Using Paypal to Buy Bitcoin: 6 Easy Methods
While you can buy Bitcoin directly through Paypal now, their functions are still fairly limited. Working is currently ongoing to expand the service, make it more user-friendly, and even implement third parties.
However, for now, if you’re not wowed by what Paypal has to offer but want to use your Paypal account, you can instead buy Bitcoin from a platform that accepts Paypal as a payment method.
At the moment, this is the easiest solution. So, let’s look at what options you have so you can decide which is best for you and your needs.
LocalBitcoins is a platform where you can buy directly from the seller. The advantage of this is you can buy only at a price you’re happy with and you can buy faster. However, the downside is that seller credibility is definitely something to keep in mind.
Unfortunately, if someone screws you over, don’t hold your breath that the website itself will be able to help you in any meaningful way.
Having said all that, if you don’t make any rash decisions, keep an eye open for scammers and not buy unless you’re 100% happy, you should have a smooth, simple, safe experience. It is still a secure and trusted platform that is both convenient and easy to use.
- Connect directly to the seller
- Check seller’s credibility before buying
- You’ll have to pay fees to LocalBitcoin for their hosting
Coinbase is a great shout due to how trusted they are as a currency exchange. They are one of the most well-known and safe options for exchanges, therefore, you can have the same peace of mind when buying Bitcoin through them.
However, while you can now use Paypal to buy, as of this year, unfortunately, you can’t use the balance in your account. Rather you have to use the bank card connected to your Paypal account. This does add a restriction, of course, but the limits are reasonable. You can spend $25,000 per day maximum but keep in mind you may have to pay both Coinbase fees and Paypal fees on top of any purchase.
- Highly secure and trusted site
- Can’t use Paypal balance only bank account that’s connected
- Limit of $25,000 a day plus fees
- U.S residents only
- Can withdraw from Coinbase into Paypal balance
This site xCoins.io is NOT the same as xCoins.com. This site is a platform whereby users can buy Bitcoin using their Paypal balance. While it’s a great option in the sense that it is a long-standing platform that is safe and secure to use, you are limited to only spending $100 a day. This is incredibly disappointing, especially when we are talking about something like cryptocurrency.
- Daily limit of $100
- One of the only options to use Paypal balance
- Long-standing site that is well trusted
- High fees due to their current uniqueness
eToro is a little strange, to say the least. This site makes its money based on users speculating on Bitcoin. I.e, a user speculates wrong, and eToro makes a profit. You can use this platform to withdraw your crypto but it’s so complicated that it’s not even worth considering.
Seemingly, this was done on purpose by the company to discourage using their site as a wallet or withdrawing Bitcoin.
However, eToro is a great place if you want to speculate and make some quick money from a price swing. You can make profits but using fiat currency. This site has made the list because ultimately, they do accept Paypal, but it’s not a good option for buying, selling, or sending Bitcoin.
- eToro makes money from users speculating Bitcoin prices incorrectly
- You can make a profit from price speculation but it’s too complicated to use for buying or selling crypto
- Low fees for using the platform
Like LocalBitcoin, Paxful is a platform that allows users to buy and sell directly to and from each other. A great advantage of this site is that you can buy using Paypal, gift cards, credit cards, Skype credits, and more. It’s a simple site, you can get started straight away after making an account, and find exactly what you're looking for.
- Users from all over the world so you should have no problem making an account regardless of where you are in the world
- Accepts multiple forms of payments
- Poor exchange rates so wet your expectations
- Check seller’s credibility before making any purchases
We can’t have this list without quickly touching on Paypal itself. As of October 2020, users have been able to buy Bitcoin using Paypay’s own digital wallet. They do this in partnership with Paxos which enables people to store Bitcoin with them and spend them where applicable.
Changes are being made to the system to enable better features and allow access to more people around the world so it’s worth checking in with the platform from time to time to see how many changes have been implemented until you’re happy to use them.
However, right now, users can’t send their coins to other users’ wallets nor receive them, although it’s expected that this will change shortly.
- U.S residents only for the moment
- Fees vary between 1.5% and 2.3%
- The maximum limit is $10,000 per week
These are currently the 6 ways you can use your Paypal account to buy Bitcoin. All the platforms vary in how they work and what they charge. So for now, there is a good range to see which suits your needs best.
However, hopefully, in the future, more platforms will enable paying with Paypal and Paypal itself should also have more features on their own site.
In the meantime, if you want to get involved with Bitcoin but aren’t sure of the best route to take, we can help you.
At Mining Syndicate, we operate the largest Mining Pool in Texas and are opening new mining warehouses in other states as we speak. We offer the easiest, safest, and most affordable way for everyone and anyone to get involved in the future of Bitcoin!
What Is a Mining Pool?
A mining pool is a group of people who collectively agree to pool their resources and share the profits.
For example, have you ever split the cost of a bunch of lottery tickets with work colleagues or friends with the agreement that if one of the tickets wins you all share the prize? While you might have to share the prize, there is more chance of you winning in the first place.
After all, it’s far better to share $1 million, than it is to keep 100% of nothing.
Well, a mining pool works in the same way. The group of miners will collectively use their resources to create more mining power. The more mining power you have, the higher the chance is that you will generate a block on the blockchain and therefore, receive the reward.
One of the best parts of joining a mining pool is that you don’t have to match other investors. The reward is divided relative to how much power each member contributed. This means you don’t have to be stinking rich or own a ton of resources in the first place. You simply take out proportional to what you put in.
Change Your Future with Mining Syndicate
If you would like any more information about starting or expanding your Bitcoin horizon; reach out to us at Mining Syndicate. Our mission is simple: Strengthen the Bitcoin network by enabling small-scale miners to affordably purchase and reliably host miners.
As a small miner, Chris became frustrated by the lack of hosting options available for miners with under 100 units. As luck would have it, he found a 2.5MW mining facility for sale right down the road, and thus, Mining Syndicate was born. Facilities #2 and #3 are already in the works.
Why is Mining Syndicate so successful? Because we have a team of people who are just like you, eager to be a part of the future of mining. If you would like more information about how you can be a part of Mining Syndicate, how our facility works, or the products we sell, you can reach out to us here.
You can also check out our list of miners we currently have in our catalog, as well as our list of best sellers.
We look forward to hearing from you - together we are stronger!