PayPal is one of the most popular ways of acquiring cryptocurrencies in recent times, largely thanks to the platform’s entry into the digital assets space. Such a move made PayPal an even more popular place for digital asset enthusiasts ever since it started accepting cryptocurrencies in the middle of 2020 after the start of the decentralized finance craze. With the founder of the platform being one of the most adamant and foremost supporters of cryptocurrencies, the popularity of the platform among like-minded individuals has only grown over time.
Still, PayPal severely undermined its positioning among its users in terms of trust in the beginning of 2022 after its management engaged in a politically motivated sanctions war against other nations, restricting millions of users access to the platform’s functionality. The move reflected in a negative manner on the platform’s user count, as many started migrating to alternatives and even cryptocurrency enthusiasts frowned at such an undermining of the core principles of decentralization, which include lack of bias and a deviation from centralized rule.
Nonetheless PayPal has ben playing a more prominent role in the cryptocurrency domain after it started supporting the acceptance, purchase, sale, and withdrawal of digital assets using its own blockchain wallets. In order to buy Ethereum with PayPal, for example, users will have to follow a few simple steps that will require them to divulge some personal information and accept some mandatory procedures regarding financial monitoring.
Buy Ethereum with PayPal in a Few Simple Steps
Once users have decided to buy Ethereum with PayPal, they will have to first register on the platform and undergo a verification procedure. Apart from providing an email address and some basic information, users will also have to verify their identities using any of the following documents:
- National passport;
- ID card;
- Driver’s license;
Once the user has confirmed their identity, they will be given the opportunity to connect a bank card. Once that is done, users will have the chance to access a special section of the platform and then they can buy Ethereum by selecting it from the list of cryptocurrencies provided by the exchange. The payment methods that users can resort to extend well beyond bank cards, as they will also be given the option of connecting digital wallets or even blockchain wallets from other platforms in order to top up their accounts.
A major advantage of the platform is that many cryptocurrency exchanges accept PayPal as a viable gateway for topping up their accounts, thus making it an ideal instrument and partner for users who wish to have a direct channel for funding their operations in the digital space. More importantly, PayPal can act as a direct intermediary for exchange operations between users seeking a globally accepted channel for peer-to-peer trading.
Key Takeaways
PayPal is a mainstay of the cryptocurrency market, which has made a colossal impact on the industry in both terms of functionality and adoption after it started accepting digital assets in the middle of 2020. Considering that the period marked the height of the coronavirus lockdown, the convenience that PayPal provided made it even more popular among users.
