Nowadays it becomes more and more convenient to make purchases using a currency like bitcoin, therefore such method of payment quickly gains popularity. Bitcoin is a currency, same as dollars, euros, rubles, etc., but it is a special currency created for the internet. It is a digital currency to pay for various products and services. Bitcoins can be exchanged for any currency and vise versa, which only requires several simple steps. They can also be earned, however since these money were created to be used on the internet, the only way to earn them is online, for example, on specialized exchanges. By the way, if you have some free time, it would be worth to spend it on learning how to earn using bitcoins, as it can make you sound profits. To be able to start earning this way, you need to first acquire this currency. And the easiest way to do so is to make a PayPal bitcoin exchange.
Below we provide a short guide on how to exchange PayPal for Bitcoin. It is quite simple and requires very little of your time.
- To start with, you need to obtain a bitcoin wallet. It’s very easy to create, however confirmation of your identity, which is required for security reasons, may take some time. This helps to ensure that there are no risks when you deposit money to your account. There are two types o wallets: offline and online, however online wallets are much more popular. The reason is that while money are stored on your computer and you only connect the network as necessary, there is a chance that you or other users may delete it by accident, in which case you’ll loose all your money. This can also happen as a result of a technical failure, i.e. if your computer fails and the system crushes. There are quite a few risks of having an offline wallet. But online mode is not as ideal as it is wished to be. When you use your wallet in online mode, your computer slows down noticeably, which will be a nuisance if you have other work to do at the same time. But there are only two options, so you should choose the one that seems less dangerous and more convenient for you personally.
- After you have created your wallet and completed all the registration stages, the next step is to select an exchange to change your existing currency for bitcoins. To make an exchange between PayPal and Bitcoin you shall select an exchange that allows such transactions. The most reliable and popular is the VirVox exchange. There are probably others available as well, and they might even offer a better exchange rates, however you’ll risk to loose your money, as since they’re less popular, it means that either they were just recently created, which in the best case scenario will result in some minor errors and longer awaiting period, or they may be fraudulent. While you have little experience in this business to figure out the trustworthy exchanges, it’s best to use those that are popularly acknowledged as reliable. You shall register on this exchange, provide all the required information in order to pass the account verification procedure, and then you can move on to the next step.
- Next you shall make several exchanges in order to end up with bitcoins, but you shouldn’t be scared: all transactions take place momentarily. First, you need US dollars. If you have another currency, exchange it for USD. Next, exchange your USD into SLL. The last transaction is to exchange SLL for BTC. Now you may check your bitcoin wallet, which shall be credited momentarily. If you’re making a transaction for the first time it may take a little longer due to the verification of your data. All future transactions will be instantaneous. After you have bitcoins credited to your wallet, you can immediately start shopping.
As you can see, it’s quite easy to transfer money from PayPal to Bitcoin, and the process requires no particular skills. The most important thing is to be very careful when entering your data, because any mistake can result in you loosing your money. But if you take it seriously, you’re very unlikely to make such a mistake. Once you have acquired bitcoins, you can put them in circulation by trading on exchanges and calculating your moves, and as a result your small amount may grow significantly and you’ll be able to make purchases without depositing further cash into your account.