Advantages: Reliable method and has been around for a very long time.
Disadvantages: High fees
The only exchange that can solve the problems of pending payments related to the purchase of Bitcoins with PayPal is Virwox (Virtual World Exchange). Virwox uses a virtual currency called SLL (Second Life Linden Dollars) as mediation. SLL is used today in one of the largest virtual worlds, Second Life and, most importantly, can be purchased with PayPal.
The process is very simple: you buy SLL with PayPal and then convert them into bitcoins. Virwox ignores Paypal restrictions with this method because bitcoins are not sold directly. Virwox, on the other hand, will sell SLL for you with PayPal, for which you will have proof of purchase in the case of a charge-back request (unlike Bitcoin and its semi-anonymous nature). This is what you should do from beginning to end:
Before we start: Virwox fees and conditions
- Rates and conditions: Virwox limits the amount you can deposit through PayPal or credit card for the risk of charge back. The following are the exact limits that appear on the website (as of August 2018)
- This process entails higher transaction rates than usual. However, this can be a valid solution if it is your only option or if the price volatility offsets the cost. Do not worry, to avoid headaches, we added a Virwox load calculator later in the message.
- Virwox delays the transactions of new users up to 48 hours. This means that the purchase process can take up to two days, even much faster than a bank transfer. If you do not receive bitcoins after 48 hours (which is very unusual), you can contact Virwox at firstname.lastname@example.org.
Step-by-step guide on how to use Virwox
- Go to Virwox and open a free account.
- Click on ” not registered yet?”
- Click on a new account at the top of the left sidebar as shown below:
- Enter your personal information.
- Enter your username and email address.
- Leave “Avatar Name” as “No Avatar.”
- Continue to fill in all personal information and click “Save.”
- Activate your account. As soon as you click on “Registration”, you will receive a confirmation email with your password. Open the email, copy the password and reconnect to Virwox.
- IMPORTANT: Change your password! After clicking on the confirmation link, it is advisable to change your password as shown below, since you are transferring money through the website.
- Do not worry about the message “Your connection to an avatar has not yet been validated”, that’s irrelevant.
- Fund your account through PayPal.
- Click on Deposit on the left and select PayPal Express.
- Fund the account with USD / EUR or GBP according to your preferred currency.
- Note: A fee is charged for each transaction. Make sure you know the appropriate deposit and withdrawal rates. You can use the Virwox Load Calculator that we created to quickly calculate the conversion from USD to BTC when you use Virwox.
- Buy SLLs with USD.
- Go to “Exchange”> “USD / SLL” on the left side (or another currency, depending on the currency used for the deposit). Buy SLL. Note: If you have not yet made a deposit, the previous screen tells you to make a deposit before buying SLL.
- Buy BTC with SLL. Once you have SLL in your account, go to “BTC / SLL” and buy bitcoins with your SLL. Important! After this step, Virwox sometimes requires a manual review. It can take up to 48 hours, but usually takes about six hours.
- Withdraw your bitcoins. Select “Delete” on the left and send the bitcoins to your wallet.
Hello guys, how are you doing today. I have made this tutorial as easy as possible for you…