bitcoins

if i were to sell gold (osrs or rs3), is bitcoin the safest way to do so? i heard there was no way you can chargeback bitcoins after the transaction is completed, is this true?

is it easy to do transactions with bitcoins? would you recommend it?

 

It is true that after confirmations you can not get charged back. BTC is easy enough to use when you get used to it.

Spoiler: Information on confirmations

It depends on your risk model.

If you can trust the person paying you, you can accept payment on 0/unconfirmed if you want.

As a merchant or trader, you want to use the configuration that is more secure (no incoming connections permitted, explicity connect to well-connected nodes).

With zero confirmations you are vulnerable to the race attack and the Finney attack, as well as the 51% attack.

With one confirmation you are vulnerable to the 51% attack. There could also be a miner with a lot of hashing power who could get a couple blocks in a row, so three confirmations removes most of them.

With six confirmations it is essentially mathematically impossible for an attacker with less than 51% of all mining capacity to get six blocks in a row. and still surpass the longest block chain. With 51% or a lot more than 51% the attacker can get six confirmations by creating a parallel blockchain in which only transactions approved by the attacker get included in blocks.

A merchant like a retailer can likely accept even on 0/unconfirmed in most instances (e.g., purchases up to $100 worth). A merchant that ships e-commerce might hold off until the transaction has three confirmations.

A cash, face-to-face cash trade will probably be best if three confirmations for a large amount, maybe one confirmation for small amounts.

Any recommendation would need to come only after determining which risks are deemed acceptible.

 

For simplicity - once you receive 1 confirmation on the payment you won't get double spent (double spending is when someone tries spending the bitcoin they just sent you before the send to you gets to your wallet). Exchanges typically wait for 6 confirmations, but that's because they are more prone to a network attack since there's more to be gained.

 

Bitcoin is very easy and safe to use. Please just make sure you wait atleast one (or more) confirmation before handing over the gold for maximum safety.

 

okay thank you guys , this really helped alot and convinces me to use BTC in selling/buying gold from runescape ....

1 last question.. you dont have to buy/sell whole BTC's right? u can do like 0.10 BTC?
^dw, i will research alot before using it,, i won't be RWTing for the next few months anyway.

 

Correct. Nowadays, you'll rarely do transactions over 0.10 BTC...my last transaction worth over 1 BTC was 2 years ago!

 

Might I suggest using the other 3 big cryptos that Coinbase allows? Buying small amounts of gold via BTC is such an inconvenience these days with the long confirm times(Sometimes up to 24 hours), and the huge fees on transactions just to ensure your block gets confirmed in a fashionable time.

I suggest Litecoin or Etherum, which coin-base both support for easy selling and most people will still accept it. The confirm time/fee amounts for both of these cryptos are substantially cheaper and more cost efficient for doing gold transactions of small value.

Just a thought, BTC is always good to but these days they just aren't as smart to use as the others on the market.

Good-luck!

 

for low trades btc isnt worth it due to the fee's ect.

i've been using btc for sales for quite a while now after i moved from paypal, never once experienced a problem with btc unlike paypal.

 

Just understand how fast bitcoin changes value before taking it as a payment.

 

Correct, safest way (as long as correct fee's are put in place)