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Author Topic: Beware of PayPal and other reversible transfer services  (Read 658657 times)
OmegaStarScream
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August 07, 2019, 12:55:06 PM
 #801

Thanks , good to know but as you said most giftcards , so Are there trusted amazon giftcards sellers for BTC or a thread for that ?

The only user I could vouch for (discounted cards/balance) - not active for a few days: https://bitcointalk.org/index.php?topic=1789747.0

You also have Purse.io where you can get discounts up to 33% (someone else does the buying for you, and it's not a gift card that you could choose yourself).

If you want a faster way and you don't mind paying (1:1) rates then you should go with Bitrefill or eGifter.

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stealth 1776
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October 14, 2019, 10:07:50 PM
 #802

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)

This is exactly what I was talking about in my post, that's why I rather take btc for payment than paypal, easy way to scam or to get annoyed by customers that don't know what they are doing, in my personal case I only accept btc as payment, that way I avoid all the headcakes that a transaction might have, so I always advise to make transaction with customers in btc or cryptocurrency, and for buyers make sure your seller is a refer seller or has people that vouch for him/her, that way you can make sure it is a legit seller from trustworthy sources 
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October 30, 2019, 06:48:57 AM
 #803

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.
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November 22, 2019, 09:26:12 AM
 #804

Right.. so true : a Friend once had check back issues after receiving cash through a bank transfer which he has rendered service.
Me and my co networks are very careful as to where payments are coming from.
it was a bad experience for him....
topshelfcrypto
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December 05, 2019, 04:07:11 PM
 #805

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)

Perhaps someone could be kind enough to explicitly mention what forms of payment ARE safe and likely to be accepted by traders here?

check my premium crypto domains for sale here: https://bitcointalk.org/index.php?topic=5211098
kotwica666
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December 05, 2019, 11:01:31 PM
 #806

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)

Perhaps someone could be kind enough to explicitly mention what forms of payment ARE safe and likely to be accepted by traders here?

You are on Bitcoin forum and you ask about safe form of payment?  Grin
One of the main advantages of Bitcoin and many other cryptocurrency payments is that are non-reversable. Usually, several network confirmations are required to be sure. However, you are sure that such threats that you may encounter on the services listed by themos will never meet you with Bitcoin.
topshelfcrypto
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December 07, 2019, 04:42:26 AM
 #807

You are on Bitcoin forum and you ask about safe form of payment?  Grin

Haha! That was funny.

One of the main advantages of Bitcoin and many other cryptocurrency payments is that are non-reversable. Usually, several network confirmations are required to be sure. However, you are sure that such threats that you may encounter on the services listed by themos will never meet you with Bitcoin.

Yes, I understand about that. I am just needing to buy bitcoin with fiat, and I prefer to buy peer-2-peer than through an exchange. Unfortunately I only have PayPal or CC right now, but I'm more than willing to shift money around to use another service or payment processor, if I knew which one. 

check my premium crypto domains for sale here: https://bitcointalk.org/index.php?topic=5211098
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December 07, 2019, 09:04:52 AM
 #808

Yes, I understand about that. I am just needing to buy bitcoin with fiat, and I prefer to buy peer-2-peer than through an exchange. Unfortunately I only have PayPal or CC right now, but I'm more than willing to shift money around to use another service or payment processor, if I knew which one. 

PayPal is the way to go. It might be hard to find members to trade with around the forums though, especially that you're the one (as a jr member with no trust history) using the reversible payment method. If you don't mind using third party platforms then I suggest going with LBC, LocalCryptos or Paxful.

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December 07, 2019, 12:20:53 PM
 #809

Yes, I understand about that. I am just needing to buy bitcoin with fiat, and I prefer to buy peer-2-peer than through an exchange. Unfortunately I only have PayPal or CC right now, but I'm more than willing to shift money around to use another service or payment processor, if I knew which one. 

PayPal is the way to go. It might be hard to find members to trade with around the forums though, especially that you're the one (as a jr member with no trust history) using the reversible payment method. If you don't mind using third party platforms then I suggest going with LBC, LocalCryptos or Paxful.

To be honest, I would not recommend Paxful. There are many accounts for sale on the market and because of that there are many scams there. As in the topic of this thread, I also advise against PayPal - I was once scammed myself.

I think Localbitcoin.com may be the best solution, or just register on some trusted exchange like Coinbase. Of course, I do not recommend keeping funds there, but in my opinion, it is at the moment the safest place to buy/sell BTC online.
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December 07, 2019, 04:45:30 PM
 #810


To be honest, I would not recommend Paxful. There are many accounts for sale on the market and because of that there are many scams there. As in the topic of this thread, I also advise against PayPal - I was once scammed myself.

I think Localbitcoin.com may be the best solution, or just register on some trusted exchange like Coinbase. Of course, I do not recommend keeping funds there, but in my opinion, it is at the moment the safest place to buy/sell BTC online.

Thanks for the feedback. I don't believe in complying with KYC since I believe it defeats the purpose of why bitcoin was invented, which is why I won't go through an exchange that has been captured by regulators (centralized)

check my premium crypto domains for sale here: https://bitcointalk.org/index.php?topic=5211098
OmegaStarScream
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December 09, 2019, 05:39:31 PM
 #811

To be honest, I would not recommend Paxful. There are many accounts for sale on the market and because of that there are many scams there. As in the topic of this thread, I also advise against PayPal - I was once scammed myself.

