Most of us are aware, Bitcoin is a type of digital currency that allows people to buy goods and services and also exchange money without the involvement of banks or government. All transactions with Bitcoin are anonymous to a great extent. While the transactions and accounts can be traced, it is highly difficult to find out more details about the account owners. This is why Bitcoin trading is quite popular among certain masses and this is the reason why we are going to tell you about how you can buy Bitcoins with PayPal in this post today.
PayPal is indeed a well-recognized payment system used all over the world. So, we thought you would like to know how to buy Bitcoins with PayPal account. Please note that buying Bitcoins with PayPal will mean that you will have to pay some extra fees depending on the Bitcoin exchange rate and transaction charges.
Also, you can’t buy Bitcoins with PayPal directly as direct use of PayPal is risky. For this, you have to use sites like Paxful or VirWox to buy them. With VirWox, you will have to pay a 9% fees but this is still the easiest, cheapest and fastest way to buy Bitcoins with PayPal.
How to Buy Bitcoins with PayPal Account through Virwox?
1. Open an Account with VirWox
First of all, you need to register for a free account at Virwox.com by filling the required details. Verify your email address by clicking the link in the email that they send you. Login and change your password. This is important. Otherwise, your account will be deleted. To change your password you will have to click the Change Settings link in the left menu. Choose a new password, confirm the password and then click Change Password button to save it.
2. Add Funds to Your Virwox Account using PayPal
Login to your VirWox account and then add funds to your VirWox account using PayPal. Please note that you may need to wait for a couple of days before you can deposit money in your VirWox account. The first deposit takes time. After that, you can deposit instantly.
Click the Deposit link in the menu on the left side of the screen.
You will get to see a list of the deposit methods and the charges associated with it. Go to the PayPal area and put the amount in USD or Euro form and make a deposit through checking out with PayPal. Please note that VirWox can control your initial deposit and buy limits, although these limits grow over time if you buy frequently.
3. Buy Linden$ (SLL) with USD or EUR
Now that you have made payment with your PayPal account to deposit money in your newly made VirWox account, you will be directed back to the VirWox website. You will get to see your updated VirWox balance in USD form. You will now have to convert this USD amount or the EUR amount that you have deposited into SLL. In order to do this conversion, click on the USD/SLL link in the menu of your VirWox account window. If you have deposited in EUR currency, you will have to click on an appropriate link that will be EUR/SLL in this case.
When you click on the required link, you will be directed to a screen that will allow you to convert your balance to SLL. Get to the Exchange USD to SLL section and select how much amount you want to sell in return for SLL. Press the Next button.
Confirm the order by pressing on Place Order button. Your USD amount will be sold for SLL and now you will see SLL balance along with USD balance.
4. Buy Bitcoins with this SLL Balance (linden$)
Converting the currency into SLL balance was a very important in order to buy Bitcoins with PayPal. You can now buy Bitcoins with SLL by clicking the BTC/SLL link in the menu on the left side of the window. You can sell some of your SLL balance in exchange for Bitcoins.
Go to the Exchange SLL to BTC section. Once you are there your Bitcoin amount will by default be set to the maximum you are allowed to purchase with your SLL balance. Click on the Next button and sell your SLL to get some Bitcoins in exchange.
Through this, you will be able to buy Bitcoins with PayPal money by using the VirWox medium. You will have to confirm your order for Bitcoins by pressing Place Order button to buy the Bitcoins by finally selling your SLL balance in VirWox.
Once you click on the Place Order button, you will see a confirmation screen for your order. And you will also be shown your SLL balance as well as your BTC balance in the left menu which will again reflect your purchase of Bitcoins.
5. Withdraw Your Bitcoins to Add them to Your Bitcoin Wallet
You right now have bought Bitcoins in VirWox which is reflected in your BTC balance. But you can also withdraw these Bitcoins to your own Bitcoin eWallet through VirWox. This is easy. Just click the Withdraw link in the left menu of your VirWox account.
Specify the number of Bitcoins you want to withdraw to your Bitcoin wallet. And specify the Bitcoin wallet address that you want your Bitcoins to be transferred to. Once you have added the required information, click on the Request Withdrawal button.
This will start your transfer of Bitcoins. You will get confirmation for the withdrawal once the Bitcoins transfer has been processed. This will also be reflected in your updated BTC balance in the left menu of VirWox window.
The Final Words:
Using VirWox it gets pretty easy to buy Bitcoins with PayPal money that you have. You just need to add balance to VirWox, change to SLL balance and then buy Bitcoins in exchange of SLL, which can then be transferred to your Bitcoin wallet. It’s easy! You can also use your bitcoins to buy anything on the dark web and other related online shopping websites and stores.