Bitcoin, the most valuable cryptocurrency, hit a record high of $63,000 early this year, and since then investors are waiting for the right opportunity to diversify their portfolios with bitcoin investment. PayPal is used by millions of people globally to send and receive money. Keeping in mind the convenience that comes with PayPal, many people across the globe want to know if they can buy bitcoins using PayPal. Are you one of them?
The PayPal Bitcoin initiative, which was announced in April 2021, has laid the foundation for easy purchase of this cryptocurrency. Not just bitcoins, PayPal also announced that it would allow anyone to buy and hold Ethereum and other assets in its wallets which shot up the prices of these investment opportunities.
Before the PayPal initiative, potential investors had to sign up on a crypto exchange portal, get a wallet, and figure out the lengthy process. While it wasn't the most complicated procedure, it was surely not as easy as how it is on the PayPal platform.
Here are some things you should know.
If you are an existing PayPal user, all you need to do is log in with your account details. After logging in, head to the "Crypto" section on the dashboard. If you don't have a PayPal account, create a new account and follow the same.
Once you land on the cryptocurrency section of PayPal, you will see a list of cryptocurrencies apart from bitcoins. Since we're talking about bitcoins, select the bitcoin option.
After you select bitcoin, PayPal will show you the price history ranging from 24 hours to 1 week and 1 month. Analyze the growth pattern and click buy after which you will see default $20, $50, $100, or $500 worth bitcoin options. If these amounts don't fit your budget, you can enter a custom amount.
If you have an existing PayPal account, you can go ahead with your existing payment method. If you are buying bitcoins with a new account, keep in mind that your payment method can be either a debit card or bank account. Currently, PayPal does not accept credit cards or crypto transactions. Once a payment method is selected, you will see a review page with the exchange rate, the total cost of your purchase, transaction fees, etc. After you review your purchase, you are ready to make your bitcoin purchase by clicking on "Buy Now".
According to the latest update by PayPal, you can only hold the cryptocurrencies purchased on PayPal on the platform itself. PayPal does not allow users to withdraw assets to another crypto wallet. The bitcoins you buy cannot be transferred to another platform. With this in mind, you can keep an eye out for the price dip, analyze the right opportunity, and invest in bitcoins via the ease and convenience of PayPal.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.