Top 5 Reasons to Buy Cryptocurrencies with PayPal
Cryptocurrencies have gone mainstream as people seek to move from centralized cash. Bitcoin, the biggest cryptocurrency in the world, has seen its market cap grow to over $800 billion in slightly over a decade.
In total, the industry is now worth more than $1.9 trillion, making it one of the biggest asset class. In this article, we will look at how to buy Bitcoin with PayPal and explain some of the reasons why you should consider it.
How to buy Bitcoin with PayPal
There are several ways of buying Bitcoin with PayPal. First, if you are in the United States or the UK, you can buy Bitcoin and select cryptocurrencies directly from your mobile wallet. You just need to navigate to the cryptocurrencies tab, select Bitcoin, and then complete the transaction. This process will take a few seconds.
Second, you can find a cryptocurrency exchange that accepts paypal to buy cryptocurrency and create an account with it. There are several companies like Coinbase that allow you to use PayPal and other online wallets.
Third, you can use the peer-to-peer marketplaces like Local Bitcoins and PaxFul that give you access to thousands of Bitcoin traders. All you need to do is to find a seller who accepts PayPal and strike a deal to buy Bitcoin. He will then deposit the BTC in an escrow account and release it as soon as you send the funds to his PayPal account.
Further, you can use your PayPal-issued Mastercard card to buy Bitcoin. Also, you can buy Bitcoin using Venmo, a company that is owned by PayPal.
Cheap to use
One of the main benefits of using PayPal to buy Bitcoin is that it is a very cheap option to use. When you are buying it using its mobile or website, the company does not charge you a fee. Instead, it makes money through the difference of the bid and ask prices. Therefore, if you are a PayPal user who wants to avoid paying hefty fees to a broker, using the application will save you some cash.
Easy to use
Another advantage of using PayPal to buy Bitcoin is that the process is simple to use regardless of the process you are using. For example, when buying it in your application, you will typically complete the process within a few seconds. If you have cash in your account, PayPal will automatically deduct it. On the other hand, if you don’t have the cash, PayPal will deduct it from your bank account.
On the other hand, if you are using an exchange like Coinbase, all you need to do is to link it to your PayPal address. Completing the transaction is a simple process that takes less than a minute to complete.
Use on mobile
Meanwhile, many people love using PayPal to buy Bitcoin because of its ease of use in mobile platforms. PayPal has an intuitive website that is optimized for mobile browsers. In addition, it has a mobile application that works well in both Android and iOS.
These apps make it possible for you to buy Bitcoin at any time regardless of your location. You can even buy it when you are in a foreign trip or when you are going to work.
Most importantly, the ease of use makes it possible for you to manage and spend your funds well. For example, if you have Bitcoin in your PayPal account, you can easily change it to dollars and complete a purchase that you urgently need. Besides, PayPal is accepted in most shopping platforms like eBay.
PayPal is secure
Another benefit for using PayPal to buy Bitcoin is that it is one of the most secure applications in finance. The company has achieved this by investing billions of dollars in security. It has also added multiple features that help people to secure their accounts. For example, there is a two-factor authorization that sends a notification when one is signing in.
Multiple ways of buying Bitcoin
Further, as mentioned above, PayPal provides multiple ways to buy Bitcoin. For example, you can link it to a company like Coinbase and then complete the transaction in a short period. Further, you can just load cash to your PayPal account and then spend it to buy Bitcoin. These options are important because they help you to simplify the acquisition process.
PayPal is one of the leading companies in finance. It has a market value of over $100 billion and more than 426 million customers globally. In this article, we have looked at some of the top benefits of using it to buy Bitcoin. Still, there are several cons of using it. For one, most Bitcoin exchanges like Gemini, FTX, and Kraken don’t accept the platform. Also, the process of buying it using the app is only available in a few countries.