Just keep in mind, that there is one simple rule in here (if you don't want to get scammed):
If an offer/deal/trade/task is too good to be true, then STAY away.
And whatever you do, ALWAYS go with an escrow
Other than that, welcome aboard and enjoy!
Topic: Teach a newbie (me) best practices about trading on this forum! (Read 436 times)
Thank you for all the responses. I will try to minimize Bitcoin trades for now and focus on getting activity/feedback.
It is clear that Bitcoin is an extremely sensitive currency. Hopefully, in a few months, I will have more reputation to trade. Until then I will only use trusted escrow.
It is clear that Bitcoin is an extremely sensitive currency. Hopefully, in a few months, I will have more reputation to trade. Until then I will only use trusted escrow.
Bitcoin isn't the same as PayPal transactions or most other kinds of transactions.
In PayPal for example, you send money to someone, but that's just a number to PayPal. They can easily switch it back, so they're an "escrow" so to speak. As a business, that means that they take high fees as well, and some systems like credit cards also have extremely inefficient transactions, while Bitcoin is very efficient (current high fees are due to a lack of capacity, but naturally the fees would be low).
With Bitcoin, since the transaction is recorded in the blockchain, it's irreversible once it's been confirmed. Naturally, that breeds thousands of scammers because:
-Chargebacks are impossible
-Bitcoin addresses and transactions are very hard to link to individuals.
So everyone is going to be suspicious and sometimes rude.
It's common practice for trusted members to use escrow for selling/buying and collateral for loans. People will talk about building trust for loans but many people won't trust you anyway, since your trust and reputation could be worth less to you than what you could scam off people. Real trustworthy people will never ask for a no-collateral loan or no-escrow transaction unless it's small and their reputation is worth a lot more.
In PayPal for example, you send money to someone, but that's just a number to PayPal. They can easily switch it back, so they're an "escrow" so to speak. As a business, that means that they take high fees as well, and some systems like credit cards also have extremely inefficient transactions, while Bitcoin is very efficient (current high fees are due to a lack of capacity, but naturally the fees would be low).
With Bitcoin, since the transaction is recorded in the blockchain, it's irreversible once it's been confirmed. Naturally, that breeds thousands of scammers because:
-Chargebacks are impossible
-Bitcoin addresses and transactions are very hard to link to individuals.
So everyone is going to be suspicious and sometimes rude.
It's common practice for trusted members to use escrow for selling/buying and collateral for loans. People will talk about building trust for loans but many people won't trust you anyway, since your trust and reputation could be worth less to you than what you could scam off people. Real trustworthy people will never ask for a no-collateral loan or no-escrow transaction unless it's small and their reputation is worth a lot more.
Hello there!
So I posted a thread (my first thread on this forum) to buy bitcoin in the currency exchange section.
I added that the seller should send me the bitcoin first and some other requirements. Oh, boy was that a mistake. It was pointed out that my thread looked extremely suspicious, to say the least, so I changed it. Now I would only use an escrow...
even from this description it sounds like scam, other than that, you have new account, no trust whatoever :/So I posted a thread (my first thread on this forum) to buy bitcoin in the currency exchange section.
I added that the seller should send me the bitcoin first and some other requirements. Oh, boy was that a mistake. It was pointed out that my thread looked extremely suspicious, to say the least, so I changed it. Now I would only use an escrow...
Anyways. I have been trading on other forums before, but not bitcoin.
Could you tell me about the best practices when trading bitcoin on this forum?
Forum is not suited for exchanging bitcoin, escrow is only real possibility of fair trade.Could you tell me about the best practices when trading bitcoin on this forum?
How can I ensure maximum possible safety for both myself and the seller?
Good escrow, nothing else.He can gain trust fairly quickly, if he goes to goods section and makes several trades and/or lends bitcoin with interest.
Otherwise, you are right. With the amount of scammers that came and left this place, it will be close to impossible to gain trust for new user unless he backs his words with collateral.
Good luck OP.
Hello there!
So I posted a thread (my first thread on this forum) to buy bitcoin in the currency exchange section.
I added that the seller should send me the bitcoin first and some other requirements. Oh, boy was that a mistake. It was pointed out that my thread looked extremely suspicious, to say the least, so I changed it. Now I would only use an escrow...
even from this description it sounds like scam, other than that, you have new account, no trust whatoever :/So I posted a thread (my first thread on this forum) to buy bitcoin in the currency exchange section.
I added that the seller should send me the bitcoin first and some other requirements. Oh, boy was that a mistake. It was pointed out that my thread looked extremely suspicious, to say the least, so I changed it. Now I would only use an escrow...
Anyways. I have been trading on other forums before, but not bitcoin.
Could you tell me about the best practices when trading bitcoin on this forum?
Forum is not suited for exchanging bitcoin, escrow is only real possibility of fair trade.Could you tell me about the best practices when trading bitcoin on this forum?
How can I ensure maximum possible safety for both myself and the seller?
Good escrow, nothing else.
Hello there!
So I posted a thread (my first thread on this forum) to buy bitcoin in the currency exchange section.
I added that the seller should send me the bitcoin first and some other requirements. Oh, boy was that a mistake. It was pointed out that my thread looked extremely suspicious, to say the least, so I changed it. Now I would only use an escrow...
Anyways. I have been trading on other forums before, but not bitcoin.
Could you tell me about the best practices when trading bitcoin on this forum?
How can I ensure maximum possible safety for both myself and the seller?
Are there any automatized escrow services or only forum members?
How much is the usual +% when buying bitcoin here. I was offered 8% today.
Thanks!
So I posted a thread (my first thread on this forum) to buy bitcoin in the currency exchange section.
I added that the seller should send me the bitcoin first and some other requirements. Oh, boy was that a mistake. It was pointed out that my thread looked extremely suspicious, to say the least, so I changed it. Now I would only use an escrow...
Anyways. I have been trading on other forums before, but not bitcoin.
Could you tell me about the best practices when trading bitcoin on this forum?
How can I ensure maximum possible safety for both myself and the seller?
Are there any automatized escrow services or only forum members?
How much is the usual +% when buying bitcoin here. I was offered 8% today.
Thanks!
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