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Post by blackkat on Jan 10, 2016 2:02:31 GMT
I have a question that has always bugged me ever since I started reading about Bitcoin. If I use Bitcoin to say buy a computer, I receive the computer and it's not the one I ordered, and the person I sent the Bitcoin to refuses to replace it, what recourse do I have?? like say PayPal I could get my money back if that was the case. Or worse still the person doesn't send out the goods at all and rips me off, Bitcoin is irreversible so I've read so what's the answer. Please don't say litigation or something silly like that. So..... what I see is a wide open invitation for fraud from unscrupulous people to take advantage of other people. Anyone got a clear and simple answer.  |
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Post by herbie on Jan 10, 2016 3:19:57 GMT
Make sure you know the seller. Do your due diligence because like you say the transfer can not be reversed.
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Post by blackkat on Jan 10, 2016 3:52:18 GMT
Make sure you know the seller. Do your due diligence because like you say the transfer can not be reversed. Sorry Herbie that's not the answer, think about it?? you would have to know everything about everyone in the world. NO that's doesn't wash with me...... I think the way it looks that is the major downside of Bitcoin. Example... I sell items on Ebay, average around 400 sales a month and not one person knows me , the reason I have the peoples confidence is the security people have with PayPal . If something goes wrong they are 100% covered, sorry I can't say the same about Bitcoin as far as the buyer is concerned. |
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Post by kkeen842 on Jan 10, 2016 4:07:42 GMT
Perhaps working with a reliable exchanger is going to be the best way to go...or maybe there are escrow services available!?
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Post by blackkat on Jan 10, 2016 4:15:42 GMT
Perhaps working with a reliable exchanger is going to be the best way to go...or maybe there are escrow services available!? kkeen842 working with an exchanger would make no difference once you pay there's no way of a refund no matter what. As I said before to me none has the answer as yet. Well maybe Henry..MMmmm How about it Henry do you have the answer. ? |
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Post by kkeen842 on Jan 10, 2016 4:24:33 GMT
https://www .escrow. com/
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Post by cab3671 on Jan 10, 2016 4:32:10 GMT
You pose a very good question about bitcoin. My idea would be that unless I am 100% sure of who
I am dealing with I would not use Bitcoin, I would use another type of payment method.
I would obtain Bitcoin(s) for the purpose of changing them to my local currency and I would also
use Bitcoin if I knew the buyer/seller or had a strong recommendation about them.
Remember, we have been told that Bitcoin is volatile as is the stock market. So naturally
one would not use Bitcoin for everything.
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Post by blackkat on Jan 10, 2016 4:34:14 GMT
https://www .escrow. com/ Only one prob with that kkeen, even if they exchanged or handled Bitcoin on a general purchase of $1000.00 the fee would be Standard...$32.50 Premier fee $62.00 I don't think people would be acceptable of that..... |
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Post by tracylp on Jan 10, 2016 4:49:34 GMT
My son bought tons of electronics and many other things using bitcoins, never had a problem but he made sure of what he wanted before he made a purchase so no refunds were required. If you do enough research as he did and he was only 19 it should work for you. If your not completely positive don't use the bitcoins. If you even have the slightest worry don't use the bitcoins. But again he did it for a while with no problems at all. He wrote articles and was paid in bitcoins a while back.
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Post by blackkat on Jan 10, 2016 5:32:20 GMT
My son bought tons of electronics and many other things using bitcoins, never had a problem but he made sure of what he wanted before he made a purchase so no refunds were required. If you do enough research as he did and he was only 19 it should work for you. If your not completely positive don't use the bitcoins. If you even have the slightest worry don't use the bitcoins. But again he did it for a while with no problems at all. He wrote articles and was paid in bitcoins a while back. Thanks tracetlc for your valuable input, I guess that at the end of the day it certainly seems like the security for the buyer is the weak link so to speak for Bitcoin and maybe even Compuceeds. It's all new to us but it's good to see others input because it does pose the BIG Question....Security for the Buyer!!! and if you think about it... the WWW has always been about security in all forms.... |
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Post by kkeen842 on Jan 10, 2016 5:38:14 GMT
Perhaps, then, $32-$62 escrow fee would be acceptable to insure security of transaction - depending on size of transaction, of course!
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shiva
New Member
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Post by shiva on Jan 10, 2016 6:07:27 GMT
I understand what you're trying to figure out blackkat maybe it's like owning a valuable thing like for example your atm card or simple your wallet you will not just leave it somewhere its always with you. own precautions I think will be your best security..But thank you I learned something from your example..I learned that bitcoins are too valueable even if it's my first time to hear that word..I'm not that computer oriented before until I became a member in compumatrix. .speaking of being a member I guess the heads will imposed grounds for members who will make monkey business to co members that's the advantage of being a member I think..Thank you so much for this eye opener
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Post by sunrider on Jan 10, 2016 12:57:13 GMT
Perhaps Pay Pal has an answer as I understand they are now using Bitcoin?
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Post by coky on Jan 10, 2016 13:37:15 GMT
Bitcoin is not for everyone. It relays on trust and risk
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privi
New Member
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Post by privi on Jan 10, 2016 14:12:39 GMT
It seems to me for now those who are not familiar with Bitcoin the best thing they can be used for is to exchange our Compuceeds into fiat. Hopefully that process won't be as complicated as it seems.
Right now I have a headache trying to digest all this!
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