Topic: No matter the pressure don't release (Read 601 times)

Any document can be doctored as long as there are possible means to fake it and do not forget that when scammers are so desperate to carry out their task, they can go to any extent just to get at their victims but being vigilant and cautious would save you the stress of falling victim to their gimmicks. That is why traders on p2p platforms are always advised to trade with caution so as not to loose guard because scammers are always on the spree and they can be funny most times.

I know of Binance, they use bank statements to settle dispute  should there be any. I don't know how effective this is and if it can be doctored; I rwallydoubt the official bank statement can be doctored else they will not rely on it .
Like you said, the traders have their assets in the platform already before entering the trades, so it is easy to freeze the assets should their be any suspicion of sharp practices. But then, it is always wise to follow the rules and take note of the warning signs.

This is why I like most p2p platform, the pop ups and guides that shows when you want to make transactions reduces the level of which releasing of funds can be done. Most times I get in a rush and would want to finishes some transactions so fast but i cannot skip those pops ups and questions and to be sincere it has saved me most times.

Well said OP!!

Anything to do with p2p transactions should be based on a no trust relationship nomatter the reputation one holds on the platform!!!

Am pretty sure network problems do happen once in a while, but be it a bank transfer, or whatever mode you prefer to receive funds in... better you confirm funds to have reflected on your end than receiving stories that the buyer/seller has sent funds which are pending and the person need coins released from escrow by putting you under pressure... Anything that says pending should tell you "not" to hit the release funds out of escrow as that's your only bargaining chip should something go wrong before you confirm receipt of funds!!

I think every exchange has a way of tracking a failed transaction on P2P. That's why exchanges discourage paying to a third party account so it can be very easy to trace in case anything goes awry. Besides, every merchant has a guaranteed deposit they make before they are authenticated. In the same light, there are warning posts littered on P2P platforms that sellers shouldn't release coins to buyers until they're certain the claimed payment has reflected in their account balance. No one should rely on SMS alert for bank transactions. I always take my time to crosscheck and if I don't get the cash in my account, I don't release coins. I don't allow emotions becloud my sense of judgment to the point of hastily releasing coins. Just of recent, I had a similar experience as yours. The buyer claimed he sent my money but I refused to release the coin. Within minutes, the buyer cancelled the deal. Once you're dealing with anyone online and they're trying to pressure you to part with something, know it's a scam.

I think that's there new pattern or rather strategy of scamming people by trick, a friend of mine had similar case as you during p2p trading also, he sold a dollar worth of N45600 and the buyer transferred N4560 and clicking paid asking and pressuring the guy to release the funds and he almost released the money if not that he decided to check very well if the amount is completed before he would release the money that's how he would have been scammed, so we should be very careful especially when dealing with p2p because there are people who there work are to scam people of there money true that method, that's why the exchange normally advise to check very well before releasing your money.

This seem suspicions because transact of ₦562000 and sending ₦56200 and have clicked the payment bottom, definitely it like a scammer, before someone can transact, one need to check his account balance before making any transaction, if really is claiming that the balance he has is not up to the amount then why his he sending similar figure and said it was a mistake, and ordered to release. If there is any issue he/she should had chat the seller that this what is going on, if this is done we will say it is a mistake but in this regard I will say it looks like scamming just he/she was not opportune. This will serve as lesson for everyone because almost everybody using p2p has face one or two challenges but we just have to keep learning everyday to avoid small mistake.

I have faced this issue many times while tracing on an exchange and I would say the best part to this is, most exchanges do give you both the leverage of time to try and resolve yourself and only come in when it seems to be taking too long. Which would require a statement of account and not history of transaction (note the difference).

It’s always a bad idea to release payment before you confirm a credit alert for the value on your bank and device with sender’s details and accurate amount. When these are not in other as stated in sales description, you can go ahead to dispute.

