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Topic: Buying Bitcoins with Personal Checks? (Read 1756 times)

hero member
Activity: 644
Merit: 500
December 16, 2015, 12:54:39 AM
#24
that seems like it would be difficult but may work out for you .  Grin
Its not difficult dude. Visit your local U.S. Postal Service and purchase a Money Order slip for the amount listed on your Confirmation Page and Make sure to write your Confirmation Code in the Memo Field mail them a concern money order and easily you can receive bitcoins Except U.S. postal others are timely delaying So try with this good experiance
legendary
Activity: 1302
Merit: 1068
December 15, 2015, 07:04:29 PM
#23
Can checks be revoked? That would be bad because you can't get back your bitcoins right?

You're fine after it clears, which is why this is a kind of an issue. It takes time to clear, so this would be a very slow way to buy bitcoins. Therefore its going to be a very unpopular way of doing it.

Not necessarily true there are a few possibility's that might be rare but can happen.  Say someone is writing checks and forging name of someone else might pass... and person notice on billing cycle.

There are other ones two.  But yes clearing does help with most issues.  

When a check is cleared, you are guaranteed to keep your money, because the process of clearing the check is verifying if its a legit transaction in all aspect. Clearing is not equal to receiving your money. You actually receive the money before the check clears.

This is because the banks legally have to give you the money within a week, but it actually take longer for a check to actually clear. So while you will receive the money after a few days in your account, if you want to legally spend it, you have to wait for the check to actually clear, which can take days to weeks longer.

Because this literally takes forever, people don't use check for this. The seller would have to wait something like 3 weeks before releasing the BTC. This would be pretty pointless for the buyer as well.

TLDR: Using Personal checks is bad for Bitcoins. But i guess a certified check would work fine.


You would be right in most cases.  I just don't believe in saying 100 percent all is true.   In most cases yes clearing would be great and your all set, but I think of flaws.

Say a payment from a check comes out that you did not authorize it's possible to get cleared by bank, you don't notice till next statement.  There could be different reasons for this.   Low possibility of it happening but it is not unheard of.

But I can see your point on it being right almost all of the time.  And I could be wrong I am not a banker so in no way expert in checks.

That would mean that the check is counterfeit, and that they verified the counterfeit check and that it was verified to be legit, with a legit signature. I don't think thats possible, but if it happened, at that point they probably destroyed the check and it would be impossible to prove that it is.

That would sound like a nightmare. Its not something that can happen with the electronic version, so i think this method should just get phased out of existence seeing how inefficient it is.
newbie
Activity: 13
Merit: 0
December 15, 2015, 07:02:43 PM
#22
that seems like it would be difficult but may work out for you .  Grin
legendary
Activity: 1456
Merit: 1000
December 15, 2015, 01:19:48 PM
#21
I haven't used checks in my life and all but what will happen if someone steals your checkbook and writes himself some checks? Can you call the bank and have your money back?

If the Checkbook is stolen and whoever is holding it writes himself a check, he can't encash it himself since checks undergo signature verification. Holder of that check may pay someone that stolen check but who ever is the holder of that check and tries to deposit to a Bank account, issuing bank of the check will not honor the check because of the signature. More problem if the owner reported the checkbook as stolen.

I would say Checks are good only in real life transaction but not through online.

Checks have the transparent one behind it so you would have a decent idea of signature.  Even if it does not have that the indent in check's behind chances are would be good enough to get a signature that would pass.

But I could be wrong.  I use to sign credit card signature's when asked to with different things not even close to signature.  Credit card it never mad a difference.  But guess that is different story.
legendary
Activity: 1708
Merit: 1006
December 15, 2015, 04:01:54 AM
#20
I haven't used checks in my life and all but what will happen if someone steals your checkbook and writes himself some checks? Can you call the bank and have your money back?

