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

First of all I wanna say that,  I know you know that  Bitcoin a  volatile coin  so then why you ordered the product ?  If that were the case, the logistics company would have accepted Bitcoin as payment  then I think you don't have to face bad experience.
So I think you should first select to order these products from companies that accept bitcoin or crypto currency specially volatile coins as payment.
And besides, if you want to convert bitcoin to fiat currency, then there is an easier way already, just first convert bitcoins to stable coins and then sell the coins on p2p. Your intention is to convert Bitcoin to fiat currency, there is no reason to do it directly. It would be different if the goods could be paid directly through Bitcoin.

This isn't a fault of using a centralized P2P exchange because if you were using a decentralized one and the marchant wanted to cancel the order they would had still done it. This kind of situations is more about the merchants not wanting to buy your bitcoin because the prices of Bitcoin is dumping. Everyone wants to make profits so when they see a situation that won't profit them, they'll back off. They're doing more demange to their reputation on those exchanges because they get less rating each time they cancel orders so it isn't ideal that Marchant cancel order but when they do it might be for a reason like price crashing or you're using a bank they don't like (did you read their terms & condition to know if your banks isn't supported by them) because most of them have the traditional Nigerian banks blacklisted.


This has nothing to do with the exchange as I said and maybe next time try to plan ahead of time. If you need money to be used in the evening, try to trade in the morning hours or afternoon so you'll be prepared because alot of things always go wrong when you're in a rush. Maybe you would have had internet issue or some other problem that'll delay your transaction (like pairing with a scam Marchant and your transaction gets delayed) so don't wait for last minutes before you trade when next you want to sell your Bitcoin.

Ever since I have used the P2P in Binance, I’ve got no problems at all despite there are some who have delayed their transactions to me. I only choose those guys who have higher ratings of at least 97% and with thousands of transactions already.

If I were in your shoes like if you’re already desperate, I would immediately look for a trusted merchant regardless of the price he or she advertised and immediately settle it no matter what. Just my two sats.

Exactly that.
You can't blame people for wanting the best price possible. They are most likely traders looking for a good deal. And when the price went down your price wasn't a good deal anymore.
It's called social market economy   .

I know it can be frustrating at time, I have had the same problem several times and I know it bugged me as well. There is nothing you can do about it, so no need to waste your time being angry.

The exchange is Binance, and it was selling and buying kind of trade, I don't have any limit in my account, in Binance p2p is free and there was no fee in it. Your questions are not related to the Op. It was simple analogy, I ordered a deal when the price was some how high, and immediately I ordered the deal and I was waiting for the buyer to buy but the buyer cancelled the order because the price of bitcoin came down (reduced), I ordered again and it was the same and the last was cancelled itself after the time has elapsed.


I appreciate all the comments, there are lot to learn and asked even on bitcoin, well to some extent the cancellation by buyers is not too bad because it is a business, and they need profit, one of them even ask me to reduce the price for him to pay me but I also refused. And the other hand, bitcoin is meant to buy things online and it mainly for p2p, and in such situation when you are in the malling shop and you want to use bitcoin to pay for the service, as some early bitcoiners did to buy coffee, and the process delay what will you do. Let us see meaning to this post and not only on the other way around. There are morale lessons in the thread. As other said, don't believe Centralized exchange and prepare yourself always for the unseen disappointments.
 

That's because you made a sale when it was urgent and under the circumstances the buyer didn't make a decision. Actually, I often experience this when I am urgent and need funds quickly to sell bitcoin. The method I use is pressing sell on the stock exchange with the buy price option or in other words crossing the price. It's a small loss but not up to $1, for me that's not a problem as long as the funds needed are processed quickly. Because you use the p2p option and at the same time the buyer does not want to give the price you set. Not reaching an agreement with each other, neither you nor the buyer want to budge. Until then, there is no solution.

Bitcoin price is super volatile. It changes within seconds but such kind of experience is very rare I would say. I have been doing P2P trading in centralized exchanges from a long time and I don't remember facing such issues more than once.

Which platform you are using. You can name the name. Earlier I used to do it from localbitcoins and now from Paxful. All is going good so far.

For p2p I prefer to use stable coins in which the price is fixed and confirmation times are immediate, or try to make payments with high rate users. This is a situation known to people who have many transactions in P2P, so be careful to find a reliable seller and deal with him, even if his fees are high compared to choosing the best price, which Often an unprofessional seller.
The experience will vary depending on the liquidity, the nature of the P2P, the speed of the support team’s response, and how seller’s warranty rules

Mate, I wouldn't blame the exchange because you weren't prepared and that was why you felt disappointed. Bitcoin is not fiat that will lie under your pillow or in your wallet, which makes it very easy to your reach at anytime to need to buy or pay with it.

If you have all your funds in bitcoin, then it isn't a wise idea for you to convert bitcoin to fiat at that point of time when you want to spend your fiat currency. It is better that you prepare and plan yourself ahead of your financial needs and convert your bitcoin to fiat, because we are all human and no one is perfect and no one will like to run at loss with his two clear eyes open.

