Bitcoin is a digital currency that has been gaining popularity over the years. It is decentralized, meaning that it is not controlled by any government or financial institution. PayPal, on the other hand, is an online payment system that allows users to transfer funds electronically. So, how can you send bitcoin from PayPal to blockchain? In this article, we will look at the steps involved.
Step 1: Create a Blockchain Wallet
The first step in sending bitcoin from PayPal to blockchain is to create a wallet on the blockchain platform. A wallet is a digital container that stores your bitcoin. You can sign up for a wallet on blockchain by visiting their website and filling in the required details. Once you have created a wallet, you will be given a unique wallet address.
Step 2: Link Your PayPal Account to Coinbase
The next step is to link your PayPal account to Coinbase. Coinbase is a platform that allows you to buy, sell, and store bitcoin. To link your PayPal account to Coinbase, you need to sign up for a Coinbase account and then link your PayPal account. This can be done by clicking on the ‘add payment method’ option and then selecting PayPal.
Step 3: Buy Bitcoin on Coinbase
Once you have linked your PayPal account to Coinbase, you can now buy bitcoin. To do this, you need to go to the ‘buy/sell’ option and select ‘bitcoin’ as the cryptocurrency you want to buy. You will then be prompted to enter the amount of bitcoin you want to buy and the payment method you want to use. Select PayPal as your payment method and confirm your purchase.
Step 4: Transfer Bitcoin to Your Blockchain Wallet
After buying bitcoin on Coinbase, the next step is to transfer it to your blockchain wallet. To do this, you need to go to the ‘accounts’ option on Coinbase and select ‘send’ for the bitcoin account. You will then be prompted to enter the recipient’s wallet address, which is the address of your blockchain wallet. Enter the address and confirm the transaction.
Step 5: Verify the Transaction
Once you have sent the bitcoin to your blockchain wallet, you need to verify the transaction. This can be done by checking your blockchain wallet balance. If the transaction was successful, the bitcoin should be reflected in your wallet balance.
Conclusion
Sending bitcoin from PayPal to blockchain is a simple process that involves creating a blockchain wallet, linking your PayPal account to Coinbase, buying bitcoin on Coinbase, transferring the bitcoin to your blockchain wallet, and verifying the transaction. It is important to note that the process may vary depending on the platform you are using. Therefore, it is advisable to follow the instructions provided by the platform you are using.