Bitcoin – introduced in 2008 by the mysterious man Satoshi Nakamoto, is the largest cryptocurrency by market capitalization.
Since its launch bitcoin had rarely seen any downfall in its prices, which makes bitcoin the most favored investment option of 2024.
But before we begin you must ask yourself.
Why Should You Invest In Bitcoins?
1. High Volatility
Bitcoins are known for its high volatility because a lot of speculation takes place in this market. While some people use bitcoins to buy physical commodities other see it only as an investment option.
People constantly buy and sell these which is why out of all other cryptocurrencies bitcoin has the highest volatility.
It must also be noted that Bitcoin provides total anonymity during online transactions which makes it the perfect choice for people to use these instead of currency.
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2. Traded 24 × 7
The markets for trading bitcoin are open 24 hours and 7 days a week unlike the stock exchanges which function only 4 – 5 hours.
This is a truly international currency as it does not follow any time zones for its functioning. More time for trade means increased profitability.
3. Increased liquidity
Liquidity means how quickly assets can be converted into cash without affecting its market value.
Bitcoin is by far the most liquid cryptocurrency in the world due to its huge trading volume and dispersed area of demand.
Which means you can easily convert bitcoin into assets like cash or gold with very low brokerage.
However liquidity of bitcoins also depend on other factors such as global acceptance as medium of exchange, increase in Bitcoin ATMs, Government regulations, and many more.
4. Hedge against Inflation
While fiat money constantly loses its value due to inflation, bitcoin has proved to be a good hedge in this situation.
As supply of bitcoin is limited the prices of it will remain high. Its basic Economics – low supply leads to high demand which in turn increases prices.
5. Minimalistic
For trading in shares you need to hold a certificate or license. If not, you at least need to register yourself with a broker to buy a company’s shares.
However, trading in bitcoin is hassle-free. You only need to register on a digital wallet like PayPal and start trading. Also, the delivery of bitcoins are instant, unlike shares that have a T+1 settlement period.
Buy Bitcoin Through PayPal
With the announcement of PayPal allowing its users to buy, sell and hold cryptocurrencies, the global payments firm has made its customers happy.
PayPal also increased the weekly limit of buying bitcoin from $10,000 to $20,000. While the world is taking interest in cryptocurrencies we present you 5 methods through which you can buy bitcoin instantly with PayPal.
1. Buy Bitcoin with PayPal Through eToro
The best way to buy bitcoin using PayPal is eToro. You can gain exposure on bitcoin as it allows you to speculate on the price but access the stablecoin.
eToro is a social trading platform that allows you to trade and invest in cryptocurrencies, stocks, ETFs, indices, and even commodities.
The best part is you can create a free account on eToro and buy various cryptocurrencies like bitcoin at a very low fee.
Also if you are new to the world of cryptocurrency eToro allows you to create a demo account you can use you can before trading with actual money.
2. Buy Bitcoin with PayPal Through LocalBitcoin
Unlike eToro, Localbitcoin is a peer to peer bitcoin exchange which functions on the principle of over-the-counter (OTC) trading.
On Localbitcoin you place an advertisement about selling your bitcoin with the exchange rate and payment method of your choice.
When a person finds your advertisement suitable for his need he can pay you the money and get his coins.
There are many advantages of using Localbitcoin instead of other platforms like it has an escrow system which protects both the buyer and seller.
Only a few documents are required for KYC which ensures full anonymity of the users, it charges a very low commission to the person who creates an ad, and many more.
Another interesting feature of this website is you can rate the sellers which means, you get know to know your seller’s credibility before buying and cryptocurrency from him. So you better watch out for the ratings.
3. Buy Bitcoin with PayPal Through Xcoins
Xcoins is another peer-to-peer bitcoin lending platform. Xcoins offers the bitcoin owners to ‘lend’ their bitcoins to potential buyers instead of selling them at a predefined interest rate.
The bitcoin loans taken are repaid as a onetime payment making it similar to buying and selling bitcoins.
When a borrower wants bitcoins the platform matches him to the lender offering the best interest rate.
The borrower makes payment directly to the lender on the lender’s page after which bitcoin is released and deposited into the borrower’s wallet.
4. Buy Bitcoin with PayPal Through PaxFul
PaxFul is a bitcoin exchange based on peer-to-peer sharing similar to Localbitcoin. Paxful boasts of having over 300 payment method with PayPal being one of the most used under online wallets.
You can buy bitcoin simply by creating an account and browsing the buy and sell offers. Once you’ve clicked and agreed to trade with another user, the buyer pays the amount and the seller sends in his bitcoins.
Paxful has an escrow system, which means both buyer and seller are protected from online frauds.
Once a trade is decided bitcoins are deducted from the sellers account and kept on hold unless the buyer makes the payment.
If no payment is made within the stipulated time the bitcoins are automatically transferred back to the seller’s account.
But if the payment is made the escrow system releases the bitcoin in the buyer’s wallet and the currency in the seller’s wallet. This safeguards both parties form fraudulent activity.
5. Buy Bitcoin Directly Through PayPal
According to the 2016 release PayPal users can now buy bitcoins directly from their app or from the website. But unfortunately, this service is available only for users based in the US.
To buy Bitcoins directly from PayPal you need to:
Step 1: Create an account on PayPal, obviously.
Step 2: On the home screen select ‘Buy Bitcoin and More’
Step 3: Next, select Bitcoin and click on Buy. Currently, PayPal offers only 4 cryptocurrencies to buy which are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Step 4: Enter the amount of Bitcoin you want to purchase.
Step 5: Select your payment method and fill in the appropriate details.
Step 6: Before finalizing the order you should check the conversion rate and transaction fees. Click on Buy now.
You now own Bitcoins in your PayPal wallet. And that’s the end of our list. Bitcoins are highly volatile so we recommend you not to invest in it without doing your own research.
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Conclusion
Many people might have made a huge fortune through them but with high returns comes high risk, and Bitcoin is known for its riskiness.
Also PayPal crypto is a recently released product so we recommend you to use other methods to buy Bitcoins because PayPal is notorious for its high fees.