Historically, using your PayPal balance to buy bitcoins (BTCs) has been a rather difficult, tedious, and unnecessarily expensive task to do. This past summer though, Coinbase and PayPal struck a deal that allowed PayPal users to link their accounts in order to deposit money made from selling bitcoins directly into through PayPal accounts. This change also brought plug-n-play compatibility for PayPal’s line of “debit”/prepaid cards.
In order to use this method, you must sign up for PayPal’s free “PayPal Business Debit MasterCard” here. (The card normally arrives within a week’s time.)
- Create a Coinbase account here.
- In “Add a Payment Method,” select “Credit/Debit Card,” and enter the card details for the PayPal Business Debit MasterCard.
- Buy bitcoins instantly!
Just recently, Coinbase struck a “preferred partnership” with Circle. This marked the end of Circle’s free and, also, instant BTC purchases as the company forwarded all of its bitcoin operations to Coinbase.
If you rather not wait for your PayPal card, you could try Paxful. Be advised that the conversion rate is rather and may range from $1.29 to $1.49 to the $1.