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Topic: Beware of PayPal and other reversible transfer services - page 6. (Read 924556 times)

newbie
Activity: 15
Merit: 0
The fastest service like paypal also seem to have the greatest risk, even cash is not completely safe because of counterfeits. What's the best way to mitigate trading risk to as low as possible? Some good suggestions I hear from this thread is:

tell buyer to send it as gift
avoid all services that have chargeback (though this severely limits the audience I feel)
go with the most reputable seller and hope for the best

it seems the best option is to tell the buyer to do a direct cash deposit. That way you see the payment right away and its irreversible to the best of my knowledge.
legendary
Activity: 1568
Merit: 1031
Almost all the online payment service providers are reversible.

LocalBitcoins could be a great alternative. You deal the seller face to face and use hard cash.

Much safer than reversible transfer services.

Unless It's done right and in a public place, things could be even worst then dealing with a reversible payment method. Bitcointalk reputation system is not that easy to abuse, I find it a better indication of trust then Localbitcoins, so It's better to trust with members around here.
newbie
Activity: 6
Merit: 0
Almost all the online payment service providers are reversible.

LocalBitcoins could be a great alternative. You deal the seller face to face and use hard cash.

Much safer than reversible transfer services.
newbie
Activity: 85
Merit: 0
Thank you Theymos.
newbie
Activity: 25
Merit: 0
Thank you for your information. As far as I know as we advanced into digital age of money and currency transfer we are prone to hack and virus attacks. Due to this we need to protect our accounts not only our paypal accounts but even bank accounts and other financial tools used to transfer money nowadays. We need to protect our hard earned money because we have done all our efforts to achieved them. So make sure you use anti virus and anti  malware in your devices to protect from attacks online. We also need to change our passwords from time to time so that the hackers will have a hard time hack our system. Avoid any spam messages specially in our emails. If the promo online is too good to be true then avoid them. Easy money is not a good idea since hard work and dedication is needed to succeed in life specially in this industry. And of course we need to choose who are going to be trusted physically because sometime we might be fully protected online but while having conversation with other people they are getting some information from us so that they can hack into our accounts. Be vigilant everyone and have a nice day.
newbie
Activity: 4
Merit: 0
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jr. member
Activity: 140
Merit: 2
Good to know.  Wink
Bless yepper.
newbie
Activity: 7
Merit: 0
Oufff good thing I saw this before actually doing this because I was really considering this since it seems to be the easiest option and I'm a quite a newbie. thanks for sharing!
newbie
Activity: 5
Merit: 0
good to know..
Are there any ways to increase the reputation?

You need to assure customers that using Paypal is efficient, no delays..
newbie
Activity: 25
Merit: 0
Thank you theymos for the information you shared. I have a Paypal account and I tried it in purchasing an android app. But since you warn us I will avoid using it and try other payment portal like coins.ph and Paymaya.
newbie
Activity: 28
Merit: 0
I sold a computer power supply on ebay using paypal. Well the guys paid then wrote me it is broken. Before I could answer him my paypal was minus. He toke his money back. But it is not that simple anymore! The money he took back was put in a special account. He was required to send me the Power Supply before the money was released.
I would assume a plan money transfer is the same. But dont know but worth looking into!
staff
Activity: 3500
Merit: 6152
What i mean why someone sells money without 1:1 ratio? The risk what i meant is getting traced by the gov. You earned some bucks like %110 ratio, you have it in paypal, right? Now you'll withdraw these, right? Assume that photo ID is valid or whatever. If you withdraw, what is the risk you get? I'm not only saying what if money will be get reversed or not; it's a risk yes, but not the legal risk.

Cheers.

I doubt there is such law because It doesn't make much sense, bitcoin rates are different from exchanges so instead of saying preev.com +5% for example, one could simply use the exchange with the highest price. I'm far from being able to give you a legal advice, so I suggest checking this with a lawyer or something. Either way, you're dealing with an individual so your bank/paypal can't really know the purpose of the transaction and the rates unless they has been mentioned in a message from the sender.
jr. member
Activity: 95
Merit: 1
I'm not sure what do you mean by getting tracked.

What i mean why someone sells money without 1:1 ratio? The risk what i meant is getting traced by the gov. You earned some bucks like %110 ratio, you have it in paypal, right? Now you'll withdraw these, right? Assume that photo ID is valid or whatever. If you withdraw, what is the risk you get? I'm not only saying what if money will be get reversed or not; it's a risk yes, but not the legal risk.

Cheers.

staff
Activity: 3500
Merit: 6152
Money sent through PayPal and any other money transfer service that accepts credit cards can be easily reversed by the sender, even after several weeks. Therefore, you should only accept PayPal in trades with people you trust very highly.

I see trade offers which is not 1:1 between BTC & PP. Like pay 30 usd as btc and get 33 usd via paypal. What is the purpose of it? Assume you did it through a trusted escrow and not it's also not reversed; so what risk you get? Or how to do it, what kind of wallet or intermediate ways not to get tracked?

The rates are not with PayPal only. It's usually justified by the risks of dealing with someone using a reversible payment method or the volatility of bitcoin price.

It's useless to use an escrow with reversible transfer services but If you ever do that and the transaction didn't get reversed, there are no other risks. (keep in mind that someone could reverse even after months of the transaction). As for the last part of your question, I'm not sure what do you mean by getting tracked.
jr. member
Activity: 95
Merit: 1
Money sent through PayPal and any other money transfer service that accepts credit cards can be easily reversed by the sender, even after several weeks. Therefore, you should only accept PayPal in trades with people you trust very highly.

I see trade offers which is not 1:1 between BTC & PP. Like pay 30 usd as btc and get 33 usd via paypal. What is the purpose of it? Assume you did it through a trusted escrow and not it's also not reversed; so what risk you get? Or how to do it, what kind of wallet or intermediate ways not to get tracked?
KWH
legendary
Activity: 1904
Merit: 1045
In Collateral I Trust.
Or just use a screencast video of you paying via 'friends and family', which doesn't allow chargebacks

You are wrong there.
newbie
Activity: 34
Merit: 0
Hi.

What time it takes to pay pal to transfer funds from the counterparty to the counterparty.
Thanks
Why would you want to do that?
member
Activity: 1022
Merit: 69
hi fellow BTC'ers....I have been seeing these listings  where you send btc  for $ paypal my cash......anyone have experience with this service?  Is there any success on this ever?? 
newbie
Activity: 43
Merit: 0
Or just use a screencast video of you paying via 'friends and family', which doesn't allow chargebacks
member
Activity: 1022
Merit: 69
thanks for info
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