Buying Bitcoin can be tricky at times, especially when doing it through PayPal. This is because PayPal is credit while Bitcoin is more like cash. In the event someone buys Bitcoin and later decides to dispute the sale, PayPal will have no way of knowing if the transaction actually happened, resulting in the reversal of transaction. So, the company is always super cautious towards making Bitcoin transactions and doesn’t allow any coins for PayPal credit.
But don’t worry. We are living in 2017 – the age of the internet. There is always a way to do something indirectly if there isn’t a direct way to do it.
This one is quite tricky. More like a workaround. In this method, instead of transferring bitcoins through PayPal which is not allowed, you will be buying a different cryptocurrency, one that is allowed, and then trade it for Bitcoin.
One of those currencies is Second Life Lindens (SLL), which can easily be bought through a website called Virvox via PayPal credit. Once you have SLL, your next move should be going to an SLL/BTC exchange and exchanging it for Bitcoin.
Here are the steps involved in the process:
Go to Virvox and open an account.
Deposit money in your account with PayPal.
Exchange it for Bitcoin.
Withdraw your bitcoins.
The only downside of this method is that it’s slow and involves higher fees.
Buying Through Local Bitcoins:
Local Bitcoins is another option that can help you buy Bitcoin with PayPal credit. The website allows you to buy cryptocurrency from a local seller or an online vendor. But since you will be paying in PayPal credit, you can get in touch with vendors from all over the world.
However, when dealing with someone on Local Bitcoins, make sure you understand their policy and are ready to comply. Some sellers are overly strict and may end up turning into an ordeal for you.
Pro Tip: Always buy coins from an experienced and a well-reputed seller on Local Bitcoins.
PayPal Debit Card Holders Can Also Use This Method:
The US residents can easily issue themselves a PayPal debit card. The card makes it extremely easy to buy Bitcoin with PayPal on lower fees. To get the card, all you need to do is go, open an account on Circle and make sure that your debit card is connected to your profile.
From now on, every time you buy Bitcoin, the charges will be deducted from your PayPal credit.
Lastly – Don’t Let Yourself Become a Victim of Scams:
These three are the best options to buy Bitcoin with PayPal. Although you will come across many other sites claiming to be selling Bitcoin with PayPal, most of them are scams. Beware of them and stay safe. Good luck!
On November 26, 2017, a news came out about a former SpaceX employee claiming that Elon Musk was “presumably” Satoshi Nakamoto, the creator of Bitcoin. Bitcoin was established in 2008 and claimed under the pseudonym “Satoshi Nakamoto”, the rumored holder of more than one million Bitcoins.
The secret of Satoshi has been a hotly debated issue in the digital currency world, with entrepreneurs regularly claiming and denying responsibility. Many individuals jumped at the opportunity to get a reaction out of Musk, with very little success on the first day.
In under 48 hours, the news reached Musk, who swung to Twitter to expose the claims in true Musk way:
“Not true. A friend sent me part of a BTC a few years, but I don’t know where it is.”
Image credits: cryptocoinsnews.com
The gossip started from this Medium post from Sahil Gupta, a student at Yale University and former intern at SpaceX. Gupta’s post was widely covered over media, bringing together a blend of supportive and skeptical responses. Normally, the dominant part of reactions was doubtful:
“Obviously, and on the 7th-day Musk rested.” – Phil Thompson
“Musk is a serial self-promoter. Had he come up with anything 1/1000 are groundbreaking we’d have known about it.” – Frayed_Knot
“I will debunk this right now. There is no way Elon Musk is Satoshi. He would never create a currency system that uses so much energy. One bitcoin transaction uses the amount of power an entire home uses in a full week. No way would he impact the environment like this.” – Adam W.
“Yes and no doubt one of his P.R. companies facilitated this article.” – Dave
The last comment can be easily exposed. Yes, Musk is capable of many things, but it is safe to say that he didn’t create Bitcoin.
With Musk’s latest response, the secret of Satoshi lives on and stays to be one of the best mysteries in the crypto world.
on 15th March, Bloomberg BNA reported that Stephanie Avakian (Enforcement Division Co-Director) of US SEC (Securities and Exchange Commission) has confirmed that “dozens” of investigations have been conducted by the agency in the cryptocurrency space.
