Bitcoin vs GunTab
Buyers are not safe with Bitcoin because they are completely exposed to fraud.
What is Bitcoin?
Bitcoin is the world's most well-known cryptocurrency. Some people claim Bitcoin is a great way to pay for online purchases.
Do scammers use Bitcoin?
Theoretically, scammers are happy to accept payment by Bitcoin. However, Bitcoin is such an extreme red flag that both legitimate sellers and scammers avoid mentioning it. As indicated by StopGunScams.com, Bitcoin is only occasionally accepted for gun scams.
|Guns & ammo allowed||✓||✓|
|Gun parts allowed||✓||✓|
|No amount limit||✓||✓|
|Service fee||2.9% or less||~ $2|
|Fee on success only||✓||X|
How good is Bitcoin?
Bitcoin is considered an unusual payment method, so isn't often accepted. Where available, it is a fairly quick and easy form of payment, assuming the buyer already has sufficient Bitcoin available in an electronic wallet. The processing fee is apparently less than $1 per transaction. Importantly, Bitcoin payments do not expose the buyer's financial information like personal checks and direct credit card payments. Another benefit is that Bitcoin payments are quite safe for sellers. But for the same reason Bitcoin is safe for sellers, it is dangerous for buyers.
Buyers extremely vulnerable
Bitcoin is extremely dangerous for buyers, and exposes them to various scams. A buyer must pay in advance to an anonymous Bitcoin address, placing their full trust in the seller. A buyer has no recourse if the seller is a scammer, because payments cannot be reversed and there is no form of buyer protection. Basically, scammers consider a Bitcoin payment like a dream come true. It's an obvious red flag if a seller asks for payment by Bitcoin.
Sellers not vulnerable
One of the benefits of Bitcoin is that there are no chargebacks. To the same extent that's bad for buyers, it's good for sellers. Once a seller receives a payment, it can't be reversed.
Which is better?
While sellers might appreciate Bitcoin, buyers are rightfully fearful of how easily they can be scammed. Bitcoin isn't worth the risk unless the buyer is extremely confident the seller is honest. GunTab is almost certainly better, because GunTab is escrow and the buyer does not need to know anything about the seller to be protected.