This is the complete guide to selling your Bitcoin to PayPal with 15% markup and converting your Bitcoins to USD or local currency in your PayPal account.
There are other guides showing how to sell Bitcoins to PayPal, but none of them discuss how to sell at a 15% markup to the current market price of Bitcoin.
This is a great method of cashing out from:
- Coinbase to PayPal
- Gdax to PayPal
- Poloniex to PayPal
- Kraken to PayPal
- Offline cold storage wallet to Paypal
- Bitcoin to bank account – via PayPal
- Go to xCoins
- Open an account
- Link your xCoins account to PayPal wallet and select your settings for buyers.
- Transfer your Bitcoin to your xCoins wallet
- Wait for your Bitcoin to be sold – 100% automated by the xCoins, and completely secure
- Receive USD or local currency from the Bitcoin sale into your PayPal account
You can then use the funds in your PayPal account as usual, for online purchases or cash out to your bank account.
Steps 1-3 take perhaps 15-20 minutes to complete. Steps 4 -6 are completely automated.
1. Go to xCoins
xCoins describes itself as a secured P2P Bitcoin lending service. It’s more accurate to describe it as a place to sell Bitcoin at a markup (from the sellers’ point of view)
2. Open an account
Click “sign up” on the top right hand corner:
Copy and paste the email confirmation code, sent to your inbox:
Enter “3fscfw” into the promotional code box (optional):
Enter a password:
Select your country (and state, if necessary):
Enter a phone number. This is used to confirm withdrawals for security reasons. It’s a very important feature to protect your Bitcoin balance:
3. Link your xCoins account to PayPal wallet and select your settings for buyers.
Select “Lend Bitcoin” in the main menu. Click the green plus icon:
Enter your email address that you use with your PayPal account:
You may need to verify this in your email inbox.
4. Transfer your Bitcoin to your xCoins wallet
Move your mouse cursor over “My Wallet” in the menu, and click “Deposit Bitcoin”. Copy the wallet address (long string of text):
Go to your Bitcoin wallet – you may have Bitcoin at an exchange such as Coinbase, Kraken, Poloniex or an offline wallet on a computer or USB drive. Send a small amount of Bitcoin first to the address you just copied from above, to test that everything works correctly! When the first transaction shows up in the xCoins wallet, feel free to deposit as much as you like.
Note: due to the delays currently being experienced on the Bitcoin blockchain, the deposit will likely take at least 30-40 minutes to appear in your xCoins wallet. This is nothing to do with xCoins, it affects all users of the Bitcoin blockchain. Don’t worry, it will arrive eventually.
Next, you need adjust the settings which affect what kinds of buyers can actually purchase your Bitcoin. Below is a screenshot with my settings, feel free to adjust according to your own risk appetite. Be aware that Rating refers to the number of times a buyer has used xCoins – so 1 = 1 first time buyer (higher potential for PayPal disputes or chargebacks), 2 = second time buyer (much lower risk), and so on.
Steps 5 and 6 – waiting for your Bitcoin to be sold and receiving USD or local currency from the Bitcoin sale into your PayPal account are completely automated.
That’s it! You can also use xCoins to continuously earn passive income with Bitcoin.