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Author Topic: Bitcoins and Money Orders  (Read 1053 times)
herbertfilby
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June 11, 2011, 08:55:02 PM
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One of the biggest barriers to getting into bitcoins is the tedious process of going through several payment processors to actually get the bitcoins... Besides cash itself, the other alternative I can see would be money orders where you know that you can cash it without having to worry about check fraud and waiting for it to clear.

So, why don't more exchanges have this as an option?
There are several different types of Bitcoin clients. Hybrid server-assisted clients like Electrum get a lot of their network information from centralized servers, but they also check the server's results using blockchain header data. This is perhaps somewhat more secure than either server-assisted clients or header-only clients.
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Stephen Gornick
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June 11, 2011, 10:05:43 PM
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One of the biggest barriers to getting into bitcoins is the tedious process of going through several payment processors to actually get the bitcoins... Besides cash itself, the other alternative I can see would be money orders where you know that you can cash it without having to worry about check fraud and waiting for it to clear.

So, why don't more exchanges have this as an option?

Money orders, like checks and other demand instruments, are reversible (in certain circumstances), while bitcoins on the other hand, are not.
  "A money order can be lost or stolen and there are procedures for reporting that. Losses could occur even weeks after the check has cleared"
  - http://en.bitcoin.it/wiki/Payment_methods

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