The new PayPal app and website let you buy cryptocurrencies such as Bitcoin, Bitcoin Cash, and Litecoin, as well as Ethereum and Litecoin, right from the app. However, to start buying cryptocurrency, you only need to have a PayPal account, https://bitcoinsystem.app/. With the same safeguards as when you use PayPal in other ways, this is how it works.
However, you can’t use those coins beyond the platform. It means that you can only use them to buy goods and services from merchants through the check-out service.
Steps to follow to buy Bitcoin
If you want to purchase Bitcoin with PayPal, you can follow these steps. You can then move the coins to other portals to do other things like invest in them or send them to your friends.
- Sign up
Firstly, you can use the Coinbase, LocalBitcoins, eToro, and XCoins platforms to get a free account. So, make sure you also have a PayPal account because it’s easy, quick, and free to set up!
- Load the PayPal account
Secondly, the PayPal accounts can be loaded with money or credit. This means depositing money into the PayPal account Visa or MasterCard cards can be linked together to do this. If you have a credit card, you can then transfer money from the bank to PayPal through the credit card.
- Purchasing with eToro and Coinbase
For this, you will need to log in to Coinbase or eToro. Then, you can proceed to PayPal for making it your payment method. Through an API connection, you connect your PayPal account to eToro or Coinbase and then transfer the required amount from PayPal to Coinbase or eToro. You then go to the purchasing function, and the amount of your purchase is charged or debited from your Coinbase or eToro account.
- Put the Bitcoin in the Wallet
This is the last step in the process of purchasing bitcoin with PayPal. The wallet address you use on a peer-to-peer platform like LocalCryptos or LocalBitcoins will already be there when you sign up for the platform. After the seller gives you the bitcoin, it shows up on your account as a balance. After that, you can spend it according to your choice.
On eToro or Coinbase, the bitcoin is also delivered to your account and shown in your balance immediately upon completion of the transaction.
Using Credit Card for Buying Crypttocurrency like Bitcoin
Are you aware of how to purchase Bitcoin using a credit card? The majority of crypto-hungry investors are currently eager to add BTC to their cryptocurrency portfolios.
This beginner’s article covers all you need to know about using a credit card to acquire cryptocurrency, including where to purchase Bitcoin using a credit card.
- Sign up
You first need to verify your account to be eligible for signing up at any crypt exchange platform. For verification, you need passport or any other government ID.
- Link the credit card
You can link your credit card from your account after you sign up. Now, enter the credit card number to complete the procedure.
- Instant buying of cryptocurrency
You can by crypto using debit, credit or even fiat currency. However, for easy transactions, you can use the Bitcoin Era app.
Bitcoin Limitations on PayPal
It’s good to be able to buy Bitcoin with PayPal, but there’s one big problem with that. You can’t move any Bitcoin you buy via PayPal to another Bitcoin wallet. Even though your cryptocurrency is in your hands at all times, you don’t have full control of it.
This, for many, opposes the fundamental purpose of crypto like Bitcoin. At the moment, every Bitcoin purchased via the PayPal cryptocurrency marketplace is tied to your PayPal account. PayPal does this to guarantee that its users’ information is secure. However, it isn’t very pleasant for many.
From the above information, now you can take adequate steps to provide efficient protection to your cryptocurrency investments. You should also make sure that you have an emergency fund and pay off high-interest debt before investing in crypto, whether you do it through PayPal or a credit card. And, whatever platform you select, invest time in learning about long-term crypto investment, coin security, and how to manage dramatic price changes.