If you want to purchase Bitcoin with Paypal, the first thing that you should know is that most Bitcoin exchanges don’t actually accept Paypal as a method of payment. Why? Because Paypal lets users reverse transactions, which has lead to countless cases of fraud where people have bought Bitcoin with Paypal, received the coins from the seller, then reversed the Paypal payment and vanished in to the crypto-shadows.
However, it is possible to buy bitcoin with paypal! All you have to do is visit Virwox.com, use your Paypal account to purchase Linden Dollars and then use those Linden Dollars to purchase Bitcoin.
The basic process is:
Don’t worry if you’ve never used Virwox or have never even heard of Linden Dollars, the following is a step by step process to buy bitcoin with paypal:
Visit Virwox.com, and create a free account. Virwox is a popular exchange of virtual currency. It’s primary focus is Linden Dollars, or SLL, which is a virtual currency used in the popular online game, Second Life.
Like most currency exchanges, Virwox is free to join. To do so, simply look to the left of your screen and click on the “not yet registered” link. I’ve circled the link below.
One of the questions asks for your Second Life Avatar. Unless you actually plan on playing Second Life, you can just enter a random word. Once you’ve filled out everything else, click register.
You will then receive a confirmation email from Virwox. Open this up and follow the instructions as you won’t be able to purchase anything until your account is confirmed.
You’re now ready to fund your new account. Click “Deposit” on the left of your screen. Scroll down to Paypal Express and enter the amount you wish to deposit. Click “Checkout with Paypal”
Virwox doesn’t allow you to purchase Bitcoin directly, so you’re first going to have to purchase some Linden Dollars. Scroll to “Exchange” on the left side of your screen and click “GBP/SLL”. Enter the number of Linden Dollars that you’d like to purchase, click next and confirm your purchase.
Now that you’ve got your hands on a few Linden Dollars (SLL), you can use them to purchase Bitcoin! Scroll to “Exchange” on the left of your screen and this time click “BTC/SLL”. Enter the number of Bitcoins that you’d like to purchase, click next and confirm your purchase.
Finally, it’s time to withdraw your newly purchased Bitcoins to your bitcoin wallet!
- Click “Withdraw” on the left of your screen.
- Enter the number of Bitcoins that you’d like to withdraw
- Enter your Bitcoin address and click “Request Withdrawal”.
There you have it! You just bought bitcoins with Paypal! If you don’t already have a bitcoin wallet, you can find how to create one here. Otherwise, check out www.virwox.com to get started with buying bitcoin!