Post
Topic
Board Trading Discussion
Re: Help needed to buy bitcoin
by
Light
on 22/12/2013, 05:44:42 UTC
1 ) I have paypal , but that seems no good as I have no reputation ( is paypal ok to use as a buyer ?)

As far as buying BTC with Paypal goes I'd advise you read this informative post.

Maybe you don't know this but if you buy something with PayPalsucks or any credit card or any debit card or even by ACH bank transfer then it is very easy to have the transaction reversed.  In other words these forms of payment are all reversible.

In almost every way Bitcoin is the opposite of all other forms of fiat money.  One of the main differences is that Bitcoin transactions cannot be reversed.

Because of this huge difference there is an easy, often repeated, scam:

1) Scummy Scammer buys Bitcoins from Honest Bob.  He pays with some form of reversible money (PayPalsucks, credit card, etc.)
2) Honest Bob send the Bitcoins to Summy Scammer.  Note this transaction cannot be reversed.
3) Now Summy Scammer goes to PayPalsucks or his credit card company and has them reverse the charge.  PayPalsucks and credit card companies always side with the buyer.
4) PayPalsucks or credit card take the money back from Honest Bob.

Honest Bob is screwed.

This is why it is almost impossible to buy Bitcoins with either PayPalsucks or credit cards.

I only sell Bitcoins for one thing:  cold hard cash in hand.  It is the only form of government fiat funny money that is not reversible.

So, if you want to buy BTC then:

1) Go to https://localbitcoins.com
2) Find a seller near you
3) Arrange to meet them in a coffee shop, bank or police station or where ever you feel comfortable
4) Give them the cash
5) They give you the BTC
6) Everyone happy