Buying Bitcoin has never been so easy, especially using an app owned by one of the traditional finance giants. Also, there are multiple easy ways to start your crypto journey.

This article lists four easy ways to buy Bitcoin using your PayPal account. Some are easy, and some require some proficiency. But all of them ensure that your crypto investing happens seamlessly.

The Switch From TradFi to Crypto

PayPal is one of the earliest traditional finance companies to make a turnaround from traditional finance to a crypto platform. 

Previously, PayPal suffered from the usual inefficiencies of traditional finance, such as slow transactions, high transaction costs, a ton of paperwork, and centralized administration.

PayPal took its first step into crypto in August 2023 with the introduction of its PYUSD stablecoin, which was designed to make transactions faster and cheaper. Despite some centralization issues, the stablecoin saw some adoption.

A month later, it introduced on-ramp and off-ramp services on the app. However, even after a year, the services are limited to a few PayPal users residing in the US. With time, we expect this market to grow worldwide.

The pivot to crypto was mostly driven by user demand and the success of other crypto exchanges.

Though some problems like centralisation still exist, the involvement of crypto has made the app more efficient from the end-user perspective.

Buying Bitcoin on PayPal

There are several methods through which users can buy Bitcoin with PayPal. Most of these are very safe methods like the PayPal app o

• With On-Ramp on PayPal App

PayPal includes on-ramp and off-ramp services so users can buy crypto directly on its platform. To buy Bitcoin from PayPal, follow the following steps, and within a few minutes, you will receive your Bitcoin in a wallet of your choice.

1. Sign up with PayPal and set the payment mode to your preference. This also works with Pay balances on the app.
2. Go to the finances section.
3. Click on buy.
4. You now have to select the crypto. In this case, choose Bitcoin.
5. Once chosen, you will be prompted to enter the frequency of payments.
   1. If you are buying only for a single time, choose “One Time”.
   2. Otherwise, for periodical purchases and investments, choose the frequency to be daily, weekly, or monthly.
6. Select Next and then finally click on the buy button.

• Through a Crypto Exchange

You can also use your PayPal account to buy crypto from several exchanges, wallets and other platforms. PayPal was added to Coinbase a long time ago, in 2021. 

Some crypto exchanges that support PayPal are Coinbase, Changelly, eToro, Kraken and Paxful. Covering the buying process for each of them would be an overkill for this article.

Let us take the example of Coinbase to help you understand the process in detail.

1. Log in to your PayPal account and ensure that it has some balance. If not, add a payment method like a Credit Card.
2. On Coinbase, add your PayPal as a payment option under the Payment Methods tab. To locate this tab, select the hamburger menu on your phone.
3. On the buy page, select Bitcoin.
4. Enter the amount you want to buy and then select Preview Buy.
5. Once done, confirm the purchase by pressing buy.
6. You will find PayPal under the payment option.
7. You can finalize the transaction to get your Bitcoins.
8. Once you purchase Bitcoins, you decide whether to keep them on the exchange or transfer them to a self-custodial wallet.

• Via Peer-to-Peer Trading

Peer-to-peer trading is a way for two people to trade directly with each other, either via a platform or through other channels like social media, discussion forums, or others.

Several direct peer-to-peer platforms support PayPal. OKX is one such exchange that allows users to pay via the app when using its P2P services.

However, there is a higher risk of getting scammed when using PayPal for P2P. To avoid such scams, only choose traders with a higher rating, more trades, and a higher percentage of trade completion.

• Using Crypto F2F

Crypto face-to-face (F2F) is a new trend among crypto users who do peer-to-peer transactions, often in cash and direct payment apps like PayPal. Here, the meeting happens in an actual physical place, like a crypto event or a tech expo.

Though most users are genuine buyers who seek to transact the old way, there are ample chances that the trader with whom you are trading might not be your usual law-abiding citizen.

To avoid getting involved with such crypto buyers and sellers, try to be cautious and only enter a trade if you are entirely sure of the person.

Conclusion

Buying crypto has become very easy, whether using PayPal or an exchange. However, other methods, such as peer-to-peer and face-to-face trading, should be used cautiously.

 Disclaimer:
Crypto Land is an impartial marketing and educational platform, not a financial advice service. Therefore any content provided, hosted, or expressed by Crypto Land does not constitute financial advice or recommendation, and as such Crypto Land will not be liable for any losses incurred during trading or investing.