Always understand that, it’s neither your faults and you are the only one telling the absolute truth as, you never can tell what the other party to the transaction is capable of.
In cases of delays, you are at the most risk as bitcoin isn’t reversible and in a p2p trade involving an exchange, it’s locked to even you. Once released, it’s gone and sealed.
In the case of fiat banks, transactions not delivered could be reversed. Don’t fall victim of releasing before you confirm deposit. Confirmation is a vital part of the process.

That is why when one receives an alert it is also needed for the payment to be confirmed by logging into the bank app to see if the money has entered into the bank account or just a mere alert. People do fake alert and it is very common, confirming payment with just alert can be very risky because scamners knows their way in making fake alerts. When dealing with an exchange people needs to be extremely careful because this scamners are always looking for way to scam people.

You were able to dictate this scam because you paid attention to details. I assume that he intended to make you think you have received the correct amount which will make you release the coin. Getting back your funds after you have dictated the error would become a big problem. Thank you for this information. Another method of scam is fake alert. These scammers will use software to construct a bank alert that is similar to your bank. If you are not patient enough to scrutinize the alert you might be pushed to release the coin. An easy means of distracting this scam is to check your bank account balance after the transaction before sending the coin.

I have suffered so many problems with bank transactions and when I saw Bitcoin, I was pleased that these network issues and delays have come to an end. Sadly, I still have to face a more complicated process for me to exchange my coins. I am still foreseeing a time when I will work in a shop and pay with bitcoin without any restrictions. This can be accomplished by the spread bitcoin education and adoption. I have considered meeting with people face to face in public places but this is not also good for privacy. I just hope that a better means of P2P trading will be devised very soon.

Binance do pop a reminder when ever one wants to trade using a p2p platform on binance exchange which is very good. At least there would be some level of security consciousness when trading p2p. Most people are always in a hurry to just deal and go without watching to see for themselves how the deal goes and at the entire end they find out the buyer has the potential of being a scammer after and in some cases they have lost their asset to the buyer as a result of impatience.

What I do advise people is that when trading on p2p platform, do well to ensure you receive your trade alert before you release your asset. If possible to do a transaction for confirmation, you can also try that by transferring funds to other bank account to see for yourself if the transaction is real or not.

Sometimes what causes the delay in receiving confirmation alert from our bank is the means we use to receive our credit/debit alerts. If you're getting your alert through a SMS from the bank you'll usually experience much delays compared to someone that using the bank mobile app. It's faster receiving alert with mobile app than through SMS.

Also, it's risky confirming your alert only through bank SMS alert, because it's easy for scammers in p2p trading to use the means to scam . They can edit it all and screenshot send it to you claiming a receipt on their own end from the transfer they sent you. Always p2p traders should always ask for bank mobile app receipt in such scenario, and also hold your ground on receiving alert  through a mobile app.
Stick to trading p2p with traders that have trading reputation of 90% upwards in an exchanger.  Just as a way to avoid funny craps.

Some people do end up releasing the coin even before they receive money, due to the pressure they receive from the buyer to release the coin. Whenever I notice that a buyer is pressurizing me to release the coin, I always think something is wrong. A real merchant won't disturb you if you tell them you haven't received an alert. Most of them have been in the business for a long time, and they know how frustrating bank networks are sometimes, so if I tell them you haven't received an alert, they will tell you to give it time if you are going to receive it.

Mostly, I notice that newbies are the ones that are mostly scammed, some merchant won't even send the money, they will claim that the money have been sent, and they will start pressuring the seller to release the coin. Since the seller is a newbie and might be scared if he does not release the coin, he might be reported and his account might be compromised. The seller might just end up releasing the coin, hoping it's bank network and money will be receive later, and immediately after the coin has been released, there is nothing that can be done about that again. Scammers are always using this strategy to scam people using P2P, and they are always targeting newbies that can easily be threatened.

You're too judgemental in this case. It might be truth that he paid and the problem was from either banks due to network glitch. I'm talking from experience because it has happened to me as well just last month. Although mine was not in P2P exchange but it was a similar case. I sent money from one of my bank account to another different bank and it was successful while I was not credited in the receiving bank. At first, I thought it was network issue and I gave it some hours but unfortunately I still didn't receive it after 10hrs passed. I had to reach out to receiving bank for complain since the transaction was successful from the bank I sent from. I was told to wait for 24hrs and if I still didn't receive it after that, I should let them know.

