We all know how cryptocurrencies have taken over the virtual world with a bang and have completely transformed the economic landscape of the globe. If there’s another cryptocurrency which has created such a frenzy after Bitcoin, it has to be Ethereum. That time is not far when this unique currency would take over the concept of traditional payments. First formulated in 2013 by the genius of Vitalik Buterin and based on a decentralized Blockchain technology, Ethereum may very well be used for marketing, coding, funding and asset transfer.
The currency used on this platform is Ether, and the online users at Ethereum can mine this crypto token like Bitcoin. You cannot purchase goods with Ether, but you can invest in the same and expect profitable returns as the exchange rate gradually goes up. If you are looking for longtime returns, you can either mine Ether or buy the currency with Bitcoin using your credit or debit card.
If you are a PayPal user, now you can buy Ether through this payment gateway. BitPanda, Coinbase and Gemini are some of the reliable exchange platforms which accept payments from PayPal. Initially, buying Ether from platforms like Coinbase or Gemini was hectic and time-consuming. You first had to buy Bitcoin using money in your PayPal wallet. In case you lacked sufficient funds, you had to add money to the wallet using your debit or credit card. After purchasing your Bitcoin tokens, you were required to find a site which allows the exchange of Bitcoin to Ether.
But all this is not required anymore, as almost all exchange platforms accept payments from PayPal these days.
You can make the transactions on the browser or download the Coinbase application for your iOS or Android phone.
However, there’s a small twist here! You cannot buy your Ether from Gemini or Coinbase if you are not from the U.S. This brings us back to square one- purchasing Bitcoin from PayPal first and then looking for a conversion.
Currently, there are a few options to purchase Bitcoin from PayPal. The most reliable is Virtual World Exchange. You can open your VirWoX account, transfer money from you PayPal wallet, purchase your Bitcoin and finally transfer the same to your Bitcoin wallet. The transaction fee is a little high (6% on an average) but the good thing is, the purchase time is quite less compared to other platforms. VirWox does not accept payments from unverified PayPal accounts, so make sure you have verified your identity on PayPal. Also, there’s a limit on the daily purchase and you can only make purchases of $88 per day.
If you do not like the idea of using VirWox much, you can make the deals at virtual marketplaces such as LocalBitcoins, Paxful or xCoins, but the transaction costs incurred would be much higher (between 15-25%).
Once you are done purchasing Bitcoin from a platform of your choice, you will have to exchange your Bitcoin for Ether on platforms like Cex.io, Kraken, Coinbase, Poloniex or ShapeShift.You can even try Ethereum Cloud Mining to make some extra bucks without doing much. Do check out the Ethereum Mining page once you are done purchasing Ethereum.