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Author Topic: Beware of PayPal and other reversible transfer services  (Read 292073 times)
ElegantCy
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October 16, 2017, 03:05:57 AM
 #641

I like PayPal services, but the fact that many countries don't allow it's services or are highly restrictive makes Bitcoin a better and more viable option.

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Mikelude
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October 21, 2017, 06:05:28 AM
 #642

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)
Thanks, this post is really helpful to newbies like me

www.etherblue.org The Future of CryptoCurrency
Renzyp
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October 22, 2017, 07:33:36 AM
 #643

Thanks guys I’m learning more and I want to learn more,, I enjoy reading more infformation here:-)
sehanmaxx01
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November 02, 2017, 10:20:13 AM
 #644

can i use my paypal for buy btc.?
OmegaStarScream
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November 02, 2017, 10:38:14 AM
 #645

can i use my paypal for buy btc.?


You can use Virwox but the fees will be high and If you're dealing with individuals through Paxful or Localbitcoins, people may not trade with you because It's a reversible payment method and you're new to the site.

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November 02, 2017, 10:41:45 AM
 #646

Thank you very much, this should definitely hint us that we our transactions with only trusted and those are in the longer industry like Paypal to help our money and out of reach of that money stealing scammers. This should definitely alert us in making transactions in those unreliable and no connection to bitcoin money transferring and money payment of bills and money online.

FLUZFLUZGLOBAL
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November 02, 2017, 07:14:30 PM
 #647

Middle man paypal account can be of your own i believe. You just create an account and use that to receive the funds and transfer to your main account so a charge back can not happen to lock your account.
mahdaoui imad
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November 02, 2017, 11:00:49 PM
 #648

They expect you to use the legal system if the chargeback was fraudulent
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November 07, 2017, 10:49:35 AM
 #649

I found a cool way to send money back and forth WYRED.com I think its in beta right now.
Anyone had a chance to try it out?

https://preview.ibb.co/jBwT2b/Screen_Shot_2017_11_07_at_12_49_09.png

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)

FinTech enthusiast, Bitcoin Evangelist.
intelligentdude
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November 08, 2017, 08:39:20 PM
 #650

I had a very funny experience months back with Paypal. After releasing my product to the buyer, he did a charge back and i lost both my capital and my profit. It was really painful.

I like Vector Project
Nana21
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November 09, 2017, 08:39:35 PM
 #651

So what is the safest way to sell btc and stay with the money you got payed
danpol
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November 10, 2017, 02:14:34 PM
 #652

I had a very funny experience months back with Paypal. After releasing my product to the buyer, he did a charge back and i lost both my capital and my profit. It was really painful.

I've heard many stories like yours.
But I still don't understand what can cause the paypal or another system to do a charge back to buyer?
Maybe poor quality of product or something else?
mace029
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November 12, 2017, 01:16:00 PM
 #653

Thank you for this information. Now i am sure that I won't gonna use paypal as a mode of payments to the person that ay i don't know personally.

Always choose to do the right thing
Follow your ♥
BanqueiroGordo
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November 13, 2017, 12:22:49 PM
 #654

What about Neteller?
EvaGC
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November 13, 2017, 05:00:29 PM
 #655

I actually didn't know that about PayPal... thank you
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November 13, 2017, 05:56:03 PM
 #656

What about Neteller?

Neteller itself don't have chargeback possibility but it all depends on the payment method used to fund the account. If for example someone fund his account using a credit card and then send you funds, If he contact the credit card company claiming the payment was unauthorized, there is a possibility that the will chargeback it and you will get affected. So, while dealing with Neteller, always ask for proof on how the account was funded. (If bitcoin for example was used, no fear).

doodle1958
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November 14, 2017, 09:18:45 AM
 #657

What about Neteller?
Neteller itself don't have chargeback possibility but it all depends on the payment method used to fund the account. If for example someone fund his account using a credit card and then send you funds, If he contact the credit card company claiming the payment was unauthorized, there is a possibility that the will chargeback it and you will get affected. So, while dealing with Neteller, always ask for proof on how the account was funded. (If bitcoin for example was used, no fear).

Absolutely right!
No matter that transfer service is non-reversible (like Neteller or OKPAY), there is a possibility that the client will get chargeback if it was a payment via plastic card.
So this is not the fault of Paypal and it would be fair to change the name of the topic =)
Sajidawan1984
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November 15, 2017, 11:12:17 AM
 #658

I have experience to transfer money through pay pal and i always found this service very good
Instant payment through all over the world
adikwumg
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November 15, 2017, 02:25:16 PM
 #659

I just got useful insight into currency exchange.great post
arcyemi
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November 18, 2017, 08:38:17 AM
 #660

I have been using PayPal for my transections, I never know that it can be reverse even after several weeks, I am going to be more careful from now on, thank you for this information.
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