How to maintain proper security measures paying by BTC for an expensive items?

user210822

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Quote from: Aanuoluwatofunmi on November 16, 2023, 06:11:55 AM

... make use of a wallet that supports RBF with a good example like electrum wallet, this will also enables you to pump your fee incase you're having experience in delay.

Good one!
What else wallet is there for this purpose? And what is the minimum fee level that will not most certainly get stuck on the mempool?

Aanuoluwatofunmi

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Quote from: user210822 on November 09, 2023, 07:39:20 AM

Good day all! My question is about transaction reliability and payment assurance. So I beg a pardon from admin in case it is out of due Forum branch!

There's nothing like forum branch, everything is under a particular board, we are forum boards and sub boards or child boards, where each topic or discussion thread could be best discussed.

Quote from: user210822 on November 09, 2023, 07:39:20 AM

How to guarantee deals and transactions in BTC BTC world?
Suppose one is about to sale something valuable. Be it a property or labor expenses.
What measures and steps to be taken to make sure transaction won't stuck in the MemPool and all participants are honestly performing their duties?

To have an itchfree bitcoin transaction, first go to the mempool to study how busy it is and know the cost for making transaction, there's low, medium and high priority, also you can make use of a wallet that supports RBF with a good example like electrum wallet, this will also enables you to pump your fee incase you're having experience in delay.

Lanatsa

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Quote from: user210822 on November 09, 2023, 07:39:20 AM

Good day all! My question is about transaction reliability and payment assurance. So I beg a pardon from admin in case it is out of due Forum branch!

How to guarantee deals and transactions in BTC BTC world?
Suppose one is about to sale something valuable. Be it a property or labor expenses.
What measures and steps to be taken to make sure transaction won't stuck in the MemPool and all participants are honestly performing their duties?

If you wont really be using some payment processors and really that tending to receive BTC on your own non-custodial wallet and if you do have someone to make some transaction, then just like on what other
posters been saying that if this one involves huge amount then having 1-2 network confirmation would really be that suggested or if you are really that paranoid with those double spend
then 6 confirmation above but i could say that 1 network confirmation would suffice. You could already assure that you could really be able to get those coins.

Never ever release or make deal or finalize something on a unconfirmed transaction yet it could really be having that possibility of double spend on which this something that
should really need to avoid or simply you would really be scammed on this case. Always have that network confirmation first before proceeding on releasing items or giving out some service.

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Avoid been great with the transaction fee, if you adjust too much it will surely get stuck, it's better to use default transaction fee or go to mempool for the accurate minimal transaction fee.

I also expect the receiver to have a limited time for you to make a transaction because of transaction delays at times, even if you use the best transaction fee at times you will still get some delays and if the time frame to make the payment is short it won't end well.

If I am to use BTC to make a payment online for something with high value I will use the max transaction fee for quick transaction, the last time I pay some bills online I was given 120 minutes to make the payment and after 30 minutes it's already confirmed.

adaseb

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Yeah I remember like 10 years back doing a P2P transaction. The guy wanted to wait for it to confirm. I used the recommended fee but I think in that 10 minute period something happened and fees went up momentarily.

I had to wait like 1.5 hours for it to confirm because the guy wouldn’t part with his cash. It would of reached the point where one of us would have to just trust the guy that it would confirm.

But in a p2p meeting, don’t be cheap and use a high fee. You don’t want it to be an awkward transaction.

joniboini

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Quote from: user210822 on November 15, 2023, 09:21:40 AM

This one is good!

The latter part usually doesn't apply if you don't use a multi-currency wallet or an exchange. If you use one, I'd argue that you should move your coins asap if security is your concern. There have been multiple reports related to multi-currency wallet which shows they are insecure most of the time, such as privacy key leak, hijacking, etc. Not to mention most of them are closed sources to begin with. Not a good choice if you're dealing with high-profile transactions.

user210822

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Quote from: ZAINmalik75 on November 09, 2023, 11:48:26 AM

So if the transaction is very large, then do not just copy; instead, write it down manually. Check the network you have chosen to see if that's right or not.