To cut the long story short, I called back after 24hrs elapsed and I was requested to provide the transaction details which I did. The issue was forwarded to their technical support for checks and I received a response that "Dear Customer, sincere apologies for the delayed inward transfer issue, transaction can not be found, kindly reconfirm the transaction details from your bank." I was like ahhhh so this money has gone just like that? No, I contact the bank I initiated the transaction from and update them on what is happening and they confirmed to me that the transaction was successful from their end and if the receiving bank insisted it wasn't successful, I should request for a statement of account so they can check.

As instructed, I requested for account statement and sent it to the bank I sent the money from for checks. I don't know how they both do about it but I received the money after 14 days from the date of initial transaction. The transaction took place on the 25th of August while I reviewed the money on the 7th of September.

If it has to do with another person and I, I would have also assume the person didn't send it in the first place. Some time the problem is from banks actually. I will have to post about this in my local board as well for discussion.

Bank network issue has been among the things which make many lose money not only in P2P trade but in other means of exchanging goods for cash which the buyer uses transfer payment option.

Base on the experience which I have had from crypto and other online sort of transactions, I have not been a victims to only transfer scam but I don’t need to wait to be one before I learn from it, so what anytime I want to do some P2P transaction is that I wait no matter the time that the buyer takes to pay or the time it takes to arrive I make use I wait and see that the money have dropped in my account, and I only don’t stop their.

I also make sure that I will transfer some of those money from that account I used to receive it to my other account making sure that the money I receive is not same as the buyer sent it in my account, and ones I have received it from my other account then I am be sure that the payment is not fake and I can move ahead in releasing the coin over to the buyer as I have now been convinced enough that the payment was throughly made and no form of scam detected.

I like this piece, it shouldn't be released until your cash is confirmed, because your coins would possibly never be returned and the buyer may cut off all communications when the coins have been released.
I'm thinking the guy didn't send the cash initially, until he saw your resistance to pressure and he went back and did the actual transfer of funds. Fraud is everywhere and we need every ounce of caution.
Well done once again and thanks for sharing

If you are a newbie in crypto space, you need to be guide on how to go with p2p transactions on exchanges, not all crypto exchanges give good guidance, I do like how binance do it's thing but still, Binance isn't a real peer to peer crypto exchange, since you will be asked to pass your KYC information, I don't like the idea but there aren't too many good p2p services online this days, most are centralized in disguise.

No one should have a problem with transacting online unless they don't follow the rules, I've never lost money on any p2p platform except for Paxful, they have bad customer service and their network sucks, I heard from a friend that they have improved, it's been several years that I used that platform last.

The most important tricks that people play online with P2P trades is wasting your time, making you lose your patience, or sending you fake alert, before you release crypto for anyone, make sure you log into your bank account and make sure they paid the expected fund before clicking on fund received or you will lose your money, p2p trades requires your patient.

When you open a P2P trading section the first thing you will see is never to release your funds if you have not received your money in your bank account, and even at the time you want to release it, there is also another statement if you received full payment or part payment.

The reason why these rules are made is to guide customers from losing their money to scammers because scammers have gone far in sending fake transfers during P2P trading, and their victims will receive payment messages from their bank, and the payment will also reflect in their total money in their bank account. When this happens the person selling will release his asset thinking that the buyer has made the payment because the exact amount of payment message was sent to the person by his bank, before the person could notice is a fake transfer he/she has already released the asset to the scammer.

Please when trading on P2P trade make sure you make use of your "bank APP" to be able to identify a fake transfer sent to you by a scammer, and never release your asset if you haven't seen your payment in your bank account through your bank APP.

It is only people who don't pay attention to detail or those who are easily distracted that will click on release funds when they haven't received the funds. But I have heard about cases where this silly mistake was made and was resolved within 7 days after complain was filed and investigations was conducted by the CEX. Then what happened after the issue was resolved was that the individual's account was restricted. I don't know why but it happened. I didn't follow up with it to know if he was still able to sell his coins through that exchange again.

