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Author Topic: Is buying btc on ebay legit?  (Read 1302 times)
flipper
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June 14, 2013, 06:34:48 AM
 #1

I'm thinking about buying .01 btc to test my new wallet.
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June 14, 2013, 06:50:43 AM
 #2

No, ebay and paypal does not allow currency exchange, it's risky even if you find a willing seller.
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June 14, 2013, 08:17:24 AM
Last edit: June 14, 2013, 08:37:47 AM by jimmijames73
 #3

I'm thinking about buying .01 btc to test my new wallet.

Yes eBay is fairly safe to buy bitcoin, you pay a bit of a premium (+20%), but for 0.01 BTC it should not break the bank.  Just pay using PayPal and if they don't send the bitcoin you can raise a dispute and you will get your money back.  It is only risky for the seller, as a scammer can do a charge-back on PayPal after receiving the bitcoin.

When I first started in bitcoin, I used eBay to purchase 0.01 BTC to test out my wallet.  I still keep an eye on the auctions on eBay as sometimes you can pick it up for a decent price.

Edit: Spelling.
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June 14, 2013, 09:11:10 AM
 #4

I'm thinking about buying .01 btc to test my new wallet.

0.01 btc is like 1 usd.
Even if it was risky to buy on ebay, why would you even care for 1 usd?!!

Huh.
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June 14, 2013, 09:19:33 AM
 #5

I'm thinking about buying .01 btc to test my new wallet.

0.01 btc is like 1 usd.
Even if it was risky to buy on ebay, why would you even care for 1 usd?!!

Huh.

Agreed.

But honestly I'd recommend using one of the exchanges like MtGox. Thus far they are safer, though a bit slower. The problem is that as far as I know both eBay and Paypal forbid cryptocurrency exchanging in their ToS. This forum is full of stories by people getting their paypal accounts frozen over it.

Or just take a look at stuff like coinworker or tasks4dollars. 0.01 BTC are made there quite quick.

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June 14, 2013, 10:05:52 AM
 #6

Buying is legit. Selling is a NIGHTMARE.

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June 14, 2013, 10:19:20 AM
 #7

I used localbitcoins.com
which was a link i got from the Newbie FAQ on this forum :0)

it was very painless.
I setup an account.
Picked someone with a good rep and the same bank as me
tranferrred them money, waited about an hour.
got bitcoins in my localbitcoins wallet
then i sent them from there to my computer wallet.

one thing i have noticed which doesn't jump out at you is transferring bitcoins is not instant.
mine took about 3 hours to confirm.
You can pay a fee (it's under settings, main, Pay transaction Fee) and then it goes much faster but if i wanted to pay banking fees i'd just use a bank.

who gets those transaction fees anyway?
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June 14, 2013, 10:22:55 AM
 #8

who gets those transaction fees anyway?


Transaction fees go to the miners who confirm your transaction. If you don't include a fee your transaction is rejected automagically by most miners, thus it takes a lot longer to confirm.

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June 14, 2013, 01:15:58 PM
 #9

Buying from ebay can be risky if the staff catch you.


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June 14, 2013, 01:53:04 PM
 #10

Buying from ebay can be risky if the staff catch you.

What are they going to do, return your money?

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June 14, 2013, 01:56:51 PM
 #11

lots of people are selling them there

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June 14, 2013, 01:57:49 PM
 #12

Buying from ebay can be risky if the staff catch you.

What are they going to do, return your money?
No just suspend your Paypal account


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June 14, 2013, 03:35:44 PM
 #13

I haven't bought bitcoins off ebay. But in the beginning I sold. and I learned the hard way. Esp when about 19 chargebacks popped up.  I even went as far as to go and ship out the bitcoin in paper form..like a bitcoin bill/voucher.  and most of the chargebacks went in my favor. Or so I thought, turns out the creditcard company can still counteract that too and they take the side of the buyer. I lost out because I am not a miner, I purchased the bitcoins and then jacked the price up on ebay.  but again. Lesson learned!    a hard hard lesson.

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June 14, 2013, 03:37:34 PM
 #14

I haven't bought bitcoins off ebay. But in the beginning I sold. and I learned the hard way. Esp when about 19 chargebacks popped up.  I even went as far as to go and ship out the bitcoin in paper form..like a bitcoin bill/voucher.  and most of the chargebacks went in my favor. Or so I thought, turns out the creditcard company can still counteract that too and they take the side of the buyer. I lost out because I am not a miner, I purchased the bitcoins and then jacked the price up on ebay.  but again. Lesson learned!    a hard hard lesson.
That sounds like a serious lesson. As I said ebay isn't a good place to sell or purchase bitcoin.


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June 14, 2013, 03:41:12 PM
 #15

I haven't bought bitcoins off ebay. But in the beginning I sold. and I learned the hard way. Esp when about 19 chargebacks popped up.  I even went as far as to go and ship out the bitcoin in paper form..like a bitcoin bill/voucher.  and most of the chargebacks went in my favor. Or so I thought, turns out the creditcard company can still counteract that too and they take the side of the buyer. I lost out because I am not a miner, I purchased the bitcoins and then jacked the price up on ebay.  but again. Lesson learned!    a hard hard lesson.
That sounds like a serious lesson. As I said ebay isn't a good place to sell or purchase bitcoin.

Really shows you how strong of a grip PayPal have on all online transactions. They essentially brought down any competition before Bitcoin started and now we are left with this.

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June 14, 2013, 03:44:18 PM
 #16

You can pay a fee (it's under settings, main, Pay transaction Fee) and then it goes much faster but if i wanted to pay banking fees i'd just use a bank.

There is no free lunch in this world.  The block subsidy will continue to decline (as there is a limit on max number of Bitcoins) and fees will play an increased role in suporting the cost of running the network.

Let me know when your bank allows you to wire an unlimited amount of money anywhere in the world in an hour with a cost of $0.01 or less. Smiley
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June 14, 2013, 03:51:16 PM
 #17

i am not sure, paypal is not bitcoin friendly, may be they fear that it is gonna take over them
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June 14, 2013, 04:03:33 PM
 #18

i am not sure, paypal is not bitcoin friendly, may be they fear that it is gonna take over them
Yeah, they consider it as another currency and currency exchanges aren't allowed in Paypal.


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June 14, 2013, 04:05:32 PM
 #19

I'd be careful selling any irreversible currency for a reversible payment. Seems like a no brainer to me.
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June 14, 2013, 04:07:37 PM
 #20

I'd be careful selling any irreversible currency for a reversible payment. Seems like a no brainer to me.
It actually is. Pretty simple stuff here.


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