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Topic: Offering PayPal for Bitcoin? You're likely to be labeled a scammer - Read why - page 16. (Read 28859 times)

sr. member
Activity: 476
Merit: 250
Tangible Cryptography LLC
You should accept paypal for bitcoin only from a friend or from somebody who you can trust.

This.

BTW we have bought over 275,000 BTC and have no open complaints. Smiley
https://fastcash4bitcoins.com

Obviously a scammer will probably offer a better rate, then again we actually pay!
member
Activity: 118
Merit: 10
฿itcoin ฿itcoin ฿itcoin
We all need to agree, paypal is the way of the past and we a Bitcoin members will not and should not accept paypal/cash as it is devil Smiley  In Bitcoin we trust!
newbie
Activity: 2
Merit: 0
What if i send payment first, as gift ?
b!z
legendary
Activity: 1582
Merit: 1010
Isn't the risk of buying bitcoins with paypal the same risk as buying anything else with paypal?  What is considered to be the safest way to do this other than going to someone in person and making sure you get the cash in hand?

There is no way of truly confirming delivery of bitcoins.

You could confirm ownership of an address.
legendary
Activity: 1512
Merit: 1036
How about accepting Credit Cards? Does that not hold the same inherent fault.

My question is: Can a credit card transaction be reversed the same way that a PayPal transaction can?

Yes, of course. You only need to call the credit card company and dispute the charge, even simply saying that you were unsatisfied with the purchase. The business is charged a $25 in addition to having their money taken back, has to file paperwork if they want to dispute the chargeback, and too many chargebacks and the credit card company may "review" the merchant agreement.

Credit cards also have the flaw that in order to use them, you must provide an internet site the exact information needed to also create fraudulent purchases. If someone merely copies a 16-digit CC number, they can impersonate the owner and create bogus PayPal payments. Hacks and data leaks of corporate web sites typically involve thousands of credit card numbers and owner details, and criminals gangs in lawless countries look for ways to turn this information into money.
newbie
Activity: 27
Merit: 0
How about accepting Credit Cards? Does that not hold the same inherent fault.

My question is: Can a credit card transaction be reversed the same way that a PayPal transaction can?


/Bob
hero member
Activity: 504
Merit: 500
You should accept paypal for bitcoin only from a friend or from somebody who you can trust.
newbie
Activity: 5
Merit: 0
go bitcoin, down with paypal
hero member
Activity: 714
Merit: 510
Isn't the risk of buying bitcoins with paypal the same risk as buying anything else with paypal?  What is considered to be the safest way to do this other than going to someone in person and making sure you get the cash in hand?

It's not the risk of buying bitcoins with paypal - it's the risk of selling bitcoins for paypal.  Example:  you sell me 1 bitcoin and I buy it by paying you $100 thru paypal.  Once I receive the bitcoin from you I file a dispute on paypal.  Paypal reverses the transaction and gives me back my $100.  Now I have 1 Bitcoin I didn't have to start with, and my $100 in my paypal account.  You on the other hand have lost 1 bitcoin and have no additional money in paypal.

Let me tell you a true story of what I've seen go wrong. If someone tries to buy Bitcoin with a Moneygram or Moneypak and the number on it is invalid then what? The buyer has no way to know with 100% certainty that this was the case, and must have faith in the seller. The seller also has no way to know with 100% certainty that the buyer didn't use an invalid card. Honestly my solution is a 1-900-BitCoin phone number. I should be able to call that number and have the cost instantly charged to my phonebill.

Another way, less stealthy, find a known location where anyone can meet to buy Bitcoins with cash in person. No meeting in random spots down dark alleys at midnight but there should be a Bitcoin coffeshop or I should be able to go to any Starbucks with cash and get Bitcoins.

Now here is the problem with Cash, with Cash you gotta worry about getting killed for it, or beaten up and robbed when it's a big enough amount. Bitcoins aren't cheap anymore, they are $100+ a coin now so now it's in the dangerous territory that drugs inhabit of being just cheap enough where people can afford it but just expensive enough that people will rob each other over it. These dangers exist primarily for the buyer not the seller imo.
hero member
Activity: 714
Merit: 510
Isn't the risk of buying bitcoins with paypal the same risk as buying anything else with paypal?  What is considered to be the safest way to do this other than going to someone in person and making sure you get the cash in hand?

