There has been much speculation that PayPal accepts bitcoin as a mode of payment for some parts of the globe. But, in reality, the reality is that as of this time PayPal does not accept Bitcoins or any other Cryptocurrency for that matter. However, as per the latest reports, PayPal’s corporate executive team is in the process of allowing the company account holder to payment with bitcoins as a mode of payment in the near future. However, there are still a few things that one should keep in mind before the said scheme comes into effect. In this article I will briefly discuss the same and try to put things in perspective for you.
The first thing that you must keep in mind before understanding the above scheme is that the scheme proposed by PayPal would affect many existing online trading platforms. Most people who buy bitcoins do so through the major exchanges like Mt Gox, bitpenny etc. Now, if these exchanges begin to adopt the same scheme, many traders will be forced to move their investments to these platforms which will take away from their profits. Now, it may also be possible that the current number of traders will not be able to keep up with the growth in numbers, and that there will be a significant number of people who will jump the gun and sell their coins on these exchanges and cash out immediately. So, in this context, it would be very important for you to make sure that you do not lose your money in any way. bitcoin to paypal
Another important aspect of this scheme is that most traders of currencies do not have a bank account. It is very difficult for them to open one for themselves. They either use their credit cards or they have access to an offline bank. If you are one of such people, then you should know that you can use your bitcoins to PayPal without having to access a bank account.
The fifth step that you must take is to sign up with a Wirex broker. There are quite a few of them in the market and you need to ensure that you find one that has your interests at heart. Also, you must make sure that the broker charges reasonable fees. Once you have signed up, you will be able to buy and sell your bitcoins using a standard desktop or laptop. This means that you do not have to go through a broker, which again makes life easier for you.
Withdrawals from any of these exchanges to the conventional banks can become very difficult, since the system of digital currency is not known to the traditional banking system. As a result, it becomes necessary for you to use one of the digital currency specialists that can help you out. With regard to this, you can either contact your local exchange or look for an online trading firm. It is not that difficult to find these agents since they will advertise their services on the web and their websites. Once you have found a suitable one, you can start your transactions by giving the appropriate password.
In conclusion, all you have to do to buy bitcoin is to download the software from its website. You can then follow the instructions given on the next step. It is important for you to understand how the transaction works since it will help you make better decisions regarding your investments. Moreover, it will also help you make faster transactions since you will know how to convert your payment into the right currency. Once you have made your purchase, you can begin with your trading activity. After a few weeks, you will be able to convert your bitcoins into cash so that you can use them to purchase more bitcoins.