PayPal is a popular global service for financial transfers, offering both individual and business level services. Coupled with its ability to accept cryptocurrencies, this makes the platform ideal for Nigerians who want to find a way how to buy Bitcoin with PayPal in Nigeria.
The possibility to use PayPal was considered to be global before the onset of the crisis that erupted in Eastern Europe. The ensuing limitations that were placed on the conflicting factions undermined PayPal’s reputation as an unbiased service for financial transfers, severely slashing its user base. However, that did not prevent Nigerians from resorting to the service in search of viable options for buying, selling, and transferring both currencies and digital assets. The straightforward interface that the service offers and its convenient onboarding procedure make it perfect for unbanked and other users seeking a swift and efficient monetary transfer gateway. In the given material, we will explore how to use PayPal to buy Bitcoin and take advantage of its more interesting options.
How to Buy Bitcoin with PayPal in Nigeria
PayPal is an extremely straightforward platform, one that only requires users to access the website, open an account and fill in your personal details, which include:
- An email address;
- A place of residence with proof thereof;
- The name and family name;
- The bank card details.
With those details filled in, users can verify their account and start using the service. Like all cryptocurrency exchanges, PayPal offers its users the chance to buy Bitcoin and Ethereum based on a market price that is both fair and transparent, ensuring that its offering is on par with the most up to date exchanges. In addition to providing convenient methods for bank transfer of currencies, PayPal comes equipped with a dedicated service for Bitcoin purchase.
Just like traditional currency exchanges, PayPal ushers users to top up their account balance by connecting a bank card or account, which will serve to top up the internal balance. Once that is done, users need to click on the special buy Bitcoin button, which will take them to a dedicated section of the website that provides both a real-time tracker of cryptocurrency prices and a converter into several fiat currencies, such as the US Dollar.
Users will then need to select the amount of Bitcoins they wish to buy and enter the wallet address they would want the purchased assets to be transferred to. Once that is done, all that is left is to click on the Buy button to have the corresponding amount of fiat funds in their account to be deducted and the Bitcoin bought. The amount users want to purchase will then be transferred to their designated wallet.
With such a simple procedure, anyone can buy Bitcoin, provided that they have the necessary amount of funds to do so. Given the restrictive price of the asset, which is currently hovering in the $45,000 region, it is extremely inaccessible to the vast majority of Nigerians. Luckily, PayPal can be used to buy other cryptocurrencies as well.
Well Beyond Bitcoin
Using PayPal to buy cryptocurrencies is a popular way of engaging in crypto trading. The majority of exchanges operating in the market have long integrated support for the service into their gateway lineups and give users the chance to top up their balance accounts using the service. This makes it a convenient e-wallet for instant access not only into the trading world, but also for entering the Web3 domain.
The many payment methods that Web3 accepts are only growing in number and diversity, making the space even more accessible to a broader range of users. With the ever-multiplying scope and range of applications entering the Web3 space, it is not surprising that many of them are incorporating such familiar and convenient platforms as PayPal. The ability of buying BTC with PayPal makes it a go-to solution for those who want to make quick entry into Web3 and have the money to do so.
But crypto trading is not the only application for Web3, since users can resort to the space to make purchases of goods and services, many of which are digital renditions of their real-world counterparts. This is where the NFT phenomenon comes into play, giving new meaning to bank transfers for digital assets. Other payment options are also on the table, since NFTs can be purchased for cryptocurrencies or fiat funds via PayPal or any other digital service.
Key Takeaways
It is not difficult to get Bitcoins if you have access to the internet and the money to afford the king of cryptocurrencies. PayPal can be used to buy or sell Bitcoin on a fair enough market basis with the price very close to the mean. However, users of PayPal would be better off selling or buying Bitcoin on other venues that charge lower commissions. All that would be needed is to open an account to access a peer-to-peer exchange platform that gives the ability to connect with real users and negotiate prices.
Anyone can use PayPal to access peer-to-peer exchanges as well, since many of the given services also rely on the gateway for account balance top up. PayPal can still act as a wallet for many who want to keep their funds in the online space and never fear hacking, considering the service’s stellar reputation for security.
