[ZS] Bitcoin Seeks New Life In Africa

Gary Mulder flyingkiwiguy at gmail.com
Wed Mar 21 09:19:28 PDT 2012


On 21 March 2012 15:56, Dirk Bruere <dirk.bruere at gmail.com> wrote:

Are there any bitcoin exchanges that take PayPal or credit/debit cards?
> I don't do online banking with my accounts.
>

One key feature of Bitcoin is that a transaction is non-revocable. Once you
send Bitcoins to a Bitcoin wallet address, the Bitcoins are irrevocably
sent.  PayPal supports charge backs, so someone who buys Bitcoins could
then file a charge back request with PayPal and get PayPal to refund his
payment. Therefore nobody accepts PayPal for Bitcoin purchases. Credit
cards also have identical issues. Also, get the destination Bitcoin address
wrong and the Bitcoins sent can never be recovered by anyone.

If you want to confirm GBP into Bitcoins you need to use a Bitcoin
exchange. The guys at http://www.intersango.com accept SEPA and bank
transfers to their Lloyds TSB account. The funds usually show up in your
exchange account around 1 business day later. I know the guys running
Intersango, and they are legit. and are based in London and Poland. Having
said that they've had to change from HSBC to Lloyds as HSBC was giving them
a lot of problems, so don't make any large deposits.
http://www.mtgox.comis the other large exchange which is based in
France and Japan. The major
weakness in Bitcoin are the exchanges, as they're they interface between
normal currencies and the Bitcoin ecosystem, and so suffer all the problems
and risks of both systems, i.e. regulation, security, and technical issues.

Caveat emptor - this is the Wild Wild West of currency.

Regards,
Gary

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