Buying Bitcoin with PayPal

Buying Bitcoin with paypal

Paypal generally doesn’t allow its services to be used to buy or sell virtual currencies. This is probably due to a lot of fraudulent complains from people that did not receive their goods. There was some direct support for withdrawing Dollars on btc-e at some point but they removed it from their payment methods as well. It is very hard to find sites that allow this conversion and sites which run this service, usually do so shortly and charge high fees. These sites often have a short life and can be unreliable so be careful where you put your money.

Buying Bitcoin through VirWox with Linden dollars

One legit way of doing it is through VirWox.com, mainly an exchange for Second Life’s currency Linden Dollars. VirWox accepts Paypal and they allow trading Linden Dollars for Bitcoin and vice versa. By buying Linden Dollars with Paypal and exchanging them for Bitcoin you have a way to buy Bitcoin’s with PayPal. There is some loss due to the bid and ask in the currencies but it’s a safe and reliable way to purchase Bitcoin with Paypal. I’m not sure why PayPal is involved with VirWox as linden dollars are a virtual currency also.

Selling Bitcoin with Paypal

Selling Bitcoin and getting the funds to Paypal is possible through bitinstant.com. At bitinstant you have to possibility to convert several coupons into Paypal cash. These coupons can be generated at some of the larger exchanges like mtgox and btc-e.

Other ways

Even though using Paypal with Bitcoin is searched for a lot there are many other ways to obtain Bitcoin with money. All exchanges support multiple payment methods for all regions in the world. It really should not be a problem to get money in or out one of the exchanges anymore. On top of this most payment methods are way cheaper than Paypal so u might want to reconsider using Paypal in the first place.

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