Did you know that you can buy Litecoin with PayPal?
PayPal is one of the world’s top mobile payment firms, with over 267 million active accounts. Although PayPal believes in democratizing financial services, the company’s CEO has doubts about bitcoin and other digital currencies.
Major exchanges like Binance and Kraken do not accept PayPal as a method of payment.
This is because PayPal transactions are easy to reverse, while bitcoin transactions are impossible to reverse.
However, you still can buy Litecoin with PayPal. You just have to go through a peer-to-peer bitcoin exchange like Paxful.
Paxful is the world’s #2 peer-to-peer bitcoin exchange, and it claims over 2 million users worldwide.
Why Buy Litecoin?
Litecoin is one of the oldest altcoins, with its Genesis Block dating back to 2011. Litecoin is currently #6 on CoinMarketCap, with a market capitalization of over $4.5 billion.
While we don’t know who Satoshi Nakamoto is, we do know the creator of Litecoin. His name is Charlie Lee and he worked for Google and Coinbase.
How does Litecoin differ from bitcoin? Litecoin aims to improve on bitcoin in terms of transaction fees and transaction speed.
Litecoin’s block time is just 2.5 minutes, as opposed to 10 minutes for bitcoin. Litecoin also uses a different hash algorithm.
Litecoin also has a much lower median transaction fee than bitcoin.
So, how do you buy Litecoin with PayPal?
Step 1: Set Up a Paxful Account
First, sign up for an account on Paxful. Click on “Create Account” in the top right corner of the screen.
Then type in your email address and create a password and username.
Then check your email inbox for a confirmation message. You will need to confirm your account before getting started.
To get better prices, you can verify your account by entering personal information such as your name, date of birth, and by uploading a passport, driver’s license, or ID card.
Step 2: Buy Bitcoin with PayPal
You will now buy bitcoin on Paxful using PayPal.
Click on “Select a Currency” and choose your fiat currency (such as dollars, euros, or yen).
Enter the value of bitcoin (in this currency) you wish to purchase.
Next, click on “Select a way to pay” and choose PayPal. Then click “Search”.
This will take you to a page showing offers from traders who allow you to buy bitcoin with PayPal.
The number next to their username is their reputation score. On the right, you can see the price at which they are willing to sell.
For the purpose of this tutorial, let’s go with “countvidal”.
Go to this page, follow instructions, and buy bitcoin with PayPal.
Type in the amount you wish to purchase, and then click “Buy Now”.
You will have to pay within 30 minutes of buying; otherwise, the trade will be canceled.
Step 3: Sell Bitcoin for Litecoin
You won’t be keeping the bitcoin you just bought. You will sell it in exchange for Litecoin.
Click on this page: https://paxful.com/buy-bitcoin
Click on “Sell Bitcoin”, select the fiat currency to use as a unit of account.
Then click on “Select a way to pay” and choose “Litecoin LTC”.
Then click “Search”.
This will take you to a page showing offers from traders who are willing to buy bitcoin from you in exchange for Litecoin.
Choose an offer. Here, we will choose Quick_Trader7978.
Enter the value of bitcoin you wish to sell, and then click “Sell Now”.
You will also need to set up a Litecoin wallet and get a Litecoin address. You can choose between hardware wallets (such as Trezor or Ledger), desktop wallets (such as Electrum), or mobile wallets (such as Coinbase).
Even if you don’t already own Litecoin on Coinbase, you still have a Litecoin address you can use for this transaction. If you’re using the Coinbase app, tap on “Accounts”, and then tap on “LTC Wallet”.
Then tap on the QR code in the top right corner, and tap “I understand.”
The Litecoin will be sent to your Litecoin address.
You should receive Litecoin within 30 minutes. If not, Paxful will cancel the trade and you will retain the bitcoin.
After the Trade
You have now successfully bought Litecoin using PayPal with the help of a peer-to-peer bitcoin exchange.
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