Buying cryptocurrencies has never been more accessible. But it is still much more involved than most people expect. One of the main obstacles is finding a suitable payment method, especially with some banks taking a hostile stance towards cryptocurrencies.
Using PayPal to purchase your crypto makes things easier in several ways.
PayPal has established itself as one of the biggest and best payment processors on the market. Because PayPal is one of the most trusted payment providers out there, with an international presence, you can use PayPal to purchase Bitcoin from sellers around the world. Buying Bitcoin can be a bit of a headache if you haven’t done it before.
Most people assume that you simply go online, find a Bitcoin seller, and hand over your card details as you would for any other online purchase. But buying Bitcoin is often more complex than this, especially for people living in certain parts of the world. When you purchase Bitcoin this way, you are also at the mercy of the exchanges that you buy from in terms of price.
A better alternative for many people is to purchase their Bitcoin directly from other traders. Numerous platforms facilitate this activity. If you have ever browsed one of these platforms, you will know that many of the individuals selling through them will only accept direct bank transfers or PayPal payments, they won’t let you use a credit or debit card.
Contracts for Difference, or CFDs, are an increasingly popular means of trading Bitcoin. With a CFD, you do not actually own the Bitcoin that you are trading with. Instead, you essentially make a bet on how the market will move. You decide whether you expect the value of Bitcoin to go up or down and make a trade on that basis. There is no need for you ever actually to own the Bitcoin involved.
The range of cryptocurrency exchanges that enable CFD trading is growing all the time. Perhaps the best known of these is eToro. eToro has proven popular in large part because it is regulated by the financial conduct authority in the United Kingdom. This oversight, combined with the security benefits that PayPal offers, add up to a much more secure cryptocurrency trading experience than used to be available. What’s interesting is that you can buy Bitcoins with eToro or you can trade via CFDs as another option.
A big part of PayPal’s market dominance comes down to how simple it is to use. Not only is PayPal completely idiot-proof, but it is also a fast and reliable means of sending payments. As this Buying Bitcoin with playpal guide shows, it is easy to get set up to buy with PayPal. Once you’ve registered for a PayPal account, and linked your bank account and bank card, you are good to go.
Recently, PayPal introduced a One Touch feature, enabling users to pay via PayPal without having to enter their details every time. Once you have set One Touch up with your computer or smartphone, buying cryptocurrency via PayPal becomes even quicker and more straightforward.
Bitcoin offers buyers excellent protection from scams and other misconduct. Whenever you use PayPal to make a purchase, you are automatically covered by the buyer protection scheme. It doesn’t matter who you buy your cryptocurrency from; if you do it through PayPal, then you will receive this protection.
If there is any kind of a discrepancy between what you pay for and what you receive, PayPal will usually come down on your side. Whether you received the wrong cryptocurrency, the wrong amount of cryptocurrency, or there are any other issues with your purchase, a simple report to PayPal is usually all it takes to resolve the issue and get your money back.
A business like PayPal has no chance of achieving success if they cannot offer their customers security. A big part of the reason that it took so long for private payment providers to emerge during the early days of the internet was that people were not willing to trust anyone other than their banks with their financial information.
It has been a long and difficult fight, but PayPal has now established itself as being just as reliable and trustworthy as a major bank. In addition to the buyer protection outlined above, PayPal also uses state-of-the-art encryption to ensure that any data you exchange with them is secure. They also employ anti-fraud technology that enables them to identify and take down any potentially fraudulent transactions.
Using PayPal to purchase cryptocurrency offers numerous advantages over the alternatives. Before you purchase cryptocurrency, you need to vet the seller or platform you are using. PayPal’s buyer protection is comprehensive and gives peace of mind. But it is still better to avoid scams altogether if at all possible.
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