I added Cash Deposit as new payment method. It is available for all countries.
It uses the same fields as national bank account and additionally the account holders email address.
The email address is needed that the BTC buyer can send the paper receipt to the seller.
The buyer need to write NO REFUND on the receipt, torn it in 2 parts and then send a photo by email to the seller.
The trade limit is set to 0.5 BTC intitially to avoid too much risk with that new option.
Please have a review if you find anything missing or if you find any issues with that.
I am not sure if cash deposit is available in all countries but I assume in most.
I followed that what traders on localbitcoin require… Seems you can ask the teller for a chargeback but if there is the receipt teared apart and written NO REFUND it should be not possible.
If any one use the new dev test release, please don’t publish offer with the new payment methods yet, as that would cause problems in the existing version!
This is the most common method used here in the US via localbitcoins.com. The variability that requires specific notification is what banks people have access to for cash deposits. For example, I have cash I want to buy btc with by depositing the cash, but only Wells Fargo or CitiBank is available in my area then all other cash deposits are not an option for me. Another example is I am selling btc for cash deposit and I have a Chase Bank, but the buyer couldn’t deposit cash because it isn’t a business account. Buyers and Sellers both need a place to publish minimum bank requirements before either party wastes their time.
I am testing right now and the first one I didn’t find out their bank until after I already started the buy. Now I’m emailing trying to find out if there is another bank option (since that bank is only in one state–not my state). Bank requirements are changing all the time and we need something that can be customized and updated regularly.
It’s not very user-friendly to just have the account number. Cash deposit requires the name of the bank too. I don’t think you can deposit cash at one bank and have it show up at another one.
howdy, across the pond a bit from coinstash.
On localbitcoins, many sellers demand “bought coins from xxxx, no refunds” written on receipts for walk in branch cash deposits to prevent MITM fraud action. i suspect these people will want a similar function for bit^2, and may need some way to upload an image to them privately. i saw a new user today on the system…and first time i saw offering cash…yah!
a buyer needs to be able to prove he made a payment. In case of a dispute (seller claims he never received the fiat payment) both parties need to prove their point. The arbitrator will make the decision.
So it’s in your best interest, as a buyer, to do everything, to be able to prove that you’re honest. (Like it’s done on lbc)
As a seller, you’ll have to understand how Bitsquare works. You don’t have to care about the honesty of the buyer (trust)- The trade’s secured buy the protocol.
I agree there should be a pop-up, telling buyers how to protect themselves from fraud. I thought that would be in place, didn’t check though.
There is a popup with that text displayed during the trade process:
“After you have done the payment write on the paper receipt: NO REFUNDS. Then tear it in 2 parts, make a photo and send it to the BTC seller’s email address.”
But maybe it should be also mentioned at the account setup so people know before trading how the security is protected.
one question, as a taker/buyer of a cash deposit offer. Will the seller see my name and bank account details - this seems unnecessary. this is not mandatory on localbitcoins as a buyer for example. i suppose one can put in a fake name/account in the cash deposit section, but this wont look good if it goes into arbitration.
@ManfredKarrer In Australia the bank is identified by the BSB number (six digits). Most people wouldn’t know how to find out what bank that represents. It’s also more convenient when starting the trade to know whether that bank has a local branch, some are only state-wide rather than national (e.g. Bendigo Bank, or Bank of Queensland).
It’s also not well known that you can deposit cash at any Post Office to almost and bank or credit union in Australia. It’s called Bank@Post and people in remote locations use it a lot. But I believe you need a bank issued plastic card with a PIN for ID before they will accept the transaction. I’ve used this to buy e-Gold using a specially issued card from a local seller.
@shrike It really depends on banking rules. If the depositor is required to identify himself by law then the seller will have accurate details.
yes, i think a field is needed to display the name of the financial institution/bank for CASH DEPOSIT
Probably similar in other countries?
This is so the taker knows which bank branch to deposit the physical cash to in advance before accepting the offer.
(Im asuming you cant deposit anonymous cash to ANY bank and have them deposit to ANY other bank - has to be the same bank right??)
Its not uncommon on localbitcoins for a seller to accept cash deposits from multiple banks.
At the moment i think, a seller of BTC will need to create multiple offers, one for EACH bank they want to accept. This is not very convenient. I suggest that when an offer to sell BTC is made, that a seller can select multiple national banks that can be accepted. Then whichever the buyer/taker has as their bank (maybe they can select if they have multiple national accounts setup) this bank info is what is presented to buyer when they commit to buy
is there a testnet version of bitsquare so one can test how trades works by example?
upgraded to the new version. i havnt killed it yet. good work all.
U can use testnet with a prog arg. In the GH wiki there are instructions. RegTest is better IMO. But both require a bit of dev effort to get the setup done.
To improve the payment accounts I need a UI dev first, need to focus on other things (DAO).
Though small changes (missing fields) can be added to the next release.
In the USA, many times, texting (SMS/MMS) is preferred over emailing. So it would be nice to have the option of providing a phone number versus providing an email address. Pictures of the receipt can be texted (MMS) as well.
