It can be a bit frustrating to convert Bitcoins to USD straight into your PayPal account. Here are 3 simple solutions to selling your Bitcoins for Paypal.
Sell your Bitcoins for Paypal on Coinbase
On June 22nd 2016 Coinbase announced that you are now able to withdraw your USD balance to your Paypal account. This means that you can move Bitcoins into your Coinbase account and withdraw them as USD straight to your Paypal account.
The option requires that you verify your id by uploading a government issued ID. You will also need to pay a 3.75% sell fee for each withdrawal. However, at the moment this is probably the fastest and most secure way to withdraw your Bitcoins as USD into your Paypal account.
In order to sell your Bitcoins:
1. move the Bitcoins you want to sell into your Coinbase account.
2. Go to “Buy/sell bitcoins” and choose “sell Bitcoins
3. Decide how many Bitcoins you want to convert to USD
4. Choose Paypal as your payout method
5. Click “sell Bitcoins”
Sell your Bitcoins for Paypal through BitPanda
BitPanda (previously Coinimal) is an Austrian start-up company that specialises in selling and buying Bitcoins and other cryptocurrencies, It was founded in October 2014. Even though BitPanda doesn’t allow you to buy Bitcoins with Paypal you can still sell your Bitcoins in order to fund your Paypal account.
The announcement was made on October 16th 2015 and the process is pretty simple:
- Sign up to BitPanda
- Choose “sell” and “Paypal” as your payout method
- Once you send the Bitcoins to BitPanda you will be sent a payment via Paypal.
Note: This screenshot was taken before Coinimal changed their name BitPanda
Sell your Bitcoins for Paypal through Virwox
IMPORTANT: This process hold within it more transaction fees than usual. This may still be a valid solution since the soaring numbers of BTC compensate for this. It’s important for you to be aware of the different transaction fees.
Step 1 – Open a VirWox account.
Today VirWox is the only website that allows instant buying and selling of Bitcoins with PayPal. If you don’t have an account yet just click the “Not registered yet ?” link on the top left side.
Step 2 – Fill out your personal detail
Fill out your username and email address. You can leave the Avatar name without changing it.
Step 3 – Activate your account
After clicking “Register”, VirWox will send you a confirmation email. Find the email (it may accidentally hit your SPAM folder) and click the confirmation link within it.
Step 4- IMPORTANT!!! Change your password
After you’ve confirmed your email address I advise you to change your password to the site since you’ll be transferring funds through it.
Step 5 – Obtain a Bitcoin address
You will now want to move your Bitcoins into VirWox so you can convert them later on to USD. On the left side of the site click on “Deposit”. Scroll down to the “Bitcoin” section and obtain your VirWox Bitcoin address.
Step 6 – transfer Bitcoins into VirWox
You will now need to move your Bitcoins into VirWox using your newly obtained Bitcoin address.
Step 7 – Convert your Bitcoins to SLL
Wait to you see your Bitcoins in your VirWox account – this takes around 1 hour and you will get an email notification when the money arrives. Once they have arrived go to the BTC/SLL exchange and sell your Bitcoins for SLL.
Step 8 – Convert your SLL to USD
Now go to the SLL/USD exchange and sell your SLL for USD.
Step 9 – Withdraw you USD to your PayPal account
Once you have converted your Bitcoins to USD you can now withdraw them to your PayPal account. Click on the “Withdraw” link on the left side of the menu and enter your PayPal address.