And while most do care (even too much!), afaik some few others don't. If I'm not wrong (I no longer know for sure, I think N26 was one of them), using those would be an useful direction, if available.
Another good practice can be to not use the same bank for the day job income and for crypto trades.


Most of those come with extra costs some simply don't want to pay. Plus, lately Bitcoin ATMs ask more and more for ID. So your advise can easily become a trap.


My point overall was that in an ideal world we would be using Bitcoin without any interaction with fiat. In this imperfect world.. everybody has to find his way, just it's best if one makes sure he's careful and knows the pluses and minuses for the choices he makes.

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  

---

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.

Network congestion maybe the reason why the money didn't reflect to your account the very day that the money was sent to you but on seeing two different dates when you got the alert, this clearly means that the sender sent the money on the first date but it reflected on the last date which you got the alert.

Banks usually have network issues and most times people lose their money because of this issues because atimes the sender may be debited but the person whom the money is sent to won't be created but after some time when the receiver may not be around the sender again because it will always be said that the money will reflect later since the sender has seen debit alert, the money may be reversed to the sender and the receiver will be at lost since he can't get his goods or the money for it again but when it comes to p2p transaction, it is advisable to always confirm your money before releasing your Bitcoin.

Actually, I'm a bit confused by @OP's story but I'm trying to understand as best I can.
I have only used P2P on Binance and always try to look for sellers who have the highest ratings and I can see some sellers have 100% completion on Binance.
The price difference may be slightly different from other sellers, but there might be a lot of difference in the ratings, so I'd rather pay a little more than get into trouble.

If you want to use P2P on DEX, make sure that the seller is a seller who has a high rating and a high level of success in transactions to avoid problems because they always maintain their reputation well.
We may still need an escrow agent to hold the money and complete the transaction so that both parties have no problems.
And it is right that if you do not receive anything, you do not have to release the funds and you can wait for their response to make the transactions.
And for the @OP case, he did the right thing by not releasing the coins until he received the money.

Bitcoin should eliminate the need for exchanges too. Bitcoin is best for going to the shop (physically) and pay for some goods you will take home with yourself. Best would be if fiat would be completely off this equation. But it's not.

Now, what you mean by getting your payment different? Best would be face to face, in cash. But we also know that this has issues, from the fact the one who may want to trade with you is probably 1000s of miles away to the fact that face to face money operations face at least the risks of robbery and counterfeit.

And.. yeah, this means we "are back to" exchanges and banks and all the hassle with the (lack of) privacy. And yes, this also means we're using Bitcoin in the wrong way. Sadly. Is there a better option today (apart of moving to El Salvador)? I doubt it.


Yep, this covers it incredibly well.

the subject title is very catchy.... sounds erotical... I read through, and as a newbie I'm equipped with a useful information, although this might look like a scam move from the buyer, but many times banks have very poor networks and sometimes some transactions can be reversed back. thank you for sharing.

The truth is that their have been no time when a p2p exchange was free from scammers, P2P platforms is a place where scammers are always surrounded to get a prey. Most times some buyers delays to pay for a trade for no reason , and immediately their limit of time exceed to pay the trades end, if may be mistake the finger click on confirm payment. People needs to be very careful when ever they go to P2P platforms to make trading  because some trader who are their for business are looking for a prey that will fall victim that they will have advantage over.

I have learned that some scammers are going on P2P platforms to steal from others, they will intentionally delay time, and hope that you click on the wrong button, I have been there a few times before and they will put some unnecessary pressure on you, to say the truth, P2P trades is unsafe for beginners, they can make the worst mistakes easily, this is why reading through warnings and guides before using crypto platforms are a must.

I remember where someone used fake transactions for me, I was lucky to win the case because I have been using the platform for years and I have done hundreds of transactions with no single bad record, I ended up providing my bank statement and also good picture quality.

