Topic: No matter the pressure don't release - page 2. (Read 614 times)

Binance asks not to contact counterparties outside of the platform. I have seen some buyers/sellers ask other parties to contact via telegram / WhatsApp or phone in case of emergency. Unfortunately, I still use centralized exchanges and do not use my banks to receive my payments. Scammers attempted a couple of times by sending fake messages using masking SMS services, but I was lucky to constantly check my balance before releasing the funds. Even the scammer tried to scare me, saying he would report to Binance and they would block my account. But the opposite happened. The scammer was banned from their platform.

Even right in those p2p on CEX, there are just some scammers trying to cheat and sometimes succeed, because after you release your asset and the mark as paid, the agreement is finally successful and it will be very difficult to resolve the complaint to the exchange because they too specifically warn traders "Never release an asset until you have confirmed payment." I almost made the mistake of releasing the asset because the buyer marked it paid while he has not yet made payment. Sometimes, after you have received payment, make sure that you cross-check the amount because some can shortpay you without your notice, and if you're not smart enough, you can just release the asset to them.

It is always a practice to check if the payment went through and credited to you bank.  It is always been reminded  that before releasing our cryptocurrency, we should always verify and do not trust if they sent a screenshot showing they already sent the amount, it can be photoshopped.  I had an experience when I am selling Bitcoin and encounter a buyer that aim to scam me.  He sent a screenshot of the money being sent and even got a sms message that I received the amount.

I got suspicious because the message is not from the usual number that sent me notification whenever I received an amount, plus the amount is not credited to my account yet  so I send him the screenshot of the balance of my account and told him that it was not credited yet.  He canceled the trade when I told him that the number that notified me was different from the usual number that notify me whenever I received the amount.  

If I was careless and get easily fooled by the scheme of the scammer I could have sent my BTC without being paid.  Scammers are always looking for ways to fool its target so we better double to triple check everything before releasing our bitcoin when selling through P2P.

Anyone that is using P2P in the centralised exchange should be very careful dealing with other parties. Besides, such as changes as binance it is always on notice that customers especially the one releasing the coin not release until they had received their money in bank account. If the buyer have shown evidence that they have made payment and you that is the seller have shown evidence that no money has dropped into your account, the exchange customer care can not pressure you to release the coin. They always give such a note and they will support you to hold the coin until everything is resolved. It is fine that your own case went fine, and nobody was scammed. Anyone make deals in the cryptocurrency industry should be smart.

This type of delay can happen with the payments because sometimes banks may not be 100% functional on holidays and in some countries during the festivals. In such times the users should have to be patient until they receive they payment and they should not blame each other for anything. You both were smart enough to involve customer support of the exchange in your issue because none of you were responsible for it as it was issue from bank side.

Such things can take place in P2P trades but if the seller is aware of such issues then he/she could handle them easily because sometimes buyers aren't much knowledgeable about such issues and if the seller doesn't involve customer support then such cases can destroy someone's reputation because even after receiving the payments some buyers tend to leave negative feedback which isn't good for the sellers or you can say for merchants.

I am not sure about other exchanges, but Binance P2P always reminds you not to release funds unless you get confirmation from your bank. So this is a very important part when you are trading p2p. Faking payment proof is pretty simple; anyone can edit it. Usually I don't trust them, and very rarely have I been trading without verified merchants. I never release funds unless I get confirmation from the bank. It doesn't matter how hurryy the buyer is. A lot of scammers take advantage of fake proof. But we need to learn how to avoid such a situation.

My Goshhh!!! For a second, I was lost... The title made me thought he giving an advice to them dude when 'em nuts get tickled...lol  

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well, that should be a Known trick - or say an eventuality on almost all P2P platforms... We've got alot of scoundrels out here on the web and the least careless decisions you make would end you in Thier traps...
It's important that you align with your local currency's bank application system - with this, you can verify since fake alerts can possibly be issued.

Sandra 🧑‍🦰

If both the buyer and seller have option to cancel trade it will cause lots of trouble. I think the reason why seller are not given the option to cancel trade is because some people will use it as opportunity to fraud whereby if the seller makes payment to the buyer, the buyer can just end the trade without releasing the money for the buyer. I think from the level of my knowledge it is best for the only the buyer having option to end trade, if the two trader have option to end trade it will cause more problems and increase the rate or crime activities in P2P exchange.

