How To Sell Bitcoin Via PayPal

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How To Sell Bitcoin Via PayPal

PayPal is a popular eWallet which is used by millions around the world. It’s easy to use, convenient and safe, which should encourage every merchant to accept it. However, due to chargeback concerns and the fact that it is expensive to support, the number of online platforms which accept PayPal is less than you might expect. This is also true for cryptocurrency, where it can be tricky to find a reputable platform that allows you to transfer your Bitcoin to PayPal and vice versa.

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As with any asset, the value of Digital Currencies can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in digital currencies.

Selling Bitcoin to PayPal: Why Opt for this Method?

There are many reasons why selling your Bitcoin with PayPal is a good idea. PayPal payments are virtually instant, so as soon as the buyer or platform sends you the funds you should find them available in your account. Furthermore, you can manage your account using a mobile app, and access all major fiat currencies along with numerous smaller ones from across the globe.

How to Go About it

There are different ways to go about transferring Bitcoin to Paypal depending on the platform which you are using. Generally, you would follow these steps:

  1. Open a PayPal account
  2. Negotiate the sale of Bitcoin or any Altcoin
  3. Provide the buyer or platform with your PayPal address
  4. Verify that the funds have been successfully deposited in your account

PayPal will notify by email as soon as the funds have arrived, but it’s always a good idea to actually check your online account.

Step-by-Step Guide to Selling Bitcoin On PayPal

  1. Log in to your PayPal account and open the summary dashboard page to view your PayPal and Crypto balances. Click the “Buy and Sell” button underneath your Crypto balance.
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2. The Crypto page will display your current Bitcoin amount. To go through and start the transaction to sell some or all of your Bitcoin, click the “Buy/Sell” button.

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3. A historical graph displays the value of Bitcoin over various time periods. It also shows you the current value against the amount of Bitcoin you own. Click the “Sell” button to continue.

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4. You then need to confirm tax information if this is your first time selling Crypto on PayPal. Enter your name, date of birth, and pick your taxpayer ID followed by the personal ID number.

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5. You then need to scroll down and check the box that confirms all your details are factually correct. Enter your first and last name at the bottom of the form and click “Submit”.

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6. Now you can enter the Bitcoin amount that you wish to sell. You can choose to sell all or any other amount that you wish. Enter the desired amount or hit the “Sell all” button to confirm.

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7. Check over the Review page to make sure all the amounts are correct. The page also confirms the amount that you will receive minus the transaction fee. Hit the “Sell Now” button to complete the transaction.

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Which are the Best Platforms to Use?

While the number of reputable options to sell Bitcoin with PayPal is small, you still have a comprehensive choice, based on your requirements. Coinbase, and LocalBitcoins each present several distinct features which might make them more or less suitable for you.

Coinbase

Coinbase is a US-based exchange which has grown to become the world’s biggest Bitcoin broker. There are many reasons behind Coinbase’s success, including the fact that it insures its user’s funds against theft or malicious attacks. Coinbase allows you to withdraw fiat currency or sell Bitcoin to PayPal, as long as you live in a supported region.

Apart from Bitcoin, the cryptocurrency exchange gives you access to numerous altcoins and offers different platforms based on your trading experience. Coinbase Pro, for example, is a trading platform dedicated to experienced cryptocurrency traders.

LocalBitcoins

LocalBitcoins is amongst the major Bitcoin P2P platforms in the world. Unlike other exchange platforms, LocalBitcoins does not interfere in trades, allowing buyers and sellers to come together, negotiate terms, and proceed with trades. The platform simply takes a small percentage of each trade, and, in exchange, provides a platform which is easy to use and allows traders to review other traders.

If you are looking to sell Bitcoin with PayPal you can use LocalBitcoins to search for buyers who are willing to use this payment method. By using the relevant filter options, you should easily find suitable buyers and proceed to make the sale. If finding a buyer who will accept PayPal is difficult, you could opt to look for a LocalBitcoins broker instead.

Platform Comparisons

These three platforms all allow you to transfer sales of Bitcoin to PayPal. The differences between them relate to their operational features.

Since LocalBitcoins doesn’t set the price of Bitcoin, you could potentially get a better deal if you sell your digital currency on this platform instead of Coinbas. However, you need to consider that the P2P platform carries out less due diligence on its users, so there is a higher risk factor.

Coinbase, meanwhile, is probably your best option if you are looking to invest in Bitcoin and HODL. Apart from offering a free, in-built wallet, Coinbase’s insurance policy ensures that your funds are safe, even if you keep them stored there for longer periods of time.

Can you Buy Bitcoin with PayPal?

Apart from being able to sell the cryptocurrency using this eWallet, you can also buy Bitcoin using PayPal. The process is fairly similar, and LocalBitcoins offers you this option in any supported country.

This type of investing uses margin trading to multiply the size of your investment, but as a result of this, trading CFDs is also considered to be a risky investment.

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