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Author Topic: People can now buy Bitcoin using credit cards  (Read 4445 times)
ScryptAsic
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December 05, 2014, 04:28:41 AM
 #41

I've tried to use Purse twice, and both orders were cancelled by Amazon because the buyer used a fraudulent credit card.  Purse was good in both instances, though, recognizing the order cancellation immediately, and getting my back my bitcoins from escrow within a day or two.
This is probably an important feature. I don't think the orders were necessarily canceled because of a stolen credit card, as it is possible that the buyer was trying to scam you/purse out of bitcoin by placing the order then canceling it at the last minute to trick it into releasing the bitcoin to him without you receiving the order
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December 05, 2014, 07:16:03 PM
 #42

I don't get how any company can accept credit cards for bitcoin purchases because bitcoin transactions are irreversable and credit cards can be reversed. Can someone explain how this actually is a workable thing?

The same way they accept credit card for any other thing.

Once the thing is delivered it can't be taken back to the store, but the transaction can still be reversed, like Bitcoin transactions
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December 07, 2014, 07:39:49 PM
 #43

I don't get how any company can accept credit cards for bitcoin purchases because bitcoin transactions are irreversable and credit cards can be reversed. Can someone explain how this actually is a workable thing?

The same way they accept credit card for any other thing.

Once the thing is delivered it can't be taken back to the store, but the transaction can still be reversed, like Bitcoin transactions
With physical deliveries, it is much easier to prove that an actual product was delivered to a specific address, so it is easier to fight a chargeback dispute.

Additionally when delivering a physical good it is easy to know where the product went in the event that the merchant would decide to go after the buyer, verses a basically anonymous buyer with bitcoin
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December 08, 2014, 04:21:40 AM
 #44

I've tried to use Purse twice, and both orders were cancelled by Amazon because the buyer used a fraudulent credit card.  Purse was good in both instances, though, recognizing the order cancellation immediately, and getting my back my bitcoins from escrow within a day or two.
This is probably an important feature. I don't think the orders were necessarily canceled because of a stolen credit card, as it is possible that the buyer was trying to scam you/purse out of bitcoin by placing the order then canceling it at the last minute to trick it into releasing the bitcoin to him without you receiving the order
I would say that the real risk with using purse is that you will later be potentially investigated for credit card fraud in teh event that the other person uses a stolen credit card to pay for your amazon goods

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