Topic: Why cant you buy bitcoins with credit cards? (Read 994 times)
Happened tons of times.
Have this fraudulent chargeback actually happened with bitcoin sales, or is just 'in theory'?
Yea, but as far as I can see, chargeback only applies when there is a dispute, or goods are not as expected etc. I cant see how it would apply in purchasing bitcoins.
Yea, but as far as I can see, chargeback only applies when there is a dispute, or goods are not as expected etc. I cant see how it would apply in purchasing bitcoins.
There are not-so-virtuous types out there (believe it or not) who make fraudulent chargeback claims. I think this is one of the reasons the CC companies get so antsy when one tries to purchase anything of real value. They block the payment, then one has to phone the CC issuer to ask their permission to reprocess the payment, then try again with the merchant (arrrgh). This helps protect the CC issuer against "friendly fraud" whereby someone makes a legitimate purchase and pretends someone stole the card before the transaction occurred. If you've explicitly passed the CC identity verification crap and confirm the transaction, you cannot then turn around and say you didn't authorize it!
Similar applies for PayPal.
Yea, but as far as I can see, chargeback only applies when there is a dispute, or goods are not as expected etc. I cant see how it would apply in purchasing bitcoins.
Btcquick are taking quite a risk, what is the verification process like
Chargebacks
many sites are leary of fraudulent use of credit cards.. i mean as easy as it is for hackes to take our stuff.. would you want to buy?
Credit card payments are reversible whereas bitcoin transactions are not. That's the essence of it, really.
There are indirect ways to convert CC to BTC though, e.g. cash advance and use localbitcoins.com or deposit the cash and transfer to an exchange; or use VirWoX to purchase Second Life Linden dollars and then exchange those for bitcoins. Tedious, I know. Still, I've never done that before but I have managed to buy a bit of gold with CC. YMMV.
There are indirect ways to convert CC to BTC though, e.g. cash advance and use localbitcoins.com or deposit the cash and transfer to an exchange; or use VirWoX to purchase Second Life Linden dollars and then exchange those for bitcoins. Tedious, I know. Still, I've never done that before but I have managed to buy a bit of gold with CC. YMMV.
Is there any particular reason there are almost no sites offering bitcoins to be paid with credit card?
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