Useful info: how to avoid cheating when selling bitcoin via PayPal!

[Vazil]

I have tried to summarize the main actions which will help you to avoid cheating while selling bitcoins (or other crypto assets) via PayPal.   ++ to karma to all of you who gives me merit for this topic=)

I) You should know that PayPal is the most inappropriate way to trade crypto assets! There are many other safe payment methods.

II) If you positively choose PayPal as the method of getting money from the buyer, then (BEFORE sending BTC) ask him to:
- pay as family and friends;
- send the funds only as a “gift”;
- provide additional documents* (see at the end of topic)

III) Withdraw money from your PayPal account immediately after acceptance of funds from the buyer. Depending on where the seller lives, these bank transfers can take 2-5 business days, although the money should be relatively safe as soon as PayPal marks the request as “completed.”


* list of documents which the buyers must provide you:

1-Proof of ID (Passport, Driver license or ID Card) (IN HIGH QUALITY)

2-Selfie (entire face) with ID in hand (readable) (IN HIGH QUALITY)

3- Screenshot of the buyer's OWN VERIFIED PayPal Account balance - ONLY PAYPAL VERIFIED ACCOUNTS -

4-For Business Account, Proof of address

5-Paypal info & ID must match

6-Proof of payment with own balance

7-The letter, authorizing the trade.
must be written by hand and then take a picture of the buyer next to his/her face ('selfie'):
I, <buyer's name>, accepts that I am buying XXXX amount of WICKED bitcoins for the PayPal price of $ XXX.XX. I am willingly acknowledging that if I attempt to make a chargeback that all information will be presented to PayPal including this agreement I am voluntarily acknowledging that this is a valid purchase and the compilation of this information is for validation purposes. Signed <buyer's name> + the number of the buyer's ID CARD

If the buyer's account is business, then he/she will have to do the same, but in a stamped sheet of his/her company and duly stamped.


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So, believe me, if a dishonest buyer, using PayPal as a means of cheating, faces all your requirements he just cancels the transaction.

[Kramblerty]

Big problem! I read a lot of stories about scam and cheating related to PayPal. Thanks for the information! 

[Vazil]

Big problem! I read a lot of stories about scam and cheating related to PayPal. Thanks for the information! 

Yes, and the saddest thing is that all that scammers hurts the whole crypto market.

[lukyanli]

You have given suggested some good measures which will prevent the buyer from doing a charge back. But there are some issues here:

1) If you receive large amount of money as "friends and family" option, PayPal may block your account. That option is not for selling digital items.

2) Also as you are selling digital items, if the buyer makes a chargeback, it will be in his favor. If you do not pay back, you will loose PayPal account.

Thus, it is better to use any other payment option for this. Escrow is best.

[Vazil]

You have given suggested some good measures which will prevent the buyer from doing a charge back. But there are some issues here:

1) If you receive large amount of money as "friends and family" option, PayPal may block your account. That option is not for selling digital items.

2) Also as you are selling digital items, if the buyer makes a chargeback, it will be in his favor. If you do not pay back, you will loose PayPal account.

Thus, it is better to use any other payment option for this. Escrow is best.

Good comment! thanks!

[Kramblerty]

All bitcoin buyers should be ready to buy BTC soon (including buyers who use PayPal=)

[Vazil]

All bitcoin buyers should be ready to buy BTC soon (including buyers who use PayPal=)

Yes! at the level 4700-1500 BTC/USD

[Vazil]

You have given suggested some good measures which will prevent the buyer from doing a charge back. But there are some issues here:

1) If you receive large amount of money as "friends and family" option, PayPal may block your account. That option is not for selling digital items.

2) Also as you are selling digital items, if the buyer makes a chargeback, it will be in his favor. If you do not pay back, you will loose PayPal account.

Thus, it is better to use any other payment option for this. Escrow is best.

Sure, PayPal should not be used for large amount of money.

[swogerino]

You have given suggested some good measures which will prevent the buyer from doing a charge back. But there are some issues here:

1) If you receive large amount of money as "friends and family" option, PayPal may block your account. That option is not for selling digital items.

2) Also as you are selling digital items, if the buyer makes a chargeback, it will be in his favor. If you do not pay back, you will loose PayPal account.

Thus, it is better to use any other payment option for this. Escrow is best.

This is where most people are wrong. Escrow can't do anything when you are dealing with Paypal as if the buyer is a scammer he has a 180 days open window to charge back the transaction thus making the escrow not valid when dealing with paypal. Paypal and crypto buying/selling are just not a good pair together, there will always be problems when buying/selling bitcoin with Paypal.

[cryptorampage]

I have tried to summarize the main actions which will help you to avoid cheating while selling bitcoins (or other crypto assets) via PayPal.   ++ to karma to all of you who gives me merit for this topic=)

I) You should know that PayPal is the most inappropriate way to trade crypto assets! There are many other safe payment methods.

II) If you positively choose PayPal as the method of getting money from the buyer, then (BEFORE sending BTC) ask him to:
- pay as family and friends;
- send the funds only as a “gift”;
- provide additional documents* (see at the end of topic)

III) Withdraw money from your PayPal account immediately after acceptance of funds from the buyer. Depending on where the seller lives, these bank transfers can take 2-5 business days, although the money should be relatively safe as soon as PayPal marks the request as “completed.”


* list of documents which the buyers must provide you:

1-Proof of ID (Passport, Driver license or ID Card) (IN HIGH QUALITY)

2-Selfie (entire face) with ID in hand (readable) (IN HIGH QUALITY)

3- Screenshot of the buyer's OWN VERIFIED PayPal Account balance - ONLY PAYPAL VERIFIED ACCOUNTS -

4-For Business Account, Proof of address

5-Paypal info & ID must match

6-Proof of payment with own balance

7-The letter, authorizing the trade.
must be written by hand and then take a picture of the buyer next to his/her face ('selfie'):
I, <buyer's name>, accepts that I am buying XXXX amount of WICKED bitcoins for the PayPal price of $ XXX.XX. I am willingly acknowledging that if I attempt to make a chargeback that all information will be presented to PayPal including this agreement I am voluntarily acknowledging that this is a valid purchase and the compilation of this information is for validation purposes. Signed <buyer's name> + the number of the buyer's ID CARD

If the buyer's account is business, then he/she will have to do the same, but in a stamped sheet of his/her company and duly stamped.


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So, believe me, if a dishonest buyer, using PayPal as a means of cheating, faces all your requirements he just cancels the transaction.

This whole information is so important , thank you for sharing here , I just got caught and cheated two times in a row. I stopped using PayPal from then. But it seems I might use it again with all the safety steps and precautions. Thanks. Certainly helpful.