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Author Topic: Beware of PayPal and other reversible transfer services  (Read 578432 times)
sarata15
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June 19, 2018, 11:14:40 AM
 #761

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.







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lewisrafael40
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June 21, 2018, 08:54:39 AM
 #762

Have been using PP for more than 10 years and see there nothing to beware of. Yet, thanks for the advice.
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July 05, 2018, 01:27:44 AM
 #763

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
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July 18, 2018, 08:51:21 PM
 #764

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.

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moneyafric
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July 25, 2018, 07:34:01 PM
 #765


I am trying to sell LTC for the first time. I have accounts on bct-e and vircurex but I am not understanding how the usd I get from selling gets into my bank account. can someone point me in the right direction? I am having a hard time finding a post about this but there has to be one.

thanks
OmegaStarScream
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July 25, 2018, 07:55:51 PM
 #766


I am trying to sell LTC for the first time. I have accounts on bct-e and vircurex but I am not understanding how the usd I get from selling gets into my bank account. can someone point me in the right direction? I am having a hard time finding a post about this but there has to be one.

thanks

BTC-E closed and re-opened as Wex.nz. I'm not sure of your question but the procedure is simple (assuming that they support that), the exchange send you fiat to your bank account in exchange of your LTC or BTC.

As for Vircurex, I never heard of the exchange but after some searching, It seems like they have a class-action lawsuit against them and they are not longer operating.

celeNG666
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July 26, 2018, 10:02:39 AM
 #767

Im not really use that kind of services... but thanks for the information... Im really apreciated it  Wink
Giardesano
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July 27, 2018, 10:38:24 AM
 #768

Is Circle Pay a reversible transfer service?
MadGamer
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July 27, 2018, 12:53:04 PM
 #769

Is Circle Pay a reversible transfer service?

Just like the Neteller, Skrill and the rest of payment methods. If the account was funded using crypto, no, otherwise yes. I suggest reading the full User agreement so you know what you're getting yourself into:

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Once a bitcoin transaction has been initiated, it cannot be reversed. Deposits using a bank account, debit card, or credit card may be reversed or may be subject to a chargeback or related claim.

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July 30, 2018, 05:50:29 PM
 #770

This is why the ecommerce model, Shopify online shopping needs to have Paypal presence in the payment. To assist shoppers with the safest level possible. And that is why PayPal is still in the limelight even as Bitcoin is gaining market share. PayPal does not seem to lose its value. But PayPal users must know the big disadvantage of PayPal with the current user is the problem Limit. Unfortunately, you will need to withdraw a certain amount of money on PayPal when this happens
Giardesano
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July 31, 2018, 08:19:08 PM
 #771

Is Circle Pay a reversible transfer service?

Just like the Neteller, Skrill and the rest of payment methods. If the account was funded using crypto, no, otherwise yes. I suggest reading the full User agreement so you know what you're getting yourself into:

Quote
Once a bitcoin transaction has been initiated, it cannot be reversed. Deposits using a bank account, debit card, or credit card may be reversed or may be subject to a chargeback or related claim.



Thanks
roccobull
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August 06, 2018, 08:58:32 PM
 #772

PayPal is definitely one of the least secure methods of payment. so much fraudulent activity every transaction has to be verified personally. Too bad we cant go back to the days where our monetary system/exchanges were completely reliable and trustworthy.
Giardesano
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August 14, 2018, 12:15:18 AM
 #773

Why is Western Union reversible?
MadGamer
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August 14, 2018, 05:52:39 PM
 #774

Why is Western Union reversible?

It's explained. I believe the reverse won't happen just because you told them, there should be a lawsuit but I believe If the transaction is worldwide, and you will get your money instantly, you should be fine.
DynamicBlockchain
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August 21, 2018, 12:09:49 PM
 #775

Good evening , this is my first post:

Paypal reverse by credit card : as the money is chargedback it can be chargedback by the legal owner of the credit card that also bought you bitcoins ( in this case Paypal can give the data of the client and a case can be opened ) or by a stolen credit card that was used to buy bitcoins ( in this case Paypal should pay as they accepted the credit card ) .

Is there any lawer who can do the work of the case and get payed only if the case is won?

Thanks



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)
_oh_no_stop_this_
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August 27, 2018, 06:14:38 AM
 #776

The best option is a personal meeting and cash-to-coins exchange. Much better than any of the services.
MadGamer
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September 07, 2018, 05:02:04 PM
 #777

I never heard that Western Union is reversible? I even tried once to return my founds, no way.

What then they other best option to use fiat to buy coins/bitcoins then?

If you pickup your funds and transactions is between other countries, I don't believe there is much that can be done.

I would just use an exchange that accept credit cards If I were you, something like Coinmama or Coinbase should do the trick.
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September 11, 2018, 05:41:58 PM
 #778

When I sell something using paypal, so many sales being reversed due to "credit card fraud" and I never get refund. That is all I get for their ridiculous fees
Alex_Zi
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October 12, 2018, 09:07:34 PM
 #779

PayPal, MoneyBookers (Skrill) is very centralized. I don't like all of it. There ae a lot of problems to use it for changing fiat to crypto and back.

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October 17, 2018, 01:29:38 PM
 #780

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)

I have lost 150$ at paypal for some payment of btc. They can easily create a ticket and force you to refund money back to them. PayPal can charge your credit card if you move your funds out of it. beware.
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