As crypto goes mainstream in 2021, more and more payment providers are adding support for purchasing, storing and sending various cryptocurrencies, and PayPal is no exception. Starting on March 30, 2021, PayPal introduced a new feature on their platform for buying and selling Bitcoin, Ethereum, Bitcoin Cash and Litecoin. It's never been easier to get your hands on some crypto.
Steps for Buying Bitcoin on PayPal
- Log in or Sign up for PayPal
Log in to PayPal on your phone or computer. If you don't already have a PayPal account, you'll need to create one.
- Click Crypto
- Choose Bitcoin from the List of Supported Currencies
- Click the Buy Button
- Enable PayPal Cash
You'll need to enable PayPal Cash on your account before you can get access to the exchange. You'll have to agree to the terms and conditions, then you're in!
- Verify Your Identity
Just like on any other US-based exchange, you'll need to follow the know your customer (KYC) regulations and verify your identity with your drivers license and SSN.
- Make Your Purchase!
You're ready to purchase some Bitcoin! Knowing when to buy is always a tricky decision, so make sure to take your time and do some research beforehand. While it may seem counterintuitive, it's often better to purchase on a red day than a green one!
Benzinga's guide to What is Bitcoin? is a great place to begin your crypto education!
PayPal providing access to Bitcoin is a big step towards mainstream adoption and Bitcoin becoming a more practical currency. PayPal also allows checkout with crypto, so you can spend your newly acquired Bitcoin anywhere that takes PayPal (which is a lot of places!).
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