Did you know that, according to Intrado GlobeNewswire, the cryptocurrency market size is expected to surge to a record of over $5,000 million by 2026? The market is also expected to have a compounded annual growth rate of 30%.
If you’re interested in investing in cryptocurrencies, then you might be thinking of the possibility of buying Bitcoin with PayPal.
You might be wondering whether it’s possible to buy it with PayPal in the US or Canada, or whether there are other ways outside of paying with PayPal directly if it isn’t available in your country.
If you don’t have this information, you might feel overwhelmed. After all, the cryptocurrency investing market can be difficult to understand.
That’s why we’ve put together this guide. In it, you’ll learn all you need to about how to buy Bitcoin with PayPal. Finally, you can start investing in Bitcoin and making money. Read on to learn more.
Before you start buying Bitcoin with PayPal, you have to set up an account with PayPal. Whether you’re based in the US and buying directly through PayPal, or using one of the other methods in this article, you need a PayPal account.
Chances are, you want to set up a personal account to buy Bitcoin with. To set up your personal PayPal account, you first have to go to their website. Then, click on the Sign-Up button, which you can find in the top-right corner.
You’ll be asked to fill out a form. Details you need to include are your email address and password, as well as your name and the country where you live.
Next, click on Continue. Now, you’ll be asked to provide additional details. These include your phone number, address, and other information. When you click Continue, PayPal will immediately create your account.
However, if you want to be able to use PayPal, you still need to put in your credit or debit card details. To do this, click on Get Started. If you skip this step, you won’t be able to use your PayPal account as effectively.
Once you’ve added this information, there’s one step left. All you have to do is verify your PayPal account by clicking the link they’ve sent you to the email associated with your PayPal account.
Verifying Your Card
Now that your PayPal is verified, you have to verify the card (or cards and accounts) that you’ve put into the account. To do this, go to the Wallet section of the website. Then, select the card or account you want to verify.
Once you’ve selected it, click on Confirm Card. After this, click on OK. When you do this, PayPal will take out a small amount of money from your card or account.
When this charge goes through, it will show up as a four-digit code in your bank account or credit card statement. Once you have this code, go back to your PayPal account.
Then, go to Wallet again. Select the card or account you’re in the process of confirming and put in the four-digit code that appeared in your bank account or credit card statement. Finally, click on Confirm.
Now, you’re ready to start using your PayPal account to buy Bitcoin.
Buying Bitcoin with PayPal (through PayPal)
If you’re based in the US, then you can buy Bitcoin with PayPal directly through the PayPal mobile app or website. If you do buy Bitcoin with PayPal, keep in mind that you can’t actually withdraw the Bitcoin there from your wallet.
You can only use the Bitcoin in your PayPal wallet to pay for products and services online that have PayPal integrated into their checkout process.
This said, to buy Bitcoin with PayPal, Reddit research isn’t necessary when you use this method because it’s incredibly simple.
All you have to do is log into your US-based PayPal account at PayPal.com or through your phone app. Then, you’ll see that there’s an option available for buying cryptocurrencies, including Litecoin, Bitcoin Cash, Ethereum, and Bitcoin.
Once you’ve clicked on the Buy Cryptocurrency section, click on the “Buy” button next to the Bitcoin option.
Then, all you have to do is accept the terms and conditions, and you’ll be ready to go!
Buying with PayPal on Coinbase
If you aren’t based in the US, and instead in the UK or another European country, then you can buy with PayPal on Coinbase. Even though you won’t be going directly through PayPal, Coinbase accepts payments that come through PayPal.
You can also purchase cryptocurrencies on Coinbase from the US, so this is a useful platform if you want to buy other cryptocurrencies outside of the ones available directly through PayPal.
These additional cryptocurrencies include Tezos, BAT, USDC, and DAI.
To get started, you first have to open up an account with Coinbase. Once you’ve put in your details, you have to verify your email using 2-factor authentication. Then, you’ll have to verify your identity with your laptop camera or scanner.
This requires you to show yourself holding your government-issued ID. (Note that, if you were hoping to buy Bitcoin with Paypal with no ID, you can’t use Coinbase because of this step.)
Once you’ve done this, you can start buying Bitcoin. Simply choose PayPal as your payment method like you would with other online merchants.
Buying with PayPal on Wirexapp
If you plan on buying Bitcoin with PayPal consistently, then Wirexapp is the best choice for you. Even though the first time you make a purchase you’ll have to wait for 1 to 2 days for the purchase to go through, they’ll all be instant after that.
The countries you can this method in include Uruguay, United Arab Emirates, Slovenia, Slovakia, Serbia, Saudi Arabia, San Marino, Romania, Philippines, Oman, Morocco, Moldova, Mauritius, Malta, Malaysia, and Luxembourg.
They also include Lithuania, Liechtenstein, Lesotho, Latvia, Kazakhstan, Jordan, Italy, Indonesia, Iceland, Gibraltar, Georgia, Estonia, Croatia, Chile, Bulgaria, Bahrain, and the Bahamas.
First, you need to create an account with Wirexapp. You can do this on their website. Then, you’ll be asked to verify your account. Once you’ve done this, they’ll provide you with a virtual visa card that’s free.
(Note that you can get a physical one if you prefer, but the virtual one will make the process faster.)
If you want to use the online card, then you have to put $3 on the virtual card you were given by Wirexapp.
So go to your PayPal account, go to Money, and then select Add Card. Then, put in the details of the virtual visa card. Once you’ve done this, click on ‘Confirm My Card’ so that you can confirm the use of the card with PayPal.
When you do this, you’ll be using the $3 balance—which you’ll get back, don’t worry. This is a standard process used by PayPal to verify accounts. Then, PayPal will ask you to put in a PayPal code.
To find this code, go into your Wirexapp account. Once you’ve found the code, use it to confirm the card. Then, you’ll receive a message that says you successfully confirmed the card.
Now you’re ready to start buying Bitcoin using your PayPal account. However, you will need to withdraw funds from your PayPal to the card. This takes between 1 and 7 days.
While it’s a while to wait, once you’ve done this, you can easily buy Bitcoin.
Wirex is a great choice because you’ll be buying your Bitcoins at the market rate. With other methods, you’ll have to pay extra.
Note that, if you’re based in Canada, you can’t use Wirexapp. However, you can use VirgoCX, which you can learn more about at https://virgocx.ca/en-buy-bitcoin/.
Need More Information?
Now that you know all about buying Bitcoin with Paypal, you might need additional information. Maybe you want to learn about how to buy a Bitcoin miner with Paypal. Or maybe you want to learn about cryptocurrency investment strategies you can use.
Whatever information you need, you can find it on our blog. Simply go to the Finance/Personal Finance section of our website.
Here, you can learn about all the different ways you can make money from cryptocurrency investing. You can also learn about other finance strategies to save and make money in 2021.