Unfortunately for most of us, Paypal platform terms have a great collision with cryptocurrency and it seems to be very hard to achieve any of them, especially Ethereum directly with Paypal. Actually, there’s no easy way to do it, and if you want to purchase Ether coins but rely on the Paypal platform to do it, you will need to pass a few steps before.
First step: Acquiring Bitcoin
Even though Ether is one of the strongest cryptocurrency in the world, it hasn’t surpassed Bitcoin yet and is still this last cryptocurrency the one that sets the reference when trading between online money. In this matter, and according to the fact that Paypal terms don’t support the cryptocurrency system, it would be absolutely necessary to exchange from one to another in order to buy Ethereum withPaypal credit.
It is important to remember that purchasing Bitcoin out of Paypal is quite risky since PayPal payments are reversible while cryptocurrency transactions are not. That’s one of the principal reasons PayPal politics elude cryptocurrency so much. Nevertheless, there’s a way to achieve the trade to be able to acquire the Bitcoin you need to start trading Ether.
There are two ways of buying Bitcoin out of PayPal:
VirWox: is the most indirect way and can be a little tedious but is definitely the safest way to acquire Bitcoin, therefore Ether, by using Paypal. This exchanger actually trades PayPal for a secondary coin called “Second Life Lindens” that are sold for Bitcoin too. In this matter, the process reduces to acquiring those Lindens with Paypal and then selling them for Bitcoins.
LocalBitcoins: the second way to buy Ether with PayPal is more direct (even though you still have to purchase Bitcoin first) but is also way riskier. This platform sells Bitcoin with the advantage that users select the way of payment, so if you want to do it with PayPal and the other party wants too, you just need to settle the arrangement and agree on the number of BTC to purchase. It is highly important to be cautious in this kind of transaction since, as we said before, Paypal payments are returnable since cryptocurrency transactions are not. Nevertheless, this is a quite private way to trade Bitcoins because the arrangement is set between the involved parties and is not intervened by the platform.
Exchanging Bitcoin for Ethereum
Once you’ve purchased the number of Bitcoin you needed to acquire your Ether money, it’s time to go to any exchanger house and start trading you BTC. Finally, there’s no direct way to buy Ethereum with Paypal since it appears too risky and complicated that is not convenient, especially because there are a lot of ways to purchase Bitcoin or Ethereum that are quite safer, faster and even cheaper but if you are determined to invest only your Paypal capital, then those are the only decent ways to do it. You can actually set independent arrangement to buy cryptocurrencies with Paypal but it’s extremely dangerous and not recommended.