![]() ![]() Key Takeawaysįor many, Bitcoin is a worthy investment. But the Bitcoin isn’t locked to your PayPal crypto wallet. In this way, you made the purchase using your PayPal balance. With this method, you can transfer your new digital currency to your separate crypto wallet. Make your cryptocurrency purchase using PayPal.Then visit the crypto trading platform you want to purchase the Bitcoin from.Set up a crypto wallet for your digital assets.Set up a PayPal account and ensure it has a balance.These crypto exchanges include Coinbase and eToro. But keep in mind that only a few other sites allow you to use your PayPal balance to pay for crypto. The other payment method is to buy crypto assets through PayPal from other cryptocurrency exchanges or markets. PayPal does this to ensure adequate security for its users. For now, any Bitcoin you purchase through the PayPal crypto marketplace is locked to your PayPal wallet. So you don’t have full control over your cryptocurrency at any time.įor many people, this goes against the very point of cryptocurrencies like Bitcoin. You can’t transfer any Bitcoin you purchase through PayPal to another cryptocurrency wallet. While buying Bitcoin on PayPal can be useful, it also comes with one big limitation. Rather, your cryptocurrency is translated into cash instantly to facilitate the transaction. You never technically make a transaction with Bitcoin or any other cryptocurrency through PayPal. Lots of businesses are accepting online payments these days to offer more convenience to their customers. Then you pay the retail or online store with that cash. When this happens, PayPal quickly sells your Bitcoin to convert it into fiat currency (i.e. PayPal allows you to use your Bitcoin to make purchases at online stores and retail locations. The PayPal Bitcoin will appear in your digital wallet.Click “Buy Now” when you are ready to finalize the purchase.PayPal has transaction fees ranging from $.50 to 1.5% of the transaction total Click “Next” again to review your purchase.PayPal will automatically prompt you to make the purchase with your linked bank account or credit card/debit card Click “Next” after inputting how much Bitcoin you want to buy.So the full price of your Bitcoin transaction won’t be set until you finalize the purchase The exchange rate for Bitcoin varies due to the cryptocurrency industry.It also warns users that the price of Bitcoin fluctuates from second to second PayPal breaks down how much a dollar amount translates to in Bitcoin. For example, you can purchase $10 worth of Bitcoin. After verifying your identity, you can tell PayPal how much virtual currency you want to purchase. ![]() This security measure prevents people from buying a volatile currency like Bitcoin without your permission You’ll need to provide a few pieces of personal information before you can proceed. PayPal will ask you to verify your identity. It should be located at the bottom of your PayPal balance value, next to buttons like “Send” and “Request”
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