Anil Kondla
Last Updated on July 4, 2024 by Team Experts
It’s more common these days for users to purchase various amounts of crypto through PayPal, that’s because it’s universally accepted generally as a means of transferring funds, and allows for instant transfers, as opposed to bank transfers.
What PayPal Actually Is
PayPal has gained popularity over the last decade or so. It became popular for smaller businesses to be able to make online payments without incurring any extra fees or minimum requirements. Over the years, PayPal became more accessible, meaning that more people had access to it.
It works very easily and allows an instant all-in-one payment. You can use it to send money to friends and family, or pay businesses. You usually link your debit card to an email registered with PayPal, allowing you to pay for goods and services simply by logging in your email at payment.
What Crypto Actually Is
A cryptocurrency can be defined as a digital currency that is locked in by cryptography. What this means is, that it is one of a kind that cannot be copied or spent more than once. Most of the time, crypto will be gathered and worked on from something known as a blockchain, which is worked on by many devices.
What appeals to crypto buyers, is that there is no banking system in place, meaning they are exempt from any government interference and whatnot. No banking system also means there are no fees such as overdrafts being paid off.
Crypto That Can Be Bought With PayPal
Of course, you can buy Bitcoin via PayPal through a range of different methods, but It doesn’t stop there. Ethereum is one of the more popular crypto tokens that is rising in value, and has now been integrated to work with PayPal, and is seen as a cheaper investment compared to Bitcoin.
It’s not only Ethereum that can be bought with PayPal, but the up-and-coming Tether crypto can be too. In fairness, you’ll probably be able to buy most cryptos through some sort of PayPal payments, either with a third party or an integrated site.
Other Places You Can Buy Crypto
There are several different outlets available for users to purchase Bitcoin away from PayPal themselves, who have problems with the process that we’ll talk about in the next section. The most common is through online P2P marketplaces. These marketplaces are ones that users buy and sell to each other, often with varying prices and nationalities attached.
The bonus with using these marketplaces is that you can get past any third-party sellers and deal with actual people instead. You can even look at their reviews and ratings, to get a feel for how trustworthy they are, so buy Bitcoin with PayPal on Paxful instead, as you’ll be able to get better value for your money.
You can also search for specific offers from users, and even find limits on purchase and values, to get the right price for you. Some users will sell their coins at the press of a button, for instant transactions, whilst some will take place over a few days. Either way, they will inform users of that, and tell them what’s needed for receipts, if anything.
Why You Don’t Technically Own The Bitcoin Through PayPal
Interestingly, whilst PayPal does allow you to purchase Bitcoin through their own sites and sources, they don’t entirely support the process. Through their resources, you can buy assets of crypto such as Bitcoin, and hold them and even sell them.
That all sounds good so far, but you can’t send crypto to a wallet outside Paypal. Not only that, but you can’t even use the crypto PayPal assets to pay for goods or services. It’s a strange thing, and it is most likely due to the fact that cryptos such as Bitcoin were introduced to get around third-party financial transaction providers such as PayPal, so their fight against it is understandable.
With that said, there is still nothing stopping users from using PayPal for buying and selling crypto on external sites, such as the P2P marketplaces mentioned earlier. As at the end of the day, PayPal is just a payment provider.
What Else You Can Use PayPal Payments For With Crypto
As well as investing in crypto thanks to PayPal, you can actually use it to buy and sell gift cards, all through Bitcoin sellers. The market for crypto is being explored every day, with new avenues for opportunities for sales.
There are many different products available through PayPal in regards to crypto, so it’s worth having a look for yourself to see what’s available.
Also read about: Should Your Business Accept Cryptocurrency?
