Making That Big Purchase Using Bitcoin? Be Aware!

By Phil

Hi there! Are you making a large purchase with Bitcoin?  Ask yourself this.

Would I send a wad of cash to the counterparty through the mail to their P.O. Box?

If the answer is "NO" then don't send them Bitcoin.

As handy as bitcoin is for moving value, we still need to be careful about who we buy from. Scammers and nogoodnicks abound in cyberspace!  If you are going using one of our machines to buy a vehicle or other large purchase through craigslist or ebay motors and a seller prompts you to use bitcoin please beware!

Ebay is an escrow system.  By going outside of Ebay's escrow system you risk payment without delivery!  Bitcoin may be a working trustless system; unfortunately cyberspace plays by it's own rules and trust is not always there.  Therefore, best practices in cyberspace still dictate that a trusted third party of some variety be used for value transfer and large transactions.  Like buying a car. There are many traditional escrow systems like Ebay as well as ones with bitcoin such as Openbazaar.

We ask that you please be diligent about where you send your bitcoin. Even though you can send bitcoin to anyone, anywhere it still is a good idea to use prudence and your best judgement when making large purchases. 

Watch what you're doing when making large purchases with bitcoin!

Watch what you're doing when making large purchases with bitcoin!