3 min read
Paypal is undoubtedly the most common means of payment on the Internet and reaches millions of businesses, but when using it as a means of payment to buy cryptos can present some problems. Today we will analyze if it is convenient to buy Ethereum with Paypal.
The world of cryptos, as Darwin would say, is in constant evolution and this evolution is what is making it easier and more intuitive to buy and sell cryptos. These advances include better platforms, better wallets, faster transactions or simply more cryptos accepted by exchanges.
Inconveniences with Paypal
When it comes to buying ethereum with Paypal the options are still limited and this is mainly because payments with PayPal are reversible, while Bitcoin and Ethereum transactions are irreversible.
This means assuming certain risks for sellers, merchants and for Paypal itself, as there have been many cases of scams taking advantage of this reversibility. Scammers bought cryptos with Paypal and later claimed that they didn’t receive the Bitcoins (which they did).
Because of this problem, Paypal was forced to return the amount to the scammer, who ended up with the money and the Ethereums. That’s why Paypal has increased the barriers to use their services in the purchase of crypto currencies.
Another drawback is the typical KYC (know your customer) process in which the user will be forced to provide personal data to Paypal, something usually avoided by many of the crypto users who seek the greatest anonymity possible when buying cryptos.
Another significant disadvantage is that many brokers and exchanges that allow you to buy cryptos with PayPal, impose certain minimum and maximum limits for operating with this payment method. There are also certain obstacles depending on the country from which you are trading.
Alternatives to Paypal
While searching on the Internet you can find some guides with steps to buy Bitcoin or Ethereum with Paypal, from Bitnovo we recommend other alternatives much faster, safer and more intuitive.
There are a lot of exchanges (exchange houses) as alternatives, where you can buy crypto currencies in simple steps. We obviously recommend our exchange because it has never been so easy to buy cryptos as in Bitnovo.
It’s true that in exchanges it’s very easy to buy cryptos, but there’s also another very new option that Bitnovo has developed. This consists of offering coupons that can be redeemed for cryptos that can be acquired in an infinite number of stores throughout Spain, Italy, Portugal and France. The process is even simpler, since in this case does not require KYC process and you can buy cryptos without giving personal data.