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Author Topic: Is It Safe To Sell Bitcoin for OneVanilla and Greendot Pre-Paid Debit Cards?  (Read 827 times)
iTruth
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January 21, 2016, 10:47:45 PM
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Hello, I'm a newbie here and I am trying to get started selling bitcoin at Localbitcoins.com. Several buyers there are paying very handsomely for bitcoin via prepaid debit cards. I just want to minimize my chances of being scammed.

The buyers I am looking at all have great feedback from previous trades so I don't believe these guys are scammers but I'm curious how this works. I did try a search here at this forum to see if there were previous post but I couldn't find any.

If I trade $500 of bitcoin and the buyer is paying around $700 for it on a prepaid card, how exactly does that work? Are they giving me a code that I can put on my card or are they giving me the card number, expiration date and CVV# on the back of the card?

After I release my bitcoin which is in escrow at localbitcoins.com how can I quickly extract the money off of the card in case someone attempts a fraudulent charge back? Should I just use disposable pre-paid cards, immediately take the money off and dumb the card? 

I've never done this before, any feedback would be GREATLY appreciated.
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February 03, 2016, 06:37:40 PM
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OneVanilla cards usually come with CVV, exp. date, card number and sometimes zip code. You should tread carefully, since these can be bought with credit cards so the premium your buyer is willing to pay is because the card may have been fraudulently obtained.

To cash the card out you either need to buy something with it, or have a POS device accepting such cards, but in this case you accept all liability if/when the chargeback comes.

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