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Author Topic: We need a PayPal-like Bitcoin service  (Read 914 times)
kiwiasian
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July 05, 2011, 08:54:36 PM
 #1

I was thinking about this:
A simple online service that provides the protection of PayPal, but for Bitcoin transactions. This would allow sellers/buyers to identify themselves and would potentially remove the mutual trust issue (since Bitcoin is anonymous in the first place).

Imagine if every user had a user ID, and every transaction was associated with a transaction ID. If someone wants to sell BTC to someone else without the risk of getting scammed, he could send x BTC to that user ID, where it would go to a dedicated BTC address where the funds would go through the Bitcoin-PayPal service. Then, the buyer could send the USD to the same service to the transaction ID so that all the funds are stored in the service. Then both the BTC and USD could be released instantly and simultaneously, thus removing the mutual trust issue and at the same time preventing transaction reversing.

The protection is there because if USD is not sent to the transaction ID within, say, 24 hours, the BTC would automatically get refunded to the sender.

Thoughts?

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Chick
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July 05, 2011, 09:07:04 PM
 #2

Good call! I'm already working on something like this. Stealing PayPal's ideas though. Tongue

The problem with Bitcoin is that transactions can't be reversed once you've sent them. Unlike PayPal, they'll send collection services over to you if you have funds owed to them, with Bitcoin there's no such thing. If you want a both seller-buyer protection, you're going to have a Bitcoin escrow service.

Carnth
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July 05, 2011, 09:20:47 PM
 #3

I'll play a little devils advocate.  Smiley

.....This would allow sellers/buyers to identify themselves and would potentially remove the mutual trust issue (since Bitcoin is anonymous in the first place).
I thought one of the fundamental principles behind Bitcoin was the anonymous nature of it. You even say it!

...
The protection is there because if USD is not sent to the transaction ID within, say, 24 hours, the BTC would automatically get refunded to the sender.

This sounds like the definition of an escrow service.
SmokeAndMirrors
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July 05, 2011, 10:43:39 PM
 #4

Anonymity is good, but not everyone *needs* it for certain things. I could care less if someone knows who I am while purchasing legal items/services. If I want to buy anonymously, there's other ways.

Either way, it can't hurt bitcoin to create (another?) service like this.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
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wahbasah
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July 06, 2011, 01:45:33 AM
 #5


This sounds like the definition of an escrow service.

+1
an escrow is fine too
kiwiasian
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July 06, 2011, 03:08:16 AM
 #6

Anonymity is good, but not everyone *needs* it for certain things. I could care less if someone knows who I am while purchasing legal items/services. If I want to buy anonymously, there's other ways.

Either way, it can't hurt bitcoin to create (another?) service like this.

If I'm making a P2P currency exchange, I would like to be sure the person I'm sending stuff to is indeed the person I am trading with.
Thus comes the need to identify both parties.

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fxgmblr
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July 06, 2011, 06:47:18 AM
 #7

a bitcoin escrow is better
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