How To Buy Bitcoins With PayPal, Credit Card
Posted by 
April 16, 2013 •
Ever wondered how can you purchase some bitcoins with Paypal, Credit Card, UKASH, Paysafe Card, Money Bookers, Sofort banking or Neteller etc. As you know, major Bitcoin exchanges do not allow funding through Paypal or Credit Card, due to various cases where someone pays for Bitcoins with Paypal, Credit Card then receives Bitcoins and fraudulently complains to Paypal or their credit card company that they never received the goods.
Imagine purchasing bitcoin in a country like INDIA, all we can find is third party retailers, selling at high price via localbitcoins.com, ebay.com etc. Buying Bitcoins from individuals using PayPal / Credit card is possible, but requires mutual trust. Well, here we found a little long but easy way to sale / purchase bitcoins with your Paypal, CC and some other sources.
First of all, have a little walkthrough about how this work >> Go to Virwox and register your account >> add funds to your account via paypal / credit card / paysafecard >> buy linden$ (SLL) >> buy bitcoins with your linden$ >> Finally send your bitcoins to your wallet.
Following are more detailed instructions with visuals.
Step 1. Go to Virwox and register your account. Ignore message saying Your avatar connection has not been validated yet.
Step 2. Add some funds to your Virwox account, you can add funds via various ways, including Paypal, Credit Card, UKASH, Paysafe Card, Money Bookers, Sofort banking or Neteller.
Step 3. Now convert your USD / EUR in to SLL (Linden $). Those who don’t know, Linden $ (SLL) is currency of The virtual world, Second Life.
Why Linden Dollar ? Because direct trading from $ / € to Bitcoin is not possible. That’s why you have to take alternative route via Second – Life Linden$
Important links to Exchange USD/SLL for USD and Exchange EUR/SLL for EUR).
Step 4. Now go to BTC/SLL exchange and buy bitcoins of your desired amount.
Step 5. Congratulations, now you own bitcoins in your Virwox wallet, you can transfer these bitcoins to your personal wallet. Simply go to Withdraw section, first option is bitcoin withdrawal. Now add bitcoin payee address and hit the withdrawal button.
Step 6. That’s it. If you like the post or still have any doubt, post it in comments section right after the break.
From $78USD to $62USD…. $16USD in paypal, exchange fees.
Rip off.
So I thought I’d give it a run and see if this method is good for getting BTC into my exchange account quickly.
Short answer, no because of the following from virwox.
Your withdrawal request has been received. However, a manual step is required before it can be completed.
While most Bitcoin withdrawals are processed instantly, we manually check some of them for security reasons (for example of new accounts). They will be processed within 48 hours. You will receive an email confirmation when the withdrawal has been processed.
Also, at the time BTC price was $93. So I added $50. Went to exchange for SLL and then BTC. I ended up with .36 BTC which at the current price is 33.48.
So total transaction cost to get BTC this way, is $16.52 which is a 33% haircut. And I have to wait 2 days? No telling where the BTC price will be in 2 days.
Much better to use the bitinstant -> zipzap -> money gram to fund cash direct to mt. gox and buy BTC at the price you control. At this time there is no good way to get hold of BTC quickly.
VirWoX is not a BTC shop, it’s an exchange. You can always get a good price if you wait for a while before buying or selling BTC’s until the BTC exchange rates in the VirWox marketplace are within your target range.
You can buy at market price or you can also create an order suitable to your range.
Another plus point of Virwox is easy cash withdrawals. I know they charge premium amount, but they are the best option to buy bitcoins instantly with Paypal / Credit Card.
I understand what virwox is, I went through the process you described. My goal was to fund my Mt. Gox account quickly, not set up another account and trade here. Although it does look like an interesting and stable trading platform, I found your article by looking for a way to buy bitcoins with a credit card.
I do appreciate you sharing the information, and I was able to achieve what I set out to achieve, but the cost and the time involved was not exactly what I would call instant.
That is only amplified by the idea of waiting for the value of SLL to meet my pricing threshold to make it worth it to trade for BTC etc etc.
The other options for getting bitcoin as fast as possible has about the same premium attached to it. I don’t necessarily think this is a fault with virox or any other cc -> btc transaction process. I think it’s just the nature of BTC and virtual currency at this point.
Until some major processor such as visa or even paypal gets involved with securitizing, I think these rather large trading premiums will be a barrier to the instant transaction we are looking for.
Anyways, thank you again and ultimately I did get my Mt. Gox account funded about 36 hours later. Since then the BTC price is up about 15% from the time I ran this test. I need it to go up another 30% to break even on the trade, if my ultimate goal was a USD profit, which it is not.
Followed the guide and at 6:30 pm here on Monday night I got the same message as John above. I will update once the transaction is completed, hopefully in less than 48 hours.
Update: It is now 6 AM wednesday morning and I just received a confirmation e-mail from VirWoX. I checked my wallet and I do have the bitcoins in my wallet now. So they took 36 hours, which was less than the allotted 48 hours. They did charge a percentage, but overall I am happy with the transaction. Thank you for this guide.
what happens if the coins cost nothing and can u buy lite coin wit cc and haw many half life coins it take to buy a bit
I have to wait 48hrs like the Above posts. They state on their site instant transfers which is not the case. Do we have to go through this every time?
Hi i deposit money to bitcoin and ask me about payee address from where i can get it , i donn’t know know fro where i need help thanks.
@Sargon check this http://www.coinqa.org/how-to-get-a-bitcoin-address/