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Author Topic: Bitcoin Exchange that except Debit Card deposits  (Read 3941 times)
DeathAndTaxes
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Gerald Davis


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September 20, 2011, 03:46:39 AM
 #21

Is this a real problem? How do banks figure out fraud from real claims? If it's a problem for bitcoin why isn't it a problem for every single thing sold on the internet?

It is a problem.  Credit card fraud costs merchant/banks roughly ~$2.2B a year (2008 latest year I have a stat for).

That is a lot of cost that gets absorbed into the cost of everything we buy and pay for.  That $2.2B is a combination of identity theft, plain-vanilla credit card fraud and so called "friendly fraud" (where buy decides to misreport a transaction as fraudulent/chargeback).

This is one reason credit card fees are so high.  If people want the ease and access of credit cards be prepared for the massive fees and lack of anonymity that come with it.

You can't easily marry bitcoin = anonymous and irreversable with credit cards = identifiable and easily reversable.  The person trading/selling bitcoins (i.e. exchange) will always lose.
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Rassah
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September 20, 2011, 03:56:56 AM
 #22

You can't easily marry bitcoin = anonymous and irreversable with credit cards = identifiable and easily reversable.  The person holding bitcoins (i.e. exchange) trading bitcoins for other things will always lose.

Fixed a bit, since the people ending up holding bitcoins at the end are typically the scammers

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September 20, 2011, 04:08:11 AM
 #23

https://www.virwox.com/ accept credit cards and paypal to buy lindum dollars which you then can exchange for bitcoin (I bought 6btc this way to test it).
The downside is you have download second life and then wander around doing nothing for no obvious reason.
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September 20, 2011, 04:56:01 AM
 #24

https://www.virwox.com/ accept credit cards and paypal to buy lindum dollars which you then can exchange for bitcoin (I bought 6btc this way to test it).
The downside is you have download second life and then wander around doing nothing for no obvious reason.
Another downside is the CRAZY HIGHWAY ROBBERY STYLE FEES!

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September 20, 2011, 08:31:20 PM
 #25

What about liability shift? http://www.certodirect.com/documentation/merchant-anti-fraud-tools/3-d-secure-integration/e-commerce-chargebacks-liability-shift.html

Verified by Visa -> http://usa.visa.com/merchants/risk_management/vbv_benefits.html

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good software, maybe


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September 21, 2011, 07:51:57 AM
 #26

https://www.virwox.com/ accept credit cards and paypal to buy lindum dollars which you then can exchange for bitcoin (I bought 6btc this way to test it).
The downside is you have download second life and then wander around doing nothing for no obvious reason.
Another downside is the CRAZY HIGHWAY ROBBERY STYLE FEES!
Is this forum okay with shouting? It's okay if it is, I just want to make sure Smiley If not, you may wish to edit your post just to be safe.
Rassah
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September 21, 2011, 02:28:56 PM
 #27

https://www.virwox.com/ accept credit cards and paypal to buy lindum dollars which you then can exchange for bitcoin (I bought 6btc this way to test it).
The downside is you have download second life and then wander around doing nothing for no obvious reason.
Another downside is the CRAZY HIGHWAY ROBBERY STYLE FEES!
Is this forum okay with shouting? It's okay if it is, I just want to make sure Smiley If not, you may wish to edit your post just to be safe.

When it comes to crazy fees that are borderline robberies, sure.

WiseOldOwl
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September 21, 2011, 04:13:43 PM
 #28

ALL OF THIS has already been gone over again and again.
It is absolutely ridiculous that with the amount of info out there now, people are still discussing and suggesting methods of payment that are able to be charged-back.
MoneyPak has also been proven a non scalable solution, albeit a great solution, it only works for maybe the personal bitcoin salesmen not a company with many clients. Of course you can always pay people with them (even though ive had customers reach the limit on their own), you just cant accept them as payment unless you do less than a couple thousand a month in sales.
Anyways,
Good luck.

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