The increasing popularity of digital wallets has brought easier and safer payment options for purchasing products, services, and cryptocurrencies.
These electronic payment methods store payment information and facilitate users to make hustle-free transections. Among such digital wallets comes Google Wallet, which is already being used in 40+ countries and is expected to see an abrupt growth in the coming years.
This article presents a detailed review of the best-regulated cryptocurrency exchanges accepted by Google Pay (formerly Google Wallet) as a deposit method to buy Bitcoin. It includes all the nitty-gritty to buying Bitcoin with Google Wallet.
What is Google Wallet?
Google Pay, previously termed Google Wallet, is an online payment method presented by Google and is preferably used as a secure and convenient payment option. It has successfully made its place among other crypto exchange systems after the increasing trends of buying and selling of cryptocurrencies, mainly Bitcoins. Several bitcoin exchanges and P2P marketplaces support Google Wallet as a payment option, and we expect the other major platforms to follow.
Developed and released by Google in 2011, Google Wallet was initially used for peer-to-peer payment services and allowed users to send and receive money through computer systems or mobile phones. Seven years after its release, in 2018, Google Wallet was reintroduced as Google Pay or G Pay with its alliance with Android Pay. The latest Google Pay stores your payment information and securely keep your ID cards, car keys, various coupons, tickets, and other things.
Buying Bitcoin with Google Wallet
Buying bitcoin with google wallet requires no special knowledge but just a simple understanding of a few steps of the process for a successful purchase. Here is the basic flow of how to make the best of Google Pay Crypto Wallet in the most summarized way.
Choose a Bitcoin exchange like Paxful, which is best recommended for Google Pay users.
- Start creating your account and get it verified.
- Once verified, you will be able to deposit funds into your account.
- Select “Bitcoin” from the Buy Menu at the top-left corner.
You are ready to browse the list of offers and choose the most favorable one
This is not it. To help you understand the process comprehensively, we will explore the doings of each step one by one.
Step-by-Step Guide to Buy with Google Pay
This section will show you how to buy bitcoin with Google Wallet and go through all the necessary steps, from opening a Paxful account to making your first trade.
Step 01: Creating an Account
It is evident that in the first step, you will have to create an account by visiting the highly recommended platform “Paxful”. You simply click the “Register” button on their website and sign up for an online account. You will be asked to enter an email and a password.
Paxful will send a verification code to your email address in the initial verification stage. Also, Paxful requires you to fill in your contact details like a phone number so as to get an SMS code for your account verification. Once the initial verification process completes, you can set your user name, profile picture and other information in the “Settings” section.
Step 02: Verifying the Account
There are four levels of verification in Paxful. In the first level, you need to verify the account through your phone number or email address. If you plan to get a Paxful Wallet and start buying, you must present a copy of your identification document, ideally the passport.
However, you will hardly have to do that much on the platform for trading purposes, and it is just you will get unlimited trades and send-outs after getting your account and your address verified.
Step 03: Accessing the Wallet
Once you verify your identity, the Paxful wallet will immediately become available. While going through the Paxful’s wallet section, you will notice that there are 03 wallet choices as Bitcoin, Tether, and Ethereum. You can only use these wallets when you are done with the second level of verification. However, you can still store your cryptocurrencies without a second verification.
Step 04: Finding the Offer
It is better to complete the second-level verification to enjoy complete services. It will also allow you to begin searching for a better offer to buy bitcoins on this platform. All you need to do is tap on the ‘Buy’ button (look at the website’s left corner), and it will pour your account with several users’ sell offers.
To make the process convenient for you, there are offers that can be filtered out. All you need to do is choose “Only Google Pay offers” from the left corner of the website, where you can select the amount of BTC you want along with the location and payment option as well.
Step 05: Buying Bitcoin
Finally, here comes the step you have been making all the efforts for. You are all set to lock your first deal when you eventually find the best available offer according to your requirements.
You will have to approach the seller through chat in order to discuss the necessary details about the prospect contract. You can start the transaction process when everything gets decided among both parties.
How to Use Google Wallet?
Using Google Pay is a simple and convenient procedure for online payments. All you have to do is download Google Pay on your mobile phone or the smartwatch.
Following some simple steps, you can create an account then. However, you must be reminded that you can only use a Google Pay account for mobile phones that support Android operating systems, and then the same goes for smartwatches. But it does not mean that iOS system users can not use Google Pay. They can, but only they will have some limited options available.
After downloading and installing your Google Pay, the first thing you will need to do is ensure that your bank supports Google Pay, and if it does, go to the “Add a Card” button and insert your card information.
