Can you hold bitcoin until you receive item(s) ordered?

[Gasher90]

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right? What happens guys, is it something like,-I pay bitcoin into a holding wallet and when the item is delivered do I click to release or something or is the bitcoin held and released to seller/company once recorded delivery has flagged up delivered or are these people full of bulls**t and the bitcoin goes straight through and I never see item or money/bitcoin again?? Sorry for the silly newbie question I just don’t want to be scammed which you read everywhere, cheers guys,
Thanks Gasher.

[Pokapoka124]

Most of the companies that have online stores usually accept credit card/debit card payments. Those that accept bitcoin as payment method are very few.  I do not see any possible way they can scam you. Since it’s payment on delivery, you can actually check the product before paying for it.

Note: Bitcoin transactions are irreversible, once you send the coins you cannot get them back. So be sure of you got the right order before making payment.

[BlackBoss_]

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right?

As I understand, it is a deal, when a delivery man brings that item to you, you check, and pay the bill with Bitcoin. I guess it is  meaning of  "pay on delivery with bitcoin".

But the delivery man will have to wait for Bitcoin payment (transaction) to have 1 confirmation before he can leave, so it is very time consuming and I doubt that a company in another country will provide you that offer. It is inconvenient for them and delivery man but if they don't wait for 1 confirmation, they take risk that they will not receive your payment at the end. You can double spend it.

[OmegaStarScream]

Sounds to me that you're going to be using an escrow platform? (middleman). I'm not aware of any companies that would let you pay for the goods until after you receive and check for the items. If you give us the name of the companies, we can probably answer with more certainty.

[Marvelockg]

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right? What happens guys, is it something like,-I pay bitcoin into a holding wallet and when the item is delivered do I click to release or something or is the bitcoin held and released to seller/company once recorded delivery has flagged up delivered

if you've ever ordered something locally and have made payment for it in the past you should be pretty much aware of payment on delivery. The only defiference is that in this case your mode of payment is through Bitcoin which I feel the reason why they choosed it is because you're making international transaction and you might not have access to a more convenience payment channels that's easier than Bitcoin.

You don't pay half way into the holders wallet before seeing the item you ordered. You wait for the delivery to arrive, check to ascertain that the item is what you've ordered for and that everything is working perfectly and then you can make your transfer to the wallet the company gives you. It's not that deficult.

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right?

But the delivery man will have to wait for Bitcoin payment (transaction) to have 1 confirmation before he can leave, so it is very time consuming and I doubt that a company in another country will provide you that offer. .

why won't they? What's the maximum amount of time it takes before Bitcoin transaction confirms from both end? It takes nothing more than 15 minutes and that's even an exaggerated figure for a Bitcoin transaction to be confirmed if not in most cases, it takes less than that time and any delivery company could afford to wait for such confirmation. The way delivery company works is that, they collaborate with dispatch riders that takes care of the delivery locally. it's part of Thier job requirement to be patient enough till the transaction is confirmed. That's the least thing they do.

[odolvlobo]

I pay bitcoin into a holding wallet...

Bitcoin transactions are final. If you send bitcoins to a holding wallet, then the bitcoins can only be recovered if the owner of the holding wallet sends them back to you. So, the question is, do you trust the owner of the holding wallet?

[Egii Nna]

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right? What happens guys, is it something like,-I pay bitcoin into a holding wallet and when the item is delivered do I click to release or something or is the bitcoin held and released to seller/company once recorded delivery has flagged up delivered or are these people full of bulls**t and the bitcoin goes straight through and I never see item or money/bitcoin again?? Sorry for the silly newbie question I just don’t want to be scammed which you read everywhere, cheers guys,
Thanks Gasher.

It sounds suspicious because why will the company/person (a worker) insist on payment with bitcoin? Are there not other methods of payment? Scammers are all over the internet, so you can’t differentiate between the real and the scam, so the best advice that I can give you about this is just not to send them any bitcoin, even if it will be a holding wallet that you will release if you receive the items. Just try to insist on them bringing the items when you receive them; pay them, and if they won’t agree, then let it go, if not, you will be scammed if your hard-earned money and you have no place to report them. or get your bitcoin back, so be guided. 

[Sebas.tian]

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right? What happens guys, is it something like,-I pay bitcoin into a holding wallet and when the item is delivered do I click to release or something or is the bitcoin held and released to seller/company once recorded delivery has flagged up delivered or are these people full of bulls**t and the bitcoin goes straight through and I never see item or money/bitcoin again?? Sorry for the silly newbie question I just don’t want to be scammed which you read everywhere, cheers guys,
Thanks Gasher.

