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Author Topic: Precious Metals Leader JM Bullion Now Accepts BTC Payments 4% discount  (Read 1020 times)
WhatTheGox
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March 08, 2016, 03:26:26 PM
 #21


Its great news dont get me wrong and i like the discount but i cant use them being from UK.  I can however use their competitor apmex for a small delivery charge which only works if you buying in bull really but still.
Preclus
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March 08, 2016, 08:29:35 PM
 #22

You'll be paying via BitPay so you'll get order number + email receipt, similar to paypal, except you'll also have blockchain tx id as an extra proof.

I don't know how a blockchain tx id is proof of anything. A seller could just say it was not their address. How do you prove it was theirs? Anyone can create a bitcoin address, there is no requirement to show legal ID or anything else. Bitcoin has zero proof of actual underlying physical identify of the sender or the receiver of a bitcoin transaction.

I could start a website selling gold myself. A buyer comes in, I create a new address and tell them to send their bitcoins. They send the bitcoins. I tell them I never received the bitcoins and it wasn't my address.

Now, go to court to try and prove that the address way my address. You can't. You may have an email chain that says something. But I would have an email chain that had a different address in it, I'd just modify the email.

How are you going to prove I received your bitcoins?
ShrykeZ
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March 08, 2016, 08:33:16 PM
 #23

Good to hear, they are most likely dumping it for fiat though which is a bit unfortunate, but more the exposure the better.
pawel7777 (OP)
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March 08, 2016, 09:55:01 PM
 #24

You'll be paying via BitPay so you'll get order number + email receipt, similar to paypal, except you'll also have blockchain tx id as an extra proof.

I don't know how a blockchain tx id is proof of anything. A seller could just say it was not their address. How do you prove it was theirs? Anyone can create a bitcoin address, there is no requirement to show legal ID or anything else. Bitcoin has zero proof of actual underlying physical identify of the sender or the receiver of a bitcoin transaction.

I could start a website selling gold myself. A buyer comes in, I create a new address and tell them to send their bitcoins. They send the bitcoins. I tell them I never received the bitcoins and it wasn't my address.

Now, go to court to try and prove that the address way my address. You can't. You may have an email chain that says something. But I would have an email chain that had a different address in it, I'd just modify the email.

How are you going to prove I received your bitcoins?

As I said, it's an additional proof. You could take screenshot of BitPay screen with specific payment address (and order number) to which you sent bitcoins to etc.

But yes, you can use pseudonymous nature of Bitcoin to scam people, it's a well known fact, but you could do the same with paypal/bank accounts registered under fake personal details not to mention cash transactions.

I don't recall anyone ever claiming to get scammed by any of the major BTC payment processors.

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gmaxwell
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March 08, 2016, 10:12:45 PM
 #25

The "$10,000" limit for Bitcoin transactions that doesn't exist for checks or bank wires still leaves Bitcoin an inferior option... and simply unavailable if you want to-- say-- purchase a 1KG gold bar.
pawel7777 (OP)
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March 09, 2016, 12:00:20 AM
 #26

The "$10,000" limit for Bitcoin transactions that doesn't exist for checks or bank wires still leaves Bitcoin an inferior option... and simply unavailable if you want to-- say-- purchase a 1KG gold bar.

http://www.jmbullion.com/faq/minimum-maximum-order-sizes/

Says here that max BTC tx is $25,000 so 5 times higher than for cc and 2.5x higher than for paypal. Bank wire option has min tx of $2,500 (vs. $100 for BTC) so hardly superior.

Looks like the ultimate winner is the paper cheques. But do people still use those?

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