DAN.com

Buyer wants to pay using Bitcoin?

Labeled as advice in Domain Buying and Selling Discussion, started by ecommerce_guru, Sep 27, 2020

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11
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517

  1. ecommerce_guru

    ecommerce_guru Established Member ★★★★★★★★★★

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    Hello Guys,
    I received an offer for one of my domains for $8,000+ but buyer wants to use Bitcoin as payment method as he lives in China and can't use other well-known methods (his saying). I want to ask the risk of selling my domain using this way? have you tried it? can he reverse the transaction once i pushed the domain?

    Appreciate your input.

    Thanks
     
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  2. ecomslice

    ecomslice Top Contributor VIP

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    tons of scams going on where they request to use one crypto exchange of their choice only and request you make an account there to proceed. do not do this

    offer the transaction via an escrow domain platform like dan.com or epik.com as they both accept crypto. you pay 5%-9% commission. don't be cheap, don't get scammed.
     
    Last edited: Sep 27, 2020
  3. Save Breach

    Save Breach Established Member

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    Only transfer the domain after you have at least 1 confirmation of the BTC payment. I have lost a lot of money (nearly $6k in a BTC fraud/malware). Once a txn is confirmed, no way to reverse it.

    Crypto is tricky. But if they are a legit buyer why not just go ahead in case you feel suspicious you can PM me about his transaction terms I can possibly help. But just negotiate some deal terms like if he send the payment first which he should. In China cryptos are a popular and convenient way to pay so I see nothing suspicious many investors save taxes with cryptos from what I heard...

    My advice would be to ask him to complete the transaction through an escrow service like @DAN.COM which supports crypto

    Cheers
     
    Last edited: Sep 27, 2020
  4. thekiller

    thekiller Top Contributor VIP

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    You must insist on having them sent you Bitcoins instead of creating account at exchange of their choice.

    Just send him your BTC address, from blockchain.com or localbitcoins etc. and once you see the BTC in account, transfer him the domain name.

    If you need help, just PM me and I will be happy to guide you.
     
  5. hui2000

    hui2000 Stable Brands VIP

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    I would suggest you use Dan.com or Epik.com as the escrow companies to handle the transaction since they allow Bitcoin as mood of payment.
     
  6. kite26

    kite26 Fearless Bird VIP

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    Use Dan.com
     
  7. Hussein Ali

    Hussein Ali Established Member

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    It is a clear scam, the scammed tons of people on Facebook. They also contacted me from Facebook groups. They use newly registered domains as an escrow. they will finally ask you do deposit some bitcoin into your account for verification and then you will lose your money and domain. read the full story here https://www.namepros.com/threads/bitcoin-escrow-scam.1201477/
     
  8. shojib

    shojib Top Contributor VIP

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    Use Dan.com or epik.com
     
  9. ecommerce_guru

    ecommerce_guru Established Member ★★★★★★★★★★

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    Wow, that is exactly what happened. same way same procedure. Glad i asked, thank you. it is an obvious scam now.

    Cheers for you all
     
  10. kite26

    kite26 Fearless Bird VIP

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    You have nothing to lose to suggest him to buy the domain through Dan.com where he can pay with bitcoin.
     
  11. Abdullah Abdullah

    Abdullah Abdullah Top Contributor VIP

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    Buyer wants to get your domain for free so are you willing to do that? :-P

    Always use marketplaces that accept bitcoin. If the buyer refuses, tell them you know he is scammer and you know where he lives and would file police report. Let him move out from his house lol.
     
  12. Kuffy

    Kuffy Name Stag VIP

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    I can't see any risk in using Bitcoin as a peer to peer payment system. One confirmation is probably OK, but as the average block generation time is about 10 minutes, I would wait for 5 confirmations, that is if the buyer will wait an hour or so for you to push the name. Bitcoin transactions are safe and non-reversible if you manage your own wallet. You need to own the private key to your wallet, if you don't have this, then the coins aren't yours, and you don't have full control. Don't release the name until you have received payment in your wallet.

    I run a full node, but the storage requirements are quite high for this. You can reduce this by maintaining a pruned node. You should also look at using a hardware wallet if you are keeping a few thousand pounds ( or equivalent ) for a while.
     

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