Topic: Buying Bitcoins from anyone interested to sell (Read 3410 times)
Are there any other non-reversible payment methods out there? Dwolla is nice, but it seems to be a bit slow...
PayPal isn't usually risky for buyers, as best I can tell. It can be quite risky for sellers, however. :/ Payments via PayPal are easily disputed and reversed, and PayPal lacks any direct, quick phone contact in cases of a dispute. The company is also known to seize and hold accounts without warning when they suspect fraud. I've known people who were engaged in completely legal, ethical, not even remotely questionable trade using PayPal who lost significant amounts of money when this happened, not because they couldn't have demonstrated their legitimacy, but because the process was so difficult and time consuming that they let it go rather than fight it.
The tradeoff, of course, is that PayPal allows a business to accept credit cards without having to open their own merchant account, which is expensive in all sorts of ways. The contracts merchants sign with the credit card companies generally forbid them to charge more for a credit transaction or to refuse to accept credit cards for less than a certain amount, although they pay up to five percent of each transaction as well as flat fees that make smaller charges unprofitable. (It's amazing what you learn when you start investigating the realities of running an online business.)
I concur that using PayPal where you don't absolutely have to (such as when trading in Bitcoins) is pointless. Dwolla offers a reliable and much cheaper alternative. I'm also investigating some other payment and transfer systems; this is a growing area. Just remember what happened with Mt. Gox, and don't put the bulk of your liquid assets (money) in accounts or locations that can be accessed by somebody who hacks one of these sites.
The tradeoff, of course, is that PayPal allows a business to accept credit cards without having to open their own merchant account, which is expensive in all sorts of ways. The contracts merchants sign with the credit card companies generally forbid them to charge more for a credit transaction or to refuse to accept credit cards for less than a certain amount, although they pay up to five percent of each transaction as well as flat fees that make smaller charges unprofitable. (It's amazing what you learn when you start investigating the realities of running an online business.)
I concur that using PayPal where you don't absolutely have to (such as when trading in Bitcoins) is pointless. Dwolla offers a reliable and much cheaper alternative. I'm also investigating some other payment and transfer systems; this is a growing area. Just remember what happened with Mt. Gox, and don't put the bulk of your liquid assets (money) in accounts or locations that can be accessed by somebody who hacks one of these sites.
True...
My 3 accounts have been frozen
My 3 accounts have been frozen
same here, buying bitcoin with paypal is really not a good idea.dot
guys, trading bitcoins using paypal is against their tos, regardless of how it happens (CDs, online, carrier pigeon etc.)
paypal also does graphing (analysis of the links between users, as far as six degrees of separation etc.) if one of your trading partners is known to paypal as a bitcoin trader, you will become part pf the graph as well etc.
long story short: DO NOT keep paypal and bitcoin in the same pocket. it leaks...
sooner or later your account will be frozen.
paypal also does graphing (analysis of the links between users, as far as six degrees of separation etc.) if one of your trading partners is known to paypal as a bitcoin trader, you will become part pf the graph as well etc.
long story short: DO NOT keep paypal and bitcoin in the same pocket. it leaks...
sooner or later your account will be frozen.
True...
My 3 accounts have been frozen
guys, trading bitcoins using paypal is against their tos, regardless of how it happens (CDs, online, carrier pigeon etc.)
paypal also does graphing (analysis of the links between users, as far as six degrees of separation etc.) if one of your trading partners is known to paypal as a bitcoin trader, you will become part pf the graph as well etc.
long story short: DO NOT keep paypal and bitcoin in the same pocket. it leaks...
sooner or later your account will be frozen.
paypal also does graphing (analysis of the links between users, as far as six degrees of separation etc.) if one of your trading partners is known to paypal as a bitcoin trader, you will become part pf the graph as well etc.
long story short: DO NOT keep paypal and bitcoin in the same pocket. it leaks...
sooner or later your account will be frozen.
One way to avoid reversals is to send a CD with information on it. Send via the USPS and get a delivery notification. then it is not 'virtual' anymore.
Jim
BRILLIANT!!
..add that to my list of reasons bitcoins pwns all other currencies.
Well, technically speaking your can mail any other physical currency as well... though arguably there's a much higher chance of your 100 dollars USD being stolen than a flashdrive... though if someone knows the potential value of data (no matter what it is, except maybe vacation pics sent to grandma cause she doesn't have internet)
One way to avoid reversals is to send a CD with information on it. Send via the USPS and get a delivery notification. then it is not 'virtual' anymore.
Jim
BRILLIANT!!
..add that to my list of reasons bitcoins pwns all other currencies.
One way to avoid reversals is to send a CD with information on it. Send via the USPS and get a delivery notification. then it is not 'virtual' anymore.
Jim
I have a question about the paypal reversals...couldn't that be avoided by withdrawing it right away?
if you are serious about getting into bitcoin trading, stop using paypal for your bitcoin-related payments. paypal transactions are reversible, bitcoin transactions are not. I am sure you can see the problem here...
you can also make them add in the NOTE that they will not chargeback or dispute the transaction as this is a sell of virtual goods and that they have received them and that they are 100% happy with them and can't change there mind as sale is finalPayPal will reverse the transaction, and even eat the money themselves.
I've used paypal for about 5 years with tons of transactions reversed with no good reason. Just avoid paypal, period.
I like the disclaimer nster. @bigzer. If you really want to get in, it takes about 1 week to open a dwolla account, verify the bank account and finalize the first deposit.
How is this possible outside of the USA?
I like the disclaimer nster. @bigzer. If you really want to get in, it takes about 1 week to open a dwolla account, verify the bank account and finalize the first deposit. After that you send money to Mt.gox and avoid having an additional middle man.
Does Paypal still have the option of non CCard accounts?
Does Paypal still have the option of non CCard accounts?
if you are serious about getting into bitcoin trading, stop using paypal for your bitcoin-related payments. paypal transactions are reversible, bitcoin transactions are not. I am sure you can see the problem here...
the trick is to use TRUSTED sellers
also, NEVER accept CC paypal.... make sure there only chance of geting the $$ back is with a dispute, no chargebacks, and then you have proof so yes
you can also make them add in the NOTE that they will not chargeback or dispute the transaction as this is a sell of virtual goods and that they have received them and that they are 100% happy with them and can't change there mind as sale is final
if you are serious about getting into bitcoin trading, stop using paypal for your bitcoin-related payments. paypal transactions are reversible, bitcoin transactions are not. I am sure you can see the problem here...
Hi,
I'm new to bitcoin, I've been reading about it quite a lot and wish to buy some bitcoins (arround 800USD) with paypal.
I've read the problems related to paypal but I want to have the bitcoins now and this is my only option.
I can be trusted, I own a company which can be tranced online on my country's government website, I can send my ID card and passport scan, I have a webcam I can use during the chat to prove my identity and perhaps sign some papers if desired to make sure there's no problem.
You can add me to Gtalk: [email protected] or skype: bigzer to have a chat.
Regards
David
I'm new to bitcoin, I've been reading about it quite a lot and wish to buy some bitcoins (arround 800USD) with paypal.
I've read the problems related to paypal but I want to have the bitcoins now and this is my only option.
I can be trusted, I own a company which can be tranced online on my country's government website, I can send my ID card and passport scan, I have a webcam I can use during the chat to prove my identity and perhaps sign some papers if desired to make sure there's no problem.
You can add me to Gtalk: [email protected] or skype: bigzer to have a chat.
Regards
David
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