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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 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.
