PayPal has been a leader in digital payments for 20 years. The system allows over 400 million consumers and merchants in more than 200 markets to join the global economy. Since 2021, it has become possible to buy cryptocurrency through PayPal — just open the application. However, using the platform to convert and transfer coins is a confusing process for beginners.
The platform is famous for its ability to buy goods and send funds around the world without revealing personal information and using credit cards. The demand for the service is also increased by the Buyer Protection program. The option protects users in the event that the product is not received or does not match the declared. The service will reimburse the costs, including shipping costs.
In the spring of 2021, the platform added digital coin buying features to its Venmo social payment service. During this period, England allows users to buy Bitcoin through PayPal, keep it in the account and sell it.
Ability to exchange cryptocurrency and Bitcoin to PayPal
Support for payments with coins can dramatically increase the turnover of using virtual assets in different countries. The service provides an exchange for commissions. Coin holders may not use exchanges to pre-convert funds.
To buy Bitcoin (BTC) with PayPal, you will need a personal account on the platform. You will also need to create a crypto wallet. These can be desktop applications or hardware media that allow you to send and receive coins.
To buy digital assets with PayPal, you must create an account. If the user already has an account, then to buy cryptocurrency, just click on the button labeled “crypto”. Next, choose which coins you want to purchase.
To pay for goods, you must have free funds, a linked debit card or bank account. You can spend both $1 and $100,000 per week. As with crypto exchanges, a commission is charged for the purchase and sale of virtual currencies, depending on the amount of payments. The user needs to verify their identity by filling out the W-9 form and agree to the terms and conditions of the service.
The service allows you to buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin through an internal digital wallet. Experts recommend that novice crypto investors should stick with Bitcoin and Ethereum. In the future, the developers plan to expand the list of supported virtual currencies.
You can convert BTC on special trading platforms. To search for a platform, it is convenient to use the BestChange website. The portal selects and checks the services it offers.
Procedure for buying and selling cryptocurrency
- Step-by-step algorithm of operations:
- Go to the site of the exchange that supports PayPal,
- Create and verify an account,
- Bind a payment method in your account settings,
- Select the amount of BTC to purchase,
- Define the payment method,
- View commissions,
- Carry out the operation,
- The sale of coins is carried out in the usual way.
The funds received from the sale of coins can be sent to a bank account, debit card or to the balance of a payment service. It is necessary to take into account the size of the commissions and the available withdrawal methods.
Any user of the service can buy, sell and hold cryptocurrency. Coins can be used to pay for goods from partner companies. Buying crypto through PayPal is not the same as buying it from an exchange like Coinbase or Gemini. When a user receives coins on a traditional trading platform, they can transfer them to a wallet for safekeeping or to another person – this is a key difference when it comes to full ownership of digital assets.
Fees can add significantly to the cost of an exchange, with many platforms charging fees of up to 10% of the transaction amount. Also, if the local currency is not accepted at the point of sale, there will be an additional conversion fee.