Next, you need to verify your card by SMS code, phone call, or choose another option that the app suggests. Finally, when your card is verified, you can use it at terminals. You don’t need to carry your bank cards with you everywhere, as long as you can access them and make payments with your mobile phone.
You can use these in stores and supermarkets if they have the appropriate terminal that works for check cards. You can also use Google Wallet to buy online services and goods, including bitcoin and other cryptocurrencies.
Is Google Wallet Safe?
When someone chooses to use a digital wallet for online payments and transactions, the first thing that concerns them the most is safety, and it is natural to worry about it. It is okay to be concerned about this as you are storing critical information about your credit or debit cards in a digital space. The security system of the digital wallet tells how safe and secure your information will be in that wallet.
Having said that, the security system of Google Pay is claimed to be the most sophisticated and secure digital wallet, featuring strong encryption for safety protection. Using Google Pay is more secure than directly paying with your credit or debit card.
The thing is that every time you make a transaction through Google Pay, it creates a virtual account number, so the receiver never gets your card information. Meanwhile, you need to also think about the safety of your phone so that in case someone accesses it; it would be impossible to use your Google Pay Account. Google Pay offers several methods to protect your account, including two-factor authentication and SMS messages.
Pros & Cons of Buying Bitcoin with Google Wallet
If you are still uncertain about whether you should be buying bitcoin with Google Pay or not, you will find this section helpful. Below we have compiled a list of this payment option’s advantages and disadvantages to help you make a final decision.
- Google Pay is well-known for being the fastest and easiest payment method (both sending and receiving money) worldwide, and it’s quick and straightforward to operate.
- It’s a popular digital wallet, and Google Pay is an internationally famous online payment system with millions of monthly transacting users.
- It’s secure and reliable. Google Pay claims to use the world’s most advanced security features.
- It ensures the security of your payments with several protection layers. You must also note that you are not entirely anonymous when purchasing bitcoin with Google Wallet. This is because your transaction information is logged in your Google Pay account.
- This method is supported by various global financial institutions, including the four largest financial institutions in the US – MasterCard, Visa, American Express, and Discover, along with several other banks worldwide.
- Google Pay is not very popular for buying Bitcoin.
- Having been accepted by most of the cryptocurrency exchanges as a reliable payment option, there are still many legit brokers who do not appreciate the use of Google Wallet.
- Therefore, finding a good broker and closing a deal with them becomes challenging.
- Also, Google Pay charges higher fees which is one of the main disadvantages of buying bitcoin with Google Pay.
How to Store Bitcoin on a Digital Wallet
Bitcoin is a decentralized digital asset, which makes it more secure and creates a challenge for hackers to steal it. But when you buy bitcoins on any decentralized cryptocurrency, your digital money is stored on your online account, which is a bit riskier. To make more secure storage for your cryptocurrencies, you need to create a digital wallet that is almost impossible to hack.
Notably, a digital wallet is not keeping your crypto assets, but it holds your keys. You can access the blockchain section where your BTC is stored with your private key. You must create a private key for your wallet and don’t give it to anyone, as these private keys help you access your wallet; without them, you can essentially lose your cryptos.
Additionally, you can select what kind of wallet you want to use as there are hardware and software wallets. The first one is a physical device that stores your keys to the blockchain offline, meaning no one can get access to this wallet. In contrast, a software wallet is an app you can download and install on your phone or computer.
Both wallets are safe to store your bitcoin, but hardware or cold storage wallets are more secure. For more information about digital wallets, visit our guide and learn how to create your Bitcoin wallet.
How to Withdraw Bitcoin Earnings from a Crypto Exchange
The interesting fact about withdrawing bitcoin earnings from a crypto exchange is that this process is the reversal of the process of funding your account and buying bitcoin. There are two important steps involved in this process; first, you sell your bitcoins or convert them into fiat currency, and second, you select a withdrawal process to get your earnings.
If your BTC is stored in your Bitcoin Wallet instead of brokerage, you will have to transfer them to the brokerage platform where you intend to sell them.
Then, you are suggested to put a selling offer by mentioning the amount of bitcoin you want to buy or sell. Once you have set the offer, you can now move toward the withdrawal method and transfer earnings to the e-wallet.
Best Brokers to Buy Bitcoin with Google Wallet in June 2022
While preparing this guide, we did extensive research on various bitcoin exchanges and dug out the best brokers available globally. According to our findings, the following are the best bitcoin exchanges to buy Bitcoin with Google Wallet.
Paxful – Overall Best
One of the best and most reliable peer-to-peer marketplaces, Paxful has a solid reputation among cryptocurrency investors all around the world. Numerous payment methods, such as Google Pay and iTunes Gift Cards, are supported.