This one is good!

tabas

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The confirmation that you'll require at least 1 confirmation before you hand over the property or the labor expense that you're about to sell. But if you want to make it simple, you can use the third party that's on this one that they'll automatically convert the bitcoin payment into fiat.
Well, it's all about the transaction and make sure that it gets confirmed, that's all. Likewise, they've said that it's all about checking the tx if it's broadcasted in the network and paying what's required by the network or mempool.

franky1

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both parties can give each other a bitcoin address. this can then form a multisig. a 2-of-2 spend-able multisig

the buyer funds the multisig. like putting funds into a escrow/joint signing account
this ensures to the seller that the buyer has the funds and the funds are set aside locked into a contract he is now part of.

when the buyer is happy with the service and the seller is ready to be paid. they both sign the funds to go to the sellers single bitcoin address. both signing a tx giving relevant fee to ensure speedy confirmation..

its like trusting your wife by not trusting your wife. putting funds in a joint bank account needing your and her signature means she cant spend money on other things and you cant just take her money either. you both have to agree on who gets it and what for and both sign where the money goes

.. escrows are how house purchases are done... in bitcoin, its called multisig

Yamane_Keto

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What you mentioned is for businesses in which amounts of more than a thousand dollars are traded, so educating yourself will be necessary. I suggest that you read books about Bitcoin or watch some videos on YouTube, in addition to learning how to cold store and preserve your money well. Regarding fees, although they are currently expensive, they are in the range of $5 to $20. Note that the method of calculating Bitcoin fees does not depend on the value of the transaction, but I do not think that someone who wants to buy a property for thousands of dollars will be concerned about fees for less than $100.

ZAINmalik75

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Quote from: user210822 on November 09, 2023, 07:39:20 AM

Good day all! My question is about transaction reliability and payment assurance. So I beg a pardon from admin in case it is out of due Forum branch!

How to guarantee deals and transactions in BTC BTC world?
Suppose one is about to sale something valuable. Be it a property or labor expenses.
What measures and steps to be taken to make sure transaction won't stuck in the MemPool and all participants are honestly performing their duties?

While paying for an expensive item or making a huge transaction, first of all,, try to use a a wallet that supports RBF, and it would be advised to use this feature to enhance the fee so that your transaction won't get stuck in the network. In the past few few days,, I have seen two cases where the transaction has been stuck for quite some time. So if you don't want that, then increase the priority of your transactions by increasing the transaction fee using RBF.

Second, I would advise you to check the receiving address properly. There is no doubt that you have copied it from the main source, but still, you have to check word for word as many scammers have found a way to trick you by creating wallets that has a same start and ending letters in them, and many scammers are using clipboard attacks, in which the address changes when you copy it and it goes into the the clipboard.

So if the transaction is very large, then do not just copy; instead, write it down manually. Check the network you have chosen to see if that's right or not.

Helena Yu

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Quote from: user210822 on November 09, 2023, 09:23:35 AM

Could you please forward me to this type of service? I've heard a lot and even forum seems to have it, ain't it so?
What I'm interested in is how to attract buyer to trust me on serious deal with no intention for both of us loosing any funds during transaction!

You can check it here Few Trusted Escrow Providers.

To not lose any funds in Bitcoin transaction, make sure the transaction at least has one confirmation or read here for more information How many Bitcoin confirmations is enough?.

In addition what people above are saying, you can use wallet that support RBF, so in case you paid the fee to low or want your transaction confirmed ASAP, you can use that.

Marvelman

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Quote from: user210822 on November 09, 2023, 08:20:13 AM

Quote from: Charles-Tim on November 09, 2023, 07:42:03 AM

Quote

Use the fee rate priority that mempool is suggesting.

For beginners: https://mempool.space/
For advanced users: https://jochen-hoenicke.de/queue/#BTC,24h,weight

If you are the seller, make sure the transaction has at least one confirmation before accepting the payment. It will be better to prefer to wait for 3 to 6 confirmations if the amount is huge. Do not accept unconfirmed transaction.

Thanks a lot! What about buyer reassurance?

Bitcoin transactions are tricky business because once you hit send, that's it - no take backs! As the buyer, you've gotta be super careful to avoid losing your money. Personally, I'd triple check that Im sending my coins to the right wallet address. Can't get that money back if it goes to the wrong person! I'd also look into the seller see if other people have bought from them and confirm they're legit.

Make sure you fully understand what youre buying - read the fine print so there's no surprises later with extra fees or policies. Check that everything's legal where you live too, just in case you need to dispute something later on down the road. For expensive items, I might consider use an escrow service as an extra layer of protection.

basically, with Bitcoin you gotta look before you leap. Verify everything cover your bases, and only send payments when you're 100% sure its all good. It takes more work, but better be safe than sorry when that crypto's gone for good!

user210822

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Quote from: mk4 on November 09, 2023, 08:32:08 AM

Quote from: user210822 on November 09, 2023, 08:20:13 AM

Thanks a lot! What about buyer reassurance?

Well, make sure that you're receiving what you paid for?

Take note that by default, you can't do cashback through bitcoin. If you want to potentially get a cashback if it's the case that you received a fake item or something, use escrow.

