Topic: Beware of PayPal and other reversible transfer services (Read 924499 times)

Hello from Canada, I exchange for friends and acquaintances from Canadian dollars to USDT and back (when and who needs what) but I don’t quite understand the mechanics, now I’ll describe the situation, yesterday I exchanged USDT for Canadian dollars, took my percentage, and today I need 10k USDT again, how to work in this case? Just run to the bank every day, throw in 10k and buy USDT on p2p and so on in a circle is not an option since I have to pay taxes in the end, I think there are some alternatives?
Thanks in advance

Do you mean inside the PayPal app? I believe you can do that yes, although I don't believe that's available worldwide. I also believe "an extra layer of verification" is required before you can withdraw those assets to your personal address as opposed to keeping them inside their app.

I heard that we can easily buy crypto through paypal is it true?

If you are actively using the services, then you should be aware if the payments are reversible or not. Read the FAQs and Terms of service, but I am pretty sure some of them have a provision for reversible transfer or freezing of funds.

What about


Cashapp
Applepay
zelle
venmo
chase qp

Thanks for the practical advice and strategies that help newbies navigate the world of local bitcoin trading safely and effectively.

I havent used paypal or similar services because of the high price they charge...  instead I have chosen to make use of bank transactions...  Which one you would recomend taking into account... security and charges...

What Theymos says is largely correct. However, when a debit or credit card payment is disputed the person disputing it must give a reason. Following your dispute of the transaction the card issuer will ask the merchant for an explanation.

1. So you buy a gold ring described as 14ct paying with your card. When it arrives you find it is only 10ct , you try to resolve it but the seller wont respond, you raise the dispute, card issuer says to merchant why did you send wrong item? retailer says it's the only one in stock and who will notice the difference, Card company finds in your favour and will deduct the sale from the merchant and refund you as it is plainly the merchants fault.


2. You order a suite for a wedding and pay on your Card, it's a great suite perfect fit etc, after the wedding your a bit short of cash so you send it back saying you don't like it and it wont fit and want a refund. The retailer says sorry you wore it and we wont refund. You raise a dispute and the card company asks the merchant for their side.  Merchant reply's "you wore it to the wedding and look here you are on FB looking happy".  Card company declines your refund.

In both cases the card issuer will decide ( there are appeal avenues if you think the decision is unjust)

So back to crypto: as you can see in 1. you didn't get your goods-you payed for some BTC and you didn't receive it. Raise a dispute and the person accepting the card payment will have it taken back and you would be refunded-in theory. to to the seller
In case 2 you buy some BTC then 10 minutes later change your mind, the seller says sale is final and no refunds but we will buy them back at a discount rate-we will give you 50% of what you paid, you raise a dispute with card company-they ask seller what was agreed  they say you purchased the Btc then changed your mind. OK says card company keep your money, goes back gto you and says sorry they are correct- The good news is you still have the btc

The other payment systems will have something along the lines above,
Just be careful the main danger is that a stolen Credit/debit card was used and in that case provided you accepted  it in good faith you should still be ok

Finally, do your homework/due diligence on whatever payment method you use

Does anyone know how long someone could reverse


venmo
cashapp
apple pay



Also, I heard boa/zelle could possibly be reversed?  If so, how long?  I know Chase QP is very similar to paypal in reversal.


I also heard bank wires are still possible to reverse but very hard though.




So basically if that is the case, isn't only payments where it cannot be reversed would be




Cash Deposit into your bank account but you don't send until that night once the bank closes or early the next day? 


Payment By Cash but you have to make sure it is not counterfeit?  So you do that by depositing that cash at the bank or atm?  Or using a pen to check each one? 

So that means that PayPal will have no reversibility when are you paying with BTC? If that's the case, then PayPal will lose one of its main advantages for buyers, as a service provider. Unless, if they figure out some kind of measure like locking the price at the time of the payment in fiat and in the case of a dispute, refund you the amount. Of course, the price will be different...

If someone like me with hundreds of good trust wants to pay in PayPal most likely you will be fine.

But new people of people gone for years that just show up most likely you will have an issue.

I know your post is a bit old, but I'll reply to it anyway since I'm here.  What you said is true in the vast majority of cases, but there are members here who can be trusted with PayPal and other reversible payment methods--you just have to know who's trusted (and that's the hard part).  For example, I've done a deal with you in the past if I'm not mistaken, and it's way past the chargeback time frame at this point.

If you're new here, you definitely shouldn't be doing PayPal deals, even if you can find someone to trade with you.  Figure out who's trusted and who's not, and avoid dealing with other newbies if they're offering PayPal in exchange for bitcoin.  That's a great way to get scammed.

If PayPal starts letting you buy and sell bitcoin that you can deposit and withdraw, all of this should be a moot point (at least for PayPal; other reversible methods will remain risky). 

Thanks I was really going to do it but you warned me and save me thanks for your valuable information

They're both reversible. It may not be as easy as PayPal, but it's still possible.

As a rule: If the a payment method balance can be topped up using a credit card or a bank accont, then you shouldn't use it, not when dealing with BTC anyway.

What about cashapp and applepay?  If so, how many days can someone reverse it?

Maybe it fits here, paypal transaction history is not possible to be reported to financial institutions if you have a trace via topping the balance with bank account transfer/card payments? I guess those who're using it are using new accounts never connected with any bank?

The problem lays in the source of the funds. Charging back shouldn't be possible if funds were sent as a gift unless of course, the PayPal balance was originally loaded from a bank account/credit card.

Really?  So paypal reversible is up to one whole year?  I thought i read 6 months.

yes, only if you know the person.
Its reversible 1 year.

It would only be safe selling bitcoin for paypal only if you know that person right?


Also how long could someone reverse a paypal payment?