How To Use The Payza Bitcoin Service To Buy Bitcoins: A Popular PayPal
They are used by people all around the globe to receive money overseas, from contractors to advertisers.
The big news with Payza is that they have integrated Bitcoin support.
In fact, for many countries, they have made it a lot easier to buy, sell, and exchange fiat money into Bitcoin.
And now you can send/receive Bitcoin using Payza.
Since Payza is a fast growing payment processor, by adopting Bitcoin, they have definitely taken the right step toward a bright future.
At the same time, they have enabled users around the globe to quickly buy, exchange, and hold Bitcoin.
At the time of this writing, here are some things you can do with the Payza Bitcoin service:
- Convert fiat currencies into Bitcoin.
- Use Payza as a Bitcoin wallet.
- Exchange Bitcoin into fiat currencies (sell bitcoins).
- Send bitcoins to other Payza users from existing funds (receiving fees are 1.2%).
- Buy Bitcoin using the Payza platform.
Note: Payza supports adding funds using a credit card, but you can’t use it to purchase Bitcoin from Payza.
Since I’m a long time Payza user, I personally find this news pretty interesting and a right step toward a wider adoption of Bitcoin.
I had $30 in my Payza account and decided to test out its currency exchange feature to purchase Bitcoin.
In the next section, you will learn:
- How to buy Bitcoin on Payza using existing funds (you can add funds, too).
- How to withdraw Bitcoin from Payza to any Bitcoin wallet.
How To Use The Payza Currency Exchange Feature To Get Bitcoins
You can exchange your existing funds in your Payza account into bitcoins or you can add funds and convert them into bitcoins.
In this case, I’m converting existing funds into bitcoins.
- Log in to your Payza account.
- If you haven’t verified your account yet, then do that.
- Click on Wallet > Balances on the left bar.
- Click on Exchange Currencies.
Click on Next.
On the next screen, you will see the current conversion rate.
In my case, the conversion rate was 10% higher than the current market rate!
Click on Confirm.
Payza will instantly convert your selected currency into bitcoins.
You will also see the detailed conversion rate on the next page.
Here is what I got after converting $30 into Bitcoin:
Note for Indians:
Since I’m from India & they offer INR deposit, I thought it could be used for purchasing Bitcoin. However, that’s not the case.
You can’t convert INR into another currency or use it to purchase Bitcoin on Payza.
You can only use INR to send money to other Payza users.
Withdrawing Bitcoins From Your Payza Account To Your Wallet
You can hold your Bitcoin in your Payza account for as long as you want, however, I don’t recommend it.
And Withdrawing funds is easy. Simply follow the instructions shown in the below screenshot to withdraw your bitcoins into any Bitcoin wallet:
Bitcoin withdrawal takes 1-3 business days to process, and your exchange rate will be locked in at the moment your transaction is created so you don’t need to worry about price fluctuations.
For now, this will help many users start buying & holding Bitcoin.
The fees makes purchasing Bitcoin harder, but that’s a small price to pay when you don’t want to get into the mumbo-jumbo of buying & holding Bitcoin.
What’s your view on popular payment processors adopting Bitcoin? Do you see other payment processors following the lead of Payza in the near future? Let me hear your thoughts in the comments!
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