Beware of PayPal and other reversible transfer services

[MadGamer]

Almost all the online payment service providers are reversible.

LocalBitcoins could be a great alternative. You deal the seller face to face and use hard cash.

Much safer than reversible transfer services.

Unless It's done right and in a public place, things could be even worst then dealing with a reversible payment method. Bitcointalk reputation system is not that easy to abuse, I find it a better indication of trust then Localbitcoins, so It's better to trust with members around here.

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[BenG0413]

The fastest service like paypal also seem to have the greatest risk, even cash is not completely safe because of counterfeits. What's the best way to mitigate trading risk to as low as possible? Some good suggestions I hear from this thread is：

tell buyer to send it as gift
avoid all services that have chargeback (though this severely limits the audience I feel)
go with the most reputable seller and hope for the best

it seems the best option is to tell the buyer to do a direct cash deposit. That way you see the payment right away and its irreversible to the best of my knowledge.

[fortuity]

Thanks for sharing it. I think it is a good way to encourage newbies to be prepared from the payment hassles and save themselves from payment related scams. I was about to become a victim when i started, but saved myself through internet and reading out about payment transfers through paypal or other ways.

[dppnvw]

Almost all the online payment service providers are reversible.

LocalBitcoins could be a great alternative. You deal the seller face to face and use hard cash.

Much safer than reversible transfer services.

Unless It's done right and in a public place, things could be even worst then dealing with a reversible payment method. Bitcointalk reputation system is not that easy to abuse, I find it a better indication of trust then Localbitcoins, so It's better to trust with members around here.

I see, in that case, what could be the easy and safe way to get in tough with such sellers with good bitcointalk reputation?

[MadGamer]

I see, in that case, what could be the easy and safe way to get in tough with such sellers with good bitcointalk reputation?

Go to the currency section and find threads of trusted members, you will see their trust with dark green or just make a [WTS]/[WTB] thread and wait for people to P.M you, just make sure to mention the payment method that you're trading with, rates etc.

[coinmarketdaddy]

There is so much scam going on with cryptocurrency so everyone should do little research and should keep eye open before taking any quick action.

[robertkamerer]

Good info there! Thank you!

[jasramos]

Any thoughts on bitpay? I was wondering if I could use it in exchange for paypal in my e-commerce business?

[OmegaStarScream]

Any thoughts on bitpay? I was wondering if I could use it in exchange for paypal in my e-commerce business?

If you use BitPay as your payment processor, you will be accepting bitcoin as a payment method (1% per transaction fee) and you could exchange that to fiat to your bank account IIRC.

[Tamila]

Its a standard Block answer, not even from a human. Call them or try to get bigger and be a business partner, not premier. THEN, probably with a chance of 0.00001%, you can claim something back or they decide with the same chance for you.

[cp3mc]

Thank you for the kind advice

[HukoJla]

I hope that people take more caution on their trades with MyCash . It's really not that secure and that safe you know .
Some SEing (Social Engineering) on your Credit Card providers is more then enough to get a refund on your MyCash and this may mean getting MyCash Canceled . (And of course this only happens if the guy bought using a Credit card).
Do you mind updating the list with more Payment methods now theymos ? thanks.

[Mazarin07]

Beware of PayPal?
Maybe scammers must beware of Paypal, because PP is a safe money transfer platform, where the buyer can get back his/her money if the seller didn't deliver as promised. Surely, I can understand that those who want to fish in troubled water try to avoid this service.

[nguyennnhatttruongazzz]

Everybody should be careful with their money transfers. Now that hackers and scammers are increasing with so much expertise, I think PayPal or other things are not faulted, they have tried to do Good and I trust them (PayPal) They are innocent. Please think more positively: D Thank you for the warning

[700G]

Well, this is news to me and good to know. Thank you!

Learning, always learning!

I've done a good bit of business thru Paypal, luckily have not yet had this problem.

[Bros_3]

Exchange of currencies become a major problem for the Currencies holder because in some countries they are banned and currencies holder invest their most of the money on it.

Blockchain transactions are not reversable while paypal transactions are ...Beware of PayPal and other reversible transfer services. So before trading BURST/FIAT this way ensure the person offering can prove any reputation or escrow.

PayPal is a favorite tool for sending and receiving money online. It is one of the oldest services available, but whenever you link your financial accounts to an online service, security should be at the top of your mind. So how safe is PayPal?

For the most part, it’s safe to use the service and link accounts to PayPal, but it ultimately depends on what your concerns are.

Buyers will find that PayPal is an easy and secure way to make purchases.

Sellers can also benefit from using PayPal, but there are risks to be aware of. Those risks aren’t unique to PayPal, but some sellers are unaware of potential problems.

What happens if somebody spends money from your PayPal account without your permission, or if you pay for an item that never arrives?


Buyer Protection: PayPal’s Buyer Protection and Account Protection programs might reimburse you. To take advantage, you need to report the transaction quickly, but Buyer Protection does not cover all transactions. Buyer Protection is similar to the benefits you get with a credit card: You can reverse the charges if the seller fails to deliver what was promised.

Before you rely on Buyer Protection, read PayPal's policies to ensure that the service is available for any payment that you're concerned about. Some transactions are not eligible.

[sarata15]

Exchange of currencies become a major problem for the Currencies holder because in some countries they are banned and currencies holder invest their most of the money on it.

Blockchain transactions are not reversable while paypal transactions are ...Beware of PayPal and other reversible transfer services. So before trading BURST/FIAT this way ensure the person offering can prove any reputation or escrow.

PayPal is a favorite tool for sending and receiving money online. It is one of the oldest services available, but whenever you link your financial accounts to an online service, security should be at the top of your mind. So how safe is PayPal?

For the most part, it’s safe to use the service and link accounts to PayPal, but it ultimately depends on what your concerns are.

Buyers will find that PayPal is an easy and secure way to make purchases.

Sellers can also benefit from using PayPal, but there are risks to be aware of. Those risks aren’t unique to PayPal, but some sellers are unaware of potential problems.

What happens if somebody spends money from your PayPal account without your permission, or if you pay for an item that never arrives?


Buyer Protection: PayPal’s Buyer Protection and Account Protection programs might reimburse you. To take advantage, you need to report the transaction quickly, but Buyer Protection does not cover all transactions. Buyer Protection is similar to the benefits you get with a credit card: You can reverse the charges if the seller fails to deliver what was promised.

Before you rely on Buyer Protection, read PayPal's policies to ensure that the service is available for any payment that you're concerned about. Some transactions are not eligible.

Thank you
In the era of the development of high technology and the use of blockchain with payment systems such as PayPal, one must take into account all possible barriers and conditions for the exchange or acceptance of the btc.
Useful information for beginners.

[lewisrafael40]

Have been using PP for more than 10 years and see there nothing to beware of. Yet, thanks for the advice.

[jessica2020]

Thank you for the info Theymus. It will help us to avoid scammers in our transactions. Theres a lot of way that scammers could do, so we need to be more wiser than them.

[mekie]

Charge back issues are not just a problem for crypto traders, it is a big problem for basically anyone who takes card payments. I know of a case where a software company providing back office work for a number of MLM companies (payment, admin etc) lost a  7 figure sum when the banks decided not to pay the retained money in the accounts.

I would advise against using any transfer service that allows chargebacks unless you know the other party very very well indeed.