One of the main reasons why it’s difficult is the potential for chargebacks. Major exchanges won’t allow PayPal transactions because it would be too easy for people to buy the Bitcoins, then use PayPal’s support system to chargeback their purchase and receive their original purchase fee back.
That would be an unscrupulous and fraudulent way to buy Bitcoin — even when using the services below — so is not encouraged in any manner. However, it is possible.
Before you can receive any Bitcoin, regardless of payment method, you need to have a Bitcoin wallet set up, as well as a PayPal account. Once you do that, you’ll be ready to move ahead and start buying Bitcoin with PayPal.
Due to the fact that cryptocurrency exchanges don’t allow you to buy Bitcoin with PayPal, the best way to do so is with a direct trade. Websites that facilitate these kinds of peer-to-peer transactions help put you in touch with someone who is looking to sell Bitcoins who accept PayPal as a payment method.
The two main websites for conducting these kinds of transactions are LocalBitcoins and Paxful. Both offer a multitude of payment methods for Bitcoin, from gift cards to cash, but PayPal is a popular choice. Read more from digitaltrends.com…
thumbnail courtesy of digitaltrends.com