Investing in cryptocurrencies via online exchanges is becoming increasingly popular. While the price of Bitcoin was still around 307 euros in November 2015, it rose to around 8122 euros per Bitcoin by the third quarter of 2020, a growth of 2645%.
In the meantime, the bitcoin price is once again scratching its all-time high.
The more cryptocurrencies spread, the more ways there are to acquire them. On this page, we will therefore look into the following question: Can you buy Bitcoin with Paysafecard?
Buy Bitcoin with Paysafecard: What should you look out for?
Because Bitcoin cannot be bought directly from any CFD broker or crypto exchange with Paysafecard, you always have to take a little diversions:
- Which broker or exchange is the best to buy Bitcoin with Paysafecard? After an initial exchange via Paysafecard, we advise our test winner Broekr eToro. eToro is fully regulated and licensed and offers the lowest fees when buying Bitcoin.
- Do you want to hold Bitcoin for the long term or trade it for the short term? That depends on your own strategy. Holding for the long term will generally generate solid returns, while active trading offers higher potential returns, but also higher risk.
- Do I need a wallet for Bitcoin? Not at eToro, as the official eToro wallet is already integrated.
- Is it worth investing in Bitcoin? Bitcoin is one of the most interesting investment objects in 2021. We believe that the price will increase drastically in the coming years.
Is it Still Possible to Buy Bitcoin with Paysafecard?
Buying Bitcoin with Paysafecard only works in P2P networks. Here, people exchange Bitcoins for currency units in not inconsiderable quantities. But this is not safe!
Another anonymous way to buy Paysafecard to Bitcoin was Virwox. Here, the Paysafecard balance could be exchanged for the fantasy currency Linden Dollar from Second Life. Subsequently, Bitcoins could be bought with Linden Dollars.
The portal ceased operations, as it announced itself on the portal on 06 January 2020. There are currently no other anonymous alternatives to buying Paysafe Bitcoin.
However, it is still possible to buy Bitcoin with Paysafe via certain detours – we explain how:
How to buy Bitcoin with Paysafecard? Convert Paysafecard to Bitcoin Instructions:
What is Paysafecard?
As a start-up from Silicon Valley, the payment service provider Paysafecard positions itself with points of sale such as Aldi, Rewe and Rossmann. At 600,000 points of sale, you exchange cash for 16-digit PINs on the receipt, which serves as a receipt for the payment.
This sequence of numbers is then entered online as payment. You can anonymously exchange up to 1,000 euros per transaction in the Paysafecard Bitcoin Exchange procedure. Withdrawals of Bitcoin assets into a Bitcoin wallet with Paysafe are not possible.
Due to the way Paysafe works, the payment provider is considered an anonymous payment method for computer games, social media, music, film and entertainment. The Paysafecard is also popular in online casinos.
Where can I buy Bitcoin with Paysafe? Best Paysafecard Bitcoin
Coinbase, Virwox & Bitpanda Paysafecard: Why we recommend buying with eToro
Of course, there are now many different providers in the crypto world. We would be happy to take a closer look at the individual platforms for you in order to clarify where and how you can find the Paysafecard.
For this purpose, we are guided by the most popular providers associated with this unusual payment method.
Coinbase is a platform from the USA. It has been available for quite a long time and is considered one of the most established crypto tools. So it is only logical that many users want to know whether you can use Paysafecard with Coinbase.
The answer is no. The only options here are credit cards, instant bank transfer or a normal bank transfer.
One must speak of Virwox in the past tense. The provider has in the meantime discontinued its services. For a long time, the platform, which actually wanted to deal with virtual reality, was considered the only way to use PayPal for crypto investments.
But this was also very complicated at the time and required various intermediate steps. The Paysafecard was probably also part of the portfolio, but this is now obsolete, as you cannot use the provider’s services.
Bitpanda may be a familiar name, especially to Austrians. After all, it is basically a fintech from the Alpine country.
The payment methods are relatively variable, but the Paysafecard is unfortunately not included here either. You could now follow the instructions above to also use Neteller for the purchase of cryptocurrencies.
We have already described the diversions from Paysafecard to Neteller to Bitcoin. However, you have to bear in mind that the provider actually only has cryptocurrencies in its repertoire. You will look in vain for other assets.
Why is eToro The Best Alternative?
Even though even eToro does not offer a Paysafecard, we can still recommend the broker as the best alternative. For one, you can take the theoretical effort to convert cash into a Paysafecard, then use it to make a Neteller deposit to top up your balance on the platform and buy Bitcoin.
