15 sats \ 3 replies \ @Storyteller 5 Aug 2023 \ on: How to buy Bitcoin privately - Azte.co, Hodl Hodl, Robosats, Bisq & Peer to Peer bitcoin
Thanks.
Question: what happens if you send fiat to an unknown person on Robosats?
If you send say 500 usd to an address in say Nigeria? Or Finland? It could be a scammer?
You loose your 500 dollars and won’t get your bitcoin.
How does Robosat solve this issue?
Because that is holding me back.
You see an offer at a good price. You have the us dollars on you bank account. And you do the transfer. What if the seller say they never received you 500 us dollars while your bank says it was deducted form your account?
And the seller never hits that button saying they received it so the system never relases the bitcoin to your lightning address?
Can that happen?
Good question. I had exactly the same thoughts but we learnt that in Robosats the seller has to lock up the sats in the channel before they can claim the fiat.
I would recommend keeping the amount limited to an amount you are prepared to lose while you're learning these system.
Hope that helps and thanks for reading!
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I think that is the purpose of the bond.
"The bonds would be charged (lost) in case of unilateral cancellation or cheating (lost dispute)."
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I double checked this in the Robosats Telegram, and Mr Reckless Satoshi himself replied that the seller has to lock the entire amount up in an invoice before they can respond to the buyer's message. So pretty solid.
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