Most common mistakes of amatuer Bitcoin sellers

sbtctalk

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Quote from: criptix on October 02, 2016, 02:41:22 PM

Quote from: bryant.coleman on September 28, 2016, 02:32:02 PM

Quote from: panju1 on September 28, 2016, 10:26:56 AM

Accepting paypal or other reversible forms of payment would be the commonest ones.
Sometimes, people just don't learn from the mistakes other people make.

I have seen sellers in LBC (very experienced ones) who are willing to sell their coins for Paypal. But the premium was extremely high. When normal traders were charging a maximum markup of 5%, these guys were charging up to 25%. But still, they may be having some technique to prevent fraud. Else, how can their trade be profitable?

Try to use your little insect brain bryant.
What do you think the 25% fee is for? Embarrassed

Ah nvm he is sig spamming for betcoin.ag now Cheesy

But charging 25% fee is not relevant to the fact that there is still a charge back risk. There's no correlation. I am getting sleepy and do not see the link yet. Please enlighten me.

AutumnAcacia

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Selling bitcoin or receiving bitcoin for goods is just like a cash transaction on craigslist. You don't want to get scammed, but much unlike a cash transaction, you can't bring a weapon. That of course you try hard to DOX the user or trace him. Handle it with a grain of salt and expect losses if you are playing loosely.

criptix

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Quote from: bryant.coleman on September 28, 2016, 02:32:02 PM

Quote from: panju1 on September 28, 2016, 10:26:56 AM

Accepting paypal or other reversible forms of payment would be the commonest ones.
Sometimes, people just don't learn from the mistakes other people make.

I have seen sellers in LBC (very experienced ones) who are willing to sell their coins for Paypal. But the premium was extremely high. When normal traders were charging a maximum markup of 5%, these guys were charging up to 25%. But still, they may be having some technique to prevent fraud. Else, how can their trade be profitable?

Try to use your little insect brain bryant.
What do you think the 25% fee is for? Embarrassed

Ah nvm he is sig spamming for betcoin.ag now Cheesy

jossiel

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Quote from: Medow on September 28, 2016, 06:47:40 PM

Well, someone rightly said " Learn from other's mistakes, because if you learn from your own mistakes, your life will be short " so if people see others making mistake then they must learn from that. I think the most common mistake newbies or amateur sellers do is accept reversible payment for BTC.

We can't deny that accepting reversible payments are common because most of the people are using it. And they don't have choice but to adopt it and use by means of it.

But learning from the mistakes of others is still not enough in able for you to learn from it, always remember that experience is the best teacher.

So I guess there are still sellers that are not going to learn from the mistakes of others as long as they are not experiencing it.

Rubberduckie

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that was a good read although some of it is exagerated. I know plenty of people
who started trading and because they were safe they never lost a cent.

I do love the reference "windowlickers" lol that's classic and will be using that one
myself.

Medow

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Well, someone rightly said " Learn from other's mistakes, because if you learn from your own mistakes, your life will be short " so if people see others making mistake then they must learn from that. I think the most common mistake newbies or amateur sellers do is accept reversible payment for BTC.

Doamader

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People dont take bitcoin serious, isnt possible to me to undersntand and believe at this stage around bitcoin people still loosing their bitcoins to scammers, stop invest into hyip and ponzis, and well im not selling my coins i made it once and i regret those, now i collect and invest, soo for sure its a mistake to sell, as long you dont know whith you are dealing.

gentlemand

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You wouldn't catch me selling Bitcoin via any other avenue than a reputable one, not that I've ever sold any anyway. You'd have to be a tad certifiable to be dealing with the average internet moron who's not going to blink about taking your money away. Far too much risk for a piffling premium.

bryant.coleman

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Quote from: panju1 on September 28, 2016, 10:26:56 AM

Accepting paypal or other reversible forms of payment would be the commonest ones.
Sometimes, people just don't learn from the mistakes other people make.

I have seen sellers in LBC (very experienced ones) who are willing to sell their coins for Paypal. But the premium was extremely high. When normal traders were charging a maximum markup of 5%, these guys were charging up to 25%. But still, they may be having some technique to prevent fraud. Else, how can their trade be profitable?

buxlover

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Quote from: Fraxinus on September 28, 2016, 01:45:06 AM

The most common mistake is people selling BTC to people who aren't reputable and they don't use escrow and then they get burned

I have read some post in this forum like escrow has cheated the seller or the buyer. so really we are in a world with scammers all around. so only few digging about the other end person and commonsense would prevent getting scammed.

