PayPal is one of a few popular mobiles and online payments platforms where you can buy, sell or hold Bitcoin.
Bitcoin is the most popular cryptocurrency which is gaining ground worldwide despite the huge risk attached to it. Risk-takers who have invested in Bitcoin have earned a fortune with the opportunities presented by the digital asset.
It is advisable to invest no more than 5% of your income in Bitcoin which can be done on a trusted app like PayPal.
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What is Paypal?
PayPal is a financial technology company operating an online payment system. PayPal is available in countries that support online money transfers and serve as an electronic alternative to traditional paper methods.
It allows people to make financial transactions online by granting the ability to transfer funds electronically between individuals and businesses.
Users can send or receive payments for online auctions, purchase or sell goods & services, or donate money or receive donations.
What You Need To Know Before You Buy Bitcoin on PayPal
It is important to know that PayPal users can buy, sell and hold Bitcoin and other cryptos. It allow users to use crypto at checkout for select purchases.
It is important to know that it is a bad idea to use cryptocurrency as a form of payment.
PayPal is reputable for its security measures put in place. This helps to protect eligible purchases from fraud if you checkout with crypto.
How To Buy Bitcoin on PayPal
The first thing you need to do when you want to buy Bitcoin or other cryptos on PayPal is to set up an account.
If you already have a PayPal account then all you have to do is to click the ”crypto” button and choose ”Bitcoin”. PayPal allows users to purchase four types of cryptos which are Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
To buy Bitcoin, you’ll need to have available funds, a linked debit card, or a linked bank account. There’s a fee for buying and selling crypto on PayPal just like every other crypto exchange. This varies depending on how much you want to buy.
To complete your purchase, you’ll have to verify your identity, fill out a w-9, and agree to the company’s terms and conditions.
What is the difference between buying Bitcoin on PayPal & Exchange?
Buying Bitcoin or other cryptos on PayPal is not the same as buying on an exchange like Binance or Coinbase.
The major difference is that you have the option to transfer your BTC to a wallet or someone else on an exchange. This is the limitation of using PayPal to buy crypto. Using an exchange rather than PayPal is essential if you want to have full control over your coins.
PayPal is however brilliant if you’re a new investor who wants to experiment with a small crypto balance on a known platform.
Investing in Bitcoin or other cryptocurrencies is no doubt a very risky venture as there’s no guarantee of return on investment. If you invest at all costs, you should only invest what you’re prepared to lose.
You should also keep in mind that you’ve to learn about cryptos and investment before dabbling into it. You should also choose a trusted and reliable platform like Prestmit for your crypto deals.
Prestmit is one of the best peer-to-peer platforms where you can also buy and sell cryptocurrencies. If you need to buy and sell Bitcoins in Nigeria or Ghana, Visit Prestmit, it’s the best platform for you.