Could you please forward me to this type of service? I've heard a lot and even forum seems to have it, ain't it so?
What I'm interested in is how to attract buyer to trust me on serious deal with no intention for both of us loosing any funds during transaction!

Zaguru12

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Quote from: user210822 on November 09, 2023, 08:20:13 AM

Thanks a lot! What about buyer reassurance?

Buyer’s assurance is make sure you have confirmed the goods before initiating the transaction, once you broadcast the transaction it gets a block confirmation you definitely can’t get a reversal except if the seller reverse it by himself or on rare occasions a chain reorg drags it down to the mempool again where you can double spend.

Quote

I mean something REALLY valuable. Not a coffee or gas tank!

Then wait for Atleast 3 confirmations and at most 6 confirmations because a transaction left on the pool still unconfirmed can easily be double spend to another address by the buyer using the RBF method. A case like this was suspected on this thread when a scammer/buyer double spend or replaced the same unconfirmed transaction to another of his own address

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Quote from: user210822 on November 09, 2023, 07:39:20 AM

How to guarantee deals and transactions in BTC BTC world?

By receiving a transaction ID, this is your Official Receipt (OR) as a record and verification that the transaction proceeds already with a designated number of confirmations. Other people before committing the transaction make sure at least 1 confirmation like an exchange is given. You can check the transaction in the following:

Code:

https://mempool.space/

Code:

https://blockchair.com/

Those are just options but not limited to it. Consider too the transaction fees, sometimes its too much congested cause of the fees before proceeding is too much high like recently. Approx ~40 sat/byte.

mk4

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Quote from: user210822 on November 09, 2023, 08:20:13 AM

Thanks a lot! What about buyer reassurance?

Well, make sure that you're receiving what you paid for?

Take note that by default, you can't do cashback through bitcoin. If you want to potentially get a cashback if it's the case that you received a fake item or something, use escrow.

summonerrk

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Quote from: user210822 on November 09, 2023, 07:39:20 AM

Good day all! My question is about transaction reliability and payment assurance. So I beg a pardon from admin in case it is out of due Forum branch!

How to guarantee deals and transactions in BTC BTC world?
Suppose one is about to sale something valuable. Be it a property or labor expenses.
What measures and steps to be taken to make sure transaction won't stuck in the MemPool and all participants are honestly performing their duties?

Ideally, bitcon and ether are already a contract in themselves, and intermediaries like lawyers are not needed, because the buyer will not forcibly send the transaction. But practice shows that transactions can get stuck, as the Author of the Topic correctly writes. And unfortunately it turns out that there is no way to do without a legal contract when buying something very expensive. Probably the best way would be to put more commission on the transaction so that it goes as quickly as possible and without problems. So that both parties to the transaction pay for the forwarding speed. There is no other way.

user210822

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Quote from: Charles-Tim on November 09, 2023, 07:42:03 AM

Quote

Use the fee rate priority that mempool is suggesting.

For beginners: https://mempool.space/
For advanced users: https://jochen-hoenicke.de/queue/#BTC,24h,weight

If you are the seller, make sure the transaction has at least one confirmation before accepting the payment. It will be better to prefer to wait for 3 to 6 confirmations if the amount is huge. Do not accept unconfirmed transaction.

Thanks a lot! What about buyer reassurance?

Quote from: tbct_mt2 on November 09, 2023, 08:09:40 AM

Quote

Depends on value of your property for sale,

I mean something REALLY valuable. Not a coffee or gas tank!

tbct_mt2

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Quote from: user210822 on November 09, 2023, 07:39:20 AM

How to guarantee deals and transactions in BTC BTC world?
Suppose one is about to sale something valuable. Be it a property or labor expenses.
What measures and steps to be taken to make sure transaction won't stuck in the MemPool and all participants are honestly performing their duties?

Depends on value of your property for sale, the trading deal that you want to complete through Bitcoin blockchain, you can accept the payment after a Bitcoin transaction gets 1 confirmation, 3 confirmations, 6 confirmations or more.

Cost to make 51% attack will increase with more Bitcoin confirmations and the more confirmations one transaction has, a less likely it will be reverted by 51% attack.

How many Bitcoin confirmations is enough?

Quote

1 confirmation: sufficient for small payments less than $1,000.

3 confirmations: for payments $1,000 - $10,000. Most exchanges require 3 confirmations for deposits.

6 confirmations: good for large payments between $10,000 - $1,000,000. Six is standard for most transactions to be considered secure.

10 confirmations: suggested for large payments greater than $1,000,000.

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