As confusing as Bitcoin might appear, it has grown in popularity over the years. It was created as a way to conduct transactions without going through banks or any other financial institution, but now it seems to be more of an asset or investment than the intended.
If you are interested in buying bitcoins with PayPal for this reason, then keep reading! At CoinJournal, we will give you all the information you need to do so safely and securely.
Why should I buy bitcoins?
There are many reasons why investing in bitcoins can be a great idea. Firstly, it is possible to invest very small amounts at first to get used to how the market works before investing larger sums of money into your investment. This means that if you are not sure about investing in bitcoin, then there is no harm in starting with one or two dollars’ worth and seeing what happens over time.
Secondly, bitcoins have been steadily increasing in value for years now, which makes them an excellent investment opportunity because they are currently only going up!
At the moment the value has risen by almost 1000% since 2009 when they were less than $0.01 per coin! The price fluctuates every day though so make sure you keep track of this on platforms like CoinMarketCap. If you buy some today, then they could be worth double what you paid in a few months.
Why Is Paypal a Good Way To Buy Bitcoin?
PayPal is a widely used service that allows users all over the world to make transactions using their bank account or credit card information without having to input any personal data like your name or address.
This makes it very easy for anyone with access to an online payment system like PayPal to purchase bitcoins anonymously. It also provides added security because there is no need for sensitive financial information when placing orders through Bitcoin exchanges; instead, only an email address and password are needed.
How To Buy Bitcoins With Paypal
● Step one: Decide how much you want to invest
First, decide on how much cash you would like to put into bitcoin purchases. Since there is no physical form of this cryptocurrency, all transactions must be done through your computer or mobile device.
In addition, many people choose this investment strategy because they believe that cryptocurrencies will become more widely accepted in the future.
● Step two: Find a Bitcoin exchange that accepts PayPal
Since there are not many options for purchasing bitcoin with your PayPal account, you will need to do some careful research before choosing an exchange.
The best way to find out which exchanges provide this service is by checking online reviews and forums. People who have used these services can leave feedback about their experiences, letting others know if they were satisfied or unhappy with the results.
● Step three: Create and verify your account on the Bitcoin Exchange
Once you have found an online forum or review site where other people are talking about their experiences with different exchanges, it’s time to create your account!
Make sure that when creating an email address that will be used exclusively for buying bitcoins, that you choose a secure password because if anyone gains access to this information, they could withdraw all your money from the exchange without even needing your approval. Next up comes verifying the email address itself by clicking on “Verify Email Address” to activate the account.
● Step four: Transfer money from your bank account or PayPal to buy Bitcoins
In this step, you need to decide how much money you want to transfer from your PayPal account into the Bitcoin exchange.
This is a very important part because if there are any mistakes while transferring money, it could result in losing all of the capital that was intended for buying bitcoins and this would be an irreversible decision so make sure everything goes smoothly!
● Step five: Deposit Bitcoins into a wallet, and keep it safe
Once the funds have been received by the Bitcoin exchange from your PayPal account, they will automatically convert them into Bitcoins. Thich can either be sent directly to a personal wallet address linked on the site itself, kept in their own online “vault” service where multiple verification steps must take place before gaining access to the Bitcoin.
It can also be deposited into a cold storage wallet (hard wallet) such as Trezor, which not only requires multiple verification steps to gain access but also needs physical confirmation via the use of USB cables and connection through other devices.
Final Words
Bitcoin is the future of money and it has become increasingly popular over the last few years, which means that more people are interested in investing in it outside of direct exchanges. If this describes your situation then using PayPal could be one of several great ways for you to buy bitcoins while still ensuring that all protocol steps have been taken towards making sure these transactions remain secure at every level possible.
Using them together will allow you to safely invest in the future of finance with much less risk than if you were buying bitcoin directly from an exchange or privately from another person.