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Author : Crypto Income Staff 12 August 2017
It is possible to buy almost anything with PayPal these days, except Bitcoin. Unfortunately, most cryptocurrency exchanges and digital wallets will not take PayPal as a payment method. PayPal wants nothing to do with bitcoin right now because most governments; including those in the United States and Canada, do not recognize altcoins as currency. Bitcoin is legal in the USA and Canada, but it is viewed as an investment and not money by those nations’ governments. Bitcoin is legal in the USA and Canada, but it is viewed as an investment and not money by those nations’ governments. That means the government will tax your bitcoin but it will not afford the cryptocurrency the legal protections of the banking laws. Among other things that mean altcoin wallets are not covered by the Federal Deposit Insurance Corporation (FDIC) and the Canadian Deposit Insurance Corporation (CDIC) in Canada. Therefore PayPal is not covered against cryptocurrency losses, so it will trade altcoins through its digital wallet. Despite that it is possible to buy bitcoin with funds from your PayPal balance you will simply have to access it another way. It also means that bitcoin is not an accepted PayPal payment method at this time. You cannot deposit Bitcoin directly into your PayPal account. The good news is that there are a few roundabout ways to use Paypal to fund your Bitcoin purchases. Frankly, none of these methods are ideal and they are expensive, but if you only have Paypal as a means to buy bitcoin with, then you’ll have to choose one of these methods.
USING PAYPAL CREDIT AND DEBIT CARDS TO BUY BITCOIN. There is an excellent indirect method of buying bitcoin with your PayPal balance. You can simply use a PayPal debit card to make the purchase. Currently PayPal offers two debit cards to American and Canadian users. These cards are. The prepaid MasterCard PayPal debit card at https://www.paypal-prepaid.com/prepaid-debit-card/applyNow.m?&act=PayPal+Prepaid+Card+Google&campaignid=71700000021539629&adgroupid=58700002203443565&adgroup=PPD-TM+-+PayPal+Debit+Card+-+ALL+%28b%2B%29&creative=199275969546&kwid=43700018496832761&matchtype=b&network=g&adposition=1t1&target=&device=c&devicemodel=&feeditemid=&loc_physical_ms=9029047&loc_interest_ms=&targetid=kwd-24669167777&utm_source=GOOGLE&utm_medium=cpc&utm_campaign=PPD-TM+-+PayPal+Debit+Card&utm_term=%2Bpaypal+%2Bdebit&AID=P_SEM_Desktop&SUB=PPD-TM+-+PayPal+Debit+Card+-+ALL+%28b%2B%29&SITEID=Desktop_PPD-TM+-+PayPal+Debit+Card&adid=&gclid=EAIaIQobChMIicGXgba01QIVCA9pCh0vbAh-EAAYASAAEgJc2vD_BwE&gclsrc=aw.ds&dclid=CPWJ4I-2tNUCFct9AQodJ1MP-Q. This is a reloadable card that you can load with funds from your PayPal balance. The drawback to this card is that you will have limited access to the funds in your PayPal account. The PayPal Business Debit MasterCard at https://www.paypal.com/us/webapps/mpp/debit-card.
This is definitely the best deal because it gives you unlimited access to the funds in your PayPal balance and 1% cash back on all purchases. If you qualify PayPal will also give you a line of credit accessible through this card. You will have to convert your PayPal account to business to get this card. The good news is that all the major bitcoin wallets including Coinbase, Bitpay and TenX; miners like Genesis, and exchanges such as CEX.IO will accept MasterCard as a payment method. The bad news is you will have to convert your bitcoin into a fiat currency such as U.S. or Canadian dollars in order to deposit it into PayPal. These cards can be used to purchase bitcoin through most wallets, miners and exchanges. Here is how to use them to buy bitcoin. Sign up for the MasterCard through PayPal’s website. Wait until the card comes in the mail and activate it. Go into your digital wallet, exchange or mining company and simply enter the numbers on the MasterCard as a payment method. Since these are MasterCard products; most websites will accept them as a means of payment. Simply buy the bitcoin like you would purchase a book or a pair of socks from Amazon. Be careful when you use this method because you will have to pay the standard PayPal fees of 30¢ or 2.9% per transaction. The big disadvantage to this method is that you will have to use a separate wallet to make bitcoin purchases.
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