Since Paxful is not a brokerage platform, no third party is involved in the transaction. Rather, you can speak with the seller directly and purchase a bitcoin that is sent right to your wallet. The platform’s amazing feature is that it doesn’t charge purchasers any trading fees. However, as long as Paxful levies a 1% transaction fee, buyers control their own prices.
2. Coinbase – Trusted Bitcoin Exchange
Another well-known cryptocurrency exchange in the US, Coinbase, welcomes users from more than a hundred other nations. The broker is especially famous for its quick and straightforward interface, making it well suited for beginners and experienced traders. The platform’s cost structure, which applies different fees for different payment methods and has trading fees that are slightly more than typical, is what makes it a little puzzling.
3. Binance – Best for Active Traders
By daily trading volume, Binance, which was founded in 2017, is currently the biggest cryptocurrency exchange platform. It also stands out because of the wide variety of crypto assets available for purchase via numerous payment methods, including Google Wallet. Additionally, Binance provides an outstanding trading platform, a mobile app, and a competitive cost structure. Furthermore, there are no account fees or deposits needed to start your first trade.
Even if there are more and more brokers who accept Google Pay as a payment method, many reputable brokers still do not.
Because the options are restricted, Paxful, Coinbase, and Binance are preferable options among the sites that support this payment method.
In a nutshell, Paxful is best-recommended for its escrow mechanism used to avoid scams and frauds. Coinbase is simple yet cost-effective, and Binance brings a wide selection of good trading tools for its users.
Taxation on Bitcoin Earnings in the US
Taxation is one of those important things that you must remember while considering bitcoin trading. You must be well aware of the fact that cryptocurrencies are considered taxable assets. Not only this, America even classifies crypto as a property. Charges for the bitcoin are the same as those for the property as decided by the US Internal Revenue Services Department. Therefore one should even report their rewards earned through bitcoin trading to the IRS.
Conclusively, being an authentic online payment system for buying and selling goods, Google Wallet has also become a reputed option for trading cryptocurrencies. Google Wallet is best supported by Coinbase, Paxful, and Binance, the three top crypto exchange marketplaces. These platforms have characteristics that make them worth using with Google Wallet.
So, if you plan to buy bitcoins through Google Wallet, just visit any of the brokers mentioned above, create an account, get verified and start purchasing bitcoins without any hustle.
- How to choose the best place to buy Bitcoin with Google Wallet?
There are many cryptocurrency exchanges or peer-to-peer marketplaces where you can buy Bitcoin with Google Wallet. A cryptocurrency exchange is an online platform that typically takes care of your trades with the involvement of a third party in the transaction. On the other hand, peer-to-peer marketplaces help you connect with the seller directly and discuss how to conclude the transaction. To select a good platform where you can buy bitcoin with Google Wallet, you must consider factors like safety, privacy, and the pricing of the chosen marketplace. From our research, the best options include Paxful, Coinbase, and Binance.
What is the process of using Google Wallet for buying Bitcoins?
If you are willing to buy bitcoin with Google Wallet, you first have to make an account on a brokerage marketplace such as Paxful that can accept the Google Wallet payment option and supports BTC. Then you need to go through the verification process of the Paxful. Next, you will have to select an offer and buy the amount of bitcoin you need. However, if you are doing this purchasing on a peer-to-peer platform, you will have to decide the transaction details with the seller through a proper communication channel. For that, Paxful provides a chatbot for its verified users.
Is it safe to buy Bitcoin with a Google wallet?
So far, Google Wallet has been one of the most authentic and secure online payment systems, so you do not have to bother about safety concerns. You can safely buy bitcoin with Google Wallet and still remain anonymous on P2P marketplaces. One thing worth mentioning here is the bitcoins you buy will only be stored in your bitcoin wallet and will not be transferred to your Google Wallet. Purchasing bitcoins through Google Wallet is not anonymous because your bank details are always linked to your Google Wallet every time you log into your account for transactions.
What brokers support Google Wallet payments for buying Bitcoin?
We have researched several cryptocurrency exchanges and P2P marketplaces where you can buy bitcoin with Google Wallet and have filtered the best brokers with the maximum benefits. Here are the three best-recommended platforms that top the list of such brokers; Paxful, Binance, and Coinbase. As per our findings, these brokers best support Google Wallet payments for buying Bitcoin.
How can I purchase Bitcoin with Google Pay?
In order for you to buy bitcoin using Google Pay, first, you create a Google Pay account and link a credit or debit card for transactions. Before registering for an account, you will be required to select a crypto exchange marketplace that can best support the Google Pay payment option. Once your registration and verification process gets approved, you will be able to buy bitcoin using Google Pay.