The best way to handle p2p payment delay is to either dispute the trade on time, so even though the buyer make any dispute yours will be looked into first, i wonder why exchange don't give sellers on p2p the option to cancel the trade anyway and living only the buyer to be able to cancel the trade, this is one of the reason and chances that scammers on P2P leverage on to deceive gullible P2P user into releasing  their coins even when they haven't confirmed the transaction and deposits in they bank account.

Thanks for this reminder mate, because I notice that some traders in CEX are there to scam people through the exchange. I have witnessed a p2p trader in Binance that called my friend to release the crypto, when he hasn't paid the money into my friends account, and when my friend checked his account and he didn't see any funds, he called the guy back and this guy was claimimg that he has sent the funds.

Behold, it was after two hours when the buyer has seen that my friend hasn't still release the coins, was when he called back and said that it was bank delay and that he wants to use another account to credit him, after two minutes, my friend got an alert of the funds. This was when I learnt this lesson that no matter how the pressure is, you don't need to release your crypto until you have confirmed the funds in your bank account. Thanks for your advice mate.

You are current Op, Many people who do not know much about PSP become victim since they do not comprehend it well enough. You have to receive your money in your bank account before you release the coin, Many people lose money because of bank delays, Some will send the money to your bank account and show you the recipe, and he won't reflect in your account, and they will say you should release the coin or they will report you to customer service, and if he shows them the recipe of the transaction, they can release the coin for him automatically, and after 24hours if it is from the bank, the bank can reverse the money back to the owner account and that is all, you have lose your coin because he will be hard for him to send the money back to your bank account.

You write like an African, this is what I'll have to say concerning this, I don't know how other part of the world works but delay in receiving bank transfer is a common issue over here which is why microfinance banks are recommended to be used for P2P transaction because they don't waste time to reflect money sent or recieve if you have your account up to date. Use microfinance banks for all your P2P transaction and when you receive your money you can move it to you main bank account. Another solution to this issue that you can use next time is to only trade with merchant that are using your type of Bank because intral bank transfer are processed faster because they're transfer between the same banks.


Those exchanges that provide the service of P2P exchange, both centralized and the decentralized exchange all warn users of not releasing coins until you have guarantee receiving payment therefore it makes no sense to release coins until you have confirm receiving payment because scammers are very active on this platform and they're scamming people everyday. Also be careful of the rates those merchant offer because the higher the rate the more likely they'll be scammers as they know greedy people always want to get more money so they'll deceive them with high rate to scam them. Preferably trade with your local merchant that you know personally and you can guarantee he won't cheat or scam you.

Bkash is a sister concern of BRAC Bank Limited. Anyone who wants to run any kind of financial services must have a license to run it. Even if Bkash is under the BRAC bank, they do not require documents for your transactions. Whenever you want to cash in fiat money, go to any agent point, and they will cash in without asking any questions. You can spend it online, pay for shopping, pay electricity bills, and send it to others.

Similarly, if you want to cash out your money, go to any agent points or ATM, and you can cash out with no questions, no ID, nothing at all. I also mentioned another MFS, which is Nagad. They claim they are operating under the authority of the Bangladesh Post Office, which is only in papers. Originally, they didn't. The Post Office authority doesn't have any control over Nagad.

What I care about is I don't like when someone interrupts my transaction and asks where the money came from. Crypto is not a legal tender in most of the countries. Banks do not like crypto users. They always look to discover something fishy and want to freeze accounts. Of course, I don't know the situation in your country. But yeah, it's not the same everywhere.

Bruh....


Common, let's not start to move definitions and goalposts here cause I clearly started this discussion based on your highlighted above remark!
You started saying that you're in control all the time till the trade is finished and now you're saying you can't expect to be in full control all the time while at the same time you were right when saying you're still in full control!


What's that huge difference?
It's still the same, we were talking about full control, not the incentive the other party has on doing the deal, not the risks, not anything else. If the other guy is hit by a tram while going to the bank and releasing your funds you're done for! You are not in control! That's what the definition for a multi-sig is, and this is why they were invented in the first place so that not a SINGLE entity has control over it!
As I said, let's not change 1000 years of word definition just because it suits our narrative now!