If the Checkbook is stolen and whoever is holding it writes himself a check, he can't encash it himself since checks undergo signature verification. Holder of that check may pay someone that stolen check but who ever is the holder of that check and tries to deposit to a Bank account, issuing bank of the check will not honor the check because of the signature. More problem if the owner reported the checkbook as stolen.

I would say Checks are good only in real life transaction but not through online.
member
Activity: 86
Merit: 10
December 15, 2015, 03:55:08 AM
#19
I haven't used checks in my life and all but what will happen if someone steals your checkbook and writes himself some checks? Can you call the bank and have your money back?

Yes banks are normally covered for this.
legendary
Activity: 3248
Merit: 1070
December 15, 2015, 02:37:15 AM
#18
i think you can aonly do this in real life, face to face trading, you can contact someone here in your zone or on localbitcoin, and try to see if he accept it

but to be honest i would avoid complicated thing like that, go with the usual way of exchangin
legendary
Activity: 2492
Merit: 1018
December 15, 2015, 02:27:22 AM
#17
I don't think someone from the online business will actually accept checks that just defeat the purpose.  
But if you can find someone who would that will be great but i doubt someone from bitcointalk.

You'll find difficulty when a scammer leave you a check with empty funds in his bank account. Time is gold and you don't wanna spend going to court for maybe 10btc unless its value goes 50K+ each
legendary
Activity: 1834
Merit: 1036
December 15, 2015, 02:16:20 AM
#16
If condition is Bitcoin will be released when cheque has been cleared by the Bank, then its almost the same as paying in fiat.
Sure way is to buy a managers cheque from the Bank which needs no waiting for bank to clear.
legendary
Activity: 1456
Merit: 1000
December 15, 2015, 02:10:54 AM
#15
I haven't used checks in my life and all but what will happen if someone steals your checkbook and writes himself some checks? Can you call the bank and have your money back?

Luckily I have not had to deal with that and see who covers it.  I've been lucky and never had problems with check's.

This will make me sound old but checks at a time were very common to use.   Paychecks, government checks a lot were shipped on a certain date to arrive at houses. Well bad guys figured out on day's that normally had checks come in... go to mailbox they are in secure envelope so easy to tell.... they then washed recipient's name and changed it to theirs.  They were able to cash checks and it was check fraud.   

But now everyone has moved to direct deposit on almost all payment's.  Have not heard of a check washing scheme in a while.  I don't know for a fact but I'm guessing they cleared until owner of account saw on statement on some, but again could be wrong.
sr. member
Activity: 350
Merit: 251
Shit, did I leave the stove on?
December 15, 2015, 01:44:47 AM
#14
I haven't used checks in my life and all but what will happen if someone steals your checkbook and writes himself some checks? Can you call the bank and have your money back?
legendary
Activity: 1456
Merit: 1000
December 14, 2015, 09:09:05 PM
#13
Can checks be revoked? That would be bad because you can't get back your bitcoins right?

You're fine after it clears, which is why this is a kind of an issue. It takes time to clear, so this would be a very slow way to buy bitcoins. Therefore its going to be a very unpopular way of doing it.

Not necessarily true there are a few possibility's that might be rare but can happen.  Say someone is writing checks and forging name of someone else might pass... and person notice on billing cycle.

There are other ones two.  But yes clearing does help with most issues.  

When a check is cleared, you are guaranteed to keep your money, because the process of clearing the check is verifying if its a legit transaction in all aspect. Clearing is not equal to receiving your money. You actually receive the money before the check clears.

This is because the banks legally have to give you the money within a week, but it actually take longer for a check to actually clear. So while you will receive the money after a few days in your account, if you want to legally spend it, you have to wait for the check to actually clear, which can take days to weeks longer.

Because this literally takes forever, people don't use check for this. The seller would have to wait something like 3 weeks before releasing the BTC. This would be pretty pointless for the buyer as well.

TLDR: Using Personal checks is bad for Bitcoins. But i guess a certified check would work fine.


You would be right in most cases.  I just don't believe in saying 100 percent all is true.   In most cases yes clearing would be great and your all set, but I think of flaws.