Even after being so cautious more get scammed because there are more talented scammers than genuine persons

amacar2

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I have also seen few sellers sending bitcoin to wrong buyer address which can be because not checking bitcoin address twice before sending bitcoin. Other common mistake may be accepting paypal as payment method and when buyer charges back paypal refund the buyers and sellers left with nothing.

panju1

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Accepting paypal or other reversible forms of payment would be the commonest ones.
Sometimes, people just don't learn from the mistakes other people make.

Backside walkaround

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Quote from: Cereberus on September 26, 2016, 02:26:42 PM

Quote from: Kprawn on September 26, 2016, 02:08:12 PM

There will be scammers on every platform, not just with Bitcoin. We live in a world where people want to take shortcuts to get money.

They would spend hours trying to think of creative ways to scam hard working people out of their money. The worst of these are the

people using charities to do this. I once seen a women walking around with a dead child, trying to get sympathy from tourist and begging

for money in Africa. The child was not even her own... just a object to get people's pity for them to open their wallets. Shocked

That is disgusting to say the least and that woman should be put to jail at least for eternity with such gesture. A truly monstrous gesture. By the way why are the money needed for the dead child in the first place ?

Scammers cannot be stopped and there will always be people who will fall for their tricks unfortunately. Personally I sell bitcoin lower than 1:1 rate at Bitpanda but at least I am sure I will not get scammed.

Bitcoin sellers should read more about bitcoin, and read all the stickies in the Currency Exchange and Digital Goods section to lower drastically their chances of making errors. Not much other than this can be done.

Both the child and the woman should have been aborted long before the scam took place. Me, I don't pity dead children any. They're much better off than the rest of us.

rapazev

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it isnt seller, but imo the most common mistake of amateur bitcoin owner is cloud mining... they all fall for these ponzis. and believe or not, a few get scammed more than once with this same scheme.
"fool me once, shame on you. Fool me twice, shame on me"

yayayo

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The most common mistake of amateur Bitcoin sellers is selling Bitcoin. That's why they are called amateurs. Cheesy

Professionals hodl their Bitcoin and will never sell them for fraudulent fiat money crap...

Many of the mistakes listed are not specific for Bitcoin, these are general mistakes of people with a lack of business/trading experience. Besides that, people using Paypal deserve to be scammed, since Paypal's "service" is tuned for exploitation (financially and privacy-related) of its users. It's the exact opposite of what Bitcoin stands for. So a former Bitcoin-user that uses Paypal to "cash out" (= buying debt-burdened fiat currency) is showing that he/she did not understand anything about Bitcoin.

ya.ya.yo!

sbtctalk

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Quote from: Fraxinus on September 28, 2016, 01:45:06 AM

The most common mistake is people selling BTC to people who aren't reputable and they don't use escrow and then they get burned

Reputable members are hard to come by since they can sell their accounts in this forum.

We need the stars to be aligned and luck and pray that trade goes smoothly

SvenBomvolen

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Good advice for new members like I am. I still didn`t have opportunity to sell bitcoins I collected. I`m concentrated on saving, and that will remain like that for next couple months.
I`m very careful with my bitcoins, I needed a lot of time to collect them, many captcha`s solved, many hours invested in that. Before any sale I will double check everything, I will remind what OP said and some other members.
It`s better to see where others made a mistake, and try to not make the same mistake. Thanks for all this comments, this means a lot for new members here!

shinratensei_

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Quote from: BitsandBites on September 28, 2016, 02:15:12 AM

There are allot of people who dont know what to do with their bitcoins so they are making big mistakes and that causes allot of trouble because the bitcoin is worth allot of money and you dont want to lose that.

And so if they're not known for what to do with their bitcoin and where from they can get the bitcoin?and know about bitcoin?

BitsandBites

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There are allot of people who dont know what to do with their bitcoins so they are making big mistakes and that causes allot of trouble because the bitcoin is worth allot of money and you dont want to lose that.

Fraxinus

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The most common mistake is people selling BTC to people who aren't reputable and they don't use escrow and then they get burned

Topic: Most common mistakes of amatuer Bitcoin sellers (Read 2390 times)