Topic: Bad Experience in Bitcoin Peer-to-Peer in CEX. - page 2. (Read 269 times)

This is actually a normal trend in my times of using binance peer to peer transaction and knowing this fully well I always prepare myself ahead of whatever and whenever am supposed to be in need of cash because it's actually not a transaction that involves a single person so there is every possiblity the other person can fuck you up because it's his choice as he will also not like to lose to the market fluctuations and that's why some vendors do cancel their trade.

In the light of op statement i bet to be different and oiint it out to you that if you tske a seco d read through op pist you will understand better the point ops is trying to make, there is no doubt that we have all experience this form of transactions and order cancellation on p2p and that have proven a number of time that we are all in for a more serious games of unterest between tbs buyer and the seller.


This always happens on p2p mostly when the price drop significantly after the order was placed, what pains me most is, why should exchange olace the cancel option for buyer but doesn't give the seller the same privilege to cancel the trade, I haven't seen that feature in any exchange before.

I think your experience has little to nothing to do with Bitcoin or P2P exchanges available on centralized platforms. Some notes:

• You could have made the transaction earlier in anticipation. It's often possible to know the fee for shipment/clearance of orders (I think shipping firms send this information prior to pickup)
• P2P is actually a business for those merchants and if price gets unstable, or lower than the price at order time, they would likely cancel the order.

I'm sorry about your experience but you canndo things better next to ensure the experience it's smoother. This is not something that decentralization can solve at any scale because if price gets lower, merchants can push forward with the transaction otherwise, they'd end up losing.

Since you were already on a centralized exchange, why didn't you stick to normal spot selling, which would result in a sale in just a few seconds? I'd use P2P for anonymity and privacy, but you're already on CEX, where you've probably got a KYC-verified account. Not only did you lose time by having to go to the courier twice, but there's a chance that you'll end up paying more if Bitcoin's price falls until you conduct the next sale and pickup the shoes. Am I right? On top of that, I generally don't see why you'd resort to selling Bitcoin to pay the courier when it would be easier and more profitable in the long run, since we're talking about an asset nowadays, to use fiat straight out of your wallet.

Unless we're talking about a tough situation in which you have no cash or money left in fiat currency, I'm guessing that's not the case, because if it were, you probably wouldn't be buying shoes online.

I guess the moral lesson here is not to trust any 3rd party such as CEX, and this might sound right, but fiat is still the king. I mean you still need to have some local currencies in your wallet just in case you need some emergency and so that you won't rely on your bitcoin as the means to sell it for that kind of situation.

I have been in that kind of situation before, the last time was 2019 wherein I need to sell because of emergency and I don't have the money in my pocket. And it took hours or days before I can make that transaction to a CEX and sell my bitcoin. So just always remember that you need to reserved some fiat money always in your pocket, just saying.

That's a normal scenario in the P2P markets and that's why you've got the option to just go with any local exchange that you have if there's any if the matter is urgent like you are really in need of cash. They've got the automatic market trade but of course the price is not the same and could be lower than the P2P market where you're trading. I guess that option is good when you're in a hurry but if not, P2P is still your best place to go when you like more some quite higher pricing.

It is normal for the buyer to cancel sell orders when the price of Bitcoin goes down.  I also have this kind of experience in Binance but I do not mind it.  Since buyers want to get profit, they have the right to cancel orders since we are the ones initiating the trades.  I believe if you don't want your sell order to get canceled frequently, you can convert your Bitcoins to stablecoin and sell it.  This way there is no fluctuation of price that can trigger the buyer to cancel the P2P trades.

First I will say why don't you sell your bitcoin and keep the funds ready while the delivery services arrived as they said? You wouldn't wait for them to call you to come pick up your goods and even as you were called you didn't sell your bitcoin and get the required cash to your local account before moving to their office. To me it's not a good choice you made haven known that anything could likely happen at the cost of you wanting to sell off your bitcoin and, besides I don't think you would focused to do your conversion to NGN why because you could be at tension to settle them immediately but since you didn't prepare on time to exchange it through p2p you will definitely face some challenges as most times p2p doesn't credits your account immediately it takes about 45 minutes time for the counter to elapsed, so if you are that in a haste to make trade you can't exercise all this patient for your funds to be credited,. Although there is 15 and 30 minutes minimal so if you are that lucky enough to see such trader then your funds could be delivered quickly to your account.


I believe is Binance exchange, op our local poster and we all uses Finance since remitano has disappointed most of us including bundle app. So the next could be kucoin exchange which I know there are less p2p traders over there. 

If you want to get some more specific opinions about Bitcoin transactions, you would have to provide more information. For example, which exchanges are involved, and which type of trade, do you have limits on your account? What kind of orders did you place so they were rejected? Rejected or something else, How much fee did you put, and how much was in the mempool at that moment...
There are many questions, and we know that you bought shoes and which company tried to deliver them to you.

The experience I had today was not encouraging. And I felt bad in the logistic office. They were looking at me at if I was not serious.
I ordered a pair of shoe online days backed and today the shipping company called to their office to picked up the goods which costed me $40 and immediately I received the called from the company (GIG Logistic Delivery Company), I tried to sell bitcoin so I can pay the goods and claimed them. And the time when I made the order to sell bitcoin was are the rate of $26,800 and immediately I made the other the price came down and the buyer cancelled the order and still looked for another buyer to buy the coins so I could buy the carrier agent, the second buyer the same thing, the third buyer the same thing and I still tried again the same thing and that was when I told the Logistic Company Staff that, the bitcoins I was selling to pay the goods were rejected so I will come back the next day and they accepted so I left the place.

Since When I left the place, I was thinking how Centralized Exchange can disappoint your urgent need of cash. I was not really expecting them to treat me like that. I have not experienced such in the p2p system. Really I was ashame in the place base on the kind of personality I am. I was embarrassed and left the goods behind. I was also thinking what really caused the rejections, was it because the price coming down that if they buy at that time, they will loss?  or they don't buy when the price is going down? What do you think really happened?