You can be safe from account sellers by simply checking the trust history of the user. If he didn't have any recent feedback left on his profile, then you probably shouldn't trade with him.

Thanks for the feedback. I don't believe in complying with KYC since I believe it defeats the purpose of why bitcoin was invented, which is why I won't go through an exchange that has been captured by regulators (centralized)

IIRC, KYC is only obligatory in LBC. LocalCryptos is KYC-free and with Paxful, you can trade up to 1500$ until you're asked to verify your identity.

Also, since you're willing to use another payment method if needed, then I suggest giving PerfectMoney a try, according to their FAQ, the payments are final and irreversible.

mr.relax
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December 09, 2019, 06:15:26 PM
Last edit: December 09, 2019, 06:29:08 PM by mr.relax
Merited by OmegaStarScream (1)
 #812

Quote
Perhaps someone could be kind enough to explicitly mention what forms of payment ARE safe and likely to be accepted by traders here?

Bitcoin is a Peer2Peer Cash replacement.
So Cash is the payment method of choice.

There are only few other non-reversible methods.

The one I know are OKpay, Perfectmoney and more or less WesternUnion and Moneygram, if funded with cash and paid out already!
SEPA is also nonreversible, but used a lot in scams, so you dont have to pay back if there was a hacked bank account used,
but you will get trouble with the law, if you are the one that received stolen funds.

But take care with perfectmoney. It would not be the first russian Paymentprovider that ran with all funds and its expensive by fees.

Best is, was and will be cash or physical goods like gold!
Be creative, accept gems,antique furniture, real estate, second hand cars,artwork or collectors items.

Never ever accept Paypal/Skrill/Neteller if you dont know your tradepartner VERY well.
Otherwise you will loose your money and additional Paypal/Skrill/Neteller might kick and ban you forever. Not maybe you will loose, but 100% sure.

Trade across blockchains DECENTRAL : https://cutt.ly/rOSoDl
gentleman2019
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December 19, 2019, 06:53:33 PM
Merited by OmegaStarScream (1)
 #813

I read most of this thread. Will be avoiding Paypal for selling.

Is at least Buying only from someone using Paypal safe? Or is there a chance of getting scammed there as well?
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December 20, 2019, 07:16:20 AM
Merited by OmegaStarScream (1)
 #814

Yes paying with pp is ok. But who accepts that?
In most cases you have to verify yourself and get a very poor rate.
Better is to cash out PP to the bankaccount and buy BTC with sepa/swift or with cash.

Chances to get scammed are always existing.
Dont go first with pp-payment and think you could reverse it easily if seller does not send coins.
In some cases you cannot reverse PP easily!
NEVER EVER allow someone to teamview your computer to check if the origin of your PP-funds are OK!

So use standard security cautions, like safe escrow.

Trade across blockchains DECENTRAL : https://cutt.ly/rOSoDl
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December 20, 2019, 07:25:17 AM
Last edit: December 20, 2019, 07:55:56 AM by OmegaStarScream
 #815

An escrow won't be of too much help here since PayPal is reversible. It only helps if neither of the buyer/seller want to go first but there will still be a risk of a chargeback afterwards.

It might make sense from the buyer's side, but there is also no reason for the seller to agree to that since the risks are known.

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December 20, 2019, 07:41:33 AM
 #816

Yes, but the question was: Is it safe to PAY with PP.
Yes from the side of the payer it is. If someone accepts it, but in that case an Escrow makes great sense!

Is it safe to receive PP for coins or any goods?
NO.

Trade across blockchains DECENTRAL : https://cutt.ly/rOSoDl
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February 23, 2020, 06:58:23 AM
 #817

Yes, but the question was: Is it safe to PAY with PP.
Yes from the side of the payer it is. If someone accepts it, but in that case an Escrow makes great sense!

Is it safe to receive PP for coins or any goods?
NO.

Buyer can use paypal not issue, But seller better not use paypal , especially sell service and e-book one.
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February 24, 2020, 11:16:35 PM
 #818

 Huh I thought Paypall is almost impossible to use when you buying crypto. I use mostly wallets and none of them let you buy with Paypal, Zelle, etc
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February 25, 2020, 08:31:52 AM
 #819

Huh I thought Paypall is almost impossible to use when you buying crypto. I use mostly wallets and none of them let you buy with Paypal, Zelle, etc

It's against Paypal's terms of service, that's why exchanges (and not wallets) don't let you buy/sell bitcoin anymore. Other solutions:

- The currency exchange section on the forum.
- LocalCryptos (No KYC), Paxful (must submit documents after +1500$ trading volume), or LBC (mandatory KYC).
- Coinsbee's PP gift cards.

Both #1 and #2 can be risky, because of chargebacks, so make sure to check the trust history of users before dealing with any of them.

You should be fine with the last option (for buying only) since you will be dealing with a company and not an individual.


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April 26, 2020, 04:39:01 AM
 #820

We know PayPal is a most popular wallet for storing our assets.Money sent by using PayPal and any other money transfer services that accepts credit cards can be easily reversed by the senders ....so we must aware about using PayPal.What ever we should only accept PayPal in trades.
Thare are some other services that are actually not safe....
-AlertPay
-Moneypak
-Dwolla
-Bank transfers like ACH
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