Bitcoins are a crypto currency that have been around since 2008-09. Crypto currencies are a digital currency that can be used from anywhere in the world. The thing about crypto currencies is that they are not regulated by any government or Central bank. This means that their supply cannot be controlled for any reason by the government.
Furthermore since the cryptocurrencies are issued on the blockchain platform, this means that the privacy of crypto currency users is maintained. This is another reason why governments are a bit reluctant to completely embrace bitcoins. Governments tend to keep a track of how the people are using their wealth and funds in order to keep a check over unauthorized or illegal activity; the secrecy of bitcoins prevents the government from tracking the activity of its subjects.
Despite of this reluctance by many world governments bitcoins have matured over the last eleven years and have disrupted the financial world in their limited capacity. If we look at the present day then bitcoins have evolved to perform two main functions.
Uses of Bitcoins
Firstly bitcoins are used today as a medium of exchange. Many people use bitcoins to conveniently pay for goods and services, bitcoins allow people to carry out transactions in a fast, secure and convenient manner. The future is cashless and bitcoins have shown the people a glimpse of that future. In addition to this the Covid-19 pandemic has shown that cash has become outdated and the future indeed belongs to digital currencies be it bitcoin or any other digital or crypto currency.
At this point it is important to note the difference between a digital currency and a crypto currency. A crypto currency is issued on the blockchain platform and thus cannot be controlled, regulated or tracked. Digital currencies can be controlled and regulated and therefore the terms crypto currency and digital currency are not synonymous.
Secondly bitcoins are used as a mode of investment and store of value by investors. Bitcoins in the last eleven years have shown that they can act as digital gold when it comes to investment. For this reason the demand of bitcoins has grown up quite a lot in the last few months as more and more investors have rushed to buy bitcoins due to the fear of an impending economic crisis.
How to Buy Bitcoins With Privacy And Speed
Bitcoins can be purchased through a number of ways. How you actually end up buying bitcoins depends on your preference. If you are looking to purchase bitcoins through PayPal then a few things need to be considered.
Some bitcoin users focus on the privacy aspect. There are some buying methods that do not offer privacy whereas some methods allow users to maintain their privacy and stay away from the prying eyes of the government. If you are looking to buy Bitcoins through PayPal then one has to assume that privacy is not your main concern.
There is also an argument that if you have got nothing to hide then privacy should not be an issue. So if you are looking to buy bitcoins through PayPal just remember that your online footprint will be tracked.
Privacy and speed go together in a way when it comes to bitcoin purchase. The more speed you want the more centralized banking channels you will have to use. The fastest way to purchase bitcoins is either through credit cards or through PayPal and as mentioned above, both of these methods will end up costing you your privacy.
How To Buy Bitcoins Through Using PayPal As A Method Of Payment
In order to buy bitcoins through PayPal you will first need to have a PayPal account that really goes without saying. If you don`t already have an account then it is suggested to make one before you proceed to buy bitcoins because depending on where you live it may take a few days for your account to be set up, authenticated and allowed to transact.
It is also important to take note that PayPal is not present in some countries, so please check if you are in a jurisdiction that allows or does not allow PayPal to operate. Once your account has been set up next you will need to choose a Bitcoin exchange in order to buy bitcoins through your PayPal account. You can read more about exchanges that accept PayPal here: https://www.smartbitcoininvestments.com/buy-bitcoin-with-paypal/
A bitcoin exchange is a place where you can exchange your local currency for bitcoins. Before choosing your bitcoin exchange make sure that your chosen exchange accepts PayPal as a payment option. We have compiled a list of bitcoin exchanges that offer PayPal as a payment option.
- Coinbase (Only for sellers)
There are other exchanges as well but these are the top ones that offer PayPal as a mode of payment. Before choosing the bitcoin exchange you will once again need to check if the chosen exchange operates in your country or not.
Another thing you will have to consider is the registration and personal id verification details. Exchanges like CoinBase that are based in USA have to follow regulations and they take up to 2 to 3 days to approve an account. Exchanges like Binance that are not based in USA however have swift registration processes that allow users to get registered and start transacting in a matter of minutes.
Once you have chosen your bitcoin exchange and made your account, you will simply need to go to the payment options and link your PayPal account to the exchange. This is a simple process that hardly takes a few moments. Once you have linked your PayPal account with the bitcoin exchange you can start buying and trading bitcoins with ease.