So, you admire the goals of the Litecoin project and want to buy Litecoin with PayPal, but you’re not sure how? So that’s what I’m going to show you today. Even though there are currently hundreds of cryptocurrency exchanges where you may buy, sell, and trade Litecoin, very few of them accept PayPal!
As a result, purchasing Litecoin with PayPal is not possible. You’ll need to first purchase Bitcoin with your PayPal account, then swap Bitcoin for Litecoin through a cryptocurrency exchange. But don’t worry, I’ll walk you through everything. I’ll go through two distinct platforms that take PayPal and explain how they each function in my ‘Buy Litecoin with PayPal’ article. After that, I’ll walk you through a step-by-step process for completing your PayPal to Litecoin transaction from start to end.
So, what do you have to lose? In the first part of my ‘how to buy Litecoin with PayPal’ article, we’ll look at why buying cryptocurrencies with an e-wallet like PayPal is so tough.
Why is it difficult to Buy Litecoin with PayPal?
PayPal does not appear to be popular among cryptocurrency exchanges because of the hazards associated.
One of the primary reasons for this is PayPal’s ‘Buyer Protection’ feature. If someone offers them anything that doesn’t fit the description, the customer might request a refund. In most circumstances, PayPal works for the buyer’s benefit. As a result, the vendor has no choice except to provide a refund.
When purchasing Litecoin and other cryptocurrencies, there is no way to be certain that the vendor transferred the coins. This implies the buyer would claim they never received them and then ask PayPal for a refund.
As a result, merchants frequently demand higher fees to avoid chargebacks! As a result, keep in mind that the alternatives I’ll provide you are significantly more expensive than other payment options.
It, now that you know why buying cryptocurrencies with PayPal might be tough, the following section of our ‘buy Litecoin with PayPal’ article will look at where you can do so.
How to buy Litecoin with PayPal using LocalBitcoins?
LocalBitcoins was the first alternative I wanted to discuss with you. They’re a peer-to-peer exchange that lets you buy and sell Bitcoin with other people. When you log on to the platform, you’ll see a long list of people wishing to sell their Bitcoin, along with the price they’re willing to accept and their chosen payment method.
The procedure is straightforward. When you identify a seller that accepts PayPal, you input the amount you wish to spend, and the seller will email you their PayPal address after they accept. The Bitcoin is now locked within the site, and they will release it as soon as the seller sees that you have paid!
There’s also a fascinating rating system similar to eBay, where buyers and sellers may offer comments after completing a transaction. Using LocalBitcoins to buy Bitcoin using PayPal takes only a few minutes. The deal should take only 10 minutes to complete.
Also read: Litecoin Price Prediction and Forecast for 2021-2025
So now that you know what LocalBitcoins is, let’s look at their fees in the next section of my ‘How to Buy Litecoin with PayPal’ article!
Fees
LocalBitcoins do not impose any fees on buyers when they purchase bitcoin. Instead, the vendor decides on the price they wish to charge. Prices can change significantly, which means you may pay a rate that is far higher than the current market rate. The price of buying Bitcoin using PayPal starts at £5,779.87 and goes to £6,975.70, as you can see in the above screenshot. That’s an almost 20 percent difference!
The beautiful thing about LocalBitcoins is that you can buy from any nation because PayPal is a global payment mechanism. This implies that even if you discover a cheaper supplier in a different nation, you can still purchase from them.
So, now that you’re aware of the exchange’s fees and payment options, the following section of my ‘buy Litecoin with PayPal’ article will walk you through purchasing LocalBitcoins.
How to buy Bitcoin with PayPal on LocalBitcoins?
- The first step is to go to the LocalBitcoins website.
- Find the green Sign up for the free button and click it! You must now provide some personal information.
- When you’ve finished setting up your account, go to the top of the screen and select Buy Bitcoins.
- Put the quantity of Bitcoin you wish to buy in the first box. Now look for PayPal in the box labeled “All online offerings.” Then select Search.
- You’ll see a list of merchants who take PayPal after your search results have loaded.
- They have not yet notified the seller of your desire to trade. So, before you go any further, double-check that all the information is right. On the right side of the website, you should also search for the seller’s conditions. Every vendor specifies its terms and conditions, so be sure you understand them.
