How to transfer: Bitcoin to Paypal
After earning some Bitcoin via Cloud Mining and HYIPs we got to the point, that we want to transfer some of the profits and earnings out of our Wallet. But then we asked ourselves the question: How to exchange Bitcoin to PayPal?
It was more or less easy to buy Bitcoin, but to sell Bitcoin without paying high fees in a secure way was not easy. After researching for a long time, we think we found one of the best ways to transfer Bitcoin into PayPal money: via Coinimal!
Now here is the fast way to convert Bitcoin to PayPal:
Step-by-Step Guide: Bitcoin to PayPal
First, you need to register here.
Now you need to go to the ‘Sell’-Page.
Here you choose the cryptocurrency you want to exchange, options are: Bitcoin, Ethereum and NXTcoin. We choose Bitcoin.
And on the same page you need to choose one of the following payout providers: Amazon Gift card, Skrill, NETELLER, PayPal or SEPA – we chose PayPal.
Now you need to decide how much you want to spend – in our case we went for 1 BTC.
Then go to ‘Next Step’.
Choose PayPal Address
Now you need to type in the PayPal Address, where you want the money to go to.
Then press on ‘Next Step’.
Choose Refund Address
This is the Bitcoin Wallet Address, where a refund will be made if the transaction somehow fails. In our case the transaction didn’t fail, so we can’t talk about this much more.
Finalizing the Bitcoin to PayPal Order
This is the final step before you say goodbye to your Bitcoin and hello to the real money in your PayPal Account. You can see the new Current Price (the Bitcoin Price is always changing, so they are offering you the most recent one.), Sell Amount (what you are selling), PayPal Fee, What you receive and PayPal Address.
Press ‘Sell Now’ to finish the BTC -> PP Process.
Confirmation: Bitcoin/PayPal Order Successful
After pressing Sell Now, it says the order is successful – but you still need to transfer the Bitcoin to Coinimal! So we transferred the one Bitcoin to their address.
Hurray! You are now finished converting Bitcoins to PayPal money.
Email Confirmation: BTC/PayPal
Here is the Email Confirmation we got, after placing the order:
Waiting to get the Money
Now you need to wait some time for the Bitcoin transfer to be approved by enough participants in the BTC-Block-chain. After some hours we got the money to PayPal, success!
Summary on how to exchange Bitcoin to PayPal
Bitcoin to PayPal Fee Calculations
The Bitcoin price in EUR at the moment of selling was: 381€.
Coinimal offered us: 375.25€.
This means an exchange fee of 1 – 375.25/381 = 1.5%
But then they take a PayPal fee of 4.72, so in percentage 4.72/375.25 = 1.25%
So the total fees of transferring Bitcoin to PayPal are about 2.75% = (381 – 375.25 + 4.72)/381
We find this fee of 2.75% to exchange BTC into PayPal excellent!
Here to visualize those fees in % of the total fee:
- Exchange Fee (1.5%)
- PayPal Fee (1.25%)
- The hole fee (2,75%)
After getting a message from a Nigerian user, that he is not able to use coinimal we asked them what the problem was. It turned out, that PayPal (and not Coinimal) has external blocked in some countries (like Nigeria). This means, that you in Nigeria are able to use PayPal, but can only get money send to you from Nigeria (and not from Austria f.e).
Why you ask? Well, because of terror financing.
So just try out other payment options like skrill instead of PayPal, if you experience any problems!
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