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Author Topic: A note about PayPal  (Read 4357 times)
jprockbelly
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July 05, 2011, 03:23:22 AM
 #1

ok, so I keep reading alot of posts by people who want to buy BTC using paypal. It seems that the default response is "don't use paypal you can get scammed!!!!1!!". This is in fact not true provided you (or rather the buyer) can use paypal correctly. Here is a very short guide on how to SELL bitcoin on paypal and not get scammed:

1. Find person to buy your bitcoin.

2. Ask for the payment as a PayPal gift payment, which is found under the 'Personal' tab in payment type.

http://files.meetup.com/1307107/Paypal%20Send-as-Gift%20Option.jpg

3. When payment arrives send bitcoins.

4. Have a mojito.

The reason this works is that "gift" payments cannot be disputed through paypal. So once the person has sent the "gift" they cannot then cancel the payment. Note that I have said this is guide to SELL bitcoin without getting scammed. In fact the risk is just moved to the buyer, who has to trust that the seller will send the BTC after the paypal gift is received.

An added advantage of this method is that gift payment also HAVE NO FEES! So that is added incentive for both parties.

Hope this helps y'all

EDIT: This may not work in your country, check your own paypal site for details

EDIT2: This is not fool proof. See comments below (particularly from MiningBuddy)

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ryanwalters
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July 05, 2011, 03:39:16 AM
 #2

What if the buyer is using a stolen paypal account?
jprockbelly
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July 05, 2011, 03:40:37 AM
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What if the buyer is using a stolen paypal account?

Then they are a very naughty boy.

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MiningBuddy
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July 05, 2011, 03:54:45 AM
 #4

This does not stop PayPal scammers at all.
I've seen it a hundred times.
Scammer logs into PayPal via tor, purchases items, logs back in several hours later minus tor and files a dispute for unauthorized account access, and guess what? .. Yeah.. PayPal favour them, every fucking time.

jprockbelly
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July 05, 2011, 04:04:15 AM
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Scammer logs into PayPal via tor, purchases items, logs back in several hours later minus tor and files a dispute for unauthorized account access, and guess what? .. Yeah.. PayPal favour them, every fucking time.

Well that seems like a dick of a thing to do  Sad

Never seen this personally, but thanks for the heads up. Have pointed to this in OP.

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iyj
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July 05, 2011, 05:19:51 AM
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There account could also be funded by a CC in which case a charge back is possible even if the money is sent as a gift.
Maged
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July 05, 2011, 06:14:46 AM
 #7

You should also use "Payment owed" if you do use PayPal. It has the same protections (which really doesn't mean much), except PayPal is less likely to do a manual review of your account. If they review your account, they will very likely lock your funds for several months and ban you.

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July 05, 2011, 06:27:38 AM
 #8

At the moment there isn't a way to protect yourself 100% from Paypal, in my opinion, or at least from my experiences. I've tried everything, but 99% of my disputes are lost.

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