Generalizing a particular country's situation is never good!
I've never been asked for a photocopy of my ID from a bank, just my ID when I go to the bank and deposit cash, which is standard procedure from 100 years ago,  do the bank ask you every time where the money comes from when you're getting a payment from another bank? No, they don't and this is why apps don't also because you're loading your account from an already verified source!
But even that doesn't even matter since the whole thing is just ridiculous, I was curious what this Bkash is so a quick google search and


So, you were saying what about banks?

I presented them as an example only. You don't have to use Perfectmoney. Most of the countries have payment methods like that. When you are trading in the same country, it's like the other party may have the same payment method available. For example, Paytm is popular in India. Paytm never asks where the money came from. I live in Bangladesh, and I use payment methods like Bkash and Nagad. Those payment methods never ask where the money comes from. What is the source of this money? When it comes to banks, they ask for a photocopy of an ID card when someone deposits money into someone else account. Banks ask where the money came from to the account holder. Bank asks the source of the money when people deposit their own money in their own account.

So my point is if we cannot entirely eliminate the involvement of the third parties, at least use the safest methods. Banks are the most used and most ridiculous payment methods on the earth. If you can pay with Bitcoin for products, that's good. If you want to cash your Bitcoin, use the safest method available. Banks are the right hands of the government. They transfer all the details to the authorities.

When it comes to p2p trade, one needs to be very careful with their transactions. I have come to realise that most of these errors or mistakes encountered in the course of transacting via a p2p platform is as a result of impatience. Possibly they might be in a haste to meet up payment for something and maybe while they have received an alert they just quickly assume the money is there and are quick to release assets not really looking into the alert. And possibly after they might have released the asset, then want to concentrate on their own that is when they realise that they received a fake alert and b you then, it is too late.
Sometimes it is not all about receiving the alert but rather confirming the alert matters as well to know the authenticity of the credit.

You cannot expect to be in full control of the wallet all through a trade with a second party who is expected to send you the first value of the bitcoins in the wallet and then trust that you will send them after confirming the transaction. But there is a lot of difference between giving up custody to an exchange, which can at anytine and at their discretion restrict your access to the funds and entering a contractual agreement with a trader to protect both parties.

That is not a false sense of security.

As said above, you're in a trade with a second party, it's unrealistic to expect full custody every step of the way.
A huge difference between;
• Not your keys at all, and.
• Holding half of the keys.

No! The funds are not in your custody since you can't access them freely without a second-party agreement on it!
It's a false sense of security but it's the same thing when looking at the final decision, the only difference between this and the CEX is that the CEX can't move your funds without you accepting but at the same time, from your point of view you can't recover those funds without a third party accept either.

So no, you're not in control!
Being in control of funds means you can move them at any time in any fraction of the total sum as you desire, not happening in the above scenario.


Selective scamming, fake reviews, people in desperate situations encountering a large sum that might be enough to cover 3 months of profit in one go, and so on and on and on, just think how many cases of reputbale members have ended up scamming here, reputation a good indicator till only it stops being one!


So, you're just using some other third parties instead of these third parties!
Trusting Perfect money with your funds over a bank sounds far more risky to me, who are you going to complain with if they close your account and stop you from getting your money out?

Bitcoin should eliminate any kind of third-party involvement. But since this is not happening today, we should try to be safe as much as possible. Of course, some exchanges offer their service without KYC. Maybe they do not have the "Made up" P2P system. When you link your bank account with exchanges, banks know the money comes from our crypto transactions.

What I mean by getting payment in different payment methods is that if there are any Bitcoin ATMs, utilize them. Almost every country has some kind of payment method like Cashapp, Perfect Money or others. We have Bkash, Nagad and many more systems where we can receive our payment. I haven't seen anyone get their account blocked or investigated. Those services never ask for the source of income or any details. All they want is some ID during the account opening.

Sorry for falling victim to them, you need not to make a mistake like this next time, if we are much careful when we do trading in exchange it reduce chance of to fall into scam. One thing I discovered is that whenever trading large amounts of money in exchange it is always kind of complicated, it is always advisable not to release until your payment gets to your account. Trade on exchange should be handled will care and consciousness because any little mistakes will end up of losing money which can never be recovered again. Do not trust anybody, only trust yourself.