Bitcoin questions

danshan11 · 08-30-18, 10:23 AM

if you sell bitcoin for paypal let me tell you how it goes
Day 1 sells like hotcakes you are rich
Day 2 even more time to buy a ferrari
Day 3 all the reversals and chargebacks start coming in
Day 4 Paypal limits you permanently
Day 5 Your bank transfers from paypal never come in
Day 6 Suicide with a LIVE chainsaw taped to the garage door and you under the door and push close!

drockstar · 08-30-18, 12:05 PM

I use local bitcoins. Works for me. Using them for three years (wish I had bought bitcoin then).

mrpapageorgio · 08-30-18, 12:09 PM

Blockchain is preferred for storage because of its ease of use on your phone. If you're just transferring Bitcoin to/from books, it serves its job.

As Dan was saying, using Paypal to buy/sell Bitcoin is a prime for fraud because people will send you money, then after you send the Bitcoin they'll do a charge back and Paypal will leave you high and dry since it's not a physical item with proof of mailing.

Use a regular exchange like Coinbase or Gemini or CEX or (my preference) Cash App to sell Bitcoin.

metsfan3331 · 08-30-18, 12:46 PM

Thanks

mrpapageorgio · 08-30-18, 12:55 PM

Correction,
Can’t send Bitcoin to Cash App to sell, can only buy.

themike78 · 08-30-18, 07:22 PM

I buy and sell with paypal all the time with localbitcoins. All you have to do is deal with people who have excellent reputations. If a guy is buying with over 1000 transactions and no complaints obviously he isn't going to rip you off. Out of about 300 times selling I got scammed once because I was being lazy and didn't check the guys reputation. He was a new buyer and did a **********. PayPal sided with him because selling bitcoin isn't protected with paypal insurance.

themike78 · 08-30-18, 07:26 PM

Originally posted by precator

I see a lot of people recommend blockchain? Why is that? I was looking at Paxful because they had Paypal which I like to use? Is that not recommended? Do any other exchanges allow you to sell bitcoin for paypal?

Dont use paxful. They rip you off with fees. Last time I used them when I sent bitcoins out they charged me .001 for a fee. They sent the transaction out with a .00002 fee. Complete ripoff. Localbitcoins 10 times better.

danshan11 · 08-30-18, 07:40 PM

Originally posted by themike78

I buy and sell with paypal all the time with localbitcoins. All you have to do is deal with people who have excellent reputations. If a guy is buying with over 1000 transactions and no complaints obviously he isn't going to rip you off. Out of about 300 times selling I got scammed once because I was being lazy and didn't check the guys reputation. He was a new buyer and did a **********. PayPal sided with him because selling bitcoin isn't protected with paypal insurance.

this is a very dangerous practice, you can buy old aged lbc accounts at a very low price and those accounts are used to scam people everyday.

themike78 · 09-02-18, 02:25 PM

Originally posted by danshan11

this is a very dangerous practice, you can buy old aged lbc accounts at a very low price and those accounts are used to scam people everyday.

I didn't know that. Thanks for the info. When I did get scammed I was able to get localbitcoins to ban their account.