Press Report It was reported in February that subpoenas have been sent by SEC to companies, that are suspected of having trouble with the security laws through their contribution in the ICOs (Initial Coin Offerings). The comment of Avakain follows these press reports as she said;
“We are very active, and I would just expect to see more and more.”
Statement Released by Securities and Exchanges Commission (SEC)
A statement was released by SEC on 7th March, prompting cryptocurrency trading platforms that they are under the control of the SEC as it monitors them and as an outcome, it must register as exchanges. It’s already clear that SEC holds the main responsibility for proposing securities rules, enforcing federal securities laws, regulating the securities industry, and other actions, which includes the electronic securities markets. SEC supervision ended up as three different companies were suspended from trading due to queries related to the cryptocurrency.
What has SEC done against the crypto-related companies?
Over the past few years, the SEC has taken more steps against cryptocurrency companies that it was seeing as flaunting securities laws. Bloomberg also reported that since September 2017, many actions have been taken by the commission against companies.
On 14th March, Mike Lempres (Chief Legal and Risk Officer at Coinbase) has highlighted in a testimony (before Congress) that the major financial regulatory organizations haven’t agreed on the nature of cryptocurrency. In the US, the regulatory framework for cryptocurrencies still remains unclear.
For SEC, it is a security, while the CFTC (Commodity Futures Trading Commission) deliberates tokens as a commodity. If we talk about the IRS (Internal Revenue Service), it considers tokens to be property, while tokens are considered as currency for FinCEN (Financial Crimes Enforcement Network).
The price of Litecoin has seen a decline after LitePay’s debit card launch, which was scrubbed at the last minute and delayed indefinitely.
Litecoin Price Drops By 4%:
The cryptocurrency market has sustained to shake off the crash that it has experienced this weekend, and most of the large-cap cryptocurrencies have seen strong gains against the US dollar.
The cryptocurrency market index has increased by almost 7%, while Litecoin has seen a decline in its price by almost 4%. At this very moment, the price of Litecoin is $212, which shows that this cryptocurrency has seen a single-day decline of 4% and has the market cap of $11.7 billion. The huge chunk of Litecoin trading volume is focused on OKEx, which accounts for more than 31% of all LTC volume. Especially, KRW pairs, which frequently spike on altcoin recovery, contain a comparatively small amount of Litecoin trading at this time.
The current decline in the price of Litecoin appears to be related to the planned launch of LitePay (fintech startup), which was planned to take place on 26th February, but was partially postponed at the last minute and delayed indeterminately.
According to a report, LitePay is intended to offer a solution based on LTC payments that will make it quite simple for traders to accept Litecoin. This service will also issue a debit card, which will be LTC-funded, letting the users to circuitously spend their coins at almost any business.
The statement that LitePay would be launched on 26th February, led to a momentous Litecoin price rally. Though, the company also sent an email to its users just ahead of the planned launch, notifying them that an essential factor of the firm’s business model which is the “LTC-funded debit card” had been postponed indeterminately due to the antagonistic activities by card issuers towards crypto communities.
It is also said by LitPay, that it will open trader’s registration as planned, however, the indeterminate delay on the debit card service of it, caught lots of users by unexpectedly and have likely contributed to the bad performance of Litcoin today.
Get a free online Bitcoin wallet from Coinbase. Be sure to keep an eye on your bitcoins frequently to avoid any hacking issues.
QR code should be displayed with your bitcoin wallet address next to your cash register.
The entrance of shop should display the “Bitcoin accepted here” logo.
Earn Free Bitcoins By Completing Tasks on Websites:
Another way to get bitcoins is visiting bitcoin-related sites and carrying out small tasks on the web. These tasks include watching a video or an ad, playing a game or taking a survey. Here is a list of some of the sites that offer bitcoins for free:
BitVisitor: Requires you to log onto websites and watch videos. Each page appears for five minutes and then you proceed to the next. Fortunately, the payment procedure completes within an hour and you don’t even need to create a user account, just your Bitcoin address. Though, the number of bitcoins you earn may vary.
CoinWorker: Let’s you earn bitcoins by completing tasks. You must create an account here. Also, payouts are usually higher on here than most sites.
Bitfortip: Answer questions on forums and earn bitcoins. This service is a benefit for both newbie and experienced users of Bitcoin as it brings people together. Newbies can ask their questions and the experienced can answer them while receiving rewards in Bitcoin.
