My first Steemian to Steemian Trade using PAYPAL - Steem for Cash
I recently commented on a post by @breakingtonight about Fiat to Steem via Steemit. I expressed some recent troubles trying to buy my bitcoin with paypal so I could get some more steem. @matthewdavid popped up and asked if I would be interested in doing a person to person trade nice and simple.
Steem for Cash Via Paypal
I sent him my email and we decided to do a small test amount of 10 Steem.
Current Prize of Steem at that time $1.19
I sent $11.90 to his paypal from my paypal
Money Sent
*was recieved by @matthewdavid a few minutes later
Steem Received
*was received by myself almost instantly after @matthewdavid received payment
whole thing took less than 5 mins
I'm very happy with this and would do it again with the right person especially @matthewdavid a little trust did well here. I chalk it up to high moral qualities, intelligence and a creative and driven platform that inspires us all to think outside the box.
Much love guys!!
Interesting experience; it's good to kick it around with the community and consider the issues involved. There are other sites that will help you buy or sell BTC, for cash in the mail, etc, and that will not be so easy to reverse a transaction.
It will take trust, over time, and many transactions, would be my advice, and experience.
How about we make a little group, circle of trust of sorts. I also would like to be able to do it like this instead of first going through btc. or fiat.
I'm interested. Just followed you.
I'd also like to experiment with selling things for Steem. The more experiments like this we do, the more the Steem (and larger crypto-currency) economy grows.
Makes sense, Have a wonderful day. Can I ask you a huge personal favour?
You can ask. :-)
I'll see what I can do. If you'd like a private message, I plan on setting up a way to contact me by private message soon.
Who do you know that has a lot of followers on facebook?
I don't know anyone personally who has a lot of followers on Facebook.
No problem! Thanks for replying! Have a great day!
Your trade is a noble venture but bears a significant risk if you have any reason to distrust either party.
Firstly, the PayPal transaction is cancelable if the payer files a dispute. Second, with no trusted escrow to secure the transaction, either party could make off with your investment.
I'm happy you had a positive experience, but I'd advise the average user to use great caution.
True. This was a small amount in the name of exploring trading options. We both were willing to take a little risk. It wouldn't be a good idea with a large amount, especially if there were no prior successful transactions. In business, there's always some trust and I think that this experiment worked out well for both of us.
Here's my post about our transaction
I think there is enough proof here on exactly everything that went down in this transaction. Not everything needs to be confined in a specific box to work. Fear leads to far to many draw backs. Its my own belief we all need have more faith in our own discernment. Its easy to point out potential flaws here as some are quickly doing. .... I am very pleased and say thank you kind sir for the that little experience. I will not be canceling payment on this transaction nor filing any disputes. That clearly intellectually unreasonable.
Thank you!
I'm quite happy with our trade, too. I say that our experiment was a success. I will continue to experiment with these kinds of transaction. I agree that PayPal isn't the best for this kind of thing... but it worked for us here. Let me know if you discover better ways of making trades like these.
Wish you all the best!
I agree!!! Thanks for letting us know, and have a wonderful day!!
If you use localbitcoin I think they secure the deal but then it is only btc not steem.
I think doing the whole peer to peer thing is very cool. Just a couple words of caution about Paypal. If someone started doing this on a larger scale and Paypal found out Paypal would say that your a money transmitter or that your otherwise violating their terms of service and may close down your account.
Another thing to be wary of, if you don't know the person your dealing with Paypal on intangible goods can be very risky as all someone has to do is open a claim and they will automatically get their money back because there's no tracking number.
Just wanted to point those two things out and encourage people to be cautious using Paypal but assuming your not going to go balls to the wall and assuming you know who your dealing with very cool
#DOPE
Love it, thanks for the post @soundlegion
Nice! As long as the other party you are sending the money to is highly trusted, go for it! I like that idea!
I sent the money first so feel the trust factor was on my end that he would send the steem. I went through his posting history and felt for the amount I was willing to take a shot for the platform to show it could be done.. was a complete success and def agree especially with higher amounts you want to have good faith in the person you are transacting with.
Interesting, I'll take that into account in my future transactions. Best regards!. @soundlegion @matthewdavid
@soundlegion it's his risk, so you appreciate him. He needs to trust that you won't open a case against him. Anyway nice post - upvoted and following.
fair enough wasnt even a thought. in any case Im happy how it went and would def consider it again...
I would 2, if someone trusts me. You have a good reputation here.
The people who always support others and help them will find these good people very easily. You are so encouraging and motivating for us. I am glad your trade was successful.
The trade worked out well. I wish there was a way to do it besides PayPal, but that's the problem we are facing. I think the next experiment is selling things for crypto. It's easy to find someone willing to pay dollars for crypto... maybe harder to find someone willing to pay crypto to buy something.
Those days are not far enough, I can smell their presence right now.
Not a good idea to use paypal to purchase cryptos
I generally agree, but this small experiment turned out well. Do you have suggestions for other ways to transfer instead of PayPal? As I would prefer to avoid using it in the future, too.
You might find this post interesting:
https://steemit.com/escrow/@xtar/open-source-standalone-gui-for-steem-escrow-transactions
Thanks, I'll check it out.
It's a good idea for the buyer - not for the seller.
I'm surprised I see lots of guys near me on Offerup and Craigslist selling Bitcoin via Paypal. I wouldn't do it because it's wrong and I'm too nice but it would be so easy to buy 2 Bitcoins , open a claim with Paypal and you'd have your money back within hours. Can be very risky. Aside from that Paypal would consider this running a currency exchange or MSB activities and would close your account down if they find out your doing it as well