No wonder many users who have a PayPal account are wondering how to buy Bitcoin with PayPal. In this article, we will look at the main points that you need to pay attention to if you are asking the same question.
Over time, both PayPal and the cryptocurrency have been consolidating their positions and have become increasingly popular and well-known.
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In both Europe and Latin America, PayPal is widely used for e-commerce. PayPal’s market share is very large because it is a highly reputable and very secure payment method.
It is normal for people to wonder, in the face of the boom and growing popularity of cryptocurrencies, if they can buy cryptocurrencies through PayPal and also sell cryptocurrencies and convert them into fiat money that feeds our PayPal account.
In 2021 PayPal enabled the buying, selling and safekeeping of Bitcoin through its platform. Unfortunately, this service can only be used by US residents. In addition, the company reserves the right to limit the functions or even confiscate the balance of users if it detects any movement or claim of fraud.
Remember that PayPal puts a lot of effort into maintaining security and preventing fraud. That is why the company pays close attention to customer complaints and claims.
In theory, someone can buy Bitcoins with PayPal and then issue a claim saying they never received them. PayPal has no way of knowing if this information is true, but it is often the case that it backs up the claimant. It is a loophole that prevents many exchange houses from allowing the purchase of Bitcoins through PayPal.
Can I buy Bitcoin with PayPal?
The short answer to this question is NO. PayPal does not usually allow to directly buy any cryptocurrency including the most significant of all Bitcoin. But there are interesting solutions.
As you probably know Paypal is a payment system that works on the Internet and is an alternative for receiving or sending fiat money (dollars, euros and other such currencies).
It is easier to use PayPal than traditional bank transfer services, but keep in mind that PayPal is a centralized system, like a customer service where complaints and claims from users all over the world are handled.
This means that when there is any irregularity or non-compliance or fraud PayPal takes action to protect its customers.
Bitcoin is not a payment system, it is a digital currency, a cryptocurrency. It is money that in many cases works like cash but its system is totally decentralized (and no, it is not cash, it is virtual).
If you make a mistake buying or selling Bitcoin you have no customer service to call to complain. If you have Bitcoin, you are responsible for managing your electronic wallet well, you are the main responsible for the security of your funds.
An important point you should know is that it is not possible to cancel a Bitcoin transaction or transfer once it has been made. In case of non-payment or error you only have the option that the recipient of the money wants to make a refund.
Just so you understand the difference, Bitcoin transactions are irreversible. Transactions through the PayPal platform are not. This is a very relevant aspect to take into account when listening to proposals for the sale of Bitcoins through PayPal.
The truth is that the vast majority of platforms that operate with cryptocurrencies do not contemplate the direct purchase of Bitcoin using PayPal services.
However, there are platforms that do allow you to exchange Bitcoin with PayPal that operate in various parts of the world.
One issue you should be aware of is the fees charged by PayPal per transaction. It is usually a fixed figure, a commission of 5.4% of the total amount of the transaction. In any transfer of this type you will also have to take into account the commissions that are established to obtain Bitcoin.
Do not forget also that both PayPal and cryptocurrency exchanges require a registration and data verification process before making any transaction. for this, a procedure known as NYC is required, which usually requires a valid identity document. This is done for security and to avoid fraud.
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