- Continue by scrolling down, and clicking Send Trade Request.
- After that, the seller will receive an immediate notification of your request. They’ll double-check everything and then email you their PayPal address. If you have questions, you can use the chatbox to contact the seller.
- Transfer the funds to your PayPal account. Remember to include the reference number provided by the vendor. When you’ve finished sending the money, click Payment Sent.
- You will immediately get a notification from the seller that you have paid. They still hold the Bitcoin in escrow. The vendor must still verify that you have sent the money! They’ll release the Bitcoins from escrow once they notice the money has arrived.
Congratulations! You’ve just completed our first Bitcoin purchase using the PayPal method. But bear with me because I’ll teach you how to swap your Bitcoin for Litecoin next in my ‘Buy Litecoin with PayPal’ article!
How to Convert Bitcoin into Litecoin?
If you’ve followed my ‘Buy Litecoin with PayPal’ instructions you should now be able to buy Bitcoin with your PayPal account. However, because you’ve come here to purchase Litecoin, I’ll now walk you through the last steps of the process.
Hundreds of cryptocurrency exchanges will let you swap Bitcoin for Litecoin, but I choose Binance. This is because their trading costs are among the lowest in the business, they have the highest trading volume, and their security is excellent.
Acquire your Binance Deposit Address.
- Click here to go to the Binance homepage.
- You’ll need to create an account, which should only take a few minutes. You don’t have to submit any personal information, so you may trade without revealing your identity.
- When you’re finished, go to the top of the page and click Deposits.
- Look for Bitcoin in the drop-down box. There are a lot of differences here, so be cautious. Make sure you’ve chosen BTC – Bitcoin, which should appear similar to the image below.
- You will now see a unique Bitcoin deposit address for Binance. Select Copy Address.
Bitcoin transfer from LocalBitcoins to Binance
You must now return to your LocalBitcoins account after setting up your Binance account and copying your deposit address.
- Click the Wallet icon at the top of the screen.
- Paste your Binance deposit address into the Receiving Bitcoin Address field now. You must also specify the amount of Bitcoin you wish to transmit. LocalBitcoins also lets you provide a description, which is only for reference.
- Finally, to finish the transfer, click the blue Continue box. Within 10 minutes, the coins should appear in your Binance account.
Binance allows you to trade Bitcoin for Litecoin.
If you’ve followed my instructions to the letter, you should now have a Binance account financed with Bitcoin. The last section of my ‘how to buy Litecoin with PayPal’ article will show you how to swap Bitcoin for Litecoin on Binance!
- Hover your mouse over Exchange at the top of the screen, then click Basic.
- The next step is to locate the Bitcoin (BTC) / Litecoin (LTC) trading pair. Click BTC on the right-hand side of the website, then type LTC into the search box.
- Now, in your search results, click on the LTC/BTC combination.
- You’ve arrived at the main LTC/BTC trading page! It may appear frightening at first, but it is easier than you think!
- Find the Buy LTC box underneath the trading charts by scrolling down. Now select Market. This will allow you to purchase Litecoin at market value.
- Now you must enter the quantity you wish to purchase. You can enter this into the Amount box.
- Finally, select Buy LTC to complete your Bitcoin to Litecoin transaction. If you purchased using this method, your transaction should be instant!
Congratulations on successfully purchasing Litecoin using PayPal.
Buy Litecoin with PayPal: Conclusion
If you’ve followed this ‘Buy Litecoin with PayPal’ tutorial from beginning to end, you’ll understand how tough it is to buy Litecoin using your PayPal account… If you really must use PayPal, the only method to do so is to first purchase Bitcoin and then swap it for Litecoin.
However, did you know many cryptocurrency exchanges now accept real-world payment methods like a debit/credit card or a bank account? This is something to think about since not only would buying Litecoin this way be cheaper, but it would also be a lot faster.
Coinbase allows you to withdraw funds to PayPal, but not to deposit them. How aggravating!
Finally, the good news is that purchasing Litecoin with PayPal is possible, but be prepared to go through a lengthy process. Please let me know if this step-by-step instruction was useful, or if you can think of a better way to buy Litecoin with PayPal.
Also read: Litecoin Cloud Mining: A Comprehensive Guide
