 What is going on ladies and gentlemen welcome back to bitcoin daily in today's video we're talking about how to buy bitcoin with paypal we're gonna go over the entire process and then we're gonna talk about the pros and cons of it and you know and how to move forward with that all right so let's jump right in guys but before we do that please make sure to subscribe to the channel hit that notification bell and also like this video all right guys so let's jump right in so we've been we've had this question asked a lot and this is something rather new that just you know came out very recently right so now you can buy bitcoin with um here we go with paypal so this just got introduced in november up so last month you see here in november 2020 paypal announced that all account holders in the us would be able to buy and sell cryptocurrencies including bitcoin through its platform the news followed its announcement in october 2020 that it would introduce options for cryptocurrency buying and selling through a partnership with paxels crypto brokerage users in the united states would would soon be able to use cryptocurrencies to buy products from its 26 million merchants worldwide payments will be converted into fiat at the point of sale so that's very important to keep in mind as well uh payments will be converted into fiat um in the first half of 2021 the features will roll out to select international markets guys so here's the tweet uh on in october 21st 2020 when they announced it and ever since this was a huge huge announcement which you know catapulted basically um bitcoin to just continue exploding on the year right so um let me make sure we're on the right slide so uh we're gonna talk a little bit more about it but let's let's jump right into how to actually buy bitcoin using paypal's new service right and um so you can see here the the first step is pretty simple you just need to obviously have a paypal account so you need to have a paypal account set up with you know your bank account or a credit card uh email address all that all that fun stuff right then you just go to buy bitcoin and more so if you just sign into your paypal you will see right here um there'll be something that says buy bitcoin and more you just go ahead and click there and that takes you onto this page right so um then you click the cryptocurrency that you'd like to purchase so for this example you know click bitcoin um then you will need to confirm some information and agree to paypal's cryptocurrencies terms and conditions so once you click bitcoin it takes you over to this page right here that shows you bitcoin's price and you know you can choose you know the daily price weekly monthly six months etc um then you hit buy uh it tells you a little bit about you know the asset that you're looking to buy and then once you hit you know buy then it's gonna tell you let's confirm some info before you buy so basically you have to uh just agree to the terms and condition and then you can continue um so once that's done then you hit buy bitcoin you enter the amount that you want so you enter in the amount in this case $10 um a helpful note explains that the price of bitcoin varies depending on when you pull the trigger uh exchange rate includes a spread and refreshes frequently until you buy or sell then you select next to move on to the next screen right here the bank account or credit card uh that your paypal account is associated with appears and then you can add other cards or bank accounts at this point as well after selecting next uh you review your purchase the transaction fees on paper are fairly reasonable for consumers facing uh exchange exchanges the fees range from 50 cents for purchases under $25 to 1.5 percent of the transaction for purchases over $1,000 um so you select buy now uh you can see all your fees and the whole breakdown of this transaction um and you hit buy now when you're ready um after the purchase is complete the account will be updated to reflect the amount of crypto purchased and the current value as you guys can see right here so one thing to to note um there's currently no fees no transaction fees uh through 2020 until 2021 so for the remainder of this year which is you know 30 days or so um there's gonna be no fees when you're buying and selling crypto for this moment so uh this is a good way if you guys are looking to buy or sell crypto right now with no fees you basically have a month a little bit under a month to complete this without having to uh pay any fees um and now let's jump over to the next one um once you return back to the home page you'll see that the bitcoin you purchased under the crypto uh with the option to buy and sell all right so it's pretty straightforward pretty simple nothing too crazy all right so things to know here when you're using bitcoin um it's worth noting that PayPal restricts users to holding crypto on its platform so that means that it can't yet be transferred out of PayPal's digital wallet other than to make purchases at which point it's converted into fiat at the point of sale so per PayPal's terms and condition the crypto in your account cannot be transferred to other accounts on or off PayPal so that's very important to know uh any any bitcoin that you buy on PayPal will remain in PayPal you cannot transfer your bitcoin out of PayPal into a different wallet okay um while that holds true at launch it's unclear whether that feature will be added you know to at a later date or what the impact will be on other services that enable crypto buying and selling through PayPal if you want to use PayPal to buy bitcoin from other sources such as exchanges in order to retain full ownership of your bitcoin your options are limited relatively few sites support