Bitcoin is a crypto currency whose use is still very limited. Bitcoin owners who want to transact must convert them into fiat money through several ways, one of which is through PayPal. How to transfer Bitcoin to PayPal is also quite easy and safe.
PayPal itself is the most popular payment system because it is able to reach various parts of the world. In addition, PayPal is also known to be safe with relatively lower transaction fees. To find out how to transfer Bitcoin via PayPal, see the following discussion.
Why Transfer Bitcoin to PayPal?
Basically you can convert Bitcoin in several ways, for example through an exchange. However, this method costs a lot of money. Not to mention the conversion process that takes a long time so that the possibility of Bitcoin price changes is greater.
In addition, crypto exchanges are vulnerable to theft and other risks so many crypto owners feel it is not safe to put large amounts of money. Therefore, you need another easier and safer alternative for Bitcoin conversion.
Luckily, PayPal is now serving the conversion of Bitcoin to fiat currency. This is a breath of fresh air for cryptocurrency owners because PayPal is considered more secure. Equally important, users can also withdraw funds at a lower cost and faster.
How to Transfer Bitcoin to PayPal
To transfer Bitcoin to PayPal, cryptocurrency owners can use the services of a third-party exchange. There are several service providers that promise to transfer BitCoin to PayPal, but sometimes these services actually cause negative impacts such as embezzlement/
Nonetheless, cryptocurrency owners need not worry. There are several service solutions that can be used to store BitCoins on PayPal, such as Coinbase and Paxful. Here’s the explanation.
1. Coinbase
Around 2016, Coinbase announced that users could withdraw balances to US dollars using a PayPal account. That way, cryptocurrency owners can transfer Bitcoin to a Coinbase account and withdraw it in dollars to a PayPal account.
To be able to use this service, users must verify by uploading a copy of their identity card. Each withdrawal will also incur a fee of approximately 3.75%. Even though it costs extra, it’s still the safest way to transfer Bitcoin to PayPal.
2. Paxful
Paxful is a fairly popular crypto exchange site. Through this exchange, crypto owners can also transfer Bitcoin to PayPal with no minimum and maximum limits. Like Coinbase, this method can also be an alternative to moving Bitcoin to PayPal.
When selling Bitcoin, be sure to really pay attention to the reputation of the buyer. Don’t forget to re-check the order details before clicking Sell or Sell.
3. BitPanda
BitPanda is an Austrian startup that also provides transfer services from Bitcoin to fiat currency. Using this platform, clients can sell Bitcoin withdraw Bitcoins to PayPal in US dollars.
How to use BitPanda is also quite easy. First, register as a member, then select the Sell or Sell option. Select PayPal as the withdrawal method. After the Bitcoin is sent, the funds will go to the desired PayPal account.
While PayPal offers a great solution for converting Bitcoin to fiat currency, there are a few things to keep in mind. PayPal is often a target for scams and phishing, so cryptocurrency owners should be careful when using it.
After knowing how to transfer Bitcoin to PayPal, it’s a good idea to know more information about cryptocurrencies. Visit the Crypto Media site and find a variety of interesting information about the crypto world.
Advantages and Disadvantages of Using Paypal
PayPal is the largest third-party payment provider and is most often used by online businesses, freelancers, or other individual users who frequently trade on the internet. While its popularity and credibility is unquestionable, there are some pros and cons to consider before using this service, especially for the purpose of storing Bitcoins.
Avantages of Using Paypal:
1. Easy to Use
PayPal is very easy to use. Whether you are buying goods online or setting up PayPal as a payment option for your business, PayPal is very simple and easy to manage. Apart from that, setting up a PayPal account is also free and only requires a valid email account. Linking credit card and bank accounts to PayPal accounts for withdrawals and funding eliminates the hassle of making online transactions.
2. Trace Record Complete Transactions
You can easily review transactions by browsing the transaction summary page provided. Creating and monitoring invoices for business just got easier thanks to the PayPal feature. You also have the option to send e-checks, follow up on payments, and even request a refund in the event of an unsatisfactory transaction. For small businesses, you don’t need to hire a bookkeeper to check online financial transactions, because you can directly copy-paste the required financial data from the PayPal platform.
3. Equipped With Encryption System For Security
PayPal is also equipped with encryption features that protect your data with high security standards. Compared to other payment options, PayPal has a higher level of data protection. Even when someone hacks Paypal’s public servers, all funds are backed up Offline.
4. Mobile Friendly
Like its desktop version, PayPal has a very easy-to-use mobile app. You can shop, send and withdraw money, anywhere and anytime. Although other payment providers are starting to provide mobile app versions of their services, the PayPal mobile app remains the relatively easiest to use and many users choose.
5. Discounts For Loyal Customers
To loyal customers who shop online through PayPal, there is a special discount program offered. This is what makes many people interested in converting their Bitcoin to Paypal USD.
Disadvantages of Using Paypal:
1. There are fees charged when receiving money
While PayPal is free for personal use, there is a fee for business use. When you register for a business account, PayPal charges a fee of 2.9% when receiving money for transactions for goods or services. Although relatively small, the imposition of these fees is often a burden, especially for small entrepreneurs who often carry out transaction activities to many accounts.
2. PayPal Can Freeze Accounts
One thing to note about using PayPal is this: it can freeze accounts without warning. The PayPal algorithm sometimes detects suspicious behavior in your account, and when it does, PayPal can automatically freeze the account as well as with the funds in the account. If your account is frozen, the fund transfer facility is also suspended. This of course can affect business activities and cause you to lose money.
3. Bank Surcharge
Some banks require a transaction fee when you transfer funds from your PayPal account. These surcharges vary from bank to bank, but usually there is a fixed rate in place.
4. PayPal Is A Target Of Phishing And Scams
The internet is a place where crime can take many forms. You may receive fake emails or online messages from people pretending that they are PayPal affiliates. These scammers will then ask for your PayPal info. To avoid Scam when going to store Bitcoin in Paypal, you have to be a lot alert and recognize its characteristics.