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Author Topic: Expiration Date on Bitcoin Transactions?  (Read 2024 times)
Macil2018
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June 01, 2011, 04:08:31 PM
 #1

So I tried selling some Bitcoins for USD on Bitcoin Market the other day and the transaction went sour, the other guy clearly knew what he was doing about as well as I did lol. He sent me the wrong amount to PayPal that we agreed on for the transaction, PayPal refunded the wrong amount, bringing my PayPal balance to a negative balance (which later got straightened out), it was just a huge mess.

The thing that worried me about the whole thing was as soon as I clicked SELL in Bitcoin Market, it removed the appropriate BTC from my Balance to process the transaction and would not let me cancel my transaction in any way shape or form (to my knowledge). The only way to get my BTC back (which I did end up getting back) was to contact the person buying them and ask him to cancel the order entirely. Is that the only way?

Hypothetically. Lets say I want to sell 5 BTC for $5.00/USD, and I find someone who is buying them at that rate so I click SELL. So what happens if the person is in a car accident and is killed or something before sending me the money via PayPal. Are my funds lost forever since nobody is available on the other end to cancel the order? Or is there a way for me to manually back out of the order and get my funds back???

Any help is greatly appreciated as if there is no current way to get my funds back in this situation I'll lose a LOT of my faith in Bitcoins due to security. :-/
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Wreckus
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June 01, 2011, 04:12:47 PM
 #2

Don't take it as a problem of the currency, think of it as you learning to deal with a new financial system.  One of the major draws of Bitcoin is that the transactions are non-reverseable so there is a lot less risk in accepting payment.

Use an escrow service like Clearcoin (free) to handle transactions like this.  If someone screws you, you can get a refund.  (Note: Bank Wire transfers (which are about as close to Bitcoin as you get irl) are also non-reverseable without some major legal wrangling (read: $$$).

Sending someone Bitcoins is permanant, Paypal is not.  Paypal scams are pretty common in Bitcoin, Clearcoin takes care of most of the problems (most scammers won't accept Clearcoin, saying it's unsafe or some other BS).
hazek
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June 01, 2011, 04:56:37 PM
 #3

Yes there are no chargebacks. If you mess up, the only way you can get them back is voluntarily almost like cash on the street.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
Macil2018
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June 01, 2011, 05:25:41 PM
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Well, don't get me wrong. I think Bitcoins are a fantastic idea but I don't understand everyone allowance of this vulnerability? I can see being cheated out of a few bucks here and there but if I leave my miner running for weeks on end and rack up a couple hundred dollars in energy costs or what not and I go to trade my hard earned coin and something happens to where the other party can't accept the trade, I don't understand how people are okay with taking the loss? Why hasn't some fail safe been put in place to protect people? Both on the Buying and Selling side of the deal? How can anyone have faith in a system that is unsafe?
Garrett Burgwardt
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June 01, 2011, 05:33:59 PM
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Chargebacks are a function of a payment system on top of a currency.

Bitcoins are a currency, with one payment system built in, similar to cash.

And don't send coins until you have the item you've paid for, that's pretty basic.

Wreckus
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June 01, 2011, 05:35:30 PM
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Well, don't get me wrong. I think Bitcoins are a fantastic idea but I don't understand everyone allowance of this vulnerability? I can see being cheated out of a few bucks here and there but if I leave my miner running for weeks on end and rack up a couple hundred dollars in energy costs or what not and I go to trade my hard earned coin and something happens to where the other party can't accept the trade, I don't understand how people are okay with taking the loss? Why hasn't some fail safe been put in place to protect people? Both on the Buying and Selling side of the deal? How can anyone have faith in a system that is unsafe?

The vulnerability is just a side-effect of being a new currency.  There is nothing inherent to cash that makes it safer... we've just been using it long enough that companies have sprung up around the flow of this money to provide services like chargebacks, electronic transfer, etc.

You essentially just mailed someone, who you didn't know, cash in an envelope.  The same scenarios apply (no insta money back, screwed if buyer dies, etcetc).  Luckily we're already starting to see services (Clearcoin) that help people with these issue. Smiley
Jaime Frontero
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June 01, 2011, 06:25:40 PM
 #7

Chargebacks are a function of a payment system on top of a currency.

Bitcoins are a currency, with one payment system built in, similar to cash.

And don't send coins until you have the item you've paid for, that's pretty basic.



so you've never bought anything online?
Wreckus
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June 02, 2011, 12:26:03 PM
 #8

Chargebacks are a function of a payment system on top of a currency.

Bitcoins are a currency, with one payment system built in, similar to cash.

And don't send coins until you have the item you've paid for, that's pretty basic.



so you've never bought anything online?

Nice attempt at a troll, ever hear of Escrow?  I don't know if I've mentioned Clearcoin enough times...
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