We are very sorry to announce that as of this moment Paypal is no longer available as a payment method on BitMarket. The reason being, as some of you already know, that over the last couple of weeks there have been a significant increase in the Paypal scams on our exchange.

We realize that this decision will probably make some of you even quit using our service, but we would rather have fewer people around that can feel safe than a lot of people that will constantly be worrying about being scammed.

No matter what we do, Paypal will never be a safe option for selling Bitcoins. The small percentage of the scammers is really using stolen Paypal accounts. But the nicest people in the world and with 100% positive E-Bay feedback proved to be scammers as well and even more often! And there is nothing we can do to stop them, because they use their own Paypal account and tell Paypal the transactions were not authorized by them. What can you do then - how can we prove that they are not right? And of course Paypal doesn't give a damn about sellers, otherwise they would have introduced some OTP mechanism and there would be no stolen passwords then and no excuses for dumb users who cannot guard their passwords properly or simply are thieves. Why don't they do it even though they are one of the biggest money processing companies in the world? I don't know, but that's pathetic and laughable.

Some of our users even started (sic IMHO) suspecting that we ourselves have something to do with these chargebacks; believe me that this is not very encouraging to keep on running this service altogether. So, we are just fed up with Paypal and that's over. Due to all the recent scams we haven't even had time to take a look at any other emails other than those related to Paypal reversals. One thing I can promise everyone is that from now on processing emails will be much faster.

Within two months BitMarket is going to be transformed into an exchange operating in a similar exchange as Mt. Gox, where users are able to transfer their money directly to us and then trade safely. There will also be a much more advanced login procedure in place (2-step authentication). BitMarket will also become an Irish limited company accepting: EUR, GBP, PLN, USD and CHF. There will also be small fees for using it; however, for our most loyal users that have been supporting us constantly trading will remain free of charge.

EDIT: When I get around to it I will post all email addresses that were used to scam people.