The p2p merchants might have their own reason for cancellation of your transaction. Always change your bitcoin to fiat a day or two before the need arise. What is if it happens that your transaction took three days to be confirmed due to the congestion of the block chain.

I understood from your post that P2P transaction did not go as well as you expected. What is the guarantee that you won't face the same issue on a P2P at a DEX. I don't think this is a CEX issue, you should have used a big exchange, there you will find more buyer and seller. Binance is the exchange everyone uses for P2P transactions.

Another option was that, you could have checked with the logistics company whether they accept Bitcoin before leaving. If they had then you could paid them with Bitcoin and claimed your shoes.

So why don't you try using P2P in DEX and get a better experience? And are you sure you won't have the same problem if you use DEX? I also regularly use centralized exchanges to withdraw funds but I've never encountered any problems like yours or anything that upset me. I am not defending CEX but when it comes to P2P of CEX, most people are happy about it, although it is not perfect and there are also some issues that need to be resolved by the exchanges but your problem is the problem first I heard.

I've got two advices:

1. Work only with sellers who have merchant account. They should have stability in their service and order cancellation for no reason will result in penalties for their account.

2. You can convert your BTC into stablecoins on spot whenever you want and then exchange them into fiat. This will help to avoid BTC fluctuations and buyer order cancellations.

For easy and smooth trading due to price inflation, it's advisable that you always convert the small portion of your bitcoin that you want to spend into a stable coin in order not to be disappointed by the price when you will need to trade them. You and your eye know how the market is and the time it takes to execute P2P transactions, especially in this time when the market is shaking.
 
To save yourself all the stress and order cancellation, you could have made use of either the concert option or you could have traded your bitcoin to USDT immediately before you could place your order so that there would be no price change distractions again.

Im sorry for your experience. Centralized trades function like this, friend. Now you see why centralized systems have frequent unexpected abruption. The price decline may have made buyers worried they would lose money immediately if they bought. Your experience is like many who left things behind and felt ashamed and let down.

And to be honest, I buy and sell Bitcoin P2P on Binance without any issues. Maybe you should check out other platformd, pal. You shouldnt have to stress over a broken instrument in an emergency. They clearly dont want to buy when prices drop. They're cautious to avoid losses.

Switch your platform, friend, and regain your confidence and control in transactions. This event shouldnt make you lose interest in bitcoin.

The exchange is just an intermediary between the seller and the buyer, and what you are facing is the seller constantly adjusting the price, and that is part of doing business. Why do you blame the exchange? Is this fair? If you want to be sure of everything before trading, why don't you chat with the buyer first at the exchange to reach an agreement between both parties? We all know the markets are extremely volatile and as a businessman, they will use every trick to avoid losses. This is common even in our real lives, not just in exchanges.

Do you say oppositely to the reality?

On centralized exchanges, excluding centralized exchanges with very small trading volume for Bitcoin trading pair, your buy or sell order can be filled quickly.

By talking about buyer and seller, order cancel by your trade partner, it is exactly how peer to peer exchange works. If is not how centralized exchanges work.

Sorry op for the sad experience, since you were expecting a package to be delivered to you any time soon, the ideal thing to do was to make the availability of cash on time to settle your goods to avoid this kind of fire brigade approach. Though, I've not encountered a situation like this on P2P exchange but I could only assume the drop in price of Bitcoin to be responsible for the cancellation of the orders by the buyers. You would have opted to trade your bitcoin to a stablecoin instead before selling and I hope you learn from this experience.

While I empathize with you and the apparent lack of solid solutions to solve the P2P conundrum, You are also at fault here.

You knew you had a package that needs to be paid, instead of being prudent enough by initiating the P2P transaction as early as you can, you waited for the package to arrive which puts you at a time constraint. IDK how your P2P works but if it's BTC-USD then that just means you had the opportunity to sell your bitcoin at an earlier time to ensure you don't get pressured into selling especially since bitcoin's price is a little volatile nowadays.

You can't change the whole system just cause of a single instance, and while we share the same problems every now and again you have to understand that Rome was not built overnight, make wise use of what's available and don't assume that things will always go according to your plan.

I also had a bad experience with P2P order cancellation on Binance.
But when I saw the seller I knew why it was canceled, because he set the price too high and then changed the price again.

There are many price scams like this and the order will never be processed.
But first I need to know which CEX you are doing p2p transactions on.

Now even P2P transactions can be done very easily and quickly.
Since I often use Binance I use the P2P Express Feature so that the Order price will refer to the top price and which seller is the best.

Since using the P2P Express feature there are no more rejected orders and everything runs quickly.
Not only on Binance, but some CEXs also provide this latest feature.


https://www.binance.com/en/blog/p2p/what-you-need-to-know-about-p2p-express-421499824684903381

but the good thing when you use binance p2p is they do have a lot of buyers and sellers. so you have the option to choose which trader will be suitable to your needs. some may offer lower price but if you badly need the funds, you have no choice but sell your coins.
also, if you think there will be unknown circumstances that may hinder your transactions to push thru, better think of your transactions before hand. as much as possible, consider the time period of when you need your funds.

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?