Last year PayPal announced it would allow users to buy, sell, and hold cryptocurrencies like Bitcoin. So, starting in 2021, you can convert your PayPal Dollars into Bitcoin. You will also be able to learn about crypto and track crypto prices without leaving the app.
As of now, only people in the US can buy Bitcoin from PayPal. The best part is that there are no transaction fees for buying or selling crypto until 31st December 2021.
But, the question remains, how to convert PayPal to BTC. In this article, we will discuss exactly that. Let’s get started.
- Login to Your PayPal Account: Visit PayPal and log in to your account.
- Select Crypto from Dashboard: Visit your dashboard and click on “Crypto.” You can find it beside the “request” option.
- Buy Bitcoin: You will be redirected to the Bitcoin page, where you can check prices. Then, click on the buy button.
- Verify Identity: You will then be asked to verify your identity to buy Bitcoins.
And, voila! You have converted your PayPal dollars to Bitcoin.
The good part is that you don’t have to be a crypto expert to buy or sell Bitcoins. PayPal provides lots of articles that can help you understand the crypto market and get better at it over time.
Having said that, it is not the only way to convert PayPal dollars to Bitcoin. Here are some more ways:
- LocalBitcoins: It is an online marketplace where you can connect with sellers and buyers. To convert PayPal dollars into Bitcoin, follow these steps.
- Create an account in LocalBitcoins. However, that’s not mandatory.
- Click on buy Bitcoin.
- Select your location, currency, quantity (of Bitcoin), and payment method.
- In the next step, you will see a list of sellers. Choose the one that you feel is reliable.
- Pay via your PayPal money, and you will have Bitcoins in your wallet.
However, it is recommended to verify the seller before you pay them.
- Paxful: Similar to LocalBitcoins, Paxful is a peer-to-peer marketplace that lets you to convert PayPal into BTC. Here is how you can use it:
- Create your account in Paxful.
- Click on buy Bitcoin.
- Choose PayPal as your payment method.
- You can then pick a seller or allow Paxful to find the perfect seller for you.
As soon as you initiate the trade, you will be redirected to an online conversation with the seller where you can settle the deal. The seller’s Bitcoins will be sent to escrow, and as soon as you send the payment, it will be sent to your account. However, you must settle the deal within 30 minutes (or as decided by the platform), or it will get canceled automatically.
And while there are a lot of other crypto exchanges as well, not all support PayPal as a payment method. For instance, you cannot buy Bitcoin on Coinbase using PayPal dollars.
However, if you still want to go with major exchanges that don’t support PayPal (as of now), you can consider withdrawing your PayPal dollars to your bank account. Then, visit the exchange of your choice to buy Bitcoins.
Bitcoin has become a hot asset, especially after Elon Musk has tweeted about it. Besides, Tesla has bought more than 45,000 Bitcoins in the month of January. If you are looking to convert PayPal dollars to Bitcoin, now is the right time.
Use the steps mentioned above to convert your PayPal dollars into Bitcoin. Happy Cryptoing!