Although buying Bitcoin is a lot easier today than it used to be, there are still some issues. First of all, a Bitcoin wallet is needed because almost all exchanges require one. After getting a wallet, you need to make an account, choose a paying method and to connect your account/wallet to a credit or debit card. Easy step by step guides can be found online.
Buying Bitcoin with credit cards is the easiest and fastest, but bank transfers offer the cheapest rates. That’s why choosing a payment method should be based on factors that are most important to you. Exchanges are legally obliged to check a buyer’s ID and location. Having the required documents ready will speed up the time needed to validate a buyer’s account. In the end, before any purchase, background research is essential and beneficial. Two currently popular ways of buying Bitcoins are through eToro and VirWoX.
The easiest way to buy Bitcoin through PayPal, if your goal is to profit from Bitcoin’s price swings, would be through eToro. The platform will allow you to buy Bitcoin with PayPal but one will not be able to withdraw them or send them to other people – one will only be able to sell them for fiat currency (i.e. Dollars, Euros, etc.). This method is only valid for those who live outside of the US. If someone’s only looking to profit from price swings and don’t require the actual Bitcoins this is probably the easiest and cheapest way to go.
VirWoX primarily serves as a market for Second Life Lindens, a currency used in the virtual world, Second Life. Although one cannot buy Bitcoin with PayPal directly through VirWoX, it is possible to buy Second Life Lindens (SLL) and then sell these for Bitcoin.
Although this process is complex, it works really reliably.
The major con is that all the associated fees total roughly 10%.
A quick step-by-step guide on how to buy Bitcoin with PayPal on VirWoX exchange:
- Deposit dollars or euros using PayPal to VirWoX exchange.
- Purchase “Second Life Lindens” with your USD or EUR
- Buy bitcoins with “Second Life Lindens”
- Withdraw the BTC to Bitcoin wallet!