How do you know they wont beat you up and rob you in person?
This is one of the reasons Bitcoin kept that underworld stigma for so long...

There has to be an easier way. Why not use a 900 hotline or Skype Prime? Tell me why not?
newbie
Activity: 41
Merit: 0
Quote
If you want to be really safe, go where most the bitcoins trade are: mtgox
or try localbitcoins and see if you have any seller around you. Good luck.

Wonderbash,

I second that, apart from mtgox is only suitable for large purchases of BTC due to friction costs of charging up account.
I exchange locally for localbitcoins in the UK. But if look around the world even in the US say LA where I have a Brit friend who is married out there, there are few people on the ground.

Cheers MX
donator
Activity: 784
Merit: 1000
Quote
After paypal scamming me for 30 sale on eBay I scammed PayPal for 330 as revenge. Sent a paypal payment to another account I had selecting direct debit as payment. Cancelled the direct debit and removed card details from account. Received 330 on my other account immediately and withdrew into bank. A few days later my account is -330 in big red letters. Few emails from PayPal and was passed onto a debt collection company. Informed them I had no credit agreement with PayPal and any futher contact would be harrassment and would inform the police. Heard nothing for ages and still using PayPal. If PayPal can make their own rules and scam people, play the same game to them. Is easy to scam PayPal aswell as they guarantee your direct debit providing there is enough funds in the account when initiated. Time to get your own back!
http://complaints.paypalsucks.com/
 Grin

P.S. Just remember an axiom: PAYPAL ALWAYS RIPS YOU OFF.
hero member
Activity: 714
Merit: 510
member
Activity: 112
Merit: 10
Isn't the risk of buying bitcoins with paypal the same risk as buying anything else with paypal?  What is considered to be the safest way to do this other than going to someone in person and making sure you get the cash in hand?

There is no way of truly confirming delivery of bitcoins.
newbie
Activity: 10
Merit: 0
Isn't the risk of buying bitcoins with paypal the same risk as buying anything else with paypal?  What is considered to be the safest way to do this other than going to someone in person and making sure you get the cash in hand?

When buying material things, there is recorded delivery, posting receipt that can be used as evidence for the dispute by the seller. There is no evidence left to show paypal that you have sent your money, however even if there was, i think buying btc is against paypal rules aniway so..

I would say the safest way would be to open an account in a currency exchange (mt gox, btc-e, etc) and buy/sell from there since they will intermediate the exchange and you have no contact with the buyer or seller.
Aside from the ethical questions with paypal policy, you can always let them transfer your spare balance to your "real" bank account to then buy btc through a trustworthy exchange.
Also, btc-otc of you absolutely want to lose your paypal dollars Grin
newbie
Activity: 9
Merit: 0
Isn't the risk of buying bitcoins with paypal the same risk as buying anything else with paypal?  What is considered to be the safest way to do this other than going to someone in person and making sure you get the cash in hand?

When buying material things, there is recorded delivery, posting receipt that can be used as evidence for the dispute by the seller. There is no evidence left to show paypal that you have sent your money, however even if there was, i think buying btc is against paypal rules aniway so..

I would say the safest way would be to open an account in a currency exchange (mt gox, btc-e, etc) and buy/sell from there since they will intermediate the exchange and you have no contact with the buyer or seller.
newbie
Activity: 20
Merit: 0
Isn't the risk of buying bitcoins with paypal the same risk as buying anything else with paypal?  What is considered to be the safest way to do this other than going to someone in person and making sure you get the cash in hand?

It's not the risk of buying bitcoins with paypal - it's the risk of selling bitcoins for paypal.  Example:  you sell me 1 bitcoin and I buy it by paying you $100 thru paypal.  Once I receive the bitcoin from you I file a dispute on paypal.  Paypal reverses the transaction and gives me back my $100.  Now I have 1 Bitcoin I didn't have to start with, and my $100 in my paypal account.  You on the other hand have lost 1 bitcoin and have no additional money in paypal.
newbie
Activity: 15
Merit: 0
Thank you for this advice!
Ion
newbie
Activity: 3
Merit: 0
thanks for this post

sums up what I've been telling a friend in a much more coherent manner  Smiley
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