Due to PayPal’s rigid plan, users usually find it difficult to exchange bitcoins through this payment system. The number of PayPal customers exceeds 300 million users worldwide. However, few exchange services and cryptocurrency exchanges support the payment structure as a result of these limitations.
Subsequent occurrences have demonstrated PayPal’s willingness to collaborate with the bitcoin industry and its desire to increase accessibility to the exchange of crypto assets. Members of the business reported this in the press. The recent restrictions are related to fraud and money laundering. The business acknowledged that in order to protect users, legitimate regulation will be necessary as the environment develops.
But relaxing the rules may take some time, and customers need to know now about the obtainable ways to convert digital assets through this repayment method. In this article, we have compiled a list of famous cryptocurrency markets for you and will tell you how to quickly buy and sell cryptocurrency using PayPal.
LocalBitcoins P2P system
This trading system has been around since 2012 and is well-known and trustworthy. The platform is available in more than 180 countries and allows you to transfer crypto assets straight between users on a Person – to – Man basis. The system itself acts as a surety of transactions and ensures their protection.
Users of LocalBitcoins individually set the purchase and sale prices of bitcoin, creating a naturally competitive environment, as opposed to centralized exchange services. The platform charges a fee of 1 %, but only for placing offers. But you should take into account the level of buyers themselves, which will be higher than the market price. Sometimes it happens that the exchange rate differs by almost 20 % from the market rate, which is extremely unprofitable for users.
Users frequently use the PayPal transaction system to trade money, and they set modest limits to prevent account blocking.
Advantages and disadvantages
To ensure the safety of transactions, LocalBitcoins uses a payment system similar to bitcoin exchanges. To reduce the risk of fraud while the transaction is being made, you can do this by freezing funds in the seller’s inner BTC account. Thus, when you purchase the money will be credited to the balance, after which you will have to remove bitcoins to your finances, paying an extra fee. This is the major disadvantage of the P2P system, so you should not expect a fast exchange. In contrast, the speed even depends on how quickly the seller responds.
PaxFul
The program is practically identical to LocalBitcoins, so we will not speak much on It. In the same way as in the previous situation, users can exchange bitcoins between each other. There are no specific differences between the systems in the sales policy and techniques of storing, depositing and withdrawing bitcoin.
Advantages and disadvantages
The same as LocalBitcoins. You must create an account and confirm your email or cellular phone in order to exchange. Confirmation of your identity is recommended, but then you should be prepared for the truth that you will be treated with distrust. Anonymous accounts without a popularity on these programs look suspicious.
Coinbase
Coinbase is a big national bitcoin trade. One of the few cryptocurrency markets accessible to American traders is this one. Coinbase is a companion of PayPal, so customers of the system you deposit and withdraw money using this payment system.
Advantages and disadvantages
One of the main disadvantages is higher charges. The customer may pay a price of 3.75 percent when selling bitcoin for PayPal USD. In the traditional feel, Coinbase is not a traditional crypto exchange. In theory, it is more like exchanger, where customers exchange with the program itself, rather than with other counterparties.
The trade is only offered in the United States and a few other nations, which is another disadvantage. In most countries of the world, the system is not applicable. In contrast, all users have to pass necessary identity confirmation for the exchange.
But the main advantage of Coinbase is its constitutionality– the system is completely licensed, so you can quickly transfer cryptocurrencies to PayPal without worrying about the profile being blocked.
Summary
We have discussed some well-liked methods for quickly and easily exchanging cryptocurrency for PayPal dollars. Each technique has its pros and cons, so all decides which approach suits them best, based on speed, price, convenience and security.