How to buy Bitcoin on PayPal
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Bitcoin, born in 2009, was the first of the more than 19,000 cryptocurrencies that are now bought and sold daily on various cryptocurrency exchanges. In 2020, PayPal announced a new feature that allows users to buy, sell, and exchange select cryptocurrencies, including bitcoin, ethereum, bitcoin cash, and litecoin, using the PayPal platform. Users also have access to PayPal’s Checkout With Crypto feature to pay for select purchases.
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Buying bitcoin and other supported cryptocurrencies on PayPal is a simple process. But before you make a purchase, you should understand that buying cryptocurrency is an investment, and as with any investment, there is a risk.
A PayPal account is required to buy bitcoin on PayPal. Registration is easy and can be done on the PayPal website or using the PayPal mobile app when you make your first bitcoin purchase.
How to buy Bitcoin on PayPal
You can start buying bitcoin with a purchase of as little as $1. During the purchase process, you must confirm your account information.
How to buy bitcoin on PayPal:
- Log in to your PayPal account.
- Go to your PayPal dashboard.
- Click on the “Crypto” button.
- Select “Bitcoin” from the list of available cryptocurrencies.
- Click the “Buy” button.
- Follow the instructions to accept PayPal’s cryptocurrency terms and conditions and verify your account information.
- Enter or select a purchase amount and complete the purchase.
Fees for buying crypto on PayPal
You pay a fee to buy and sell bitcoin and other cryptocurrencies on PayPal. PayPal fees range from 49 cents to $2.49 for crypto purchases of $1 to $200. Purchases of $200.01 to $1,000 have a 1.8% fee, and purchases over $1,000.01 have a 1.5% fee.
Set crypto price alerts via the PayPal app
Using the PayPal mobile app, you can set a custom price alert to receive a push notification on your phone if the specified crypto value changes by 5%, 8% or 10% over a 24-hour period. Setting alerts can help you buy and sell profitably.
Does PayPal accept crypto?
PayPal does not directly accept crypto as a payment method. However, it does provide a Checkout With Crypto feature for all US users who have a sufficient PayPal Crypto balance. If you select Checkout With Crypto when using your PayPal wallet to make a purchase, PayPal will convert enough crypto to US dollars at the current exchange rate to complete the purchase.
Can you withdraw crypto from PayPal?
PayPal allows the transfer of bitcoin and other supported cryptocurrencies from a US PayPal wallet to other supported crypto wallets and exchanges and to other PayPal users, except those residing in Hawaii. PayPal users can also transfer supported cryptocurrencies to a PayPal wallet from other supported crypto wallets and exchanges.
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PayPal allows users to buy, sell, hold and transfer bitcoin and other supported cryptocurrencies using their PayPal account. Users can also convert a PayPal crypto balance to US dollars during the checkout process to make a purchase. Whether you buy or sell crypto on PayPal or use it with the Checkout With Crypto feature, pay attention to exchange rates to minimize the risk of losing money on your bitcoin purchases. Cryptocurrency is an investment and should be managed as such.
The information is accurate as of September 20, 2022.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, assessments or recommendations expressed in this article are the author’s alone and have not been reviewed, approved or otherwise endorsed by any entity mentioned in this article.
