The PayPal Bitcoin (BTC) initiative has been strong over the past few months. Ever since the payments group announced it would allow anyone to buy and hold Bitcoin, Ethereum (ETH), and other assets in its wallets, the prices of such currencies have gone way up.
This increase in interest is due to the platform changing how easy it is to buy Bitcoin.
Beforehand, potential investors new to the space would have had to sign up on an exchange, acquire a wallet, and figure out how all of that works. While it’s not the most difficult thing in the world to learn, it’s certainly not the easiest – especially for those who aren’t technologically minded.
However, if you’re one of those potential users who hasn’t invested and wants to learn how to buy BTC with PayPal, this guide has you covered.
But first, we’re going to answer a few common questions surrounding the PayPal Bitcoin rush.
Can I Use PayPal to Buy Bitcoin?
Absolutely! In fact, it’s one of the easiest ways to do so – especially if you already have a PayPal account handy.
Can I Withdraw Bitcoin From PayPal?
You cannot withdraw Bitcoin from PayPal at this time, though it is possible to make purchases with your assets, which are instantly converted to fiat at checkout. To put it bluntly, if you’ve been wondering “Can I transfer PayPal Bitcoin to my wallet,” you can’t.
How Does Bitcoin on PayPal Work?
Now it’s time to answer the top question: how does Bitcoin on PayPal work? Let’s break it down.
1. Log In to (or Create) Your PayPal Account
This part’s easy, especially if you already have a PayPal account. Simply log in and head to the “Crypto” section of PayPal’s dashboard. Otherwise, create an account with a relevant email address and password and go from there.
2. Select Bitcoin
Once you click on the Crypto section of PayPal, there will be a list of cryptocurrencies to choose from. Since we’re examining Bitcoin today, select that asset.
3. Click Buy
Now that you’re viewing Bitcoin, take a look at its price chart. The page will show you a price history of 24 hours, 1 week, 1 month, and more ranging all the way to its entire past.
Click buy, and the page will provide you with default $20, $50, $100, or $500 worth of Bitcoin. Otherwise, you can enter a custom amount. From there, you’ll choose a payment method. This is where having an existing account comes in handy.
If you’ve already had your PayPal account, simply choose an existing payment method and click “next.” You can also add a payment method via this page. If you want to buy BTC with PayPal, you can only do so with a debit card or bank account. PayPal does not accept credit cards for cryptocurrency transactions.
When your payment method is selected, you’ll see a review page with the exchange rate, the total price of your purchase, transaction fees, and more. If you’re liking what you see, simply click “Buy Now” and you’ll be set!
Once again, note that any cryptoassets you purchase via this PayPal Bitcoin process are ones you must hold on the platform. PayPal doesn’t allow you to withdraw assets to another cryptocurrency wallet, at least at this time of writing.