What You Need to Know When Buying Bitcoin with PayPal
2022-04-18 09:44:58
Can I Use PayPal To Buy Bitcoin In 2022?
Antoni Trenchev, the CEO of a crypto lending firm, predicted that the price of Bitcoin could hit $100,000 within a year. According to Trenchev, in the short term, BTC may fall in tandem with traditional financial markets as the Federal Reserve starts unwinding its massive monetary stimulus program. However, he added that to “give further impetus to crypto”, a crash in stocks would likely mean the U.S. central bank eventually goes “back to easing in no time.”
At the time of writing, Bitcoin price live on Gate.io is traded at $40178, and if Trenchev’s forecast is correct, that would mean this leading cryptocurrency would have to more than double this year.
Trenchev is not the only one who's so bullish on Bitcoin, crypto industry players like him always point to various reasons why they think BTC price will go up, including rising inflation and increasing institutional investor participation.
Meanwhile, Bitcoin believers are also saying that the market has matured, and that there’s ample liquidity now that major Wall Street institutions are flocking to digital assets, such as Jump Trading and Jane Street. So-called “crypto whales” like Do Kwon, the co-founder of Terra Labs, are buying up millions of dollars worth of Bitcoin in the belief that it could become a reserve currency in the future.
Therefore, more and more retail investors can't resist entering and buying Bitcoin in such an atmosphere. As previously reported, the most popular ways to buy Bitcoins include cryptocurrency exchanges, mainstream brokerages, payment apps and Bitcoin ATMs.
How to buy Bitcoin with Paypal?
When it comes to payment apps, many people may be more aware of Venmo and Square's Cash App, but are unaware that PayPal has been allowing all eligible account holders in the U.S. to buy Bitcoin as early as 2020. Last year, they also expanded this service to the UK.
PayPal is making crypto more accessible as it allows users to buy, sell, and hold Bitcoin with as little as $1 invested, which is a major draw for many beginner investors. Julian Morris, a certified financial planner at Concierge Wealth Management says:
“If you have a PayPal balance on your phone, and you’re curious about cryptocurrency, you can open PayPal, click crypto and in two seconds own a few hundred dollars worth of cryptocurrency. They just make it really, really easy.”
Yes, buying Bitcoin via PayPal is quite simple. At present, you can purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash on the PayPal app. All you need to do is click the button that says “crypto” and choose “Bitcoin”.
Then, you’ll need to have available funds, a linked debit card, or a linked bank account in order to complete your purchase. You also have to verify your identity just like many mainstream exchanges would require including Binance, Coinbase and Gate.io. PayPal requires you to fill out a W-9, and agree to its terms and conditions.
It is important to note that there’s a fee for buying and selling Bitcoin on PayPal, which varies depending on the amount you buy. If you want to start with a small amount between $1 – $24.99, then you just need to pay $0.50. However, if you are going to make a purchase with the Bitcoin you newly bought, PayPal will automatically convert it into the U.S. dollar at no additional cost.
Antoni Trenchev, the CEO of a crypto lending firm, predicted that the price of Bitcoin could hit $100,000 within a year. According to Trenchev, in the short term, BTC may fall in tandem with traditional financial markets as the Federal Reserve starts unwinding its massive monetary stimulus program. However, he added that to “give further impetus to crypto”, a crash in stocks would likely mean the U.S. central bank eventually goes “back to easing in no time.”
At the time of writing, Bitcoin price live on Gate.io is traded at $40178, and if Trenchev’s forecast is correct, that would mean this leading cryptocurrency would have to more than double this year.
Trenchev is not the only one who's so bullish on Bitcoin, crypto industry players like him always point to various reasons why they think BTC price will go up, including rising inflation and increasing institutional investor participation.
Meanwhile, Bitcoin believers are also saying that the market has matured, and that there’s ample liquidity now that major Wall Street institutions are flocking to digital assets, such as Jump Trading and Jane Street. So-called “crypto whales” like Do Kwon, the co-founder of Terra Labs, are buying up millions of dollars worth of Bitcoin in the belief that it could become a reserve currency in the future.
Therefore, more and more retail investors can't resist entering and buying Bitcoin in such an atmosphere. As previously reported, the most popular ways to buy Bitcoins include cryptocurrency exchanges, mainstream brokerages, payment apps and Bitcoin ATMs.
How to buy Bitcoin with Paypal?
When it comes to payment apps, many people may be more aware of Venmo and Square's Cash App, but are unaware that PayPal has been allowing all eligible account holders in the U.S. to buy Bitcoin as early as 2020. Last year, they also expanded this service to the UK.
PayPal is making crypto more accessible as it allows users to buy, sell, and hold Bitcoin with as little as $1 invested, which is a major draw for many beginner investors. Julian Morris, a certified financial planner at Concierge Wealth Management says:
“If you have a PayPal balance on your phone, and you’re curious about cryptocurrency, you can open PayPal, click crypto and in two seconds own a few hundred dollars worth of cryptocurrency. They just make it really, really easy.”
Yes, buying Bitcoin via PayPal is quite simple. At present, you can purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash on the PayPal app. All you need to do is click the button that says “crypto” and choose “Bitcoin”.
Then, you’ll need to have available funds, a linked debit card, or a linked bank account in order to complete your purchase. You also have to verify your identity just like many mainstream exchanges would require including Binance, Coinbase and Gate.io. PayPal requires you to fill out a W-9, and agree to its terms and conditions.
It is important to note that there’s a fee for buying and selling Bitcoin on PayPal, which varies depending on the amount you buy. If you want to start with a small amount between $1 – $24.99, then you just need to pay $0.50. However, if you are going to make a purchase with the Bitcoin you newly bought, PayPal will automatically convert it into the U.S. dollar at no additional cost.
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