At the time of its launch, Bitcoin was the first and most prominent cryptocurrency around.
Now, 10 years later, it still occupies the top spot. However, the same cannot be said about the playing field.
We have seen the rise of dozens of other cryptocurrencies, most notably Ethereum, Ripple, and Litecoin, all competing to knock Bitcoin off the top.
Buying Bitcoin with PayPal in the UK
Most people in the UK have a paypal account and are probably wondering: Is it possible to buy Bitcoin with paypal in the UK?
Similarly, PayPal is another highly used method of making online payments. So the chances are quite high that a Bitcoin trader may simultaneously be maintaining a PayPal account.
This will naturally make anyone wonder whether it’s possible to purchase Bitcoin off your PayPal account. Happily, the answer to that is, yes, it is very possible. In this article, we will break down how it is done.
The first thing you are going to realize about securing Bitcoin purchases with your PayPal account is that there is no direct method of doing so. This makes the process a bit complicated. But for now, you are going to have to settle with alternative methods and marketplaces.
Fortunately, PayPal does allow users to employ SSLs or Second Life Lindens to purchase Bitcoin and so several exchanges begun offering SLL services.
VirWox is one of them. It is technically not a Bitcoin exchange but a platform which serves the Second Life game as a way of buying in-game collectibles.
Since the game has been accepted by PayPal, users can employ gaming funds to buy Bitcoins.
Before you begin making Bitcoin purchases through PayPal and Virwox, you must first determine your budget and set up a cryptocurrency wallet if you do not already have one.
Next, you will need to set up an account with VirWox. Once your account is active, you can start depositing money using PayPal. Now you will be able to exchange your balance for SLL and then able to convert SLL to Bitcoin. Virwox does impose a 10% fee on the transaction which is rather high. Once your Bitcoins have been purchased, it is best to transfer them to your wallet.
LocalBitcoins is a popular Bitcoin exchange with an international user base. It supplies a virtual platform through which buyers and sellers can connect with each other and make trades using online payment methods like PayPal.
However, trading here is at your own risk. The platform is considered generally safe and reliable.
With Paxful, you can open an account, find a seller and do transactions with your PayPal account. It is not quite as popular as some of the other platforms. However, Paxful users do have better security thanks to its use of an escrow service.
While there are no direct ways in the UK to make direct Bitcoin transactions with your PayPal account, these are a few of the best ways to get around that problem.
While the following platforms have been listed in order of their popularity, your pick should always be based on how suitable it will be for your specific interests and needs as a trader.