Over the years crypto has been the most benefiting and potential source of income for investors, even though it has passed through some difficult stages. However you can’t pay attention to that, as we all know it is volatile so there’s bound to be losses and gains.
For newbies who are new to crypto and have little or no knowledge about it, investing in crypto can be challenging due to not knowing the right coin to buy or what time to buy. Sometimes we have to have it in our mind these important questions. Which platform to buy from, how to purchase the coins, when is the best time? Now it’s possible to buy crypto with PayPal making it easier for some people who wants to invest through PayPal without the card method.
How does crypto work with PayPal?
Before we begin, have in mind that you have to have a PayPal account, if you don’t, then you create one then buying of any coins can then begin.
Also, the question you need to ask is does PayPal work with all crypto coins? The answer is No. only a selected few can you actually invest on with PayPal. These are Bitcoin, Ethereum, Bitcoin Cash and Litecoin. It is easier than ever to buy bitcoin. But be careful which platform you choose, because you may not actually own the bitcoin that you are buying. , you can either buy or hold them to grow but you have to keep an eye for the market price or you can either trade.
One thing also you need to have in mind is after purchase of crypto you do not own them, why? Good question. For you to have right to the assets in the wallet you will need two actual keys and these keys are the only thing that can give you access to them.
So the public key is held by PayPal for your wallet and to be able to access it, that’s where the private key comes in. But the problem is PayPal won’t give you the private key, so basically you can’t transfer or use your crypto off PayPal.
Now the most important question is, is investing on cryptocurrency with PayPal really a good idea? For me I will advise newbies not to try it because it sounds like something that has a lot of disadvantages.
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So the other ways to invest on crypto that is actually convenient for easy access, usage and transfer of funds;
- Have a portfolio
- Choose your cryptocurrency, the one that you love or understand
- Locate and identify easy apps or platforms like binance, coinbase, Gemini etc.
- Lastly buy and store your crypto
Posted Using LeoFinance Beta
I never tried it and it doesn't look like something I want to do. But it's interesting to know about the possibility anyway so thanks for sharing it
Posted Using LeoFinance Beta
Yeah. You welcome