it as a payment method um the main reason uh is that PayPal like other credit card companies lets buyers request a chargeback in the event of a fraudulent transaction that opens up the possibility of a buyer falsely disputing a transaction getting their money back and still receiving the bitcoin that they bought credit companies like PayPal typically side with the buyer and resolving a dispute and because bitcoin is pseudonymous uh PayPal has no way to verify that the dispute is fraudulent all right so those are things to to know when using PayPal that's basically um you know you can only any bitcoin that you buy on PayPal you can only hold it in PayPal you cannot transfer it out to different wallets and stuff like that so and so you just have to you know know that anything you buy on PayPal is going to remain on PayPal um so let's go over some pros and cons of using PayPal so pros um it's easy to use you know you buy cryptocurrencies through PayPal through PayPal the website or the PayPal app in a few clips it's very easy um you can track your portfolio see your cryptocurrencies portfolio worth at a glance uh it's a flexible payment option you can pay with your debit card from your bank account or using existing PayPal account balance and it has instant transactions buying and selling crypto through PayPal is instantaneous and the last pro that I didn't put on here is that it currently has no fees for the month of of December so that's another pro that you can add to this list uh now the cons of using PayPal uh are the fees so once the fees do get introduced into PayPal uh in January of next year you'll be charged a fee based on the total amount of your purchase and we'll go over the fees in a second um you don't have control of your private keys so PayPal doesn't give you access to your cryptocurrency keys so you won't be able to store your purchase in an external wallet so remember everything anything that you buy on PayPal any bitcoin or other cryptocurrencies that you buy on PayPal will remain on PayPal um limited options PayPal currently only supports bitcoin ethereum bitcoin cash and litecoin um and then exchange markups uh currency conversion rates will apply to your purchases so you'll be buying and selling cryptocurrencies at a slight price disadvantage and that's pretty much the bulk of it that we wanted to cover here and then we're just gonna show you what it actually looks like so when you go to uh to PayPal and you click on the crypto this is basically what what pops up and then it tells you you know it gives you all the different information on it uh you know it tells you how to buy it um and all of that you know if you want to get started get up to speed on crypto uh understanding volatility and then right here this is where it shows you no transaction fees until 2021 when you buy or sell cryptocurrency we will disclose an exchange rate and any fees that will be charged for that transaction so um so as you can see there's no fees until 2021 okay um but in 2021 once the fees do begin here is a breakdown of the fees for buying and selling cryptocurrencies so um um you can see here that the purchase amount if you buy it within you know within $1 to $24.99 so under $25 you'll pay a fee of 50 cents for the transaction if you buy between $25 to $100 you'll pay a 2.30% fee if you buy a hundred to $200 you'll pay a 2% fee if you buy 200 to a thousand you'll be paying 1.8% fee and if you buy over a thousand dollars you will be paying a one and a half percent fee so that is the fee breakdown that you must know because you will be paying fees on any transactions once the fees take over um and they get introduced into the paypal transactions so um here is the the what it looks like when you go to the website it takes you here and then you see it says buy sell and secure securely hold cryptocurrencies with paypal here are the options that you have to buy so you can buy bitcoin ethereum bitcoin cash and litecoin and then on the right you have different articles about you know about bitcoin ethereum etc etc you can hit see more and there's a glossary there's a getting started with crypto understanding volatility and risk uh faq what is crypto blockchain you know all that fun stuff that you can click on and watch on your own time um and then here once you click you know either of these it'll take you to this page where you can see the prices you know what's happened within the last 24 hours you can go to the last week uh and so on and this is also where you buy you know you can enter the amount and it gives you a breakdown on what it is and then you can go between bitcoin ethereum bitcoin cash and litecoin right so that's pretty much it guys i think we pretty much covered everything that we wanted to cover here um look at that paypal even knew that we're done look at that all done so uh that's pretty much it guys i think we covered everything we wanted to cover we touched on all the stuff we pretty much broke down exactly how to buy uh you know crypto on paypal we've had this question a lot and then we went over the things that you must know when using paypal to buy crypto and the pros and cons of using paypal to buy and sell crypto right so um if you guys have any other questions just drop them in the comments we're always happy to uh you know to answer those questions for you guys um and yeah that's pretty much it guys so i hope you enjoyed this video please guys make sure to hit that like button make sure to subscribe and make sure to hit that notification bell so that you know every time that we drop a new video which we do five times a week mondays through friday so that's pretty much it guys i appreciate you guys for watching this video until our next one as always peace and love