How to buy Bitcoin with PayPal or credit card instantly
Many people are trying to purchase Bitcoins with PayPal or directly with a credit card will soon discover that it is not possible. You can’t directly buy Bitcoins using PayPal. But there is a workaround that can be done in order to use PayPal to buy Bitcoins.
Why is it so hard to buy Bitcoin with PayPal? For one, it is against PayPal’s policy to sell other e-currencies using PayPal. Also, PayPal is an e-currency and because they consider Bitcoin to be an e-currency, that is in direct competition with them. You can’t buy Bitcoins directly using PayPal because it is risky for the seller as the buyer can always perform a chargeback.
The only way to purchase Bitcoins with PayPal is through the Virtual World Exchange (VirWox). Since most exchange doesn’t allow the purchase of Bitcoin with PayPal, we have to go through a virtual currency called Second Life Linden Dollars (SLL). We will show you how with this simple guide.
Guide to purchase Bitcoins with PayPal or credit card
Note: This method will have more transaction fees than usual, but may still be sensible since the waiting time to obtain your Bitcoins will be shortened, and the price is soaring sky high recently.
Step 1
Visit VirWox.com, which is an exchange for virtual currencies.
Step 2
Register for a new account.
Step 3
Fill out your personal particulars for the new account. Ignore the avatar section and leave the Avatar name to be No Avatar since we won’t be using Second Life. Then click Register.
Step 4
Once you have completed registration, VirWox will send you a confirmation email with a temporary password. Use the password to log in to VirWox.
Step 5
Log in to VirWox with the temporary password, and remember to change your password.
Step 6
Select Deposit from the left tab and choose PayPal Express. Then key in the amount of USD you would like to deposit.
Step 7
From the left menu bar, go to Exchange then select USD/SLL. Buy SLL which we will later exchange for Bitcoins. Notice that if you haven’t made a deposit yet, you will get the screen as shown below requesting you to make a deposit first.
Note: The minimum transaction amount is $1.00.
Step 8
With the SLL you have purchased, go to BTC/SLL to buy Bitcoins with your SLL. This may take awhile before VirWox credit Bitcoins to your account, especially for new users, where a manual review will be performed that can take around 6 hours up to 48 hours.
Note: The minimum purchase is 0.020 Bitcoin.
Step 9
Next, withdraw the Bitcoins to your wallet. Go to Withdraw section and complete the form to request for a withdrawal.
- Number of Bitcoin to transfer.
- Bitcoin address which is your wallet if you want to transfer it to your wallet.
Note: The steps to purchase Bitcoins with credit card would be similar but you will go through the Skrill portal instead of PayPal.
You might also be interested in How to buy Litecoin with PayPal or credit card.
Do not try this. The price of the BTC if you do those steps is about 1500 dolars, as 1 dolar equals to 172,26 SLL (Dec-02-2013) and the price of 0,02 BTC is 5.174,38 SLL. Noob hunting. Fuckin scammers…
Yes you are right. The charges are high. For every $100 transacted, there’ll be likely $20+ fees leaving $70+ to be transferred into BTC. But for non-US, this is the only way to transact via PayPal. I guess the guide did mention the fees would be high.
Yes I fell for that 🙁 paid them 104$ via paypal, got my account credited with 100$ then converting from USD to SLL to BTC in the end i only got 0.082 which is 80$ worth of bitcoin…. Please dont try this they charge a lot of money for conversion.
I also did the $104 transfer just to test out the system. I got 0.082BTC to BTC-e. They also did a manual withdrawal when transfer Bitcoin out to BTC-e that took almost 24 hours when i tried. Anyway, it’s still faster than bank transfer for non-US.