Today many people are aware of bitcoins, the new internet currency. However, it is not always clear, what it is, what it is for, how to use them, how to earn them and what can be purchased with them. In this article we will try to answer these and other questions. But first of all, let’s figure out how to buy bitcoins with PayPal, because obviously we need to acquire some before making any transactions.
It’s quite easy to buy bitcoins with PayPal, however newbies may encounter some problems at first. To avoid them, please follow this short guide:
- To start with, you need to create a bitcoin wallet. There are two types of wallets: offline and online, both having their pros and cons. If you use an offline wallet, there is a risk to lose your money by accident. It can happen if you delete the wallet file from your hard drive or reinstall the operating system and overwrite the data. In this case all your investments and earnings are gone. Online wallet is safer in this respect, which makes it more popular among users. The downside is that it may significantly slow down your computer, which will be a nuisance if you have other work to do or try to browse the internet at the same time. Otherwise it is very straightforward, and all you need is to remember your login and password well.
- Next question is: where to buy bitcoins? You need to register at one of cryptocurrency trading exchanges. Today the most popular exchanges are Bitstamp, BTC-e, Virwox, Coinbase and some others. In order to make transactions using PayPal, we should go to Virwox. After registration activate your account via e-mail and choose permanent password instead of temporary one. If you have done everything correctly, this must be it.
- Next you shall make a deposit. Since we’re considering purchasing bitcoins with PayPal, you shall select it as a payment method, however there are many other options. After you have made a deposit, go to the next step.
- Now proceed to make a double-step exchange. First convert a sum in USD (or whatever currency you use) to SLL. It is done immediately. Then select to exchange SLL for BTC, and you will get your sum in bitcoins.
- The last step is to withdraw your bitcoins from the exchange. To do so use the option “Withdraw”. You can direct them to PayPal, Bitcoin or any other wallets.
If you have followed the guide closely, everything should be all right by now. You must admit the system is pretty straightforward, and the whole process only takes about 10 minutes of your time.
If you don’t have a PayPal account or if you simply prefer to pay for the purchase using your bank card, it’s also not a problem. Below is a short guide on how to buy bitcoins with credit card.
- To pay for bitcoins using your credit card, you shall go to the website that allows such transactions, for example that of the InterMoney Exchange company: 247exchange.com.
- Select “Create a request” and fill in all the required fields. Please make sure to provide accurate information, because if your request doesn’t pass the review, it will be declined.
- If it is your first purchase, an identity check may be required in order to ensure the transaction security. It is a one-off procedure. What do you need to provide? You must confirm your request using a valid e-mail and also submit a proof of your identity, address, and phone number, and your credit card will be verified. After successful completion of this stage, you can move on.
- Next go to your personal account and double check all the information you have provided, because you will lose your money if anything is wrong.
- When you have made sure all information is correct, you shall tick the box to accept the user agreement and click the “Pay” button.
As you can see, this method is also quite simple. When you are wondering how to purchase bitcoins, the most important thing is to follow simple rules and select the best places to buy bitcoins. Use only reliable, trustworthy exchanges that have most positive user reviews. This way you will be able not only to buy bitcoins safely and easily, but also to learn how to use them for your own benefit. Don’t be afraid to try something new, buy bitcoins, and it may earn you some extra cash.