Here is my situation. I am part of a project creating a P2P charity website, where users connect and can give money to one another. Because of the nature of the site, we kno
Personally I don't think it'll be reliable.
The main reason will be for those using a shared IP. That includes most users connecting from inside a business and home users connecting through the same WIFI hub.
It's more than likely for multiple users to be coming to your site with the same IP address.
Adding to that the fact that IP addresses change over time and you're already losing track of your users.
It's also worth remembering that oftentimes multiple users will be using the same physical computer. Are you wanting to have only one member of a household able to signup etc?