Considering that it is the first cryptocurrency developed, Bitcoin has maintained both its popularity and the first place in the charts over time. Bitcoin is the crypto project that started it all, and it is no wonder that so many investors decide to invest in BTC these days.
Bitcoin at a Glance
Launched in 2009, Bitcoin is the first cryptocurrency ever built. Bitcoin was built by an anonymous developer or group of developers called Satoshi Nakamoto. Not only is BTC the first cryptocurrency launched, but it also is the largest cryptocurrency on the market. Furthermore, Bitcoin did and still does inspire many other cryptocurrencies that are currently developing.
Bitcoin works based on a PoW (Proof of Work) consensus mechanism, meaning that a network of Bitcoin users (called miners) participates in the validation process. On the Bitcoin blockchain, the process of validating transactions is called mining and leads to rewards offered to miners. Mining requires significant amounts of energy and very powerful hardware.
Bitcoin has had quite an evolution since its launch. Having started with a price of around $0.06, Bitcoin reached almost $65,000 in November 2021, but then had a fall, when the bear market started. At the moment, Bitcoin is trading at a little over $25,000, with a market cap of approximately $494 billion, and a 24h trading volume of almost $14 billion.
What Is PayPal?
PayPal is one of the most popular payment platforms in the world, with over 429 million active users. Founded in December 1998 and initially developed by Max Levchin, Peter Thiel, and Luke Nosek, PayPal is widely used all over the world, and its services are indeed contributing to the streamlining of the financial system.
Among many other things, PayPal now allows users to buy Bitcoin on or through its platform, and this led to many other exchanges and websites enabling Bitcoin purchases through PayPal. However, just like PayPal has some limitations in specific countries, other platforms support PayPal as a payment method only in certain areas.
Thus, let’s see which are some of the best places where you can buy Bitcoin with PayPal.
Where and How to Buy Bitcoin with PayPal
Buy Bitcoin Directly from PayPal
There are plenty of platforms you can use to buy Bitcoin with PayPal, and the most straightforward surely is by using PayPal itself. Since 2022, PayPal users can transfer, send, and receive Bitcoin directly on the platform, and the process is pretty easy to complete. However, it is essential to note that this option is available only for US citizens (except Hawaii).
How to Buy Bitcoin on PayPal?
1. Open the PayPal app and go to your dashboard;
2. Go to “Finances”;
3. Choos Bitcoin from the options available;
4. Make sure your PayPal account is funded;
5. Select the amount of BTC you want to buy;
6. Check the transaction info and complete the process.
Coinbase allows its users to add PayPal to their accounts as a payment method. The process is similar to both the desktop and mobile. But for better visibility we will show the desktop steps:
1. Go to “Settings”;
2. Select “Payment Methods”;
3. Select “Add Payment Method” and click on “PayPal”;
4. You will be redirected to PayPal. Log in with your account;
5. After you’re logged in, you will go back to Coinbase, where the platform will confirm the process.
6. Once PayPal is added to your payment methods, all you have to do is fund your PayPal account, then click on “Home” on Coinbase;
7. Click on “Buy & Sell” and select Bitcoin and PayPal from the options available. Then, all you have to do is confirm the transaction.
To buy Bitcoin with PayPal on eToro, you will first need to create an account on the platform and log in, if you do not have an account yet. If you do, just log in on eToro. Then, here are some simple steps you should follow:
1. Go to the cryptocurrency page and select Bitcoin. You can also look for BTC in the “Search” bar;
2. Once you reach this step, you will have 2 options: Trade or Order. If you choose “Trade”, you will be able to buy a specific amount of Bitcoin at its current price. If you choose “Order”, you can set a price target for BTC and a number of coins you want to purchase. Once BTC hits your target, the order will be executed;
3. If you chose “Trade”, you have to decide on the amount of BTC you want to buy and click on “Deposit”;
4. Select PayPal as a payment method and complete the transaction.
On Bitstamp, buying Bitcoin with PayPal is available for all US and EU citizens. You can buy Bitcoin with PayPal by using EUR, USD, or GBP. To enable Bitcoin purchases using PayPal, you will have to link your PayPal account to Bitstamp by selecting PayPal as a payment method when you want to buy Bitcoin. Once you do that, you will have to log into your PayPal account. Then, all you have to do is complete the transaction.
Another Bitcoin marketplace that is quite popular is Paxful. Here you can buy Bitcoin with PayPal, Payoneer, Skrill, Gift cards and many other methods. Paxful also features an escrow service for sellers, and buyers will be required to have a verified USA PayPal account.
To purchase BTC with PayPal on Paxful, you will have to look for trading offers that support PayPal payments. After thoroughly checking the offers and the users that made them, you can choose the most profitable and complete the transaction.
CEX.IO is among the most popular cryptocurrency exchanges at the moment and currently allows users to buy Bitcoin using PayPal.
To do that, you have to:
1. Log into your CEX.IO account or sign up if you do not have an account yet;
2. Select “Instant Buy”, which also is the fastest way in which you can purchase BTC on CEX.IO;
3. Select the amount of Bitcoin you aim to buy;
4. Select PayPal as payment method;
5. Click “Buy Now” and complete the transaction.
Bitcoin is still among the most popular investment options in the crypto industry. Being the largest cryptocurrency and blockchain on the market, Bitcoin has maintained its popularity since its launch in 2009.
While US citizens can buy Bitcoin directly on PayPal, other platforms allow users to purchase BTC using PayPal as a payment method, such as Coinbase, Paxful, Bitstamp, or CEX.IO.
Keep in mind that it is extremely important to check if a service is available in your area before making any investment plans that involve Bitcoin and PayPal.