Looking forward to buy bitcoin with paypal ? You’ve probably heard that Paypal doesn’t allow bitcoin purchases through its accounts. This has caused bitcoin investors a lot of frustration over the last few years. Luckily. There are a few exemptions. A popular method is to use a 5-step process through VirWoX.com, a virtual currency exchange site that primarily caters to the currencies of various virtual worlds (such as Second Life and Aviation). Here is how to do it.
Open a VirWoX account.
On virwox.com, look for the link, “Not Registered Yet?” under the sign-in form. This will bring you to a registration page where you will be prompted to enter your desired username as well as your email address first name, last name, country, and desired language. There are more optional fields alongside these, but you won’t need to worry about those unless you want to interact with VirWoX in a ‘virtual world.’
After registration, VirWoX will send a temporary password to your email. After logging into your account, you can change the password in the “Change Settings” tab.
Deposit EUR, USD, CHF, or GBP from your PayPal account into VirWoX.
PayPal and VirWoX have both made this pretty easy to do. Simply go into the “deposit” tab on the left side of the screen. Scroll down to the PayPal payment option, select your desired currency, and click the “Checkout with PayPal” button. You will be transferred to PayPal’s terminal which will walk you through the process of sending money from your PayPal account to your VirWoX.
Trade from your currency into Linden Dollars.
On the VirWoX homepage, click on the link that lists your currency’s trading pair with SLL (EUR/SLL,USD/SLL, GBP/SLL).
This will take you to a page that lets you trade from your currency into Linden Dollars. You have two options on how you want to trade: market order and limit order.
- You want your order executed immediately: In this case, you would simply accept the current best available rate, and place a “market order“. By trading at the “market price” you will agree to sell your currency for Linden Dollars at the highest amount that someone else has already agreed to pay for it.
- You are willing to wait for an even better rate: In this case, you place a “limit order” and specify your desired rate. Of course, your order will only get executed if and when somebody is willing to accept your offer. If you choose to use a limit trade, you should ensure that your price is reasonable compared to the other prices in the “Offer to buy [your currency]” box at the top of the page. This will increase the chances of someone else accepting your limit trade.
Trade from Linden Dollars into bitcoin.
After receiving your Linden Dollars, use the same process as in step 3 using the BTC/SLL trading pair to convert it into bitcoin.
Withdraw your new bitcoin into your personal wallet.
It is almost always safer to hold bitcoins in a personal wallet than on an exchange. To withdraw your new bitcoin into a personal wallet simply click on the “Withdraw” link under “My Accounts.”
You will be prompted for the address of the bitcoin wallet that you want to send your bitcoin to. Please be careful! if you enter an incorrect address, you will NOT be able to get your bitcoin back. Once you send the bitcoin to your personal wallet, it will arrive as an unconfirmed transfer within a few minutes and will begin to accrue confirmations shortly after.
That’s all folks! If you still have any doubt then check out the following video which describes all the steps one by one.
There are, also a few fees you need to be wary of when buying bitcoin with this method. VirWoX charges trading fees both when trading from your local currency into SLL and trading from SLL into bitcoin of 50 SLL + 2.9% of the value the base currency in the trade (either your local currency or bitcoin). VirWoX, also, charges a fixed .01 BTC withdrawal fee. Added together,, it will cost you roughly 5.8% + .0105 BTC to buy bitcoin with this method.
If you find yourself needing bitcoin quickly, using this method to buy through PayPal is one of the better ways to do it. While it takes a little bit of time, it’s still much faster than using Coinbase or a bitcoin exchange such as BitStamp, which both require a wire transfer to deposit funds. You may also be interested in buying on VirWoX using a debit or credit card.
Also Check : Buy Bitcoin using a credit or debit card