Buying Bitcoin through cryptocurrency exchanges can be a challenge. Creating and maintaining passwords, keys, key phrases, and digital locks for crypto wallets can be painful. Mistakes can cost money. If you lose your keys, you lose your coins into the ether of blockchain. Even so, how do you spend Bitcoin?
If you have ever used PayPal, you already know how easy it is to buy on the internet or send money to friends and family, or even receive it from them. If you have a web business, you probably already have a PayPal account working for you and know the many business features.
To buy Bitcoin on PayPal, you must have a personal account, you cannot use a business account. However, it is easy to move money back and forth between the two account types.
Before I get to the benefits of Bitcoin in PayPal, here are a few features of PayPal you may not know exist:
- PayPal offers debit cards
- PayPal offers credit cards
- PayPal converts Dollars to other currencies
- PayPal is inexpensive for most things and free for many transfers
- PayPal seems more reliable than other cryptocurrency exchanges
- Venmo is part of PayPal
- PayPal is already set up for International business
PayPal Caveat: Although cryptocurrency in PayPal cannot be directly used for purchases and payments, it can be quickly converted to dollars and other currencies to make those purchases and payments. You cannot transfer Bitcoin out of PayPal, you can only hold it there until converted back to dollars and then move the money.
Benefits of PayPal Bitcoin:
- PayPal helps solve the problem of “How can I buy stuff with Bitcoin?”
- You can buy and sell Bitcoin, Ethereum, LiteCoin, and Bitcoin Cash at the click of a button.
- You can buy and sell in Dollar increments, only what you need.
- The fee is low.
- Once you own Bitcoin, it is with you wherever you can log into PayPal.
- You can “carry” Bitcoin/PayPal across borders without having it in hand. Can’t do that with Gold, unless you have a special holding account.
- You can convert what you need of Bitcoin back to dollars and other currency and use it internationally or with MasterCard, debit or credit, and use ATM machines.
- You can Link to your Credit Card and Bank Account to move Bitcoin, converted back into dollars, where you need it.
- Mostly, PayPal is super fast at converting back to dollars and making Cryptocurrency buys.
Why buy Bitcoin at all?
It could be a great hedge against inflation!