Topic: Do Not Use Exchange Wallets For The Transactions Outside That Exchange (Read 326 times)
July 11, 2017, 12:42:49 AM
Another thing to add is also never to make payments from an exchange wallet. The reason being if you need a refund it usually goes back to the wallet you sent it from. Some exchanges give you a new wallet each transaction so you may not have control over those funds and then have to put in a support ticket a d that's not fun. Rather go from exchange to your wallet first.
July 07, 2017, 04:36:45 AM
Since Uquid uses bitpay's invoice system, the transaction expires within 15 minutes if there is no (single) confirmation for the transaction with the amount mentioned in the invoice.
That is incorrect. Bitpay invoices do not expire within 15 minutes if there is no confirmation. You have 15 minutes to broadcast the transaction on the network before the invoice expires.
I have purchased several items from several different merchants (eGifter, Steam etc) who all use Bitpay as their payment processor. As long as you broadcast the transaction (and make sure the amount you send is correct) within the 15 minutes, Bitpay detects the "unconfirmed transaction" and just marks it as pending. They were even nice enough to give me warnings that my fee was too low and the transaction make take a while to complete.
Later, in some cases several hours later, when my transactions finally got a confirmation, it was marked as such by Bitpay... and the merchants processed my orders.
Given that the block time is an "average" of 10 minutes... there are instances where the time between blocks has been over 15 minutes... how are you supposed to get a confirmation (even assuming you pay the best fee and get included in the next block) if there are no blocks mined in the 15 minute window that Bitpay provide? Bitpay understand this and that is why it isn't based on confirmations. You just need to send the transaction. Check out the block times from the last 10 blocks:
July 07, 2017, 04:12:08 AM
Hello All,
I recently made a mistake and learned from it so I thought I should share the lesson it with you too. Yes, most of the senior members might be aware of it but this is for those who are not aware of it.
A few days ago I wanted to top up my Uquid virtual credit card so I decided to use my Yobit wallet to send the funds to pay for my Uquid card invoice. Since Uquid uses bitpay's invoice system, the transaction expires within 15 minutes if there is no (single) confirmation for the transaction with the amount mentioned in the invoice.
Since, I used my Yobit wallet, it took more than 15 minutes to process the transaction (and I also sent less amount accidentally). Now I contacted Uquid support and explained them my situation, they credited the amount which I sent and I got my funds back.
However, since I was not the owner of the wallet, there was absolutely no chance at my side to get my funds back if Uquid had the policy to send the funds back to the address from where they received. Thanks, Sweetdesirez for dragging my attention towards it.
Moral of the Story - Do not use exchange/web wallets for the transactions outside that particular website, unless you have the full authority of the wallet address. You could miss your funds if receiver decides to send back the funds they received on the address of sender.
I recently made a mistake and learned from it so I thought I should share the lesson it with you too. Yes, most of the senior members might be aware of it but this is for those who are not aware of it.
A few days ago I wanted to top up my Uquid virtual credit card so I decided to use my Yobit wallet to send the funds to pay for my Uquid card invoice. Since Uquid uses bitpay's invoice system, the transaction expires within 15 minutes if there is no (single) confirmation for the transaction with the amount mentioned in the invoice.
Since, I used my Yobit wallet, it took more than 15 minutes to process the transaction (and I also sent less amount accidentally). Now I contacted Uquid support and explained them my situation, they credited the amount which I sent and I got my funds back.
However, since I was not the owner of the wallet, there was absolutely no chance at my side to get my funds back if Uquid had the policy to send the funds back to the address from where they received. Thanks, Sweetdesirez for dragging my attention towards it.
Moral of the Story - Do not use exchange/web wallets for the transactions outside that particular website, unless you have the full authority of the wallet address. You could miss your funds if receiver decides to send back the funds they received on the address of sender.
Jump to: