currently, Wirex can also be linked to a third-party service so that you can buy Bitcoin with PayPal for your Wirex account.
How to buy Bitcoin anonymously with P2P Crypto Marketplace?
In the aforementioned methods, users would normally have to verify their identity before using their services. If you do fall under the group of people who value privacy and rights to your transaction records, a Peer-to-Peer marketplace (P2P marketplace) may work better for you. By performing a direct trade with another user on the platform, you can not only buy Bitcoin at a good rate, you can also find like-minded sellers who are looking to sell Bitcoins and accept PayPal. Veterans in the cryptocurrency markets will be familiar with reputable marketplaces such as LocalBitcoins, Paxful and LocalCryptos. They offer a multitude of payment methods for Bitcoin and other listed cryptocurrencies, from gift cards to cash. In general, Paypal is a popular choice among users on these three platforms. Although some marketplaces like LocalBitcoins have now enforced a mandatory KYC for all users, Paxful and LocalCryptos continue to fulfill the demand of privacy-conscious individuals, allowing those who are keen to know on how to buy Bitcoin anonymously to purchase directly with sellers in a safe and secure online environment. The trading process is also simple, ensuring that you can buy Bitcoin with Paypal instantly anytime, anywhere.
Buy Bitcoin with Paypal on P2P Lending Platforms
For those of you who are familiar with P2P crypto lending, there is also a way for you to buy Bitcoin with PayPal on these platforms. XCoins has a comparatively more automated system than P2P marketplaces. It is often described as a Bitcoin secured loan system, in which Bitcoin holders can lend their cryptocurrency to potential PayPal buyers. And XCoins grants this group of people a chance to effectively “buy Bitcoin with PayPal”, as it is one of the accepted payment options in the lending platform. This purchase is, however, valid only for a fixed amount of time, as how traditional money lenders work. Therefore, this option is ideal only for those who are looking into short to mid-term investment or speculative crypto trading by loaning Bitcoins from other users in XCoins.
Weigh your options before committing to buy Bitcoin with PayPal
This article aims to provide some useful methods for anyone looking to buy Bitcoin with PayPal. While they are designed to allow easy access to people with the option to buy Bitcoin with PayPal, additional service charges that are incurred on these platforms are one thing to consider before you decide to use any of the above options to buy Bitcoin with PayPal.
Some services, like certain peer-to-peer marketplaces, offer better privacy as you are not required to verify your identity to buy Bitcoin with PayPal. Luckily for you, there is an anonymous method used by many Bitcoin investors who are concerned about how to buy Bitcoin anonymously.
Known as Bitcoin Mixing (or Bitcoin tumbling), this online service could effectively wipe out your transaction traces by mixing your purchased Bitcoins, making it harder for bad actors or blockchain analysis firms to know what you are doing with your crypto assets. Many privacy-conscious users have therefore turned to reputable Bitcoin mixers such as MyCryptoMixer to remove their traces and maintain anonymity, regardless if you buy Bitcoin with PayPal from an exchange, payment wallet or direct trades. So if you have a burning question on how to buy Bitcoin anonymously with the above methods, using a Bitcoin Mixer like MyCryptoMixer can certainly help you with it.