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Is BTC shopping secure?

Discussion in 'Shopping' started by Beermoney, Jun 18, 2016.

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  1. explorerx7

    explorerx7 Member

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    I utilize Paypal on a regular basis and I am satisfied with the service I have received so far. I have done a bit of bitcoin mining in the past but I am not yet fully informed about the process to involve it in any of my trading activities at the moment. I am not totally ruling out bitcoin trading in the future, however, I believe there are some issues to pertaining to using of bitcoin for trading purposes which need to be addressed before I become involved.
     
  2. Chance

    Chance Member

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    I was re-reading this conversation and had a thought. I think BTC Shopping is very secure. However, I think it should only be used for non-refundable and/or as-is items. That way, both the merchant and consumer would be protected.
     
  3. explorerx7

    explorerx7 Member

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    It has been touted that BTC shopping is very secure and the BTC method. The credit card regime has is always experiencing fraud against it by many various methods and devices being used to divert funds and goods and services from the legitimate source. The BTC process is not open to most of these infringements that can be subjected to the credit card scheme. We all know that there will be efforts to circumvent the BTC process but it will not be as easy to be breached as the credit card system.
     
  4. pwarbi

    pwarbi Active Member

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    I'm undecided as to if it's a major problem or not the fact that a Bitcoin transaction can't be reversed. I do think that as soon as a person hears that they will automatically be put off using Bitcoin because they'll think if they make a mistake then it can't be reversed and they've lost their money, but in reality how many simple mistakes do people make regarding paying for items anyway? Not that many I wouldn't have though, so like you say most of the reversal's will be fraudulent anyway.

    At first glance the fact that Bitcoin can't be refunded is an issue, but looking into it a bit deeper and you'll soon see that it's not as big of a deal as what you might first think.
     
  5. gracer

    gracer Member

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    I have never tried shopping online with Bitcoin yet because same as kgord, I still don't have aby Bitcoins yet and I'm still on the process of learning about it. Basing on the posts I have read on this thread though, I have concluded that Bitcoin is very safe to use in shopping online but the negative part is the absence of refund possibilities. One has to prepare him/herself with the fact that he/she may no longer get his/her Bitcoin back once he/she purchases using it.
     
  6. Lucky120

    Lucky120 New Member

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    I am sure that it is secure. I have not tried the whole bitcoin buying thing but I am going to try and see what I can buy soon. I am loving this bitcoin stuff but I had the same question when it came to buying with bitcoins. I thought that it was not as secure as all of the other items but I have found that many think that it is better than PayPal security. I have been told that you can't reverse the transaction which in many ways I can understand. My husband thought that bitcoin didn't exist anymore haha, we were talking about it last night.
     
  7. kgord

    kgord Active Member

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    I think it might be better to exchange the Bitcoin for some other currency and then shop. This is to protect you from not being able to return items that you may have purchased that might not be right. If you are willing to accept the risk than go for it. As for me, I would feel more comfortable with other payment methods.
     
  8. remnant

    remnant Active Member

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    Any transaction in bitcoin isn't irreversible and can only be refunded by the person receiving the funds and therefore one has to take care to transact with people one knows and trusts or with reputable institutions. On the affirmative, bitcoin can detect typos and money can't be sent to an invalid address by mistake. However, unconfirmed transactions are not secure. Transacting doesn' t start out as irreversible but one gets a confirmation code indicating how hard it is to reverse them though it takes longer for small transactions to be confirmed.
     
  9. wiseagent

    wiseagent Member

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    I haven't made any purchases using Bitcoin yet, but for everything I've read so far (and by comments from friends who have already made purchases using Bitcoin)... If purchases are made on coin-compatible sites, there are no problems for transactions to be accepted without any bureaucracy (other than the trivial).

    It's only a matter of time for the currency to become more popular and be better and more widely accepted.
     
  10. des7ructo

    des7ructo New Member

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    I think that it depends on the person about how secure it is, of course it's nice to have a refund and all kinds of options, but if you trade with uncertain sources and people that don't have good reputation, then you're deep into getting scammed. Plus cryptocurrency is developing so in the future it should become more stable and secure.
     
  11. wiseagent

    wiseagent Member

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    It is for these and other reasons that a prior research is always the best among the available options before finalizing any type of purchase (not just those related to payments in the form of Bitcoin).

    Unfortunately... Many people end up hastening the process and only realizing the error after some problem happens.
     
  12. overcast

    overcast New Member

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    If the bitcoin acceptance is through popular wallet's money acceptance system API. I guess then it's going to be secure as they use HTTPS SSL. And they also have two factor authentication. So it does makes it safe too. You may want to look for btc.com wallet and blockchain for this API to add into your site. There is also coinbase that is having this type of buy buttons now. So this is definitely possible.
     
  13. wiseagent

    wiseagent Member

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    Which of the digital wallets do you think is better: Coinbase or Blockchain?

    I'm in doubt about these two to start saving Bitcoins because both seems to be great and very useful, but I don't know if one has more advantages than another.
     
  14. kingcool52

    kingcool52 Member

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    I have never had enough Bitcoins to shop with or to transfer to other people so I have never had to experience any of the problems associated with the Bitcoin currency. I wasn't aware that it took a long while for it to be transferred to another person although that does sound like a serious problem. Other services like PayPal and even banks make it so easy to transfer and usually it is an instant transfer so the other person receives the money straight away. The refund thing is a problem too but I kind of like it because it means it is harder for people to do the chargeback claim scam with something they cannot get back.