A few days back I was searching that is there a way where I can deposit or withdraw using Paypal. I came accross a site called Virwox which allows you to do the conversion between the Paypal money and the Bitcoin.
Using Virwox is not as simple as it looks. At first, you need to Buy SLL (Second Life Linden Dollars) using your currency through the SLL/USD exchange. Now when you have the SLL you can buy Bitcoin using the SLL/BTC exchange.
The only disadvantage which I feel using this system is the High Fees. Just look at the fees below. So If I want to convert from USD to Bitcoin 100 SLL is the fixed fees (two exchange USD/SLL and SLL/BTC) and then the variable fees.
PC : Virwox.com
But wait not only that, there is a fees on withdrawal also which is 0.001BTC per BTC (A handling fee of 0.001 BTC per bitcoin withdrawal will be charged).
The advantage of using it is the Security. They are one of the most secure websites out there. Even if the advantage is very less as compared to the disadvantage but I feel there is a way by which I can send the money over to Bitcoin Wallet using the Paypal.
Have you tried Virwox, if yes please share the experience with us.
I used this service once, and will not do so again. Those charted fee rates are nowhere near the end result of my experience. In the end my fees ended up costing over 10% of the total deposited funds. That's an unacceptable fee scale for the convenience of using Paypal.
I realize some people may not have other options, and therefor accept the fees, but if you can find another way to purchase your BTC, I'd encourage you to do so. Highest fees I have paid on any crypto transaction to date!
That's a great advice to everyone. Just that I had the money sitting in my Paypal so I was thinking if there is any exchange which helps me to convert the money from PayPal to Bitcoin. But I think that's the big noo for using Virwox. Thanks :)
Thats interesting to find there are game currency to bitcoin exchanges. Thanks for sharing.
Yeah @upgrade, that's correct :)
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Even I came across Virwox when I wanted to use USD in my paypal account to buy BTC but due to the high fee I didn't proceed. Finally, used an Indian exchange to buy BTC with INR.