How to Buy Crypto and Bitcoin With PayPal
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Bitcoin has captivated many investors due to its limited supply, decentralization and substantial appreciation. The digital asset has gained nearly 60% over the past year, including a gain of more than 46% since April 9. Although buying bitcoin was complicated during its infancy, today, many fintech companies have made crypto purchases more accessible.
So it seems like a natural development that now you can buy crypto with PayPal, the company that revolutionized online payments. Since expanding its services to include bitcoin accessibility, investors can buy and sell crypto and bitcoin with PayPal, which can also be stored in a digital wallet through the platform.
PayPal’s adoption of bitcoin shows how far the asset class has come since its inception in 2008. Want to get in on the action? This guide will show you how to buy crypto with PayPal.
How to buy bitcoin with PayPal
Since October 2020, PayPal has made it easier to buy and sell bitcoin. But investors can also purchase altcoins like ethereum, litecoin and bitcoin cash through the platform, which even has its own stablecoin called PayPal USD. Additionally, users can now make payments for goods and services with crypto, given that vendors accept it as a form of currency.
As more fintech firms welcome bitcoin and corporate adoption of crypto in general expands, more opportunities for buying, selling and storage are arising. If you’re ready to accumulate this digital asset and are interested in doing so through PayPal, complete the following steps to get started.
Step 1: Navigate to the crypto section
Users accessing PayPal through their desktops will have to visit their “Accounts” section. Next, click “View crypto” to access PayPal’s crypto section. If you want to buy bitcoin on the PayPal app, you will have to visit the menu and tap “Crypto” under “Manage finances.”
Step 2: Tap the buy button
You will have to click the “Buy” button on a desktop or tap it on a mobile device. The “Buy” button will then display a screen that lets you select which cryptocurrency you want to buy and how many digital coins you want to purchase.
Step 3: Enter an amount
PayPal will give you the option to buy a whole number of cryptocurrencies or opt for fractional shares if you don’t want to buy an entire coin. For instance, bitcoin closed above $100,000 in early May, making an entire BTC coin inaccessible for most retail investors.
If you have that much money lying around, you can buy one bitcoin on PayPal. However, you can also get started with as little as $1 and gradually build your bitcoin position. Investors also have the option of buying more affordable altcoins through PayPal. For instance, ether is currently trading below $1,800 per coin, while litecoin is around $82.80.
Step 4: Select your payment method
PayPal customers have a few options for tapping into the necessary funds for their bitcoin or crypto investments. The fintech platform lets you use cash from your PayPal balance, a linked bank account or a debit card.
Notably, you cannot use a credit card to purchase bitcoin or any other cryptocurrency through PayPal. (If that’s your preferred funding method, read our guide on how to purchase crypto with a credit card.) You also cannot use PayPal Credit to buy bitcoin.
After you select a suitable payment method, you will move on to the final step of the process.
Step 5: Complete the purchase
After reviewing the order, you can complete the purchase by tapping the “Buy Now” button. To review your crypto holdings in your PayPal account, visit the “Finances” or “Crypto” section in your PayPal account.
Connecting an external digital wallet to PayPal
While PayPal makes it easy to buy cryptocurrencies, it’s a custodial wallet that gives you less flexibility than an external wallet. Custodial wallets have more regulatory oversight and don’t give you the anonymity that some crypto investors desire.
Furthermore, if the company that provides custodial wallets goes bankrupt, you risk losing the crypto in it. PayPal is unlikely to go out of business, but it’s good to protect yourself with an external wallet.
PayPal lets its users transfer crypto from your PayPal account to an external wallet. Best Wallet, for example, makes it easy to create this type of wallet to safeguard your crypto. Once you complete the steps to buy crypto in PayPal, you can transfer it from your PayPal account to your Best Wallet digital wallet.
Best Wallet is an anonymous bitcoin wallet that doesn’t require verification, ID or KYC. PayPal makes it easy to buy crypto, but Best Wallet gives you more protection.
How to transfer crypto from PayPal to another wallet
While storing large amounts of crypto in a PayPal wallet is not ideal, after purchasing it through the platform, investors are able to transfer it to other wallets and exchanges.
According to the company’s website, in order to send crypto outside of PayPal, you’ll need to provide a wallet address. First, go to the “Finances” tab and click or tap on your crypto balance. Next, click or tap on the transfer arrow, then select “Send.” Next, you can choose a contact you want to send it to by entering an external crypto address manually or by scanning a QR code.
You’ll be prompted to choose the amount of a cryptocurrency you’d like to send, then review before clicking or tapping “Send Now.”
Is your crypto safe on PayPal?
PayPal invests in encryption technologies, transport layer security and other security features that help keep your crypto safe. The company also partners with Paxos Trust Company — a regulated entity — to stay on top of its crypto security.
PayPal also has several layers of protection, such as multi-step authentication and biometric verification. The fintech company isn’t perfect, though. When buying crypto through PayPal, you are doing so on a centralized platform that doesn’t provide private keys to its users. Furthermore, PayPal does not have crypto insurance. However, in the event that you are the victim of an unauthorized crypto transaction, PayPal may reimburse you for up to $50,000.
While centralized platforms are not ideal for crypto storage, maintaining a small amount of your crypto holdings on PayPal is relatively safe. PayPal is a reputable company and has many protocols in place to keep people’s information safe. However, other financial firms offer better protections and reimbursements in the event a hacker gets into your crypto wallet.
Should you buy bitcoin with PayPal?
You can use many platforms to buy bitcoin and other cryptocurrencies, but beginners may want to give PayPal a closer look. The app already integrates with most people’s finances and offers an easy path to becoming a bitcoin owner. Its user interface is simple and familiar, which helps aid the process.
PayPal also allows investors to accumulate other cryptocurrencies instead of only relying on bitcoin. Buying multiple cryptocurrencies can help investors capitalize on more opportunities in the crypto industry through diversification.
You can store crypto in PayPal’s digital wallet. However, customers can also transfer money from their PayPal Digital Wallets to an external crypto wallet. This feature gives users more control over their crypto.
Although PayPal is good for beginners, it comes at a cost. PayPal tacks on a transaction fee for every crypto trade. That means you’ll have to pay a fee on your way in and on your way out. The only cryptocurrency that’s exempt from PayPal’s transaction fees is its own stablecoin, PayPal USD (PYUSD).
You can find other fintech firms that let you buy bitcoin without transaction fees. Some of those firms also have better trading tools like charts and technical indicators, which PayPal lacks.
While PayPal’s simple layout may work for novice crypto investors, it may not be the best choice for active crypto traders. Those with more experience in the digital asset landscape may want to narrow their search to fintech firms that let them trade crypto while accessing key information and trading filters in real-time.