I rely on PayPal to run my digital business and often have funds sitting there which I use from time to time to pay for things instead of whipping out the card. I’m sure if you are reading this right now, you can identify, which is why when I learnt that you can actually buy Bitcoin here using PayPal I had to try it for myself.
Now one disclaimer that I do need to make about buying Bitcoin through PayPal using this method is that it is a 3 step process and there are high fees associated with it – however not much higher than what you would have to pay using a credit card. If you want to eliminate most fees when buying Bitcoins the best option is bank transfer but this does take longer and you have to go through strict ID verification before you can buy.
This is why I’m writing about this method as it really is the quickest and least fuss method to buy Bitcoins especially if you have some spare cash in your PayPal. This method also assumes you already have a Bitcoin wallet setup ready to receive your new Bitcoins. (I personally use Exodus Wallet)
So without further ado – how do you buy Bitcoin with PayPal?
Click the register button and you will see a screen like below –
Simply enter your details (don’t worry about the “Link to avatar section”) and press register.
As you will be storing personal information on this website, I highly recommend you enable 2FA (2 Factor Authentication) using Google Authenticator to prevent unauthorized access to your account. Using 2FA makes this process totally safe for you.
Step 2 – Deposit funds from PayPal
Very simple process – just click the PayPal checkout button –
Please note at this stage you still don’t own Bitcoin yet, that happens next.
Step 3 – Initiate two currency exchanges
1st – USD/SLL (There are also options for EUR, GBP and CHF if you prefer)
2nd – SLL/BTC (Once you do this you own Bitcoin)
This step is divided into two currency exchanges, firstly USD/SLL and then SLL/BTC – which is when your Bitcoin balance is ready to be transferred to your wallet of choice. Let’s look at some screenshots below to guide you through the process – don’t worry it’s really easy.
First, exchange your USD deposit from PayPal to SLL
Second, convert the SLL to BTC by clicking the BTC/SLL menu on the left and you will see the screen below giving you the live BTC/SLL value for your account. Click next and confirm and the BTC will reflect in your account.
Congratulations now you are the proud owner of some bright shiny new Bitcoins. All you have to do now is transfer to your Bitcoin wallet. I personally prefer Exodus due to its impressive user interface and the ease of converting cryptocurrencies – think Litecoin is the real deal, why not convert some of those new Bitcoins to Litecoins and make some extra moola! Exodus makes this really easy to do and you can download it at https://www.exodus.io/.