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Author Topic: Beware of PayPal and other reversible transfer services  (Read 326557 times)
OmegaStarScream
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November 19, 2017, 07:09:38 PM
 #661

What exactly has gone wrong with PayPal and others?

Can somebody share from experience what happened so as to prevent other community members from falling into that pit.

Let's imagine I'm trading you, my PayPal for your BTC. I send you the PayPal and you send me the bitcoins. You think everything is fine, however, I could always charge the transaction back by claiming that I didn't receive the goods, the payment is not authorized by me etc. and PayPal will actually refund the amount into my account. I will end up with both BTC you sent me and the PayPal amount I first sent you. So always watch out while trading with someone in reversible payment methods and try to request most details (ID, address etc.). Either that, or find a service that accept PayPal directly so you don't have to deal with individuals.

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Iksie
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November 19, 2017, 08:30:29 PM
 #662

Useful information in this post. Thank you.
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November 24, 2017, 03:39:37 AM
 #663

What exactly has gone wrong with PayPal and others?

Can somebody share from experience what happened so as to prevent other community members from falling into that pit.

Let's imagine I'm trading you, my PayPal for your BTC. I send you the PayPal and you send me the bitcoins. You think everything is fine, however, I could always charge the transaction back by claiming that I didn't receive the goods, the payment is not authorized by me etc. and PayPal will actually refund the amount into my account. I will end up with both BTC you sent me and the PayPal amount I first sent you. So always watch out while trading with someone in reversible payment methods and try to request most details (ID, address etc.). Either that, or find a service that accept PayPal directly so you don't have to deal with individuals.
Some people might do that but you can pick the person you want to trade to for your safety
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November 26, 2017, 03:48:50 AM
 #664

many people get dispute by paypal that is terrible things if we use PP
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November 26, 2017, 06:11:47 PM
 #665

Good content in this thread, thank you all. I'm new to the buying and selling of bitcoin (other than my first failed attempt using Etorro!) Do any of top ten crypto currencies include the possibility of reversing services?

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November 26, 2017, 07:06:00 PM
 #666

Good content in this thread, thank you all. I'm new to the buying and selling of bitcoin (other than my first failed attempt using Etorro!) Do any of top ten crypto currencies include the possibility of reversing services?

eToro is not suggested, not even for buying stocks (which you're not actually buying). If by top ten cryptocurrencies, you're referring to CryptoCompare or CoinMarketCap then no, they are all irreversible. I'm actually not aware of any crypto that is reversible.

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November 26, 2017, 07:21:29 PM
 #667

Thanks Omegastarscream, after advise I have just used an app called Resolut to transfer my funds to an EU account (as i'm in UK) ready to purchase tomorrow via Coinbase then GDAX however the tread around reversible services caught my eye. After my eToro experience i'm hoping this goes a lot smoother (less fees at least)

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November 27, 2017, 05:42:16 AM
 #668

so you say that paypal for example is not safe
so what do you recommend me to do if i have some money in my paypal account?
however i had some transfer with the same account before.
waiting for your help.
thanks a lot. Smiley
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November 28, 2017, 12:41:03 PM
 #669

Whats the status update of neteller and skrill being reversible these days?
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November 30, 2017, 11:48:49 PM
 #670

This is scary. But thanks for the heads up!
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December 01, 2017, 09:05:12 AM
 #671

Whats the status update of neteller and skrill being reversible these days?

If the funds you received were added to Neteller or Skrill using Bitcoin or any other irreversible payment method then you're fine. If a card card was used for example then you can get it chargebacked. The bottom line is, If you're trying with two methods, you better ask for source of funding.

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December 03, 2017, 02:44:07 AM
 #672

lets all suport crypto tis the way of the future and the way money is transacted online
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December 05, 2017, 02:34:32 PM
 #673

I have been utilizing Paypal for a long time offering things on eBay. There has been general extremely uncommon instances of fraud.I can just review possibly twice in that time for me.

However, the reality Bitcoins are against arrangement and simple to assert non-receipt makes them untenable.

I am simply thinking about whether the arrangement was organized as a buy of an endorsement that is really sent out to the purchaser would resolve that issue? For this situation the merchant would mail a paper record with signature required to the purchaser. Upon receipt the purchaser would email back a serial and that would discharge the assets.

I would say when following is archived to Paypal they agree with the vender instead of a purchaser guaranteeing non-receipt. Authoritatively the deal is for a testament and not the BTC got. This puts the trust issue for the vender as opposed to the purchaser - who at that point needs to pick on the off chance that they put stock in the merchant, a similar way it is presently with physical things.
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December 06, 2017, 08:35:32 AM
 #674

There's no other transparent and safe transaction for now except it goes to blockchain methods Cheesy
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December 06, 2017, 09:52:12 AM
 #675

is there any website trustworthy enough to sell bitcoin through paypal ?

You have Paybis.com but the fees may not be suitable for you (little bit high) and it takes up to 24 hours to proceed the payments.

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December 08, 2017, 01:09:20 PM
 #676

Money sent through PayPal and any other money transfer service that accepts credit cards can be easily reversed by the sender, even after several weeks. Therefore, you should only accept PayPal in trades with people you trust very highly.

This is why newbies are not likely to sell their PayPal USD for bitcoins successfully.

Some other services that are not totally safe:
- Bank transfers (ACH, etc.) except wire transfers
- Most gift cards.
- Moneypak
- AlertPay
- Paysafecards
- Dwolla
- Western Union (they reportedly will sue the recipient to recover money in some cases)
Being aware of paying paypal for this transaction is needed  when you are able to transact with.. As ussual you must know about paying paypal  when you are able to have an transactions. As long as you already have a transaction you must beware about paypals...

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December 08, 2017, 11:16:04 PM
 #677

Sold BTC via paypal... made a buyer provide a written statement authorizing the transaction.. had him make a selfie while holding his drivers license and statement in his hands. Everything checked out, IDs matched payapl verified address and name. 3 days later he goes out and makes a dispute " unauthorized transaction "

what a clown...
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December 10, 2017, 01:47:35 AM
 #678

Thank you for this informative thread. I used to wonder why there are not so many available means to exchange paypal with bitcoin, I thought it was only for legal reason but when I read your post it seems to give light a bit. I'm not familiar with reversible transfer, I have not tried it too but this is good information and a warning to consider.

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December 15, 2017, 01:10:50 PM
 #679

Thanks for the post.
What about neteller and payoneer exchange for buying BTC/LTC?
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December 15, 2017, 06:00:39 PM
 #680

Thanks for the post.
What about neteller and payoneer exchange for buying BTC/LTC?

Payoneer is easier to chargeback I believe. Neteller will depend on the payment method used to load it. (A credit card is easily reversible but a bitcoin deposit is not).

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