Although there are now hundreds of different cryptocurrency exchanges which allow you to buy, sell and trade Litecoin, hardly any of them accept PayPal!
As a result, there is no direct way to buy Litecoin with PayPal. You will need to first buy Bitcoin using your PayPal account, and then exchange Bitcoin for Litecoin at an exchange. But don’t worry, I’ll guide you through the steps.
In my ‘Buy Litecoin with PayPal’ guide, I am going to discuss two different platforms that accept PayPal and explain how they both work. After that, I am then going to give you a really simple step-by-step guide on how to complete your PayPal to Litecoin trade from start to finish!
So, what are you waiting for? In the first part of my ‘how to buy Litecoin with PayPal’ guide, we’ll start by finding out why it’s so difficult to buy cryptocurrencies using an e-wallet like PayPal!
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One of the main reasons for this is that PayPal have something called ‘Buyer Protection’. This allows the buyer to request a refund if somebody sells them something that doesn’t match the description. In most cases, PayPal favors the buyer. This means that the seller has no choice but to refund the payment.
In the case of buying Litecoin and other cryptocurrencies, there is no sure way to prove that the seller actually sent the coins. This means that the buyer would pretend they never received them and then request a refund from PayPal!
As a result, merchants often charge higher fees to protect themselves from a chargeback! Therefore, it is important to remember that the options I am going to give you are much more expensive that using other payment methods!
So, now that you know why it can be difficult to buy cryptocurrencies using PayPal, the next part of this ‘buy Litecoin with PayPal’ guide will look at where this is actually possible.
When you access the platform, you will find a long list of individuals that are looking to sell their Bitcoin, with the price that they are happy to sell it for and their preferred payment method.