Is it possible to Buy Ethereum With PayPal, Credit Card or Debit Card? You may have heard that it is not possible, but we’ll show you a lengthy but simple, easy, safe and legal way to buy Buy Ether (ETH) using PayPal, Credit Card or Debit Card.
Ethereum platform remains the second most important coin in the market for crypto currency, right behind Bitcoin and its user community is the most important, innovative and influential. Ethereum (ETH) is the first Turing-complete cryptocurrency that uses Ether as fuel to incentivise its network. The idea is the brainchild of Vitalik Buterin. The project received US$ 18 million worth of bitcoins during its crowd-sale in August 2014. Right now Ethereum is growing at exponentially rate and often considering a replacement to Litecoin (LTC). One Ethereum is currently trading at 4 times of Litecoin value due to very high demand.
To buy and sell Ethereum or any other Crypto Currency through various exchange houses, the user must register on the website of the house of his choice and enter the data that the platform requires to start operating. These data can range from full name, email and residence address, to phone number, passport and bank statements. Many of us don’t want to share our personal details like bank account number and passport details with third parties, here comes PayPal, Credit and Debit Cards handy.
Now comes the main problem, almost every cryptocoin exchange doesn’t support PayPal, Credit Card and Debit Card transactions due to fraudulent charge-back issue. Fraudster buy coins with PayPal, Credit Card and after receiving coins they falsely complains to PayPal or their respective credit card company that they never received the goods. Since PayPal terms of services (PayPal TOS 3.7) already abandoned virtual currencies, they favor in term of buyer and not the seller. This has caused genuine buyers and sellers a lot of frustration over the last few years.
So it’s impossible to Buy Ethereum With PayPal or Credit Card? Technically Yes! But thanks to VirWoX, a virtual currency exchange with interests in the currencies of virtual worlds game such as Second Life, currency is known as Linden Dollar (SLL) it is possible to buy with a little work around.
Buy Ethereum With PayPal, Credit Card
Let’s have a recap first, we will need to set up two trading accounts. First is VirWoX, where we’ll buy Bitcoin with PayPal, Credit card or Debit Card (Visa, Mastercard). VirWoX doesn’t support Ethereum at the moment, so we have to move Bitcoin to another exchange, such as Shapeshift.io, There you will be able to trade your Bitcoin for Ethereum. Following are the instructions.
First Phase : Buy Bitcoin At VirWoX
Step One : Open a VirWoX account
Go to VirWoX.com, look for the link, “Not Registered Yet?” click on this link, you’ll be brought to a registration page. Enter your desired user name as well as your email address, first name, last name, country, and desired language. There are more optional fields alongside these, but you won’t need to worry about those unless you want to interact with VirWoX in a ‘virtual world.
After registration, VirWoX will send a temporary password to your email. After logging into your account, you can change the password in the “Change Settings” tab. Ignore message saying “Your avatar connection has not been validated yet“, you don’t need to verify your avatar.
Step Two : Deposit Money into VirWoX
VirWoX allows PayPal, Credit Card and Debit Card as deposit method and they made this pretty easy to do. Just go into the “deposit” tab on the left side of the screen. Scroll down a little bit and you’ll find options of Credit / Debit Cards and PayPal payment option. Just enter the amount you want to deposit and click the “Checkout with PayPal” button for Paypal deposit or Visa, Master Card, American Express, JCB or Diners button as per your Credit Card company.
You will be transferred to PayPal’s terminal or your selected cards payment processing page which will walk you through the process of sending money to your VirWoX account. VirWoX also support a wide range of other payment processor Visa / MasterCard Credit Card, UKASH, Paysafe Card, Money Bookers, Sofort banking or Neteller etc.
Step Three : Trade EUR, USD or GBP into Linden Dollars
On the VirWoX homepage, click on the link that lists your currency’s trading pair with SLL (EUR/SLL, USD/SLL, GBP/SLL). This will take you to a page that lets you trade from your currency into Linden Dollars.