When dealing with P2P trades always choose those that have no bad record, you sure know that P2P platforms have ratings, do no use anyone with bad record and you will have smooth transactions.

They were scammed not because of bank transfer delay but because scammers told lies to scam naive traders. That scam trade partner actually does not proceed a bank transfer for the victim. Borrowing a reason like bank delays the transfer to complete a trade between two trade partners is easiest way to lie.

The key rule to avoid scam in peer to peer trading is DON'T release your coins if you have yet received payment from your trade partner. Ignore all things your trade partner chat with you, if you don't receive payment, don't release. You won't be marked as a bad trader because you refuse to release coin in such situation.

Release coin first, before receiving your payment, means you will lose your coin forever. Scammers are very quickly to withdraw coins from successful scam trades and it's not enough time for you to get support from exchanges.

I completely agree with you, do not release the guarantee unless everything is settled on both sides or at least rely on reliable people who have a good track record in resolving problems as these people are more understanding of delays in the time of arrival of payments than beginners who are usually in a hurry and try to put pressure. You need the support team to complete the transaction quickly, and this is something that scammers may do.

I'm not really sure which P2P platform you use, but most of the sites already give warning to not release your funds if you still not receive money from the buyer.

That's why in Bitcoin discussion we always hear "don't trust, verify" phrases, you need to check if you're really get the money and not trust the buyer words. Though, the bad thing is banks can reverse any transaction.

In a P2P platform like bisq, the money never gets locked away, infact the exchange does not have access to it since they changed the way escrow works and stopped being a party in it.

Now the escrow address is a 2-of-2 multi sig, from the 2-of-3 is used to be, and the only parties involved in it now are the traders. Technically the funds still remain in your custody until the end of the trade and the platform has no access to it.

Thanks for sharing that experience, those that are always trading through the P2P markets. It's very important that you're sure with the transaction that you'll do and make it always black and white before releasing the crypto that you're about to sell. It's okay to delay it if there's no confirmation yet from your bank and the money isn't reflecting yet. For sure that the legitimate buyers will understand why you're delaying it and they will do the same thing if they are on your shoes. It's just for precautionary measures to avoid scammers that might just reverse the transaction since it's bank transaction and you're at loss with that as you're the one to release the crypto. Another red flag for those not genuine traders that you may encounter are the ones that are in a hurry when trying to push you to release it when there's no confirmation yet. When you encounter one of those, you know what to do.

So let me get this right, how on earth are you still in control of your funds till the trade is done?
It means the other guy would have to wire you the money and only when you receive those you send the coins?

No, that's not how it happens! The moment you initiate the trade the money gets locked on that platform, and you're not opening trade on any of those without depositing money, which means they have left your control!

First, I wouldn't say I like seeing people using their bank accounts with centralized exchanges to get crypto payments. Bitcoin is supposed to be for privacy and for being your own bank. You could get your payment via different payment methods. Why bank? Bitcoin is supposed to eliminate the need for banks, and we combine bank accounts with centralized exchanges. Even if you use centralized exchange, do not combine it with exchanges.

User GazetaBitcoin has written a great article about it and I would like to quote a few lines;


Full article: https://bitcointalksearch.org/topic/--5310500

The risk associated with an exchange is not only privacy related, the most primary risk is the funds you have in it. A no KYC exchange is still centralized and still has completed control of your funds for the duration of time that it is on their platform; "not your keys, not your coins".
In a decentralized, P2P service, you are always in control of your funds and at no time do you give that up to the exchange or any other party until the trade is done.

Yeah, you've said it earlier that it was 30 hours after that so, guess it couldn't have been just a day, especially since it's a working hours time delay on. Probably you know the dates way better and he might have squeezed in somehow and after all at this point it doesn't matter anymore. But, I myself would avoid this guy next time!


My hunch too, is there are scammers that don't pay a dime and there are stupid morons that pray on a possible 5% in price by delaying transactions over the weekend claiming bank's fault, if the exchange rate is favorable they pay if not they claim it's a problem and just cancel the deal.