Of course, it is much faster to use PayPal or credit cards. A crypto wallet is directly available after registering with eToro. In addition, you can access a wide range of assets, such as shares, forex papers and CFDs.
In this sense, cryptocurrencies only represent a small but attractive addition to the overall portfolio.
You are certainly still asking yourself the question: “where can I buy Bitcoin with Paysafe? Currently, Paysafe to Bitcoin only works via “peer-to-peer networks” on the internet. However, this is also where petty criminals and fraudsters like to do their mischief.
Guarantees and regulations do not exist for these no-name services. Localbitcoins.com, for example, offers different individual sellers. Depending on the seller, it is decided whether you can buy bitcoin with Paysafe “P2P” or not.
When selecting sellers, please pay attention to the ratings and recommendations of the respective seller. It is important that the reviews are written by buyers. They are your only way to get security on the unregulated Paysafecard to Bitcoin market. Your Paysafecard balance cannot be reversed.
We have conducted extensive research on various online exchanges. Paysafecard is not offered by any of the renowned platforms. Other crypto portals recommend providers such as Anycoin Direct. But here, too, the Paysafe option for buying Bitcoin is not represented.
Until some time ago, it was apparently still possible to buy Bitcoin via the Virwox platform using Paysafecard. However, this was extremely cumbersome on the one hand, and on the other hand, the platform has also discontinued its services in the meantime. Nevertheless, the simple, secure and direct BTC purchase at eToro via Neteller with Paysafecard is possible without any problems.
Recommended Providers to Buy Bitcoin without Paysafe
Not quite as anonymous, but secure, offers you the opportunity to buy Bitcoin in a protected environment. Are you looking for an alternative to the Bitcoin wallet Paysafe and ideally already have a Paypal account?
Then you can conveniently top up your Paypal balance to your eToro account in real time. However, you can also pay funds into your account in real time at any time via Skrill and Neteller e-wallets from the Paysafe Group. Depositing via credit card is also possible.
Buy Bitcoin Directly and Anonymously without Detours at eToro
In our research, we did not notice any crypto exchange that actually offers the Paysafecard for buying Bitcoin or other cryptocurrencies. This is also due to the increasing regulation of the market.
However, at the test winner eToro you can buy Bitcoin with Paypal, purchase BTC with a credit card or buy Ethereum with Paypal.The Goldreward recommendation: Buy Bitcoin at the test winner without Paysafecard
Step 1: Register with a broker
First you have to register with the broker. To do this, they enter the required data and carry out the verification. The days of complete anonymity on the cryptocurrency internet are over.
Almost all major exchanges and brokers require verification of personal data. If you do not want to deposit bank details, you can use Paypal with selected providers.
Step 2: Deposit with Paypal, Sofortüberweisung or credit card
If you use our test winner eToro, for example, you will be taken to the deposit screen after registering. Then click on “Paypal”. Now enter your deposit amount and click on “Continue”.
After you have transferred the funds via Paypal, you can buy Bitcoin in seconds. In our opinion, this is even faster than with the Paysafecard.
However, there are other payment methods available, such as conventional bank transfers, instant bank transfers or credit cards.
Step 3: Buy Bitcoin even without Paysafecard
Check under the menu item “Account” whether the deposited amount has been credited to you. Now type “Bitcoin” or “BTC” into the search field. If you want to buy the cryptocurrency directly, make sure that no leverage has been selected.
Otherwise, there are also bitcoin derivatives for experienced traders.
Why can’t you buy Bitcoin with Paysafecard?
Prospective buyers consider the purchase of Bitcoins with Paysafecard to be safe and anonymous, but is that true? Why can’t Bitcoin simply be bought via Paysafecard then? It’s simple: the renowned providers have to comply with more and more regulations.
This also includes the collection of user data to prevent money laundering. Ultimately, this serves to protect consumers and is therefore to be supported.
Buying Bitcoin with Paysafe would mean high to absolute anonymity, which the black market would undoubtedly also exploit. According to the Federal Money Laundering Act, for online transactions, for example, there is an obligation to query and archive the ID.
And the Paysafecard is not as anynomous as often claimed. When you open an account online with Paysafe, you must necessarily verify your address with an official document. Your telephone number is also required to activate the account.
How does Bitcoin Paysafecard work anyway?
Paysafe advertises with nine major partners such as Aldi, Deutsche Post, Edeka, Esso, OMV, Rewe, Rossmann, Shell and West Lotto. The PINs can be purchased at the points of sale.
