Everybody knows by now
you can buy and sell cryptocurrency on PayPal,
but what does this mean for crypto at large?
Is this good for new investors?
We're going to talk about that today.
I'm also going to do a quick tutorial on how you do it.
How do you buy Bitcoin or other cryptocurrencies on PayPal if you've never done it before?
Well, I'll show you how today and it's actually easier than you think.
Let's get it.
Welcome to BitBoy Crypto!
My name is Ben.
Everyday on this channel, I show you how to make money in cryptocurrency.
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not too shabby,
Also, if you're watching this video because it's a tutorial
and you really want to know how to buy Bitcoin and crypto, but you're super new,
super fresh,
you guys can check out crypto4dudes.com
That's with the number "4".
Here, you can find my beginner's crypto course called the Regular Guys Guide to Crypto,
where JChains and I lay out to you guys some of the very simple basic concepts
that you're going to have to know
if you're going to be able to make that life-changing money.
So, guys, let's head on over here to PayPal.
So, I actually created an account recently,
a personal account,
because I only had business accounts
so I could try this out.
And it's pretty easy to do.
You guys can see my recent activity over here.
It's showing up my Bitcoin purchases and my Ethereum purchase that I made.
Notice, it doesn't separate out crypto.
It basically just says "Recent Activity" and has it all listed over here.
And I think this is important.
That,
combined with the fact when you look at this,
you see PayPal balance,
Crypto, right underneath it.
This is not something
that PayPal is going to be debuting,
not putting a lot of attention on it.
They have seen what Square has done,
Cash App has done,
and they want a piece of that.
Crypto and Bitcoin aims to be a major part of the PayPal business from now on.
I definitely believe that for 100%.
So, on our summary page, you guys see the "Your crypto" box.
What we're going to do, we're going to click "Buy and Sell"
and this is going to take us to what I call the portfolio page.
This shows you what crypto you have right now.
There's only four possibilities--- Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Bitcoin, the original cryptocurrency, started in 2009 by Satoshi Nakamoto
in response to the 2008 financial crisis.
Ethereum, Bitcoin Cash and Litecoin are all altcoins.
How do you know something is an altcoin?
It's not Bitcoin.
It's pretty simple.
Bitcoin rules the market.
It's about 65% of the overall crypto market right now.
Every other coin is called an altcoin.
So,
right now, you guys can see I have $39.93 in Bitcoin and $19.93 in Ethereum.
If you own a cryptocurrency on PayPal, it's going to show up on this side up here.
If you don't, it's going to show up down here.
Now, these are three really respectable altcoins.
They've all been consistently in the top 10 of cryptocurrencies since they debuted.
So, right now, what we're gonna do, I'm gonna show you how to buy Bitcoin.
Now, before we actually move on to buy Bitcoin,
they have a "Learn more about crypto" section.
This is pretty cool. They're very quick reads,
5 minutes, 1 minute, 3 minute, 5 minutes,
and it goes on from there.
I think there's about 12 or 13 of them.
Let's actually count them.
I think it's 12.
Man, my counting is good. It's 12.
It talks about what is crypto,
a 'frequently asked questions' page,
how to get started.
It talks about the differences between all the coins,
volatility,
crypto versus stonks.
There's a glossary.
Cuz, I tell you, if you're not in the crypto culture,
it's really easy to get mixed up with what people are talking about
and of course you're definitely going to want to know what blockchain is,
the underwriting technology of cryptocurrency,
or at least most cryptocurrencies.
Don't worry about what I just said there.
That might take you down a rabbit hole.
So, here we are.
Let's go ahead and click "Buy"
and you can see it shows a chart.
Bitcoin is down about 2.39% today.
Not too great.
We don't like to see that for our portfolios.
We'd like to see it when we're getting ready to buy.
So, definitely pretty cool.
So, right now,
the charts are broken down default by the last 24 hours,
so this is the last day of action.
You can also check out the last chart-- or the chart from the last week,
from the last month,
six months,
one year,
and the all-time chart.
You guys can see where we're heading to up here.
All-time high's gonna be in the next couple of months, I do firmly believe.
So, once you've looked at the chart, you decide which one you want to buy,
you just click "Buy"
and then you hit the amount.
Let's say--
Let's go crazy.
I'm gonna buy $100 worth of Bitcoin.
Here's my debit card.
4285, that's the last four digits.
If anyone can steal money from my bank account
with the last four digits of my debit card,
I will buy you a milkshake.
Alright. So, let's hit "Next".
This is the review page.
It shows you what card you're purchasing with.
It shows you how much you're buying.
We're buying 0.006 BTC.
Bitcoin can be broken down into 10 million parts--
something and-- or 100 million parts, excuse me.
The price per Bitcoin, $15,887.
The price, US dollars, of $100.
And then what I actually pay.
No transaction fees.
There's no transaction fees with Bitcoin on PayPal for the rest of this year,
but be careful,
if you think you're going to come on here, buy a bunch of Bitcoin for no transaction fees,
and then leave and do something else with it,
you got another thing coming.
We're gonna explain that here in just a second.
So, I click "Buy Now"
And boom! It pops up at the top, shows us how much we bought.
We go back to our portfolio.
Here it is, $139.92 worth of Bitcoin in my wallet.
Now, what am I going to do with this Bitcoin?
Well, that's what a lot of people are upset about
because, right now, you can't do anything with it.
You're currently not able to send crypto assets to friends or family,
use crypto assets to pay for goods or services,
or withdraw crypto assets from your cryptocurrencies hub
to an external cryptocurrency wallet.
This is kind of like the training wheels.
If you're new to crypto,
and you want to learn how to buy Bitcoin,
you want to learn how to buy altcoins on PayPal,
that's fine.
I welcome that.
But it needs to be like riding a bike with training wheels.
You're not gonna be able to do much with your crypto
when you have it on a service like PayPal
that's not allowing you to withdraw it to other wallets.
That means you'll never be able to trade it,
and you're not actually in possession of your own private keys.
In crypto, we call that "not your keys not your crypto".
If you're not in possession of the backend password to your wallet where you can actually move the Bitcoin,
is it really yours?
And that's a fundamental and philosophical question
that a lot of people in crypto have
about the way that PayPal has done things.
But just like a training-- a bike with training wheels,
you work up to ride on your own.
So, learn about exchanges like Coinbase
or Binance US
or KuCoin.
Those are places to start learning how to exchange cryptocurrency,
learning how to send cryptocurrency back and forth,
and then from there, who knows?
Maybe you'll end up on a decentralized exchange one day,
which can kind of get crazy, so let's take it baby steps at a time.
If you're gonna buy on PayPal, it's okay. I'm not gonna criticize you.
I think what they're doing overall is gonna be beneficial to the entire crypto space,
but the way that they store it
and the way you don't own your own Bitcoin when you're buying through PayPal,
it is not the optimal way,
so you gotta try to figure out, do your own research,
and learn what that optimal way is.
Alright, guys. That's all I got.
Be blessed.
BitBoy out.