Topic: Bitcoin and Paypal - page 2. (Read 1993 times)

Only problem with bitcoins is if you get scammed nothing can be done.

The problem I see surrounding buyer/seller protection is on whether does it work the way it is intended to be in the first place. It's more like a system that offer ways for people to abuse and manipulate things they want to. If you read forums, needless to say there are countless number of threads on how people actually get scammed despite having the so-called protection system in place.

So for me, it's about finding ways to conduct the business dealing and how to trade with caution because in the end, whether you are buying or selling with paypal or bitcoin, it won't turn out to be any different.

Paypal is more widely used and known by the general public due to the ease of linking bank accounts and credit cards to paypal. Bitcoin is much harder to buy. Buyer/seller protection usually works well for physical goods for digital goods, like game credits and virtual things, it is hard for paypal to cover as the seller cannot provide proof. You can avoid escrow when you are trusted enough.

I don't agree with this explanation or analogy.

PayPal acts as a payment intermediary and offers payment protection. I don't think a service like this exists that deals with bitcoin payments. The current system for bitcoin is no different than you selling your goods online for Dollars and facilitate the transactionson your own. If you don't want to use escrow you can require someone send you payment first and if you reneg they can hit you with a negative Trust rating on this site.

OP, check this out - https://openbazaar.org/

This is a concerted attempt to make a Bitcoin only marketplace with protections built in. It's not live yet and I really don't know how big it'll be, until there are smartphone apps and it's accessible through a browser I really can't see it blowing up, but there's a lot of potential there.

You're probably 10-15 years too early to consider BTC sales as attractive to the average consumer.

Because its easier and faster to use paypal, easier user experience, still bitcoin is so much better store of value and easier in specific sales areas.

Bitcoin and paypal co-ordination would boost bitcoin exchange as paypal currently presence in many country with direct bank deposit options. Whereas Payza allows users to fund accounts directly with bitcoin, if paypal starts like that then many people would find a easier way to sell their bitcoin.

For selling items via PayPal, Ebay is good as they offer a seller protection but for converting BTC to PayPal, there are very few trusted websites these exchanges and many use Virwox or Localbitcoins. It's advised not to use this forum for PP exchanges as everyday there are chargeback scams that happen. Escrows aren't going to help you in case there's a chargeback.

be carfull with btc and paypal theres like 30% scams too... i just warning the trades need escrow even into localbitcoins and stuff even like pp2btc and btc2pp

If you gain enough trust on the forums escorw wont be needed.

Yes I signed up for bitpay. I can accept BTC as payments however still doesn't help the whole escrow thing.

Well, do you ever heard about BitPay.
This is a global bitcoin payment service provider that offer the world's fastest and safest payment option.

Buyer protection is certainly something that's really easy with PP but complicated with BTC.
However, I think the main reason for the discrepancy is the difference in numbers between Paypal users versus bitcoin users.
It's just very predictable that when only 1% of your shop users have bitcoins, the maximum percentage of sales with bitcoin will be 1% (it might be less, because many bitcoin users also have Paypal and might prefer to use it due to the buyer protection).

But your escrow point is valid, too.
Using escrow is currently difficult because buyer and seller need to agree on an escrow that both trust, which can take some time for a first time buyer.
It would probably be faster if escrow providers were more widely known and trusted, so that your shop's checkout page could just offer escrow with 3 or 5 escrow providers that you trust, and the buyer would recognize at least two of them as trustworthy and select one of them, just as he could select between different payment options. In addition, buyer would need to securely communicate with escrow without seller being able to "impersonate" a trustworthy escrow.

All of this infrastructure needs to be set up and needs to be accepted by buyers. Huge payment providers have much more incentive (and much more spendable money) to build and promote such infrastructure. If we want this to happen in bitcoin-land, we (or rather escrow providers together with shop owners) should get together to implement and promote such an infrastructure.

Onkel Paul

Paypal is a payment gateway while bitcoin is meant to be a "invention" which later got a price tagged along. Anyway coming back to topic:
1) It has become simple for merchants to use bitcoin as a payment system due to emergence of services like BitPay .
2) BitCoin is used more often in trades rather than for buying things, it has still yet to catch up .
3) If "buyer's protection" was done it would be the same case as : https://bitcointalksearch.org/topic/what-would-you-do-if-it-became-reversible-like-paypal-1195135 and you can see how so many people disagree on it. Bitcoin is a decentralized currency anyway, so its not possible.

Being new(ish) to bitcoin, I've noticed it MUCH harder to sell products online and accept bitcoin as a form of payment. Paypal sales are steady and people tend to rather use paypal than bitcoin to buy things. (in my exp anyway)

I wish bitcoin could somehow figure a (buyer/seller protection) like paypal. It's alot of work sending items to escrows/ waiting for them to get the item/ then them sending item to buyer etc.

I may be totally out there on this,lol also sorry if i don't make much sense either. Sometimes its hard to type what i'm really thinking,lol