Xcoins.com: Useful Fraudsters
I use this company, Xcoins, to buy bitcoin for reasons I don't care to explain. It works. Except when it doesn't.
I'll be brief: If you forget to click on the link to verify your purchase, you lose your money, basically. Their system is designed that way.
The first time this happened, I forgot to click the link and 24 hours expired. I had to challenge it with my bank. (I use my debit card/checking account for funds.)
This time, I made my purchase while posting about wake and bake or something, at 2 a.m., and went back to bed without confirming. Three hours later, the link had expired, the transaction had been declined, and the funds were gone.
Why would they do this? Simple: Many people who buy bitcoin are doing illegal things and don't want to call their bank. Multiply my $200. Or $500. X gazillion. Daily.
I'm sure this is a gigantic profit center for them. It's fraud but fraud lite. Deniable as accidental oversight.
Edit: This is interesting. I forgot this. To comply with my bank, I emailed Xcoins about this. They were glad to chat about details of the transaction until I asked them to explain what happened to my funds. The first time, Xcoins customer support said, "well, you let 24 hours expire." I replied, "So what? The funds must still be returned. Reference: FDIC. Rules." Then they went dark.
This time Xcoins would not respond to emails.
My bank is responsive but I lose access to the funds for three days.