These are not methods to make you rich in a day, but ways to make you more familiar with the currency.
Earn Bitcoins From Interest Payments:
You can earn bitcoins through interest payments by lending your Bitcoin assets. It is a good way to make bitcoins from what you already have.
Lending directly: This when you lend out your bitcoins to someone you personally know and have assessed. You get to decide whether the borrower is trustworthy or not.
Peer-to-peer bitcoin lending websites: Sites such as Bitbond have listings of borrowers publishing funding requests to which you can contribute to their loan. The concept behind this is the same as for fiat currency loans. The borrower gets a certain amount over a specific period of time and repays the amount with interest. However, make sure that both the site and borrower are trustworthy.
Bitcoin banking: Place your bitcoins as a deposit with a site that pays you a fixed interest rate on these deposits. The good thing is you don’t need to diversify your bitcoins over many borrowers. In this banking model, you just need to trust one single browser, which is the bank.
Remember, always lend through sites you trust, because even fraudulent sites comply with the usual requirements that are present on legit sites.
Earn Bitcoins by Mining:
Mining is a process which generates new bitcoins. During mining, your computer adds new confirmed transactions to the blockchain and searches for new blocks. A block is a file that has the most recent Bitcoin transactions recorded in it when a new block is discovered, you receive a certain number of bitcoins. However, if you want to earn bitcoin by mining, know that it’s a time-consuming and costly process.
Earn Bitcoins by Receiving Tips:
One of the best ways to earn Bitcoin fast. It is pretty much like accepting Bitcoin as a means of payment. All you need is a wallet, a QR-code with your Bitcoin address on it and the people who can give you a tip. A simpler option for this would be your own shop. Simply display the QR-code and check each day what came in. Another cool way to get online tips is using Bitfortip which we have already mentioned above. This service allows you to get tipped in bitcoin as the name already says.
Earn Bitcoins Through Trading:
Arbitrage is the safest and most convenient way to make money with trading. Basically, this means that you buy an asset for a certain price and sell it immediately for a much higher price at another destination. Price differences between exchanges often occur for certain reasons.
The other way to earn Bitcoins from trading is simple speculation. In this case, you would buy bitcoins, wait until the price increases, then sell it for a fiat currency. When the price drops again, you buy more bitcoins and start all over again.
Earn Bitcoins as a Regular Income:
There aren’t many organizations that would be ready to pay you in bitcoins, but there are some and maybe there will be more acceptance towards this in the future. Apart from being employed by some company, you have the option of working from home for others as well. Here are some sites offering jobs and where you can post a job yourself. It is a very convenient way of working and many jobs can be completed from home.
Bitcointalk Forum Services Section- Offers job listings that are paid in Bitcoins.
Jobs 4 Bitcoins- Has a focus on job offers for programmers on reddit.
BitGigs- Online job board with a variety of job offers. Do give it a look.
Coinality- Has a different approach, it locates the jobs around you by displaying them on a map. It comes in very handy if you are interested in locating a job somewhere near you.
XBTFreelancer- Another job site for gigs that are mostly software based. If you have programming or other IT related skills it is the place for you to earn Bitcoins with your expertise.
bitWAGE- Lets you find jobs that pay in bitcoin. It also lets you invoice your USA, EU, or UK employer or client in different currencies including bitcoin. This means that you can earn bitcoins from your regular job.
Earn Bitcoins From Gambling:
Online bitcoin gambling can come in a variety of forms. Casino games with live dealers and video slots, dice sites, sports betting, and poker are the most popular forms of bitcoin gambling currently available. Many casinos offer welcome bonuses for new and existing players, usually doubling your first bitcoin deposit on their site.
There are many sites available for bitcoin gambling, each with their own games, bonuses, jackpots, and prizes such as Bitcoin Casinos, Bitcoin Poker, Bitcoin Dice etc.
As you can see, cryptocurrencies are now demanded by everyone. While you do have to invest a certain amount of time to get rewarded, it is still a learning experience for those new to the digital currency community.
Those who want to just skip all these steps, simply want to buy Bitcoin and are wondering where to buy bitcoin, CoinBase, CoinMama, and CoinPanda are some of the most reliable exchanges to buy Bitcoin. Good luck with the purchase!