Buying Bitcoin with Paysafe theoretically works by loading money at the named points of sale. Deposits range from 10 euros to 100 euros.
In an online transaction where the 16-digit PINs can be used, purchases may be made for a maximum of 1,000 euros per transaction. In the euro area, the exchange values are 10 euros, 25 euros, 50 euros and 100 euros.
An online account as well as an iOS app and Android app similar to Paypal are also available. However, you do not remain anonymous with the app. You are allowed to enter your phone number for the authorisation of the account. You also have to provide your email address.
Convert Paysafecard to Bitcoins
So you see: via the Paysafecard, users only receive a sequence of numbers that serves as a code. It is therefore correspondingly difficult to convert your Paysafecard into Bitcoins.
We recommend investors who want to get their tokens exclusively in this way to follow our instructions above. However, you have to be aware that you are taking on quite a bit of effort.
The question of whether you can convert a Paysafecard into Bitcoins must therefore be answered in the affirmative, but not advised. After all, the whole procedure also requires a Bitcoin wallet, which has to serve as the address for transactions.
Notes on buying Bitcoin with Paysafecard on P2P networks
This type of Bitcoin trading refers to the unregulated market in interpersonal trading of cryptocurrencies. On peer-to-peer networks, individuals buy and sell cryptocurrencies among themselves.
On peer-to-peer networks, always pay attention to the ratings of the individual sellers; these cannot be faked. Through this mechanism, P2P networks sort out fraudsters.
Your payments on these networks with Paysafecard cannot be reversed. In any case, you must be aware of this before the Paysafecard Bitcoin Exchange.
Paysafecard to Bitcoin describes the method by which Bitcoin transactions are paid for by the buyer. As described above, the anonymous method of buying Btc with Paysafe only works via networks such as localbitcoins.com, because Virwox ceased operations on 06 January 2020.
How Anonymous is the Method of Buying Bitcoin with Paysafe?
If you buy PINs via cash receipts at the 600,000 points of sale, the purchase is very anonymous. Paysafecard Bitcoin trading only works in one direction when you deposit money.
If you want to withdraw your Bitcoin winnings, this is not possible via Paysafe Bitcoin.
Buying Btc with Paysafe is also subject to the restriction of the 1,000 euro limit per transaction with Paysafe. One Bitcoin costs far more than 1,000 euros, so you have to deposit the money into your account network beforehand.
This can take a long time and be very time-consuming if you have to repeatedly enter a 16-digit pin for every 100 euros. But you remain largely anonymous.
Pay Paysafecard with Bitcoin
In our articles, we always try to fully address each topic. To do this, we also analyse what users are actually looking for. It seems that information is also desired that brings one closer to how one can pay a Paysafecard with Bitcoin.
Several prerequisites must apply for this. First, of course, we already need tokens. Secondly, we now have to find a point of sale for the Paysafecard.
This can be on the Internet, for example, or classically in a kiosk or petrol station. Some discounters also offer the purchase of Paysafecard.
Now, it hardly helps the cash register if you want to scan your Bitcoin address with a QR code. So we have to use a tool. The solution lies in Bitcoin credit cards. Click on our BTC credit card comparison to find a suitable card.
It then enables a practical aid and interface between the euro and bitcoin. So you can pay with it quite regularly and the conversion takes place automatically. So this is how you can pay a Paysafecard with Bitcoin.
Buy Bitcoin with Paysafecard Conclusion – Our experience and Recommendation:
The anonymous purchase of Bitcoin via Paysafecard works exclusively via P2P networks. But it is not possible to pay with Paysafecard at every provider either. The only alternative was the provider Virwox, where Paysafe Bitcoin purchases were possible.
Here, Paysafecard PINs could be exchanged for Second Life Linden Dollars, which could then be used to buy Bitcoin. Unfortunately, the platform ceased operations on 6 January 2020. In any case, P2P BTC purchases with Paysafecard are not recommended due to the lack of regulations.
Although the anonymity of the cash deposit method with Paysafecard in P2P networks is very high, secure alternatives such as eToro, where you can also make deposits with Paypal and your credit card, are more suitable. If you fall for a scam in person-to-person networks, your money is lost in any case.
The Paysafe Group offers two e-wallets in combination with the eToro trading platform to make deposits for bitcoin purchases. Neteller and Skrill support digital payments to invest in cryptocurrencies and are also part of the Paysafe Group like Paysafecard.