Binance now accept credit card payment!
- Thread starter PinguSpy
- Start date
CryptoKujira
Power Member
- Dec 27, 2018
- 501
- 186
Largest exchange in the world, based in Malta. So virtually zero oversight. Let that sink in for a moment. Although they said they plan to open an exchange on every continent, so who knows how they will skirt regulations with those.
What really makes me wonder is their blantant promotion of certain coins over others. Although, now we see Coinbase doing the same thing with BAT.
I'm not saying their stealing money from people directly, I just don't think they are as goodie-two-shoes as everyone seems to believe.
Crazy to think they are in $1b profit in 2018 and only been around a couple years. Insane. Makes me want to submit a business plan to Vertex and see if they'll fund my new exchange too.
Last edited:
Dr. Profit
Registered Member
- Aug 2, 2018
- 95
- 54
Here's the thing about Bitcoin payments.
You can't dispute, and it's way to easy to make mistakes.
Screwed up a character in the address? Gone forever.
Forgot to put a zero in? Whoops, you just paid 10x.
I had someone accidentally pay me an extra $3600 more than they meant... felt bad for them, must have been a terrifying twelve hours until I responded.
You can't dispute, and it's way to easy to make mistakes.
Screwed up a character in the address? Gone forever.
Forgot to put a zero in? Whoops, you just paid 10x.
I had someone accidentally pay me an extra $3600 more than they meant... felt bad for them, must have been a terrifying twelve hours until I responded.
CryptoKujira
Power Member
- Dec 27, 2018
- 501
- 186
Agreed. Blockchain has a long way to go before wide adoption when it comes to using it as a form of payment. They really need to fix these glaring issues.
I've given talks on Crypto, and when I get this part, people in the audience literally look like this
. Followed by the inevitable 'what do you mean it's just gone forever?' and 'Well that sounds like a stupid system.' and 'why would anyone want to use it then?'
Wide spread adoption seems impossible without improvement of safety protocols for payment mistakes.
I've given talks on Crypto, and when I get this part, people in the audience literally look like this
. Followed by the inevitable 'what do you mean it's just gone forever?' and 'Well that sounds like a stupid system.' and 'why would anyone want to use it then?'Wide spread adoption seems impossible without improvement of safety protocols for payment mistakes.
CryptoKujira
Power Member
- Dec 27, 2018
- 501
- 186
Not all banks. Some don't even allow you to buy crypto with credit card or ATM. They block the transaction and then they send you an email saying they blocked the transaction to protect you as their customer they care so deeply about.
PinguSpy
Elite Member
- Dec 7, 2007
- 3,085
- 3,029
You can use escrow for that. Localbitcoins.com has escrow.
Make sure re-check the amount before you submit the payment.
With fiat/paypal we got a lot more problems.
- Somebody can use a stealing credit card from dark web, purchase your service/item > you delivered the service > out of sudden you receive chargeback = bye bye.
- Receive lots of money inside paypal? > paypal block your account = bye bye. U need at least 6 months before you can get your money back . My previous account got $15k inside of it.
(paypal can update their TOS at anytime)
- You transfer the money from paypal to your local bank account > it gonna took at least 3-4 days, if large amount, you gonna get a call from your country/bank/institution asking you where did u get the money, sometime they just freeze your account and money.
With bitcoin it took me lest than 1 hr to liquidate BTC into my local bank account. I live in asia, the person A live in U.S, he transfer BTC to my wallet, I send my BTC to localbitcoins and sell it from there.
- PayPal and other CC gateway wont accept the so called high risk business.
If a company works in an industry often associated with chargebacks, it automatically falls into the category of high-risk businesses. There are some industries that have a particularly close connection with fraud, refunds, and chargebacks:
- Nutraceuticals
- FOREX
- Cryptocurrency
- Dating
- Skill games
- Retail
- Gambling
- Legal services
- Software and program development
- Vaping and e-cigarettes, etc.
- Social Media Marketing
- Travel services
- Adult entertainment
- Tobacco and vape shops
- Pharmaceuticals
- Debt collection and credit repair
- Firearms
- Loan services
- Telemarketing
Nice cardable site lelThis is cool though.
I can just ask all my client to buy BTC from Binance, and then pay my service using BTC.
Fk! PayPal!
tb303
Supreme Member
- Dec 18, 2011
- 1,238
- 909
This is not true.
Bitcoin addresses contain a checksum. If you change a character the checksum will be invalid and the client you are using will reject it.
Test it yourself. Go to blockchain.info and look at an address then try changing a character.
eg
https://www.blockchain.com/btc/address/31w3iWUN5EMJMW2YRCc5m4RFqm3zN61xK2 (random segwit address)
https://www.blockchain.com/btc/address/31w3iWUN5EMJMW3YRCc5m4RFqm3zN61xK2 (same address with 1 character changed)
https://www.blockchain.com/btc/address/1G7gX8CQdUsWtTLLNpqk7zxj5K5qjpquDT (un-used btc address)
https://www.blockchain.com/btc/address/1G7gX8CQdUsWtTLLNpqk7zxj5K5qjpqpDT (same as above with 1 char changed)
Dr. Profit
Registered Member
- Aug 2, 2018
- 95
- 54
Yes - but what I'm saying is that it can be a valid address but not YOUR address.
Sure, same thing with entering a PayPal email address, but it's harder to screw up an email address than a long string of gibberish characters.
CryptoKujira
Power Member
- Dec 27, 2018
- 501
- 186
It's true. Seems like every week someone post on reddit asking for help after they sent coins to a wrong address.
And not just sending to the wrong person. Seems a lot of people send to the wrong address on a totally different network. Example, sending BTC to an ETH address. Imagine playing with big money and doing this. It's nerve racking transferring 5 or 6 figures worth of coins.
And not just sending to the wrong person. Seems a lot of people send to the wrong address on a totally different network. Example, sending BTC to an ETH address. Imagine playing with big money and doing this. It's nerve racking transferring 5 or 6 figures worth of coins.
tb303
Supreme Member
- Dec 18, 2011
- 1,238
- 909
That is not what you said...
You could in theory miss type an email address and have it still be valid and sent.
But that "long string of gibberish characters" has a mathematical checksum and your chances of getting it right are near enough 0.
You can obviously screw up by copy and pasting the wrong address from somewhere but thats also the same for emails and everything else.
Im not out to argue with you. I just wanted to point out that your original statement about 1 character being wrong was incorrect. The rest of your points in that post are kinda valid but I do think lightening addresses them
IG Professor
BANNED
- Feb 22, 2017
- 4,855
- 4,567
Fianlly legit exchange to buy BTC from with CC. well done
rastafari2404
Newbie
- Mar 8, 2019
- 18
- 6
How does verification work know coin base took over two weeks to get me verified and I have to submit my passport multiple times,
CryptoKujira
Power Member
- Dec 27, 2018
- 501
- 186
hit up their website and you will see. It includes passport, sticky note with current date written, and a selfie, all in a single image.
- Mar 21, 2013
- 24,786
- 31,559
IMO cryptos are about to explode again.
Samsung adding crypto wallets to their phones will explode the fucking market.
I just posted about BAT and how it'll change how everyone makes $$$ browsing the WWW.
Binance accepting credit cards is gonna blur the line for sure between USD and cryptos.
Samsung adding crypto wallets to their phones will explode the fucking market.
I just posted about BAT and how it'll change how everyone makes $$$ browsing the WWW.
Binance accepting credit cards is gonna blur the line for sure between USD and cryptos.