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Thread: Crypto Currencies?

  1. #1
    Join Date
    Feb 2014
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    Default Crypto Currencies?

    What do you guys think about use of crypto currencies like bit coins instead of PayPal? They are not centrally controlled so no one can withhold your funds.

  2. #2
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    Quote Originally Posted by sidd230 View Post
    What do you guys think about use of crypto currencies like bit coins instead of PayPal? They are not centrally controlled so no one can withhold your funds.
    I personally wouldn't use them it's sort of easier to be scammed give them product and they don't give money you are S.O.L or if you buy a product on ebay and use bitcoin, you can't chargeback if you got the item broke and such.

  3. #3
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    Quote Originally Posted by sethky View Post
    I personally wouldn't use them it's sort of easier to be scammed give them product and they don't give money you are S.O.L or if you buy a product on ebay and use bitcoin, you can't chargeback if you got the item broke and such.
    Agreed, whilst the likes of Paypal are dodgy as all hell, the crypto currency is an invisible and imaginary currency until you withdraw it which as you have rightly stated opens a whole lot of doors for scammers etc.

  4. #4
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    Default RE: Crypto Currencies?

    Quote Originally Posted by Tersuss View Post
    Agreed, whilst the likes of Paypal are dodgy as all hell, the crypto currency is an invisible and imaginary currency until you withdraw it which as you have rightly stated opens a whole lot of doors for scammers etc.
    There are already some bitcoin auction sites, which do fairly well without anyone getting scammed, the trick is to hold the funds in escrow until both parties are happy with the purchase.

    The issue with this is of course the sellers end up having their funds stuck for a while, so it wouldn't work well for sellers with a high turnover.

    Also, as it stands, crypto currencies are too volatile, so it's not practical to use them on everyday transactions, the only way it would work would be if you could peg them to the dollars and make an instant conversion. But then escrow wouldn't be possible.

    Maybe in the future once they become less volatile, we will see payment gateways for crypto.

  5. #5

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    As a seller, I would not accept crypto currencies. Aside from still struggling to understand how they work, I like to keep things as simple as possible when it comes to payment methods. As a buyer.. I think it is interesting and I'm intrigued by some big sites out there who are giving it a shot. Overstock.com for example. Seems risky to me but I like seeing the progressiveness and variety in options, the stagnancy in payment options is what lead to Paypal being such a monopoly after all.

  6. #6
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    Mar 2014
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    You will not be able to find many sellers that accept crypto currencies. Some have started accepting bit coins recently. But I don't think the trend will catch up.

  7. #7

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    These currencies are too new and too diverse to be safe at the moment. While they are an interesting idea it seems that each month someone has created a new currency. It is of no use to me to buy the currency or to accept it if I have nowhere to spend it.

    Given enough time the crypto currency system will sort itself out. More places will accept it and only one or two currencies will be used. Until that point, I am holding back and recommend others do the same.

  8. #8

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    There are plenty of places that accept crypto currencies as payment already but to use them instead of Paypal? No! I'm not saying we should be using Paypal but placing my hard earned cash in volatile currencies seems like a bad option. I agree, investing in crypto currencies is worth some money, just look at all the success stories, but it's something that should be done with care.

    Personally, I'd go with the more popular Paypal alternatives instead of crypto-currencies.

  9. #9
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    I would definitely not accept crypto currencies. I don't deal with BitCoin and never would. It is unstable and too risky.

  10. #10

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    I must say they have had their moments. Sometimes they are great and sometimes they are not. So be careful while using them for trading.
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