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coinbiz (OP)
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January 15, 2014, 08:14:44 AM
Last edit: July 27, 2017, 04:32:26 AM by coinbiz
 #1

Removed.
jonanon
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January 15, 2014, 08:19:10 AM
 #2

Mainly due to credit card fraud - people claiming misuse of their CC after already getting their BTC, there is nothing the seller can do.
patricktim
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January 15, 2014, 08:22:06 AM
 #3

jonanon what you said was true about Credit Cards for Bitcoin , so everyone take note.

jonanon
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January 15, 2014, 08:46:42 AM
 #4

Mainly due to credit card fraud - people claiming misuse of their CC after already getting their BTC, there is nothing the seller can do.
That's true.  I have a feeling it would only be a small amount of people that would do that though.  It's like people who buy something on eBay and claim it never arrived so they get refunded through Paypal and screw the seller.  But then those people get banned from the service. 

I wonder if there's a cutoff time for being able to claim misuse of your card after a transaction shows up. 

It is only a small number of people who would do this but they have spoilt it for the rest of us sadly.
Elwar
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January 15, 2014, 10:16:42 AM
 #5

It could be done.

Most credit card companies allow a refund for just about any reason up to six months after purchase.

So to allow bitcoin purchases with credit cards you just require a six month waiting period before you can get your bitcoins.

A long time but if someone really wants bitcoins quickly, that would allow it to happen.

First seastead company actually selling sea homes: Ocean Builders https://ocean.builders  Of course we accept bitcoin.
bitpop
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January 15, 2014, 01:33:18 PM
 #6

Very simple, make them wait 6 months to withdraw.

Meuh6879
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January 15, 2014, 01:43:35 PM
 #7

All exchange place are made "certification" to allow the trust in the buyer.

In virwox, you can't buy your first mBTC in a month (max 1000 euros).
In Neteller, you can't exchange more than 2800 euros par month.

And, after couple of month, the limit is up (but not stopped).
You can write that it's because of liquidity ... but it's, too, for trust into the buyer.

in other "sepa" place, all transaction can take "1 month" to confirmation ... for the first payment (read faq of mtgox or bitcoin.de).
whtchocla7e
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January 15, 2014, 01:44:06 PM
 #8

Bitcoin is supposed replace your credit cards. Get with the program.

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bitpop
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January 15, 2014, 01:49:24 PM
 #9

You can buy from virwox but it's 17% extra

Aswan
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January 15, 2014, 02:08:15 PM
 #10

Mainly due to credit card fraud - people claiming misuse of their CC after already getting their BTC, there is nothing the seller can do.
That's true.  I have a feeling it would only be a small amount of people that would do that though.  It's like people who buy something on eBay and claim it never arrived so they get refunded through Paypal and screw the seller.  But then those people get banned from the service. 

I wonder if there's a cutoff time for being able to claim misuse of your card after a transaction shows up. 

Its 13 Months
DeeSome
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January 15, 2014, 02:24:54 PM
 #11

It could be sorted out very easily IF the CC companies wanted to by providing an online wallet service themselves. Mr. A uses his Visa card to buy x amount of BTC from Mt Gox and the coins are sent to his Visa wallet which he can then transfer to any wallet he wants.
Visa charge a small percentage for the service and because they see the BTC have been transferred to Mr. A's wallet there is no possibility of a chargeback.
Simplistic I know but feasible.
bitpop
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January 15, 2014, 02:56:25 PM
 #12

There's laws like fair credit act

Duane Vick
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January 15, 2014, 03:13:20 PM
 #13

How I would accept CC:

Make a btc gift card and ship it via traceable delivery. Gift card has public key and private key for a wallet. Private key is concealed by scratchoff material. Refund policy is only if buyer returns card with scratchoff intact and wallet not swept. Delivery is only to billing address of credit card. Transactions limited to in-country only.

1FMDNUutcKVTEAph3c8xCvZie7HaCC3xDt If you feel that I've contributed anything worthwhile, please donate.
jonanon
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January 15, 2014, 03:20:14 PM
 #14

It could be sorted out very easily IF the CC companies wanted to by providing an online wallet service themselves. Mr. A uses his Visa card to buy x amount of BTC from Mt Gox and the coins are sent to his Visa wallet which he can then transfer to any wallet he wants.
Visa charge a small percentage for the service and because they see the BTC have been transferred to Mr. A's wallet there is no possibility of a chargeback.
Simplistic I know but feasible.

I like the sound of something like this, I don't like sending bank transfers to random companies - when I wanted to buy my first BTC I automatically thought of debit/credit cards and PayPal, not being able to use them to buy BTC nearly put me off  Sad
DeeSome
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January 15, 2014, 08:58:40 PM
 #15

It could be sorted out very easily IF the CC companies wanted to by providing an online wallet service themselves. Mr. A uses his Visa card to buy x amount of BTC from Mt Gox and the coins are sent to his Visa wallet which he can then transfer to any wallet he wants.
Visa charge a small percentage for the service and because they see the BTC have been transferred to Mr. A's wallet there is no possibility of a chargeback.
Simplistic I know but feasible.

I like the sound of something like this, I don't like sending bank transfers to random companies - when I wanted to buy my first BTC I automatically thought of debit/credit cards and PayPal, not being able to use them to buy BTC nearly put me off  Sad

I was exactly like you, I got interested in the whole bitcoin thing when the price was around $40 and missed out on cheap bitcoins because due to being in UK found it hard to buy any and I was afraid of losing my money jumping through all the hoops to purchase any, I finally took the plunge around the $70 mark and got 5 BTC which I still hold hoping to be able to spend on holidays soon.
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January 15, 2014, 09:27:19 PM
 #16

I have sold four Bitcoin auctions on eBay that were paid for by Paypal or Credit Card, and three of them have had charge backs so far.  They all claimed that their account was hacked, two of them running the charge back within three hours of the purchase.  PS there is nothing I can do about it, I can't even leave them a negative review on eBay because I am the seller.

Morals:
Don't sell bitcoins on eBay
Don't accept credit for bitcoins period. The charge will be reversed and you will be left out of pocket.

Sorry for everyone who wants to use a credit card, but unfortunately these are the facts.

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SirBitsalot
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January 15, 2014, 10:22:16 PM
 #17

Mainly due to credit card fraud - people claiming misuse of their CC after already getting their BTC, there is nothing the seller can do.
^ Exactly. Bitcoins are virtually impossible to fraud.
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January 15, 2014, 11:32:34 PM
 #18

I have sold four Bitcoin auctions on eBay that were paid for by Paypal or Credit Card, and three of them have had charge backs so far.  They all claimed that their account was hacked, two of them running the charge back within three hours of the purchase.  PS there is nothing I can do about it, I can't even leave them a negative review on eBay because I am the seller.

Morals:
Don't sell bitcoins on eBay
Don't accept credit for bitcoins period. The charge will be reversed and you will be left out of pocket.

Sorry for everyone who wants to use a credit card, but unfortunately these are the facts.

Honestly I wouldn't doubt them. Every single digital auction I've done has been charged back. I do believe they were hacked. This is what stolen PayPal accounts are used for.

BreathOfZen
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January 15, 2014, 11:38:36 PM
 #19

I doubt the first two reversals because they were so quick (literally an hour or so,) but either way the whole thing is sad.  The bad news is it proves that the world of credit and trust is dying, the good news is that it proves the need for an irreversible cash equivalent online-such as Bitcoin!

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January 16, 2014, 04:38:16 PM
 #20

Credit cards are a  bad  idea
It was never safe and had to many security problems.
Its better  BTC  stays away from credit card transactions.
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