Buying bitcoins with PayPal have some charge back issues. Thus, VirWox (Virtual World Exchange) is a solution for regulating the exchange. It uses SLL (Second Life Linden Dollars) for virtual worlds today: Second Life. This virtual currency is purchased with PayPal and is later traded in terms of Bitcoincs. Well, before you start up with your VirWox account, there are some issues you must get familiar with.
Unaware about how to buy Bitcoins with PayPal? Below, we provide simple step-wise procedure as a solution to your question. Buy Bitcoins via PayPal is an extremely beneficial source for those beginners interested in this rapidly growing digital currency trade. Before we look up to the steps, let’s get acknowledged with the Bitcoins concept.
Introduction to Bitcoins
Bitcoin, commonly known as the virtual currency, can be interpreted as a crypto currency used to purchase the goods and services online. In simpler words, it is an alternative for money. However, this is not governed by any central bank and in fact, no banks or tax men supervise the storage, collection and transfer of the bitcoins, and moreover, there is no depositor insurance coverage. Computationally, Bitcoins can be considered as the electricity converted into large strings of code that possess some money value. You can even put it safe aside in wait of increase in its value for years. You may read complete wiki of Bitcoins for further information.
Bitcoins can be obtained in exchange for products, services, or other currencies. They are developed by mining where users, technically known as miners, involve their computing power in order to record payments into a public money transaction document called as ledger. Miners audit the bitcoin transactions and are rewarded with new bitcoins each week they contribute as the network participants. These consist of digital signatures that prevent the duplication and forging of bitcoins. Consequently, the Merchants and Traders around the world, accept the currency without any hesitation and risk since, fees are lower than 3% imposed by the credit card regulators. The trading is done between personal databases (Wallets) which are stored on any device of your choice, along with keeping the history of bitcoins familiar.
The following three points explain you as to why VirWox is considered a valid solution and what recent changes it made to limit the soaring Bitcoin trade in order to answer the people who doubt its legacy:
- Be aware that there are non-uniform transaction fees for both deposit and withdrawal process and it’s usually higher than we expect. However, this is not the drawback of VirWox and rather advantage, in common public view, since the growth in number of bitcoins is on hike and this will compensate the huge fees amount.
- The initial deposition quantity through PayPal has been limited by VirWox in order to combat the risk of chargeback.
- In order to slow down the new user Sign ups or registrations, the new transactions have been delayed for up to 2 days i.e. around 48 hours will be required to complete the transaction process; this is still comparatively faster.
Follow the step-wise procedure to buy Bitcoins with PayPal.
Step 1: Register on VirWox
VirWox is an exchange of virtual currency, you can buy there Lindens, Bitcoins, and more. Open a new account by clicking on ‘Not registered yet’ option in the Customer Login box located on left sidebar.
Step 2: Fill Basic Information
You will be asked to enter your Username and Email Address. Below, you need not fill up the Avatar Link and simply say ‘No Avatar’ (already mentioned) as you will not be playing Second Life. Go on filling the Personal Information as asked and click ‘Register’ when you are done.
Step 3: Account Activation
On registration, you will receive a confirmation through email inclusive of your password. Log into your VirWox using the provided password. Note that anyone who has access to your emails will get to know your VirWox account password and this can risk your transactions. Hence, it is recommended to change the password by using ‘Change Settings’ option under ‘My Account’ category, as soon as your account is confirmed. Ignore the message displayed as ‘Your avatar connection has not been validated yet’, it doesn’t make any difference.
Step 4: Deposit Funds through PayPal
Select the ‘Deposit’ option and then the PayPal Express. Fund your account with the amount of USDs you wish to. Since, PayPal charges you transactions fee, you will have to pay for each deposit and withdrawal process you carry out.
Step 5: Buy SLL with USD
Next step is to buy SLL (Second Life Linden) which then later get exchanged with Bitcoins. On the left side, go to Exchange->USD/SLL or any other currency of your choice. You may encounter message requesting to deposit some amount before purchase of SLL only in case you haven’t made any before.
Step 6: Buy BTC with PayPal
You can now buy Bitcoins with PayPal once SLL has been stored in your account; go to the BTC/SLL and buy Bitcoins with your SLL. Note that a manual review may be needed by VirWox which may take up to 48 hours as aforementioned, but practically takes just around 7 hours.
Ultimate Step: Withdraw your purchased Bitcoins
Finally, you can now withdraw your bitcoins. Click on the ‘Withdraw’ option on the left sidebar. Enter the amount of BTC you wish to withdraw and then, send them to your wallet to desired device drive.
Thus, you are now completely acknowledged with how to buy Bitcoins with PayPal. Remember that the value of each bitcoin resides within itself. Recently estimated, one bitcoin is worth approximately $600 USDs. The bitcoin mining process will be ceased when the total count reaches 21 billion coins i.e. bitcoins have valid existence till the year 2040. Till then we have lot to come up with!