How To Buy Litecoin With PayPal?

By&nbspRushali Shome

Crypto traders are increasingly getting interested in using unconventional modes of payment to buy cryptocurrencies of their choice. However, it is not always an easy process because ordinary crypto exchanges do not provide too many unconventional payment options. So if you are someone that is wondering how to buy Litecoin with PayPal, you definitely would not get the service of your choice at a commonly used exchange such as Binance or Coinbase.

You May Also Read: How To Buy Bitcoin With PayPal?

Why is that so? How do you really go about buying Litecoin with PayPal? Those are exactly the questions we will be trying to find the answers to in today’s article.

Why Is It Difficult To Buy Litecoin With PayPal?

PayPal is a payment service that has a very clear buyer protection plan in place. This makes sure the sellers refund whatever money they collect from the buyer if the product delivered is not adequate or appropriately.

Thus, even without providing an escrow service, PayPal tries to safeguard and uphold the interests of the buyers using the service. Now, that is principle that goes against one of the basic premises of cryptocurrencies.

PayPal, in these situations, necessitates the reversal of payment, a concept that is untenable in the world of cryptocurrencies.

In case of cryptocurrencies, the records made in the blockchain is immutable. Hence, a transaction once finalized, cannot be reversed.

Only if the seller agrees, can the payment be refunded to the buyer. Otherwise, there is no way to safeguard the buyer without the seller’s goodwill. For this reason, PayPal payments are ordinarily not integrated with crypto trading.

How To Buy Litecoin With PayPal?

You can use either of the following avenues to purchase Litecoins by using PayPal as your mode of payment.

For both methods, you essentially have to buy Bitcoins first and then have them exchanged for Litecoin from an exchange that supports a BTC/LTC pairing (most exchanges do).

1. LocalBitcoins:

This is a peer-to-peer platform that enables people to connect to buyers and sellers of Bitcoins. The sellers on this platform are often prepared to accept a wide variety of unusual payment options, ranging from PayPal to iTunes gift cards.

You May Also Read: How To Buy Bitcoins With iTunes Gift Card?

Provided you conduct your due diligence well, you can easily choose a seller matching your needs. The platform charges the buyer no transaction fee and even provides an escrow service till the transaction is completed.

Bear in mind, however, you may have to pay a higher price than the usual market price. You can exchange these Bitcoins for Litecoin at any centralized exchange.

2. VirWox

This is an interesting gaming platform on which you can purchase SLL coins native to the network using PayPal (or fiat) and then exchange the SLLs for Bitcoins on the platform.

These Bitcoins you receive can then be used for getting Litecoins.

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Rushali Shome

Rushali Shome is a history undergraduate with a keen interest in puns, politics and beyond. When not typing away furiously in the “Notes” section of her phone, she can be found trying to catch the eye of servers at restaurants or weddings for a second helping.

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