Topic: Scam or Lack of Trust (Read 91 times)

We have noticed a lot of overly cautious buyers and sellers labeling the attempt at doing deals as a possible scam. Though that may be true in some cases, a word of warning here. Don't be too quick to accuse someone of a scam. It can hurt their reputation and increase the overall wariness of the BTC family. Of course, if you do run into a true scam, let others know to be aware.
How do we avoid scams?
The first thing we want to do is verify that the buyer/seller can prove money/coin. There are several ways to do this, but what most people want is a photograph of the bank account/wallet, with a picture of the date coming from an outside source, such as a cellphone. We believe that telephone contact and a personal meet are the best way to establish trust and create a relationship. After all, if one is buying or selling the chance of them doing it again are great. These are people that you can do business with for a long time.
For larger corporate deals, there are several KYC companies that will assist you to verify their strength and veracity. Know Your Customer is also true with smaller deals, but you can do it on your own. This is where phone calls and meeting in person can affirm your belief in their reputation.
One good way to start off your business trust is to begin with a small amount and see how the deal proceeds. One should be open and honest about the exchange and not want too much anonymity. It is always a red flag to me when someone won't identify their country. It doesn't identify a scam, just a difficult way to do the deal.
We should also talk about escrow accounts. These can be a great way to safely transfer money to coin. Some are better than others, some charge more or less than others, but all are 1 percent or less on average. Look for recommended escrows and ones that people have written about in several different online formats.
Google what you can in all of the above procedures and make yourself an expert in verification. Life will be a lot less stressful when you are trading knowledgeably.