Bitcoin and Fraud

[lienfaye]

Scams are everywhere and if you are not sure in the legitimacy of a business then do a background check and take time reading from the feedbacks of their previous customers. dont trust easily and be aware of the possibility that you are dealing with a scammer. escrow is a good choice to prevent this from happening especially we are talking about btc as the payment cant be reverse once you made it. although it will take time for merchant and a bit incovenient for his part to use escrow, this will ensure that both parties will receive what is supposed to.

[1714902173]

1714902173

[Japinat]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

First of all, bitcoin is not paypal who's capable of doing what you mentioned. The system of bitcoin is very much transparent to us and we know it's limitation so under the situation, it should be the transacting parties initiative to transact safely. Bitcoin was not created solely for online shopping, it's just a currency that can be use for online transaction and it has nothing to do with the safety of both party to make a successful transaction.

[boyptc]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

We cannot get our bitcoins back modify the op. My idea to prevent to this type of scenario is just always use escrow when transacting to merchants. This is the only way to prevent merchants to do this crazy act. And when it comes to phishing and fake websites, just always be cautious and learn to look at the url to protect yourself.

[QuestionAuthority]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

We cannot get our bitcoins back modify the op. My idea to prevent to this type of scenario is just always use escrow when transacting to merchants. This is the only way to prevent merchants to do this crazy act. And when it comes to phishing and fake websites, just always be cautious and learn to look at the url to protect yourself.

Yes but using escrow for every purchase is a recipe for the failure of bitcoin. I'm a big online shopper. If I had to use escrow every time I used my credit card to buy something online I would cut them in half and throw them away. Credit cards would be useless for me then.

I'd much rather take my chances on losing my btc than use escrow for every purchase. I just don't buy costly items using Bitcoin. I use credit cards with fraud protection for those items.

[Warkop]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

We cannot get our bitcoins back modify the op. My idea to prevent to this type of scenario is just always use escrow when transacting to merchants. This is the only way to prevent merchants to do this crazy act. And when it comes to phishing and fake websites, just always be cautious and learn to look at the url to protect yourself.

Yes but using escrow for every purchase is a recipe for the failure of bitcoin. I'm a big online shopper. If I had to use escrow every time I used my credit card to buy something online I would cut them in half and throw them away. Credit cards would be useless for me then.

I'd much rather take my chances on losing my btc than use escrow for every purchase. I just don't buy costly items using Bitcoin. I use credit cards with fraud protection for those items.

I think the key escrow to secure bitcoin in the world who want to perform any transaction, I think it is a very reasonable thing if escrow is reduced by half of your money because you are using an escrow service to shop safely online. When you shop with a credit card if you do not pay at the end of the month you will be subject to fines or fees per month, so I thought to do anything not free without giving money, surely you know about online shopping are many cases of fraud, you use a credit card there wandering hacker, definite and secure only use escrow to mempastikan that the money or property was fine.

[danherbias07]

What are your thoughts and ideas to prevent these scams.

Either do your own due diligence (stick with established, well rated merchants) or use a credit card when shopping somewhere "less than reputable".

Yeah well the purpose of my question is about promoting Bitcoin for merchants.

Thank you anyway for your though

Anybody else ?

I dont get it. You are promoting bitcoin to merchants and yet your example says "assuming the merchant accept bitcoin".
I would be taking safety precautions before I deal with anybody else. Just a little dirt to him will cost me to not trust him.
I will be looking at the trust rating first and reputation and see some good feedbacks. If none, go deeper try to google the name of it.

[coynedterm]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

I think this problem has only one solution of the improvement of the product.  Because if the shopper send you the product and you didn't like or found problem then surely he will get negative response but he will remain in the market forever so he needed to improve his service and product so that everyone will satisfy with his service otherwise giving the negative trust is only a type of review which is not a solution at all .

[boyptc]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

We cannot get our bitcoins back modify the op. My idea to prevent to this type of scenario is just always use escrow when transacting to merchants. This is the only way to prevent merchants to do this crazy act. And when it comes to phishing and fake websites, just always be cautious and learn to look at the url to protect yourself.

Yes but using escrow for every purchase is a recipe for the failure of bitcoin. I'm a big online shopper. If I had to use escrow every time I used my credit card to buy something online I would cut them in half and throw them away. Credit cards would be useless for me then.

I'd much rather take my chances on losing my btc than use escrow for every purchase. I just don't buy costly items using Bitcoin. I use credit cards with fraud protection for those items.

I don't think it will cause bitcoin as a failure also is a matter of choice. Most of us prefer to use escrow just to make our transactions successful and avoid this type of scam and failure to comply with the product you had bought with that merchant. Also we are talking about bitcoin usage, we know that credit cards does have fraud protection.

