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Risky selling Bitcoin/Altcoins?

  • 20-02-2014 12:46pm
    #1
    TemujinKhan
    Registered Users, Registered Users 2 Posts: 37 ✭


    Hi Guys,

    I have been doing my best to learn about Bitcoin and all the other altcoins lately.

    I have bought some bitcoin from localbitcoins.com. I then sent this to an exchange (Cryptsy) from which I was able to buy altcoins.

    My question: Why is it that these altcoins can not be individually bought? Is there a risk to the seller in dealing with altcoins? I have heard something about the buyer being able to recall the payment while still keeping the coins after transaction has taken place. Is this why?
    And if this is the case, why are coins being sold on ebay? Do ebay have protection measures in place that makes it safe for sellers?

    Sorry for the drove of questions, im just trying to straighten things out :)

    Any advice appreciated,
    Regards,
    Kevin.


Comments

  • #2
    GarIT
    Registered Users, Registered Users 2 Posts: 8,671 ✭✭✭GarIT


    There are no companies that operate exchanges, it is generally just someone who has both enough cash and enough coin to operate both ways. There are exchanges for other coins they are just not common.

    There are also more bitcoin transactions than any other coin, that makes it more appealing to exchange bitcoin rather than a coin that would give you much less business.

    There are scams that can be done, other than the usual PayPal protection eBay offers nothing extra. Ebay is just an easy marketplace for transactions, it saves you having to set up your own site and obviously it is international rather than regional like Adverts.ie.


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