How to Buy Bitcoins using PayPal
Many people are wondering whether you can purchase bitcoins using Paypal, and what is the process behind it. Purchasing bitcoins using your PayPal account could be confusing and difficult at the beginning. However, this guide will show you how fast and simple this seemingly complicated process can be.
This article is a comprehensive guide/tutorial on how to convert your PayPal funds to bitcoin.
Before going to the tutorial, you need to understand this: VirWoX is the easiest and most popular method to purchase bitcoins using PayPal.
This guide will give useful hacks on how to use VirWoX. It involves some steps that you need to understand well.
Using VirWoX is very effective and it is currently the best way to buy bitcoins with your PayPal account.
If you’re wondering whether VirWoX is a bitcoin exchange, well, it is not and it does not claim to be one. To be clear, VirWoX is technically not a bitcoin exchange. It mainly serves as an exchange market for Second Life Lindens. Second Life Lindens is a currency that is used in the virtual world Second Life.
You cannot directly purchase bitcoins with PayPal through VirWoX. However, it is possible to purchase Second Life Lindens (SLL) and then sell these SLL for bitcoins. It may seem like this process is complicated and requires several confusing steps, but this is a very reliable and safe way of getting bitcoins.
Here is the step-by-step guide on buying bitcoins with PayPal on the VirWoX exchange:
- Using your PayPal account, deposit dollars or euros to the VirWoX exchange.
- Buy Second Life Lindens (SLL) by using the dollars or euros that you deposited in the VirWoX exchange.
- With your newly-purchased Second Life Lindens, you can now buy bitcoins.
- Withdraw the bitcoins you purchased to your own Bitcoin wallet.
Additional notes when using the VirWoX exchange method:
- You may need to wait for a couple of days after opening a VirWoX account before you can deposit money.
- After your first deposit, future deposits can be made instantly.
- Your initial buying limit is $90 per day or $270 per month. However, this limit can quickly grow with time.
- You will need a Bitcoin wallet to withdraw your coins after purchasing them.
Pros of this method:
- This method is the easiest and perhaps the most reliable way to purchase bitcoins using PayPal.
Cons of this method:
- This very convenient way of purchasing bitcoins with PayPal comes at a price: You need to pay an additional 10% in associated fees. It is totally understandable that the 10% fees are a bit steep for buying bitcoins with PayPal.
- Open an account on VirWoX
Click on “Not registered yet?” on the homepage.
- Enter your account details.
Type your basic and personal information. To avoid confusion, do not fill in the “Link to Avatar” section yet.
- Check your email.
Your account has been created, but you need to verify it by checking your email. A temporary password will be sent to the email you provided in Step 2.
Important Note: Since this password is temporary, it must be changed. If the password is not changed within the next 24 hours, the account will be deleted.
- Change your password.
Use your temporary password to log-in to the VirWoX account. Once you have logged in, click on “Change Settings” which is found on the left sidebar under the heading “My Account.”
- Create a new password.
Enter a new password. Make sure that the new password that you choose is a strong password since you are dealing with money. The recommended password should have one symbol, one capital letter, and one number included.
- Deposit from PayPal
Once your password has been changed, click on the word “Deposit”. This is located on the left sidebar under the “My Account” heading.
- Deposit and select amount.
Scroll down and select the option to deposit with PayPal. The section title is “PayPal Express Checkout”. Enter the specific amount that you wish to deposit. Click the “Checkout with PayPal” button.
- Login to PayPal.
Log-in to your PayPal account. Check if your deposit is the correct amount that is indicated in your PayPal account. If the correct amount is not reflected, go back to step & and enter a new amount.
- Verify your account balance in VirWoX.
If you were able to follow PayPal’s directions successfully, you will be able to see the correct balance on your VirWoX account. Please note that the amount that is displayed on your VirWoX account may be a little less than the actual amount that you entered in Step 7. Please account for the 2.9% + $0.30 fee that PayPal charges per deposit.
If you deposited with US dollars, click on USD/SLL. If you deposited with Euro, click on EUR/SLL.
- Trade your USD or EUR for Second Life Lindens.
Buy Second Life Lindens (SSL) by selling the USD/EUR you deposited from PayPal.
Enter the amount of USD you want to sell. It begins with “I want to sell…” Then click the “next’ button.
- Complete your order.
Check if you already have an SLL balance. Click on the BTC/SLL on the left sidebar. You are now ready to exchange SLL for bitcoin.
- Exchange SLL for bitcoins (BTC).
Enter the amount of bitcoins you want to buy, and then click the “Next” button.
- Purchase bitcoin.
You will now be able to see your balance in BTC displayed on the screen. This means that you have successfully purchased bitcoin using your PayPal account.
- Move your bitcoin from VirWoX into a Bitcoin wallet, which you have opened beforehand.
Here are some answers to common questions regarding above method for buying Bitcoins using Paypal:
- Is there any other faster and better way aside from VirWoX to buy bitcoins through PayPal?
Unfortunately, there really is no other way. The VirWoX exchange is the best and fastest way to purchase bitcoins via Paypal. PayPal actually prohibits its users from selling bitcoins for PayPal funds. Even if sellers were permitted to accept PayPal for bitcoins, there is a huge risk of fraud. The chargebacks would be very high and premiums or fees would be higher compared to using VirWoX.
One alternative is for you to locate a local dealer, which is usually found at a Bitcoin meetup.
- Does PayPal accept bitcoin as a deposit method?
You are not able to fund your PayPal account using Bitcoin. But, you can use an exchange such as Coinbase. With Coinbase, you can sell your bitcoins to your very own PayPal account. However, you cannot buy bitcoin with PayPal on Coinbase. You can only sell bitcoins from your Coinbase account TO your PayPal account.
- Is there such a thing as a PayPal Bitcoin Wallet?
The PayPal and Bitcoin integration is, unfortunately, just a rumor. As of this writing, PayPal has not included Bitcoin with its services.
- Can I purchase Bitcoin even without a PayPal ID?
VirWoX does not require ID to purchase but you may be mandated to use a verified PayPal account.