Short Intro to Zcash
Zcash is a privacy coin that was created in 2016 as a result of a fork from the Bitcoin Blockchain. But, unlike Bitcoin, Zcash keeps all transaction data confidential. It has two modes in which you can transact: private and transparent, which enables you to choose if your transactions will be anonymous or public.
Buy ZCash with PayPal
There is no direct method to buy Zcash with PayPal account, which means that you first have to buy Bitcoin through a method that accepts PayPal as payment. Then, you will have to go to an exchange that supports Zcash and trade your Bitcoin for ZEC.
The first option to buy Zcash with PayPal involves using a peer-to-peer exchange like Paxful or LocalBitcoins. The platforms pair Bitcoin buyers with sellers, and various payment methods are accepted, including PayPal.
In today’s article, we will be using LocalBitcoins as an example.
- Enter the site, select a country and choose PayPal from the drop-down menu to see all the open PayPal-for-Bitcoin offers.
- A page featuring ads that accept PayPal for Bitcoin will appear. Click on the ads you are interested in to open them.
- Carefully read the terms of trade section before placing an order. Sellers have various conditions that must be met before agreeing to the trade, such as providing a photo ID.
- Click on the buy button of the offer you are interested in or create your own offer.
Other platforms that accept PayPal payments are crypto exchange VirWox and a crypto debit card issuer Wirex. Wirex is not available for US residents.
Step One: Register on VirWoX for an account
- Go to VirWoX.com, and access the “Not Registered Yet?” link.
- Enter your user name, email address, first name, last name, country, and language of choice. The rest of the fields are to be left blank.
- After this, you will receive an email containing a temporary password.
- You will then have to log into your account, access the “Change Settings” tab and change the password. If the password isn’t changed, VirWoX will delete your account.
- Ignore the “Your avatar connection has not been validated yet” message.
Step Two: Deposit Money
- Click the “Deposit” link in the menu on the left side of the screen.
- Scroll down and find the PayPal option.
- Enter the amount you want to deposit and hit the “Checkout with PayPal” button.
- After you have been re-directed to your PayPal account, log in and make the payment.
Step Three: Trade Fiat currency into Linden Dollars
- After the payment has been confirmed, you will be taken back to the Virwox homepage. Once here, you will have to click on the link on the trading pair that features your fiat currency (EUR/SLL, USD/SLL, GBP/SLL). For instance, if you have made a deposit in EUR, then click on EUR/SLL.
- You will then be redirected to a page which will allow you to convert your currency into Linden Dollars.
- Here you will have to choose from two trading options: market trade and limit trade. Market trading means that you agree to sell your currency for Linden Dollars at the highest price another trader has already agreed to pay. Limit trading is when you specify the price you are willing to pay for your currency.
Step Four: Trade SLL into Bitcoin
- Now you can use your newly acquired SLL to buy Bitcoin, by clicking on the link of the BTC/SLL trading pair.
- The amount of Bitcoin will be automatically set to the maximum number you can buy with your current SLL balance. You can also use Limit Trade to set which price is most convenient for you.
Step Five: Setup Bitcoin Wallet
Next, set up a Bitcoin wallet. If you already have one, skip this step. We will be using blockchain.info in this example, but feel free to use other Bitcoin wallets.
- Enter blockchain.info/wallet/ and click on create your wallet.
- Enter your email address and set a unique password.
- Click on Receive and your wallet address will appear.
- Finally, click “Done”.
Step Six: Transfer BTC from VirWoX to your Wallet
- Click on the “Withdraw” link under “My Accounts” tab to withdraw your Bitcoin from your VirWoX account to your wallet.
- Specify the amount you intend on withdrawing and the Bitcoin wallet address you want your Bitcoins to be sent. Paste your Bitcoin wallet address and click the withdraw button.
- Now you will have to wait for your transaction to be confirmed by the Bitcoin blockchain.
It should be noted that Bitcoin transfers done via VirWoX accounts, can take up to 48 hours. A confirmation message will be sent to you, once the withdrawal process is complete.
Buy Zcash (ZEC) using Bitcoin
Zcash is supported on a wide list of crypto exchanges including Binance, Bitfinex, Poloniex, Shapeshift, Changelly, Gemini, Huobi, HitBTC, and Kraken. Choose the exchange that you think is best for you and follow the steps presented below.
Sign up for an account on the exchange of your choice. You will be required to provide an email, username, and password.
Log into account, generate Bitcoin deposit address and deposit your Bitcoins by transferring from your blockchain.info wallet.
Enter your blockcchain.info/wallet and click on the “Send” button; enter the amount and your exchange address. Click “Confirm” on the pop-up message.
You will be notified when the funds have been deposited to your exchange account.
You can now purchase Zcash (ZEC) with your new Bitcoins. Click on the ZEC/BTC pairing in the markets section. Add the number of Zcash (Zec) you want and hit the buy button.
We hope that our options for how to buy Zcash with PayPal will be of use to you in your quest to attain ZEC coins.