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Bitcoin prices continue to drop and rise every day, which keeps it in the news and piques the interest of people who want to invest for the first time. But Bitcoin is not a safe way to invest. There’s no guarantee that you’ll make money or even get your money back. Even though the price of a Bitcoin has gone up by more than 4,000% as of 2016, it lost almost £16,000 in value during a crash between 2017 and 2018.
Since cryptocurrency trading has become more popular, there are more ways than ever to buy cryptocurrency. Even though many traders still prefer to use a credit or debit card, more and more of the best brokers and exchanges are adding the option to buy Bitcoin with PayPal. We’ll go over all the details of how to purchase bitcoin using PayPal in this post.
How to Use PayPal to Buy Crypto
PayPal requires a login to purchase crypto. If you have a PayPal account, you may purchase crypto by clicking a “crypto” button and selecting coins. You can buy Bitcoin, Litecoin, Ethereum, and Bitcoin Cash all through the PayPal app. But if you’re a new investor, experts say you should stick to Bitcoin and Ethereum. To finalize your purchase, you will need to have accessible cash, a debit card that is attached, or a bank account that is linked. You can spend anywhere from $1 to $100,000 per week. Like many other crypto exchanges, PayPal charges a fee when you buy or sell crypto. The fee depends on how much you buy.
Why Use PayPal to Buy Bitcoin?
Many customers in the United States like the option to buy Bitcoin with PayPal for multiple reasons, including the following:
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Quick Deposits
The first advantage of using PayPal to buy Bitcoin is that deposits are processed right away. This means you don’t have to wait 1-3 business days to buy Bitcoin, as you do with ACH or even bank wire transfers.
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Encrypted
Using a licensed broker is the most secure option to purchase Bitcoin using PayPal since your login information is secured. This means that when you make a deposit, your broker won’t be able to see your username and password.
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Fast Cash-Outs
Most of the time, e-wallets like PayPal are the fastest way to get money out of a cryptocurrency exchange or even broker. As soon as your selected provider permits a withdrawal, the funds should immediately be sent into your PayPal account.
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Pre-Saved Payment Details
Your debit card or credit card information will already be preserved in your e-wallet account when you choose to purchase Bitcoin via PayPal. You do not need to input your payment information at your preferred Bitcoin broker.
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Secure
When you buy Bitcoin with PayPal, you don’t have to worry about getting ripped off. This is because PayPal provides Buyers with Purchase Protection, which protects them if anything goes wrong with their money. For instance, say you use PayPal to add money to a cryptocurrency exchange. If your money is accepted, but you do not get your Bitcoin as promised, PayPal will refund you after a brief review.
Conclusion
Keep in mind that any investment in cryptocurrency is very speculative, so you should only put up money that you can afford to lose. Before investing in crypto, you should have an emergency fund and pay off high-interest debt. And regardless of the platform you choose. You should spend some time educating yourself on how to make profitable investments in cryptocurrencies over the long term, how to keep your coins safe, and how to manage volatile price changes.
