Bitcoin is a currency which has a lot of attraction for scammers. Due to its nature as a superior currency and the irreversibility of its transactions, it is a safe haven for scammers. As a bitcoin seller, you will be continually exposed to various attempts from various people to scam you. You will fall to many of these attempts. However, there are a lot of professional traders who after long years of trading Bitcoins and facing scam after scam, have acquired a wealth of knowledge and instinct on how to identify scammers and how to avoid or stop them. These veteran sellers occasionally perform joint efforts to root out scammers. They’ve also disbursed a lot of their knowledge to help other sellers in the bitcoin community identify scammers and avoid them. Here are some of the knowledge they shared on how to avoid scammers as a bitcoin seller.
First off, there are several methods of payment available to you as a bitcoin seller. Most of these are fraught with danger however. If you’ve heard about people accepting the following forms of payment and you want to do so also, I’ll tell you not to. Only the professionals accept these forms of payment and even they avoid it if they can.
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- Amazon Giftcards
- Chase QuickPay
- Google Wallet
All of the above listed payment methods have a major flaw; they can be reversed. Quite easily in fact. The few experienced sellers who accept the above forms of payment usually ask for confirmations such as ID’s, pictures where the buyer writes the seller’s name and holds it up so as to confirm that the image is original and not stolen. So unless you are an experienced buyer, run really hard from the above forms of payment.
About Giftcards, even though they are generally regarded as a safe haven for scammers, they are still the most preferable way to get small amounts of Bitcoins. There are professional traders who are well versed in liquidating Giftcards with little risk. The amounts are usually small, so the scammers are not much interested in them.
Before you can be able to stop or avoid scammers however, you have to be able to identify them first. Here are some things to look out for in identifying a scammer.
1 They buy first in small amounts and then come back immediately after to buy in much larger amounts
2 They usually ignore your instructions and are sometimes overeager. They seem pushy and they send information before you ask trying to push you into making the trade.
3 They buy giftcards in large amounts( $50 and above). Most buyers using Giftcards never go above $20 especially for their first time.
These are some of the few things for you to take note of when a buyer contacts you to make a trade. This way, you’ll be able identify scammers easily and avoid them.
Paxful is also lending a helping hand in the fight against scammers. They are not responsible for your trades but currently, if you get scammed, paxful refunds any fee collected from you. All information on the scammer is also released to you and the scammers account is frozen if he has any funds in it. Suggestions and tips are encouraged to help out in the fight against scammers. Drop yours too if you have.