You have two options on how you want to trade: market trade and limit trade. By trading at the “market price” you will agree to sell your currency for Linden Dollars at the highest amount that someone else has already agreed to pay for it. If you want to specify a certain price that you are willing to pay, you will need to use a “limit trade“.
If you choose to use a limit trade, you should ensure that your price is reasonable compared to the other prices in the “Offer to buy [your currency]” box at the top of the page. This will increase the chances of someone else accepting your limit trade.
Step Four : Trade SLL into Bitcoin
After receiving your Linden Dollars, use the same process as in previous step using the BTC/SLL trading pair to convert it into Bitcoin.
Step Five : Setup Bitcoin Wallet
Next, you’ll want your Bitcoin wallet from Blockchain.info,
- Go to blockchain.info/wallet/ and click on create your wallet.
- Enter your email i’d and set a unique password
- Click on Receive and a string of characters will pop up like this: 1BEVrRYyTGEt1ggiGnmBJsAzr7UUARUm4B. That is the address you’ll need for transferring bitcoins from VirWoX to your blockchain.info wallet.
Step Six : Transfer BTC from VirWoX to your Wallet
To withdraw your bitcoin from VirWoX exchange to wallet simply click on the “Withdraw” link under “My Accounts.” tab. You will be asked for the address of the bitcoin wallet that you want to send your bitcoin to. Now paste the address you generated at blockchain.info wallet in previous step and hit the withdraw button.
Note : For new VirWoX accounts, bitcoin transfer can take up to 48 hours. Once VirWoX process your withdrawal, they’ll inform you by an e-mail. After you receive bitcoin in your blockchain.info wallet, you can move to next step to convert these bitcoins in to ethereum.
Second Phase : Trade Bitcoins With Ethereum at Shapeshift.io
Step One : Get a Ethereum Wallet
Alright, now it’s time to trade your BTC for ETH. To do this, you will first need a Ethereum address, so that Shapeshift can send the Ether back to you. For quick setup, a web wallet at MyEtherWallet works great or you can also setup your own wallet on PC, Mac or Linux. For instructions follow our previous post on >> Create A Secure Ethereum Wallet On PC
Step Two : Choose Which Coins to Trade
Next, you’ll go to ShapeShift.io and select Bitcoin as Deposit and Ether as Receive by clicking on the two big currency logos, just like image given below, and then clicking “Continue”.
Step Three : Add the Details of Your Trade
Now Shapeshift will ask you for your Ethereum and Bitcoin addresses. Bitcoin address is optional but highly recommended, in case of a fail transaction shapeshift will return your bitcoins to the address you provide. We recommend you to generate an additional bitcoin address from blockchain.info wallet for this purpose.
Leave the Payment ID field blank and click “I agree to the Terms”. When everything is ready, click “Start Transaction”.
Step Four : Finalize your Trade at Shapeshift
On the next page you’ll see the flashing text that says “Awaiting Deposit”. This means the Shapeshift website is ready for you to send them some Bitcoin. To send it to them, look for the string of text after “Send To This Address” for i.e 1F1uuvNg6uKrGxUTkH3NzkrhPGJe2bP16D. This is a Bitcoin address that Shapeshift created for your trade copy it and go back to Blockchain.info/wallet and follow the next step.
Step Five : Transfer the Funds from BTC Wallet To Shapeshift
Locate “Send” button at the top left of your blockcchain.info/wallet and click on it. Now paste the address Shapeshift gave you in previous step into the “Recipient” box and type the amount of Bitcoin to send into the “Amount” box and click the blue “Send Funds” button. Click “Confirm” on the box that pops up, and your Bitcoin transaction to Shapeshift is done.
Shortly after your payment is confirmed over the bitcoin blockchain, Shapeshift will release your Ethereum (ETH) to the given wallet. That’s it.
The purchase of Ethereum (ETH) is only the first step. As a investor you can speculate on the growth of Ethereum and hold for a while or choose to spend it. The number of stores that currently accept Ethereum as payment is still quite poor but is growing worldwide day after day.