With the drastic rise in Bitcoin prices against the US dollar, no real investor would love to miss out the opportunity. As one of the investors, you may be wondering whether it is possible to buy Bitcoins in Canada.
Or else, you are aware of this, but you only have cash in your PayPal account. Now you are not sure whether you can use the cash to pay for Bitcoins. Though it is possible to use your PayPal in buying this cryptocurrency, it is a bit hard if you do not know how to go about it.
Importantly, PayPal does not support Bitcoin transactions due to their chargeback or reversal policy. In a layman language, Bitcoins transactions are irreversible. Hence, online fraudsters can use this means to commit cybercrime.
Here, they pay you through PayPal, when you send them the Bitcoins, the lounge a claim that they never received the goods. As such, they request for money back. This becomes tricky because it is hard to state whether the client received the coins or not.
Nevertheless, it is possible to buy Bitcoins in Canada using your PayPal account but through intermediary service providers. Here are some of the ways to do it:
a. Buying Bitcoins through Paxful
Paxful is a medium that offers peer-to-peer Bitcoins transfer services. If you want to buy Bitcoins, you create an account on this platform and proceed to search for a seller. Upon finding one and agreeing to the terms of business, the seller transfers the Bitcoins to a secure or Escrow account on the platform.
You too follow suit by transferring your cash to the Paxful. After the transaction is confirmed, then you get your coins, and the seller gets the cash. Paxful is simple and easy to use for any buyer. However, the seller may not be willing to accept PayPal as the payment which is a downside for this option.
Another platform that facilitates PayPal –Bitcoin transfers is LocalBitcoin. Like Paxful, it is a peer-to-peer platform for buying and selling Bitcoins. Here, you sign up and find a seller as you do with Paxful.
When you find a preferred seller, you transfer cash from your PayPal account to a LocalBitcoin one, and the seller follows the same procedure. Once, the provider has confirmed the transfer, each of you gets their property. As such, the platform helps you to avoid being scammed since you do not exchange directly with the seller.
Also, the funds are released upon confirmation of the transfer. However, you do not have a choice other than accepting the available rates of the deal even though they may not be favorable.
Other than LocalBitcoin and Paxful, VixWox is not peer-to-peer exchange platform. Instead, it is a place for buying Linden Dollars (SLL) for a video game known as Second Life. However, it is possible to buy Bitcoins on the platform. This is how to do it.
First, you buy the SLL and pay with your PayPal account. Secondly, you can sell your SLL for Bitcoins. Mostly, even though this platform helps you to buy Bitcoins, it is costly. The process attracts several conversion fees.
Also, it does not accept Canadian dollars. Hence, you have to use US dollar converters to transact which will mean more charges. Despite these shortcomings, it is one of the safest means of purchasing Bitcoins with your PayPal account.
As you can see, buying Bitcoins in Canada using PayPal is not hard. However, you need to do it through a peer-to-peer exchange platform. While these platforms limit you since you cannot decide the deal rates, they are a safe option for falling into the hands of Bitcoin fraudsters.