Step Guide on Buying Bitcoins with Debit / Credit (ATM) Cards - AnnyTessy Blog

Several individuals need to purchase bitcoin with PayPal because it's a common mean of online payment. Even though PayPal transactions are reversible, the Bitcoin payments are not. This creates risks for buyer and exchanges who allow users to change PayPal to bitcoin.

Yet, purchasing bitcoins with PayPal is still possible but with high fees. There are two good ways to buy bitcoin with PayPal: LocalBitcoins or VirWoX

Because there is a greater risk of fraud when purchasing bitcoins with PayPal on LocalBitcoins, this guide is going to teach you, step-by-step, exactly how to buy bitcoins with PayPal on VirWoX.

VirWoX

Strictly, VirWoX is not a Bitcoin exchange. It mostly helps people to buy Second Life Lindens, a currency used in the virtual world Second Life. At VirWoX., you cannot exchange directly the Bitcoin with PayPal, but you would first of all buy Second Life Lindens (SLL) and then exchange your SLL for Bitcoin. This procedure works flawlessly, but the transaction would cost you about 10% in fees at the end of the whole transaction. 

This alternative made VirWoX the easiest and most popular way to buy bitcoins with PayPal.

 Purchasing Bitcoins with PayPal on VirWoX

Once again, using VirWoX is going to cost you around 10% in fees transaction charges, nevertheless, the process is the fastest, easiest, and cheapest way to purchase BTC with PayPal. Though, you might need to wait for couple of days after opening a VirWoX account before you can deposit money. After the first deposit, the future deposits can be completed instantly. Your first buying limit is $90 per day or $270 per month, but these limits increase rapidly with time.

Below is the list and quick summary of step-by-step guide of the further detailed guidelines to follow:

1. Create a Paypal account for yourself if you don't have one
2. Link your debit//credit card to the PayPal account
3. Create an Account with VirWoX
4. Deposit dollars or euros using your ATM linked PayPal to VirWoX
5. Buy Second Life Lindens with your dollars or euros
6. Buy bitcoins with your Second Life Lindens
7. Withdraw the bitcoins to your own wallet

Cool, right? Then let's get started with the complete guide:

1. Create a PayPal Account

1. Visit the PayPal website or open the PayPal app. ...
2. Click "Sign Up for Free" or tap "Sign Up". ...
3. Enter your email address and create a password. ...
4. Fill out the form with your personal information. ...
5. Enter your credit or debit card (optional). ...
6. Enter your bank account information (optional)

2. Link Your Credit / Debit (ATM) Card to Paypal ( If you Jump Option 5 Above)

1. Log in to your PayPal account.
2. Click Wallet at the top of the page.
3. Click + Link a card or bank.
4. Click Link a debit or credit card.
5. Fill in your card details and click Link Card.
6. You may be asked to enter a code sent to your debit card statement. You can get the statement for your card when you login to your account through internet banking. Under Cards section.

 3. Open an account on VirWoX 

Click this link to register on VirWoX: VirWoX 

At  VirWoX home page, click on “Not registered yet?”

4. Fill the details for your account

You would need to enter the required details for you to create an account. Note: Do not get confused by the section titled “Link to avatar (Optional)”. You can leave this section blank and unfilled.

5. Check your email

At this moment, your account has been created, and a temporary password will be emailed to the address you used in step two.

The password is temporary and MUST be changed. Failure to change this password within 24 hours, then your account will be deleted. Next step show you how to change your password.

 

6. Change your password

As soon as you login with your temporary password, click on “Change settings” in the left sidebar. 

7. Create a new password

Enter new password. Ensure you use a strong password, because you are dealing with money!

8. Deposit from PayPal

After you have changed your password, click on “Deposit” in the left sidebar.

9. Deposit and select amount

Scroll down to find the option to deposit with PayPal, and enter the amount you need to deposit on the left and then click the “Checkout with PayPal” button.

10. Login to PayPal

Sign in to PayPal. Note on the left side that I am depositing $2. This is the amount I choose previously in step 7. You can go back and enter a new amount If this amount is not what you chose. 

11. Verify account balance

If you followed the PayPal’s instructions successfully, then you should now see a balance in your VirWoX account. Please note that the amount shown in your VirWoX account may be slightly less than the amount you entered in step 7. Reason: PayPal charges a 2.9% + $0.30 transaction fee for each deposit.

Next, click on “USD/SLL”. But If you deposited with Euro then click “EUR/SLL”.

12. Trade USD for Second Life Lindens

Recall how we told you’ll have to buy Second Life Lindens (SLL) and then exchange the SLL for bitcoins? Right now we’re buying the SLL. In this step you would sell the USD you deposited from PayPal to buy SLL.

Fill the amount of USD you want to sell.

13. Complete order

Note: In the top left of the image below that I now have a balance in SLL. If you now have SLL, then it means everything has gone well.

Now we are going to exchange the SLL for bitcoin. Now click on “BTC/SLL” in the left sidebar.

14. Trade SLL for BTC

The procedure is the same here. Just enter the amount of BTC you want to buy and click “Next”.

15. Buy bitcoin!

That is it! You would now see your balance in BTC displayed in the top left of the screen. You’ve successfully bought bitcoin with PayPal.

After you have purchased your bitcoins, we recommend sending your bitcoins to a wallet you own. It may take two days to withdraw your bitcoin for your first purchase. Subsequently in the future, try to buy bitcoin using other payment methods to avoid fees. 

Frequently Asked Questions

Is using VirWoX indeed the most efficient way to buy bitcoins via PayPal?

Regrettably, yes. PayPal prohibits its users from selling bitcoins for PayPal funds. Even if sellers were allowed to accept PayPal for bitcoins, the risk of fraud and charge-backs would be too large and premiums/fees would likely be more than VirWoX. Alternatively, it would be better if you’re able to find a local Bitcoin  dealer. But If someone you trust is willing to sell you bitcoins directly for PayPal, then this is a good option.

As a PayPal merchant, can I accept bitcoins?

There have been gossips of Bitcoin integration for PayPal merchants. Currently there is still no way to accept bitcoins through PayPal's merchant tools.

Due to the irreversible nature of Bitcoin transactions. There will probably never be an easy, straight forward way to buy bitcoin with PayPal . Though PayPal  seems to be taking interest in Bitcoin. If you can, transfer your PayPal funds to your bank and buy via bank transfer. Or, transfer your PayPal funds to your bank, withdrawal as cash, and buy bitcoin with cash deposit.

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