Is JP Morgan Chase The New PayPal?
Selling bitcoins and receiving payment through Chase’s person-to-person QuickPay service was seen as a low-risk ACH-based alternative compared to the fraud-ridden experiences that are rife on PayPal.
Unfortunately, PayPal doesn’t have an exclusive on passing the buck and making their customers suffer. Reported recently by a Chase customer was that not only did the amount received in exchange for bitcoins get reversed the seller’s bank account was abruptly closed as well. This isn’t an isolated incident.
Dwolla remains the best cash service available for transferring USD funds to and from an exchange, or when trading USDs for bitcoins directly, such as a transaction made on the #bitcoin-otc marketplace.