Bitcoin Forum
September 22, 2019, 11:30:03 AM *
News: If you like a topic and you see an orange "bump" link, click it. More info.
   Home   Help Search Login Register More  
Pages: [1]
Author Topic: Taking the risk out of bitcoin  (Read 1121 times)
Full Member
Offline Offline

Activity: 224
Merit: 100

View Profile
July 26, 2011, 04:55:52 PM

It seems pretty obvious that bitcoin has a lot of risk at the moment. The risk isn't because of bitcoin per se.
It's because bitcoin is cash like. I someone purchase something with bitcoin it is akin to sending the seller cash through the mail.
Most people don't do this because of the risk that is involved if the seller is perpetrating a fraud.

In the US, the legal remedies for interstate transactions are really shitty with cash. One reason being, there is no Federal Small Claims Court.
International transactions are even worse.

How the law treats bitcoin is a big unknown but as we can see even if it where legally treated as cash there would be issues.

Any ideas on how to remove the risk?
Private arbitration?
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
Jaime Frontero
Full Member
Offline Offline

Activity: 126
Merit: 100

View Profile
July 26, 2011, 05:01:56 PM

escrow can be helpful.

otherwise, be careful.  know your merchant.
Sr. Member
Offline Offline

Activity: 243
Merit: 250

View Profile WWW
August 02, 2011, 02:53:18 AM

Escrow already exist, have like 4 that I'm aware of including mine.
We are also providing arbitration services as long as resolution center.
This will in fact remove the risk a lot in bitcoin transaction. Use that along with best practice in order to avoid fraud or scam and you,ll be safe at 99.9%.

I'm currently working on a buyer / Seller aware tips in order to process transaction secure using our escrow services.

Pages: [1]
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!