The Pros and Cons When You Buy Bitcoin With PayPal

Are you caught up with cryptocurrency? Chances are, like most, you’re worried you don’t know enough to make the most of it. So, it’s tempting reading you can buy Bitcoin with PayPal, your shopping go-to!

Before jumping in, take a look at the main pros and cons of buying Bitcoin through PayPal.

Reasons to Buy Bitcoin With PayPal

Since cryptocurrency caught on in mainstream society, PayPal decided it was time to cash in. They want your business in a sea of countless competitors, so they made doing business with them enticing.

Buying Bitcoin Through PayPal Is Easy

PayPal seems ideal if cryptocurrency seems too complex and technical for you. PayPal cryptocurrency services make buying Bitcoin and a few other coins as easy and familiar as sending traditional money to friends on their platform.

You Can Pay With Crypto Through PayPal

Using PayPal cryptocurrency services lets you pay with cryptocurrency without opening a new credit card, bank account, or doing a bunch of transfers. PayPal converts cryptocurrency like Bitcoin to traditional fiat money, so it’s easy to use anywhere that has a PayPal checkout.

PayPal Is a Major Platform You Know Well

PayPal’s name and history carry a lot of weight compared to many new, unknown cryptocurrency platforms. You know it’s legitimate without doing a deep dive.

Reasons to Buy Bitcoin Elsewhere

If those reasons to buy Bitcoin with PayPal are persuading, hold your horses. Some reasons not to use PayPal cryptocurrency services can have major consequences.

Forget About Crypto Exchange

Once you buy crypto with PayPal, you can’t send it to other wallets or trade one coin for another. You can’t participate in peer-to-peer lending programs and earn interest. All you can do is buy, hold, or sell for your country’s traditional money—often for less than you spent.

Security Is an Afterthought

Not being able to trade and send your Bitcoin to another wallet is both frustrating and insecure. It goes against the basic concept of Bitcoin as a decentralized currency. If PayPal goes down and you stored all your cryptocurrency there, you might lose everything.

Get Stuck With Four Options in a Growing Market

There are thousands of cryptocurrencies on the market, and more pop up all the time.

As much as PayPal wants to seem up-to-date on cryptocurrency, it only has four of the most basic coins: Bitcoin, Ether, Bitcoin Cash, and Litecoin. If there’s any chance you might want to trade your Bitcoin, go elsewhere.

PayPal Has Annoying Fees

Bitcoin mining uses a lot of resources, so there aren’t many places to buy Bitcoin without fees. Still, don’t resign yourself to PayPal’s costs.

If you can’t find somewhere to buy Bitcoin without a fee, you can at least compare rates. If you search Byte Federal and other cryptocurrency ATMs, you may find lower-fee options near you. Plus, you can switch between platforms for the best rates if you don’t use an option as restrictive as PayPal.

Stay Current With Crypto and Other Modern Topics

Now that you know these pros and cons, you can make an informed decision about whether you should buy Bitcoin with PayPal or on another site.

If you want more essential news and tips to keep yourself current in today’s speedy world, you’re on the right website. Read another one of our articles and keep the must-know facts flowing.