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Author : Crypto Income Staff 12 August 2017
There are some bitcoin brokers that will accept Xoom wire transfers; including Paxful. Paxful charges $2.14 for each dollar’s worth of bitcoin you buy and it has a minimum trade of $50 and a maximum trade of $200. Therefore using Xoom wire transfers to buy bitcoins is not a very good deal. Most people will pay less with a bank transfer or a wire transfer to an exchange such as CEX.IO. CEX.IO charges $10 for wire transfers for cryptocurrency purchases which would be far cheaper than Paxful’s charges. ALTERNATIVES TO PAYPAL FOR BITCOIN PURCHASES. There are some alternatives to PayPal for bitcoin purchases in the world of digital wallets. A few of these include. Skrill at https://www.skrill.com/en-us/ – A number of bitcoin exchanges and wallets accept payment from this British service. Skrill can be hard to set up and difficult to use, but many businesses that will not accept PayPal will accept its payments. TenX at https://www.tenx.tech/ – This very new company based in Singapore has a digital wallet linked to a prepaid Mastercard that can automatically convert bitcoin and other cryptocurrencies (Dash, Ethereum, Ripple, and more) , into fiat currencies such as U.S. dollars anywhere around the world. Bitpay at https://bitpay.com/ – This very popular bitcoin wallet also offers merchant services and a Visa card which can used to make bitcoin payments. Since Bitpay has a partnership with PayPal the two services might be combined at some point in the future.
iPayYou at https://www.ipayyou.io/ – This service lets you buy and sell bitcoin, pay by email and Twitter and transfer bitcoin to Amazon and Starbucks. You can also purchase gift cards for a number of major retailers including Amazon and Apple using bitcoin through it. Not a perfect bitcoin alternative, but it will work for real people. Gyft and eGifter will let you purchase gift cards for big retailers such as Amazon and Walmart with bitcoin. You will have to pay fees but you can at least online purchases using bitcoin via these solutions. Unfortunately you cannot buy bitcoin through them at this time. THE FUTURE OF BITCOIN AND PAYPAL. The million dollar question that a lot of people are asking is when will PayPal start accepting bitcoin payments? More importantly when it will be possible to buy bitcoin and other cryptocurrencies through a PayPal digital wallet? The best answer to this question is PayPal will allow bitcoin to participate in its’ ecosystem when the United States government recognizes cryptocurrencies as legal tender. That might be years in the future, because the FDIC, U.S. Federal Reserve and other American financial authorities are historically very conservative. They are often years behind other nations in the regulation and adoption of new financial technologies. It would probably take the acceptance of bitcoin as currency by some other major government; like that of China or the United Kingdom, to force Uncle Sam to recognize altcoins as money.
Until then the federal government has a strong incentive not to view cryptocurrency as money because it can tax it a higher rate. In the United States, investments can be subject to capital gains and other taxes currencies are not. That will give the U.S. Treasury a very good reason not to recognize bitcoin or Ethereum as money. This is bad news for Canadians, because Canadian authorities; like the CDIC, usually follow the lead of their American counterparts. Such recognition might take longer because it may require an act of the United States Congress. Since it can take years for Congress to pass even simple legislation, this might delay approval for a long time. What this means is that bitcoin purchases via PayPal in the United States and Canada might be several years away. Even though it makes a lot of sense to be able to buy altcoins with PayPal, it might take several years to become a reality. All this means that you will need to find a good alternative to PayPal if you do; or plan to conduct, a lot of business in bitcoin. Fortunately many such alternatives exist and some of them are fairly easy to take advantage. Those who want to use PayPal to buy bitcoin should watch the news closely. PayPal Holdings (NASDAQ: PYPL) will undoubtedly fill the internet and other media with press releases when it starts supporting bitcoin. Until then you’ll just have to find a good alternative.
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