You can only carry out this kind of transaction to the country that made Bitcoin legal tender. Either companies or individual you want to purchase products from or company want to purchase products from you, the company must send the Bitcoin to your wallet first fore you to confirm before you can release the products to the company and the Bitcoin will remain in your wallet, because they have used the Bitcoin to exchange the products from you. Since you are a beginner in this community, I will advice you to pay attention to many comments on this thread, because it will impact you on so many things that will make you to learn how to use electrum wallet to store your Bitcoin in your wallet, because if you use anyhow wallet to store your Bitcoin, there are some wallets scammers use to scam beginners Bitcoin without their permission and if you make use of such wallet, it will make you to regret in the future.

[Crypt0Gore]

I am not a beginner when it comes to buying things online and waiting for a delivery and I have used crypto for most of the times as payment method.

No online marketplace or store that will accept the idea of paying on delivery with crypto, if any store accepts crypto you will have to pay upfront and accept your item later, if you are worried about not getting your item make sure you find a better reliable store.

It is not a must to use Bitcoin as a payment, finding a reliable store should be your priority, and most trusted ones aren't accepting crypto payment yet, like aliexpress, Amazon, and others, none of them are accepting crypto payment yet and they are one of the most trusted.

Even if these top stores allows crypto payment they would go payment upfront route, or use some escrow idea, still the Bitcoin won't be in your hand, they will put it in a escrow account until you receive your item, waiting on you to click 'item received' and the deal will end, if you don't receive the item they will refund you.

[Apocollapse]

If you send to your coins to private wallet then there's no such you need to click "release your funds" because the coins is already belong to the receiver and no way for you to claim back the coins.

If you send it to online marketplace or store, you have to click "release your funds", even you didn't, the marketplace will automatically release it after few days or weeks.

[Lucius]

Most of the companies that have online stores usually accept credit card/debit card payments. Those that accept bitcoin as payment method are very few.  I do not see any possible way they can scam you. Since it’s payment on delivery, you can actually check the product before paying for it.
~snip~

If you mean well-known companies, then you are right, but there are a lot of smaller companies and individuals who sell goods and services and accept payment with cryptocurrencies. Of course, such payment involves risk, but that's why you need to be careful and do research before giving coins to anyone.

As for payment on delivery, I doubt that such an option exists, considering that the delivery service should have such an option in its offer - and I have never heard that such a thing exists, at least not in Europe.

[hd49728]

As for payment on delivery, I doubt that such an option exists, considering that the delivery service should have such an option in its offer - and I have never heard that such a thing exists, at least not in Europe.

It can be with internal order and shipping but if it is order and shipping to another country, it looks impossible because things will become more complicated. What if the buyer refuse to pay at the end.

In addition, this Payment on delivery is more possible with altcoins, with cheap transaction fee and fast transaction speed. I don't advertise altcoins but low block time and expensive transaction fee on Bitcoin blockchain make this option is difficult in practice. The buyer (customer) should not be forced by the company to make the payment with too expensive transaction fee like on tip of mempools, when making the payment on delivery time.

If that policy is not used, and if the customer uses too low fee rate, the company will have risk that never receive the payment.

[ABCbits]

What happens guys, is it something like,-I pay bitcoin into a holding wallet and when the item is delivered do I click to release or something or is the bitcoin held and released to seller/company once recorded delivery has flagged up delivered or are these people full of bulls**t and the bitcoin goes straight through and I never see item or money/bitcoin again?? Sorry for the silly newbie question I just don’t want to be scammed which you read everywhere, cheers guys,
Thanks Gasher.

In general, you need to check who control/own the holding wallet. Scammer may try to deceive you, where the holding wallet is controlled/owned by either scammer or someone who work for the scammer.

Sounds to me that you're going to be using an escrow platform? (middleman). I'm not aware of any companies that would let you pay for the goods until after you receive and check for the items. If you give us the name of the companies, we can probably answer with more certainty.

FWIW, it's somewhat common practice under name cash on delivery or payment on delivery. But there are many limitation of such practice.

[Alphakilo]

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right?

If you are new to bitcoin and you are yet to understand how it works with regards to sending and receiving bitcoin, then you should not try to use it making a purchase for an item from abroad. You run the risk of encountering a lot of problem with the major one being a loss of your bitcoin without a refund from the company because it is on you.

You could however, do like a test run. Are there local businesses that offer payment for their goods or services in bitcoin? Visit there and ask them to walk you through how to do it while maintaining the highest level of security and awareness in the process.

If you have a trusted friend, they could help you out as well, still, don't throw caution in the air because they are your friends. After several experimental trials locally, you can try it with the payment for shipping from abroad once you are sure you have understood it.

[Gasher90]

Guys thanks very much for a bunch of info and help I can’t express how much it means, I’ve been scammed once and had goods delivered once, both bitcoin transactions, I’ve just not really dabbled in it other than them twice, I’m after some half decent tech equipment and it’s a seller on ‘Telegram’ I know that things rife with scams because as soon as you just do a simple search it’s flagged up everywhere from people with bad experience, and on speaking to this guy who said “you pay bitcoin on delivery” delivery is Royal Mail (tracked or so they say) obviously I don’t want to come across a complete dummy (although I am with this it’s alien to me) but if they’re scamming at least I’ll know a little bit more, obviously I’m now going to ask ‘how payment on delivery works’  cheers guys much appreciated seriously.
Regards
  Gadget.

