Exchange service, Bitcoins and Paypal

Miner612

member

Activity: 84

Merit: 10

FPGA convert

Quote from: Nefario on March 02, 2012, 07:14:44 PM

The problem is chargebacks, paypal, credit cards etc. can be charged back by the customer, that is after they've made a purchase using paypal or their credit card they can just call up their company and say it wasn't them or even they changed their mind.

The result is that the paypal/creditcard customer get their money back, the merchant loses the money AND the goods, and probably also face a fine of some kind.

Once bitcoins are sent, they're gone, no charge back (merchants love this), accepting payment for bitcoins with paypal or creditcards is likely going to result in the vendor losing their bitcoin and their other money.

What happens is scammers use stolen creditcards or paypal accounts to buy the coins (which are then theirs), and the real owner of the card or paypal account cancels the payment.

Never accept paypal or creditcard for bitcoin.

If you want to buy bitcoins, use a bitcoin exchange. Right now the easiest and cheapest to use is Intersango, they have Euro, GBP, and USD bank accounts that you can transfer directly into relatively cheap and quickly.

I'm the community manager for Intersango, I am Nefario!
SPARTAAAAAAAAaaaaaaaaaa......!!!!

This guy talking about scams, trust him! He knows what he is talking about! Intersango is the single biggest scammer exchange out there!

Komerad

newbie

Activity: 4

Merit: 0

Some sites use a different site for the bank wheresometimes troubles occur.
Some require copy of passport to fund (requires scanner)
I also encountered a 20€ fee. They could aswel say : we dont do bank transfers.

Thats usd->bitcoin.
There are more options perhaps for other e-currencies but then you need a right currency at a right place that happens to be partner with another one that does trades the first currency for the coins. (not to mention the fees for nearly every handling).

It's not realy inviting for getting into bitcoins with all this moving things around taking losses everywhere to eventualy get coins somewhere.

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: Komerad on March 08, 2012, 01:41:00 PM

I live in europe so sites for wich you need to have an usa adress also doesnt work.

Any sugestions? On my search for this i seen more people with the same problem.

In the U.S. one of the methods gaining wide use is the ability to deposit cash at a bank and get a redeemable code usable at any exchange that issues those codes. The fees are relatively small (under 4%). I've seen mention that this type of cash-deposit service is likely going to be available in Europe (depositing EURs) as well, soon (though whether that means days, weeks or months I don't know.)

Quote from: Komerad on March 08, 2012, 01:41:00 PM

even bank wire some coins directly without insane fees

There are plenty of options for SEPA bank transfer. Do all of them incur fees that are unacceptable?:
- http://en.bitcoin.it/wiki/Buying_bitcoins

Komerad

newbie

Activity: 4

Merit: 0

Tell me where I can paypal or even bank wire some coins directly without insane fees (even found a 20€ fee for a wired transfer.)
MT.Gox might work yet but then i need a scanner to scan documents.
Liberty reserve is an endless loop? Several sites pointing around to be funded with this currency. Cant even buy it on the site itself.

I live in europe so sites for wich you need to have an usa adress also doesnt work.

Any sugestions? On my search for this i seen more people with the same problem.

So you can say whatever you want about paypal. There is a lot of people that cant find a easy, cheap way to get some coins.

Just curious

saddambitcoin

legendary

Activity: 1610

Merit: 1004

I was also trying to buy coins via Paypal. I started a new paypal account backed by a vanilla visa. A few transactions worked and then they limited my account. If you visit the #bitcoin-otc room and get gpg authenticated you will find people there that may sell BTC for PPUSD in small amounts.

I found this helpful, via the Bitcoin wiki: https://en.bitcoin.it/wiki/Payment_methods

gensen

member

Activity: 108

Merit: 10

Thanks for your Feedback, I see the problem whit CC and Paypal end such! I better bann them Wink

Thanks

Nefario

hero member

Activity: 602

Merit: 513

GLBSE Support [email protected]

The problem is chargebacks, paypal, credit cards etc. can be charged back by the customer, that is after they've made a purchase using paypal or their credit card they can just call up their company and say it wasn't them or even they changed their mind.

The result is that the paypal/creditcard customer get their money back, the merchant loses the money AND the goods, and probably also face a fine of some kind.

Once bitcoins are sent, they're gone, no charge back (merchants love this), accepting payment for bitcoins with paypal or creditcards is likely going to result in the vendor losing their bitcoin and their other money.

What happens is scammers use stolen creditcards or paypal accounts to buy the coins (which are then theirs), and the real owner of the card or paypal account cancels the payment.

Never accept paypal or creditcard for bitcoin.

If you want to buy bitcoins, use a bitcoin exchange. Right now the easiest and cheapest to use is Intersango, they have Euro, GBP, and USD bank accounts that you can transfer directly into relatively cheap and quickly.

I'm the community manager for Intersango, I am Nefario!
SPARTAAAAAAAAaaaaaaaaaa......!!!!

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: gensen on March 02, 2012, 05:54:10 PM

Does Paypal hates any kind of exchange service, or is it just bitcoin?

It varies. Second Life Lindens (SLL) from Linden Labs can be purchased using PayPal through VirWoX -- if you don't mind the fees.

But otherwise, almost no exchanges between digital currency or similar to PayPal and then stay open very long. For example:
- http://www.paysafecard2paypal.com/paysafecard_en.html

gensen

member

Activity: 108

Merit: 10

Does Paypal hates any kind of exchange service, or is it just bitcoin?

I exchanged Paypal to Bitcoins for a wille but they didn't like it! I know this before i started, but i that i give it a try and now they totaly blocked me!

Now i want to try a other exchange trough Paypal, is this smart or must we (Exchangers) Bann Paypal?

Undecided

Topic: Exchange service, Bitcoins and Paypal (Read 1815 times)