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Author Topic: Beware of PayPal and other reversible transfer services  (Read 326419 times)
Alex_Zi
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October 12, 2018, 09:07:34 PM
 #781

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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PepsLove
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October 17, 2018, 01:29:38 PM
 #782

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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October 17, 2018, 01:30:29 PM
 #783

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.

skrill is even more dangerous. they can just refund the buyer and also charge you for inappropriate usage of their service. avoid!
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October 18, 2018, 09:03:48 AM
 #784

skrill is even more dangerous. they can just refund the buyer and also charge you for inappropriate usage of their service. avoid!

I believe Skrill is much harder when it comes to chargebacks so I would recommend it over PayPal and I don't think what you said is even possible. By that logic, If the transaction from A to B is made and then one user is sending to another, everyone will lose their funds? that would make the company close in a matter of days.
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October 24, 2018, 08:24:14 AM
 #785

PayPal, Skrill (MoneyBookers) and so on was actually long time ago in the far far galaxy))) It is very centralized and has very high fees. It's better to use p2p private platform of meetinf face to face for exchange, but this way has another dangers.

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October 26, 2018, 10:05:36 AM
 #786

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)

Yes ....so true ! A friend once had check back issues after receiving cash through a bank transfer which he has rendered service...it was a bad experience for him! Since that ugly incident...me and my co networks are very careful as to where payments are coming from....
krypto101
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November 13, 2018, 08:49:21 AM
 #787

Paypal Sucks , Reverse me $900 that i do not meet seller's protection requirements  Kiss Grin
Atomic.2017
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November 28, 2018, 12:26:08 PM
 #788

Oh so it's true! That's why I never use PayPal because of negative feedback like this and also there seems to be a lot of delay in their processing and is my observation right? The fees are quite oddly high or is it just me?
MadGamer
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November 28, 2018, 01:41:55 PM
 #789

Oh so it's true! That's why I never use PayPal because of negative feedback like this and also there seems to be a lot of delay in their processing and is my observation right? The fees are quite oddly high or is it just me?

It's simply how the system is built. The delays before being able to spend your money are meant to be there because of the seller/buyer protection they have. And as for the fees, they're that high because there are multiple parties involved and not just the sender and receiver like in Bitcoin. The traditional payment methods have to either adapt with cryptocurrencies or be left behind.

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December 25, 2018, 07:38:53 PM
 #790

Paypal Sucks , Reverse me $900 that i do not meet seller's protection requirements  Kiss Grin
You should not take PayPal from an unknown person or from a person who is not reputed. If you take PayPal by selling items from website then you should take PayPal payment only if the account is verified.

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January 15, 2019, 01:55:57 PM
 #791

Unfortunately, the PayPal can't be used in some countries. This service has to limit to the transaction in Ukraine. I can input my money in service but can't make output transaction with the same sum of money. Also, this service doesn't exchange crypto to fiat...

Accounting87
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January 25, 2019, 09:44:19 AM
 #792

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)

Good to know about PayPal. I have an unpleasant experience with Western Union: I put a deposit via WU, somehow recipient was able to take money without my consent using fishing website, and the company refused to reimburse me. But not only that, in order to apply for reimbursement I needed to have written document proving that I have transferred money and that alone took more than a month. They were not going to investigate anything.  Be it my fault or unlucky coincidence, WU is not that safe as they claim to be.
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February 19, 2019, 07:35:29 AM
 #793

Paypal is the only international payment gateway which returns your money on your demand if you are not satisfied with your service provider. Otherwise, payment is done once it's done.

Thanks,
Surendra
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March 09, 2019, 09:01:49 PM
 #794

what happens if you transfer received amount to another PayPal account, so in case of dispute there is no money in the account.
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March 10, 2019, 06:06:23 AM
 #795

what happens if you transfer received amount to another PayPal account, so in case of dispute there is no money in the account.

Your balance will go to minus. If you ever deposit any amount afterward, they'll take it from the account until you're back to 0$ or above.

bigmaster23
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March 25, 2019, 06:12:49 PM
 #796

what happens if you transfer received amount to another PayPal account, so in case of dispute there is no money in the account.
In this case your account will be minus. If your transferred account has balance then paypal will deduct from there if from next hand then paypal will deduct from there. I mean paypal will deduct from the available fund on where the fund is available.

tradebtcEU
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April 02, 2019, 04:05:43 PM
 #797

well, the solution I am currently testing is to issue an invoice to the client. Then, he pays the invoice and then a hard copy of all transactions are stored on the exchange. A copy of the withdrawal is also kept on a 3rd party API. But we are quite new on the market so few transactions so far, the system works well though.
unocash
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April 12, 2019, 09:09:37 AM
 #798

The best option is a personal meeting and cash-to-coins exchange. Much better than any of the services.

And get stabbed and robbed. The early success of Bitcoin came because drug dealers and their users didn't have to meet face to face anymore. They could send BTC anonymously and receive drugs in the mail. That way, law enforcement couldn't pretend to be buyers eithers. Cause the seller would remain anonymous. It's what drove most traffic on Silk Road 1.

But I guess if you like to be kidnapped, robbed, stabbed, tortured, go ahead and meet people in person with $$$ cash on you.
MadGamer
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April 30, 2019, 09:46:33 AM
 #799

And get stabbed and robbed. The early success of Bitcoin came because drug dealers and their users didn't have to meet face to face anymore. They could send BTC anonymously and receive drugs in the mail. That way, law enforcement couldn't pretend to be buyers eithers. Cause the seller would remain anonymous. It's what drove most traffic on Silk Road 1.

But I guess if you like to be kidnapped, robbed, stabbed, tortured, go ahead and meet people in person with $$$ cash on you.

That scenario is likely to happen when you do it in the wrong places. If one does his trades in public places where there is security like inside a bank etc.  then I don't see what could go wrong.
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May 20, 2019, 04:43:40 AM
 #800

I just get all my clients to send as a donation/gift.  You cant dispute either, maybe words of wisdom to newcomers?

A PayPal donation or gift??
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