Today I am going to explain you an easy and reliable way which if someone who is interested in buying Bitcoins through PayPal account can use and get the transaction done. Before this let’s check out few points:
Many people had faced difficulty in past where they identified that Bitcoin transactions with PayPal aren’t successful and in some cases people made some fraud claims as well and hence, due to charge back issues, PayPal is refraining such transactions. There may be some if and but here which you can try to figure out directly from PayPal Support in case if you would like to get more details.
Sometimes there are problems due to high charges and service fees which gets charged for such transactions
However, buying bitcoins safely with PayPal is still possible although it does also comes with high fees. There are only few possible ways to buy bitcoin with PayPal like VirWoX and LocalBitcoins , I will be focusing more here on the VirWox method
Since there is a risk of getting cheated while buying Bitcoins with PayPal from LocalBitcoins platforms so VirWox is one preferred method, Find below step-by-step, how to buy bitcoins with PayPal on VirWox
VirWoX is not a Bitcoin exchange and it mainly serves as a platform for people to buy Second Life Lindens which are called as SLL in abbreviation, a currency used in the virtual world Second Life. You can’t buy Bitcoin with PayPal directly at VirWoX, but it’s possible to first buy Second Life Lindens (SLL) and then trade your SLL for Bitcoin. This process works perfectly, but in the end it could cost you about 8% to 10% in in extra charges and this factor may vary down or up depending on the currency of your country since conversion charges is also one important factor here.
Steps involved here:
- You need to log into VirWox account and if you don’t have one then you can register from here
- Deposit dollars or euros using PayPal to VirWoX
- Buy Second Life Lindens with your dollars or euros
- Buy bitcoins with your Second Life Lindens
- Withdraw the bitcoins to your own wallet
Let’s find these in details
- Do a Sign- In on VirWox Platform
- In case if you don’t have an account already, you can register from here
- Now in this case it will show that you do not have any deposit so to start any activity here first the deposit needs to me made. There are limitations applicable for the new joiners since VirWox would prefer not to have any fraudulent activity done so over a period of time when the trust factor would build up then limits will keep on getting increased over a period of time.
- You can chose few PayPal Dollars to start with and buy Linden Dollars from those which will start reflecting in your account. In general please find below the duration which you may experience while making transactions.
- Now, chose an option to buy Bitcoins by trading your Linden Dollars and guess what, BINGO ! The deal is done.
- You might also want to check the trading market which you can before buying Bitcoin to get the best deal.
Now since you have your Bitcoins bought you would like these to be transferred into your Bitcoin wallet. One such wallet option is Blockchain in case if you don’t have one. There are many other options available as well and one such list could be found here.
Now get your Bitcoins transferred to you Bitcoin wallet and then it’s yours – you can use it, trade it, sell it – all up-to you.