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Author Topic: How do Bitcoin Businesses Avoid Fraudulent Payments?  (Read 855 times)
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May 10, 2012, 07:55:39 PM
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Hey gang,
 I have been discouraged from creating a Bitcoin exchange for one main reason. I have been hearing about more and more cases of fraudulant payments to Bitcoin businesses. Almost every business under the moon deals with their fair share of unscrupulous payments. Bitcoin however, seems to be affected more than most.


Some cases:
https://bitcointalk.org/index.php?topic=76571.0
http://www.theverge.com/2012/2/14/2797034/bitcoin-tradehill-suspends-trading-returns-money
https://bitcointalk.org/index.php?topic=32142.0
https://bitcointalk.org/index.php?topic=78372.0
https://bitcointalk.org/index.php?topic=67137.0

What is stopping the nay-do-wells from depositing someone elses funds to Gox or Intersango?
Thanks for your time if you read this.



Regards,
BitAvenue
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May 10, 2012, 08:22:31 PM
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Every payment method has a risk level inherent in it. If I were running an exchange now, I would only accept cash and wire (real wire, not some wrapped ACH BS) in the US. Anything other than that and you'd better start verifying people commensurate with the funds they wish to move.

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May 10, 2012, 09:54:22 PM
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This is also why no exchange accepts credit or debit cards.  The problem with accepting only cash or money order in the mail is that buyer is now taking all the risk.  The only "safe" way to buy/sell bitcoins is to do it in person.

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May 10, 2012, 10:34:05 PM
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I do it by accepting bitcoins :-)

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May 10, 2012, 10:37:27 PM
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I do it by accepting bitcoins :-)

By accepting Bitcoins ONLY :-)

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May 10, 2012, 10:58:31 PM
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I do it by accepting bitcoins :-)

By accepting Bitcoins ONLY :-)

Of course. Honestly anything else sounds like a cross between a nightmare and a joke.

Respect to the people who get their hands dirty helping with the crossover.

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