[Dzwaafu11]

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right? What happens guys, is it something like,-I pay bitcoin into a holding wallet and when the item is delivered do I click to release or something or is the bitcoin held and released to seller/company once recorded delivery has flagged up delivered or are these people full of bulls**t and the bitcoin goes straight through and I never see item or money/bitcoin again?? Sorry for the silly newbie question I just don’t want to be scammed which you read everywhere, cheers guys,
Thanks Gasher.

It may happen that after they delivered what you ordered, that is when you will pay them in bitcoin. You don’t have to pay boarder where the bitcoin you sent goes as long as you sent it to the right destination, either a holding wallet or anyone; just make sure you did not send it to the wrong destination (Address); furthermore, you can’t pay till what you ordered arrives in your place,

so why are you worrying? Although I see that you are a newbie and you are scared of being scammed, I think this is a different case. Since you bought something with it, the only thing you need to do is pay them their funds and get what you ordered. 

[tabas]

This is new to me, we're all known to COD(cash on delivery) but this one is BOD(Bitcoin on delivery). Well, that's interesting and it's on your feed back upon delivery. Of course, you have to pay that and click on whichever verification on the platform you are using that the items have been sent to you and when you're done paying them. I guess that the delivery guy will give you a sort of part or copy of the Bitcoin address or a QR code for you to just scan and pay it. The risk is on the seller because you can double-spend the Bitcoin you pay them. And the only risk that you'll have is about the product that you'll receive whether it is fake, or not the actual product you've ordered.

[Zaguru12]

why won't they? What's the maximum amount of time it takes before Bitcoin transaction confirms from both end? It takes nothing more than 15 minutes and that's even an exaggerated figure for a Bitcoin transaction to be confirmed if not in most cases, it takes less than that time and any delivery company could afford to wait for such confirmation. The way delivery company works is that, they collaborate with dispatch riders that takes care of the delivery locally. it's part of Thier job requirement to be patient enough till the transaction is confirmed. That's the least thing they do.

This is subjected to many things, first of all the average time for bitcoin transactions is 10 minutes but on most cases is usually less than this time or more than the time and this is also subjected again to the amount of fees paid and the congestion on the bitcoin network. A transaction can take more than even an hour to get one confirmation. More so this companies do not take less than 3 confirmations for the sake of chain re-org so imagine having to wait for that period i know it will be coming with extra cost because the dispatch riders might not be able to wait like the normal Fiat transactions.

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right? What happens guys, is it something like,-I pay bitcoin into a holding wallet and when the item is delivered do I click to release or something or is the bitcoin held and released to seller/company once recorded delivery has flagged up delivered or are these people full of bulls**t and the bitcoin goes straight through and I never see item or money/bitcoin again??

Firstly there is pay on delivery but not for international shipping items, if the company is in another country they don’t allow you use the offer of paying on delivery, paying on delivery comes with the risk of transportation been wasted, local delivery companies can actually take that risk but the international ones cannot except maybe you pay the delivery fee upfront first before they send it down as some local delivery companies do.

As for the delivery fee using bitcoin, a confirmed Bitcoin transaction fee is irreversible except on rare occasions. So be sure you check well enough of the company you’re dealing with

[Roseline492]

Hi guys, basically I’m new to all this bitcoin and was looking at a purchase from abroad and I’ve been “assured” by the company/person that I pay on delivery with bitcoin, does this sound about right? Sorry for the silly newbie question I just don’t want to be scammed which you read everywhere, cheers guys,
Thanks Gasher.

You have answered your question already because since they already inform you that you will pay on delivery so there is no need to panic because is only when you have received your package and verified if everything is completed before you can make any payment, however in terms of paying in Bitcoin there is also nothing wrong with it because it could be there company policy whenever they are transacting with an international clients and besides is even good because that's the fastest way for them to receive there payment, so for me I feel there is nothing like scam on that transaction because the only way it would have look suspicious is if they ask you pay before delivery, so is your decision to make whether you would continue the transaction or not.

[Learn Bitcoin]

Usually, Payment for cash-on-delivery products depends on the delivery company. If it is delivered by the same company that takes your order, you may pay using their payment method. If they accept Bitcoin, you will be able to pay through Bitcoin. But mostly, the companies use third-party courier services to deliver the product, and the delivery man collects the price of the parcel.

In my country, if I order a product from an online shop by Cash on delivery, they usually send the parcel via PaperFly or RedX, a courier company. Now, if these courier companies accept Bitcoin, you can pay for it. Mostly, I pay cash to the delivery guy or use mobile banking to pay them. In your case, if you are going to use Bitcoin, make sure you can check the product before you pay the delivery guy. Keep in mind that bitcoin transactions are irreversible.