PayPal raises fees
- Thread starter Erivess
- Start date
akfirsttry
Newbie
- Aug 8, 2009
- 41
- 15
No doubt BTC should be made more popular and paypal is a giant right now. Unless people start to believe in bitcoin, they will not be too keen to use it. Also due to recent bad news about bitcoin people are still not comfortable. But only a matter of time when BTC will pick up. Till that time we got to suck it up.
- Sep 17, 2008
- 6,037
- 3,974
You need to chill out a bit mate, you are taking the smallest criticisms about btc really badly.
There is more to security than just being able to crack or brute force the encryption for it. There have been numerous high profile hacks to trading systems that show it is not that secure. When millions of $ worth of btc can be wiped out over night there are security issues.
If you have your wallet online you are liable to the security / reliability of that host, if you have a thumb drive you can lose it or have it stolen.
Even if you manage to keep track of it and you do absolutely nothing wrong it can suddenly lose a huge chunk of its value in a very short space of time.
Also when using btc you have none of the standard protections that you get when paying via paypal and/or credit card where if you get scammed you can charge it back or at least have easier routes to getting your money back if a deal goes south.
That is not to say that in time when it matures all of this cannot be fixed or at least alleviated but currently it is neither a stable nor secure currency.
Patel
Senior Member
- Mar 1, 2011
- 1,154
- 1,519
By all means, criticize it all you want. But get the facts right. Having been involved since 2011, it's annoying seeing people spread misinformation about the core protocol.
The weaknesses lie in the industry and startups involved, not the code. Analogous to websites getting hacked with bad security, and not the internet itself.
Last edited:
- Sep 17, 2008
- 6,037
- 3,974
By all means point out where I or Ste Hughes were wrong. I would rather be corrected and know for future reference what is right or wrong.
From what I know though there have been more than 1 high profile hack / theft of large amounts of btc in fairly recent history and the price of btc has fluctuated wildly (even moving $40 in value in the past month or so). That is 2 things that count against it's security and it's reputation.
If I am wrong in thinking an online wallet would disappear along with the website in the event of a hack / attack or outright scam or that you would lose it ifyour local wallet was destroyed then I stand corrected.
Patel
Senior Member
- Mar 1, 2011
- 1,154
- 1,519
If you want to see where I corrected you two, read my other posts in this thread.
All the things you mentioned (hacks, security), lie within websites getting hacked. You can't just hack into a bitcoin address. If you're worried about online wallets disappearing, you should never use an online wallet, which many people already advise against.
The security flaws lie with the users' security implementations.
- Sep 17, 2008
- 6,037
- 3,974
I am not saying that a bitcoin wallet itself is not secure from hacking, that is the least of my concern about them and their security. The concern of myself and many others is that they are easily lost / stolen / destroyed. I have no (or at least very limited) concerns about a bank or Paypal just losing my money.
You can say you have corrected us as much as you want but really I don't see it, even upon re-reading what you have written.
The way to prevent an online wallet from losing the wallet through incompetence or scumbaggery is to keep a local wallet, but that comes with its own issues about losing it or it being destroyed.
I don't see how you are correcting any of what we are saying, just pointing out that bitcoins themselves are secure which nobody is debating. What is being said is that they are easily lost (much like physical paper cash) and there is a real effort to get involved with it.
This thread was asking why people don't accept bitcoin more readily and people have posted why, it has become a bit off topic at this point so I'll just leave it at that.
You can say you have corrected us as much as you want but really I don't see it, even upon re-reading what you have written.
The way to prevent an online wallet from losing the wallet through incompetence or scumbaggery is to keep a local wallet, but that comes with its own issues about losing it or it being destroyed.
I don't see how you are correcting any of what we are saying, just pointing out that bitcoins themselves are secure which nobody is debating. What is being said is that they are easily lost (much like physical paper cash) and there is a real effort to get involved with it.
This thread was asking why people don't accept bitcoin more readily and people have posted why, it has become a bit off topic at this point so I'll just leave it at that.
iki
Power Member
- Oct 17, 2013
- 626
- 231
i think it depend what you sell and what is business, i would never accept paypal for higher transactions unless its long-term and trustable client, you have in europe sofort/sepa banking which is very easy and no high fees. however for smaller transactions and worldwide i would always prefer paypal and credit cards there is no better solution..paypal have many problems with scammers and chargeback but that is risk of any business. btc is complicated and unpredictable.
I really wish more sellers would offer BTC as a payment method. I'm permanently limited by PayPal so I can't really buy any good services anymore.
There are so many benefits to BTC too like NO FEES and NO CHARGEBACKS. That right there would be enough for me to at least offer it as a payment method.
There are so many benefits to BTC too like NO FEES and NO CHARGEBACKS. That right there would be enough for me to at least offer it as a payment method.
AnthonyCorleone
Power Member
- May 9, 2013
- 589
- 363
I LOL at the red part.
Here, once I delivered the service or product. The "scammer" client will chargeback me.
I lost hundred of dollars each month due to "chargeback" from 1-2 clients that are hiding behind 3-4 names.
While I paid paypal fees thousand of dollars every month, yet while they cant solve my issue, they end up increase more fees.
I feel you bro people like us ho sells "Online Services" specially the ones starts instantly getting scammed hard on daily basis
and there's not much you can do specially since paypal introduced new policy terms where "sellers less protected"
here's are some my screens from 30 days ago I got slammed over $5000+ in chargebacks and lost most of them
soulcollector
Senior Member
- May 10, 2014
- 832
- 313
They raise their fees and lower their customer service quality, it seems that Amazon and PayPal have a trend going on here.