Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.
As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
To transfer Bitcoin to PayPal account following these steps:
1.) First of all need to open an account on VirWox.com website where you can exchange your Bitcoins for SLL (Second Life Lindens) which is an in game currency used in popular virtual world “Second Life”.
You can use SLL to buy things in Second Life or even convert it back to Bitcoins if you want using VirWox again. That’s why we are using VirWox as an intermediate step while transferring our Bitcoins to PayPal account.
2.) Now open your Bitcoin wallet which you are using currently and send the amount of Bitcoins that you want to transfer to your VirWox account.
Make sure you have enough balance in your Bitcoin wallet before sending as the transaction fee will be deducted from your total balance.
3.) After sending the amount click on “ My Account ” tab and then click on “ Deposit & Withdrawal ” from the drop down menu as shown in the image below:
4.) On this page you need to scroll down and look for PayPal Express Checkout under Withdrawal section and click on it:
5.) Now enter the amount of SLL that you want to withdraw from your VirWox account and click on “ Withdraw ” button:
6.) Finally enter your PayPal email address where you want to receive the money and click on “ Withdraw ” button again:.