[pedrog]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

That's the main reason bitcoin will never be massively adopted for online shopping, unless transaction escrow and transaction disputes are managed by some Paypal alike corporation and bring some security to buyers.

You can see it happening all the time on dark markets, not only high reputable sellers make an exit scam, entire markets exit scam.

[phr0stbyt3]

That will totally be your fault if you lose your money because of Bitcoin irreversible features. There is something called google in this world and of course if that site is there for a long time there will surely be scam accusations or why don't you just purchase items using an escrow or just ask the seller to make an account on a site called bitify as they have an escrow option.

[matt11235]

when the payment system has charge back it means any random person on the internet with complete anonymity can use any payment method and charge it back.

But it doesn't. You can't make a PayPal account with a pseudonym, there are strict identity checks.

If I had to use escrow every time I used my credit card to buy something online I would cut them in half and throw them away. Credit cards would be useless for me then.

I use credit cards with fraud protection for those items.

Kind of contradicting yourself there 

[Juggy777]

Does Fiat guarantee that there will be no scams whatsoever. By using a credit card can you be sure that your data is safe and your data won't be comprised. There is no guarantee in any currency, all one can do is do through research and then only proceed to buy. One way is to first see their past reputation. Have they made similar kind of deals. And you really need to be choosy, scams are possible when people fall for high discounts, newbies. Offering super deals. You should ask for vouches or ask people who have traded with them to make sure you get it right.

[Minimii]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

There will always be people who stumbles upon a fraud. However as with all payments made to persons, do your reasearch.

Also, I'm sure there will come more and more companys who buys for you that meaning a 3rd party who makes your purchase (you pay a small fee for them doing so) but your initial payment is safed so if it's a scam it's the 3rd party that will lose on it, not you, well as long as the 3rd party is trusted of course.

Best Regards,

[dmamigo]

Fraud regarding Bitcoins can be regulated or prevented to some extent. Fraudulent activities can never be stopped but somewhat prevented.
Like, Regarding investing you Bitcoins, becoming knowledgeable about it, where you are putting your money, who is taking the money etc., will help you avoid frauds, but not always though. And as the transaction are non traceable, the frauds are increasing regarding BTC, which is why many of my friends are not interested, after deeply researching on it, mostly they fear of getting conned.

[Astvile]

You must study and search for a legit site first before spending your bitcoin over there.Mostly its the buyers fault why they are being scammed by sites or other peoples too their trust too much depending on the feedback which may be fake

[savioroshan]

Yes op is right, Its very easy to cheat customers if we pay via bitcoin. In my opinion use bitcoin as online payment method if you are sure that  merchant  can be trusted. In my opinion , you can use bitcoin as payment method if you want to buy any branded product. Because branded shops wont cheat their customers. If anything like cheating happens it will affect the brand name. So definitely the merchants will be  carefull regarding that.

[Zadicar]

This would depend on the merchants decision if he would tend or plan to give you a refund or not since we do know bitcoin transactions arent irreversible and if you bought from a certain merchant and do accept the thing which you didnt expect then this would be a hard thing thats why its really important to always search for the legitimacy of such merchant before planning on making any bitcoin transactions.

[canah17]

Assuming a merchant accept Bitcoin,

You as a shopper, place an order, and that merchant did not deliver, or sent to the wrong address, or sent a fake product.

You can not reverse the payment, you can get your bitcoins back, and the only thing you can do it leave a negative feedback.

Of course, there are many other scenarios, like phishing websites, fake websites, selective scams, and so on

What are your thoughts and ideas to prevent these scams.

Well to dodge this kind of scams is very hard because this kind of things happens to any us users. But to solve this kind of stuff is just to be wise on what you will decide and search about the information about the website that you will shop, and don't trust people in the internet easily because they can be that wise to scam you .. get the info about the website and you won't be scam,

[Kprawn]

What are your thoughts and ideas to prevent these scams.

Either do your own due diligence (stick with established, well rated merchants) or use a credit card when shopping somewhere "less than reputable".

Yeah well the purpose of my question is about promoting Bitcoin for merchants.

Thank you anyway for your though

Anybody else ?

Well the way to promote it to merchants is easy.... concentrate on these 11 drawbacks on using a credit card :

https://www.consumerprotect.com/11-types-of-credit-card-fraud/

Bitcoin does eliminate some of these fraudulent activities and are a much better payment option than Credit cards.

[jtipt]

What are your thoughts and ideas to prevent these scams.

Either do your own due diligence (stick with established, well rated merchants) or use a credit card when shopping somewhere "less than reputable".

Yup that's pretty much the safest way that one can take. But now with payment processors like bitpay.com coming around its safe to use btc almost anywhere where bitpay.com is used.