Say a payment from a check comes out that you did not authorize it's possible to get cleared by bank, you don't notice till next statement.  There could be different reasons for this.   Low possibility of it happening but it is not unheard of.

But I can see your point on it being right almost all of the time.  And I could be wrong I am not a banker so in no way expert in checks.
hero member
Activity: 742
Merit: 500
December 14, 2015, 07:25:17 PM
#12
Hello, I was wondering if there is anywhere I can buy Bitcoins with my Personal Checks?
 If not then I'll just put the money in my bank account and then do cash deposits.
 Cheers Cheesy

I am not sure about the choice of buying Bitcoins with Checks online, however i know some marketplaces and exchange sites using the debit and credit cards for buying and selling Bitcoin
legendary
Activity: 1302
Merit: 1068
December 14, 2015, 04:04:21 PM
#11
Can checks be revoked? That would be bad because you can't get back your bitcoins right?

You're fine after it clears, which is why this is a kind of an issue. It takes time to clear, so this would be a very slow way to buy bitcoins. Therefore its going to be a very unpopular way of doing it.

Not necessarily true there are a few possibility's that might be rare but can happen.  Say someone is writing checks and forging name of someone else might pass... and person notice on billing cycle.

There are other ones two.  But yes clearing does help with most issues.  

When a check is cleared, you are guaranteed to keep your money, because the process of clearing the check is verifying if its a legit transaction in all aspect. Clearing is not equal to receiving your money. You actually receive the money before the check clears.

This is because the banks legally have to give you the money within a week, but it actually take longer for a check to actually clear. So while you will receive the money after a few days in your account, if you want to legally spend it, you have to wait for the check to actually clear, which can take days to weeks longer.

Because this literally takes forever, people don't use check for this. The seller would have to wait something like 3 weeks before releasing the BTC. This would be pretty pointless for the buyer as well.

TLDR: Using Personal checks is bad for Bitcoins. But i guess a certified check would work fine.
legendary
Activity: 1456
Merit: 1000
December 14, 2015, 11:57:11 AM
#10
Can checks be revoked? That would be bad because you can't get back your bitcoins right?

You're fine after it clears, which is why this is a kind of an issue. It takes time to clear, so this would be a very slow way to buy bitcoins. Therefore its going to be a very unpopular way of doing it.

Not necessarily true there are a few possibility's that might be rare but can happen.  Say someone is writing checks and forging name of someone else might pass... and person notice on billing cycle.

There are other ones two.  But yes clearing does help with most issues.   
legendary
Activity: 3122
Merit: 1398
For support ➡️ help.bc.game
December 14, 2015, 11:02:51 AM
#9
Hello, I was wondering if there is anywhere I can buy Bitcoins with my Personal Checks?
 If not then I'll just put the money in my bank account and then do cash deposits.
 Cheers Cheesy

Don't mind buying bitcoins with personal checks. If the second line you stated is more convenient then do it rather than a hassle type of method you want.
legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
December 14, 2015, 11:00:53 AM
#8
A better option might be to use a money order to fund an exchange account. This leaves no link to your bank account and takes about the same time.
hero member
Activity: 770
Merit: 500
December 14, 2015, 10:55:09 AM
#7
Well I think that buying bitcoins with personal checks should be made directly in person to make sure everythign goes smoothly and everyone's happy Grin
legendary
Activity: 1302
Merit: 1068
December 14, 2015, 10:18:33 AM
#6
Can checks be revoked? That would be bad because you can't get back your bitcoins right?

You're fine after it clears, which is why this is a kind of an issue. It takes time to clear, so this would be a very slow way to buy bitcoins. Therefore its going to be a very unpopular way of doing it.
sr. member
Activity: 350
Merit: 251
Shit, did I leave the stove on?
December 14, 2015, 03:23:07 AM
#5
Can checks be revoked? That would be bad because you can't get back your bitcoins right?
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