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Author : Crypto Income Staff 12 August 2017
BITCOIN BROKERS THAT ACCEPT PAYPAL. A bitcoin broker is a company that converts other currencies into bitcoin for a fee. A few of these brokers will accept PayPal payment but they will charge for the service. For example a popular service called PaxFul will charge between 40¢ and 74¢ on the dollar if you buy bitcoin with PayPal. That means it will probably be cheaper to use a PayPal MasterCard to buy bitcoin directly through one of the digital wallets. Another broker called VirWoX will let you buy bitcoin with PayPal for a 10% fee. This company uses PayPal funds to buy another cryptocurrency; called Second Life Lindens, that it uses to buy bitcoin. It is expensive because three transactions are needed to buy a bitcoin. There are many other brokers online that will let you buy bitcoin with PayPal but be careful they all charge very high fees. Those fees will be charged on top of your PayPal fees which can quickly eat up all of your profits. PAYPAL BANK TRANSFERS TO BUY BITCOIN. The cheapest method of buying bitcoin with PayPal funds is simply to transfer the money to a bank account. Then use a bank transfer to buy the bitcoin with. You will have to pay the 2.9% or 30¢ for the PayPal transfer, but the good news is bank transfers are free at many bitcoin exchanges including CEX.IO. Here’s how you can use a bank transfer from your PayPal to buy bitcoin. Enter the bank account as a method of funding in your PayPal account. Transfer the funds you want to use from PayPal to the bank account.
Go into your bitcoin wallet and enter the bank account as a method of funding. You can set this up fairly easily by following the instructions the wallet provided. Simply buy the bitcoin using the funds in the bank account. The big disadvantage to this method is you will have to sell the bitcoin for a regular currency in order to deposit funds in your PayPal. The advantage is that you will be able to purchase bitcoin by paying only the PayPal fees. Another problem is that it will be possible to track your payments via your bank or wallet. There might be little or no anonymity via this method. USING PAYPAL THROUGH BITCOIN ATMS. The only way to purchase bitcoin through an ATM using PayPal would be to use your PayPal MasterCard at the machine. Not surprisingly this method only works at machines that accept MasterCard. If you cannot find a machine that accepts MasterCard you will have to withdraw cash using your debit card. Then use the cash to make a purchase through the ATM. That means you will end up paying two fees, the PayPal fee and the bitcoin ATM and possibly three fees if the first ATM charges you a fee to withdraw cash. Obviously it will be cheaper and easier to simply buy the bitcoin directly through a wallet; such as Coinbase, by using your PayPal MasterCard. You can also avoid the risk of carrying a lot of cash around, and going to a place where criminals know that you will bring cash. There are two other big dangers from bitcoin ATMs that you should be aware of.
The first is skimmers; devices that read and clone debit or credit cards. Fraudsters sometimes attach these to ATMs and other devices to steal your account numbers. The other threat from bitcoin ATMs is cameras attached to a mobile phone. Bad guys hide these devices on or inside the ATM to steal account information and PIN (personal identification) numbers. Those afraid of tracking should also be leery of surveillance cameras on; or around ATMs, authorities and others might use these to identify bitcoin users. COINBASE AND PAYPAL. Strangely enough Coinbase will let you deposit the proceeds from bitcoin sells into PayPal for a 3.75% fee. Here is how to use PayPal with Coinbase. Verify your ID through Coinbase’s payment method page. Select PayPal Account from the Payment options offered. Click verify now with PayPal. Note: you will save money if you use your bank account because Coinbase only charges a 1% fee for people that transfer funds to their bank accounts. Please note that you can only withdraw US dollars from Coinbase into PayPal because that service does not accept altcoin payments. BUYING BITCOINS WITH XOOM WIRE TRANSFERS. Xoom at https://www.xoom.com/?_rt=kac-all-branded-google-mt-pp-xoom-paid-nf-en&matchtype=e&device=c&adp=1t1&languageCode=en&gclid=EAIaIQobChMIs4z-gPmx1QIV1lcNCh1NiAluEAAYASAAEgIke_D_BwE is an international wire transfer company that is owned and operated by PayPal. Anybody with a PayPal account can send money to 63 countries using Xoom.
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