Which would make a no kyc exchange better than p2p deals?  
Or would mean that you're safer if you stop trading real bitcoins and just play with derivates with your own bank if they start offering it.

Honestly, I don't know anymore, I was discussing at one point what's more dangerous, and well, I'm not convinced 100% that making p2p deals with somebody you don't know is way safer than dealing with a CEX, ad this is why?

Many people have lost their assets as a result of this scenario of being under pressure to meet up with time and upon their realization, they already released the assets when they are yet to confirm payment and it will be too late for them to recover it back. I have had this experience before where I  was trying to  sell a coin on a p2p platform. The buyer did not pay on time and it was 4 minutes to deadline that was when the buyer chatted me up that he or she has  made payment meanwhile buyer presence shows online for over 35 minutes and this buyer has executed reasonable numbers of sales record based on the trade history I checked. So I was wondering if the buyer did it intentionally to scam me or a network issues from buyer end. I did not release the coin until I  received the alert 1 hour after transaction time elapsed. What made me more alert was the fact that buyer had not uploaded evidence of payment all these while mounting pressure on me to release my coin but I stood my ground not allowing the pressure to control me. Ever since that experience, I decided not to give in to pressure of releasing coin when I have not received a credit alert for my trade and I do make transfer first for confirmation before releasing my assets.

I can't argue with your math, it is correct  
However, I still think that these p2p exchanges need a better chance simply because they don't get your ID just for trading your pocket money (I don't talk about whales and day traders here).
And correct warnings for avoiding stupid mistakes is imho part of that.

He definitely didn’t pay the first time, he just came up with a fake transaction receipt, if OP had actually copied the transaction ID on the re receipt and contacted his bank with that information they would have told you that the transaction didn’t exist then. This case are very common on centralized exchanges so do not believe any documents sent to you with the fake promise that is bank error not allowing the transaction to reflect on your account. It is easier this days to get a fake transaction receipt of any bank

Thanks OP for bringing this topic, I recently made a p2p transaction where the buyer was supposed to pay me a certain amount in naira, let’s say N562,000 and instead he sent N56,200 to my account. I wasn’t sure if it was planned or an error on his part, so I contacted him. He later made a balance payment through another bank account. This made me very suspicious, I believe this is a tactic scammers now use to trick OTC traders, they send an amount that looks like what they are suppose to pay, and tell the seller they have paid. Close inspection will show that the figures do not match, like OP said “don’t let the pressure get to you”, make sure you have the agreed amount in your account before releasing the coins.

I didn't have to go through your whole thread but I already knew what you were talking about and yes I agree with you that no matter the pressure don't release  and when trading on exchanges, please don't ever clicking on random links as they might be phising  links and might automatically  authorize release  your coin without your consent.
Well I don't know  why  I feel very bad when I see this stories, because I've personally experienced  this after I got scammed of a $150 loan i took from shashan and I just learnt this in a very hard way and will always sound it very clear and loud against clicking on random links.

@Y3shot I'm  glad you were able to hold your ground and on no account will ever release my coin if I don't get an alart for my trade.

I can't really tell if he never did or did the transaction the first time. But from the alert I received I can see two different dates 14/09/2023 which is the first day of the transaction,  and the second date 15/09/2023 was the day I received the payment.

Newbies tend to be prone to this error. After which, they start blaming the cex for making them loss their coin without them knowing it was their fault. As a newbie using a p2p platform, it is advised you carefully read through to see the instructions and guidelines to enable you scale through the process of using the p2p platform without having any issues.
When using the p2p for transaction, make sure you receive your credit alert before releasing anything otherwise if you dare release it without receiving your credit alert, your coin is gone. As OP has explained, things of that nature do occur so one must be extremely careful so as not to make such mistake.

Damn, the title sounds like some BSDM movie!

One thing that struck me:


In this situation:
CEX - the CEX, their bank, your bank, you
P2P  -the P2P platform, the other guy, the other guy bank, your bank, you

A bit two many peers above 2!

Yep, this has to be written more often, since I fear that the people used to CEXs can a bit too easy make mistakes and then blame and avoid P2P, and return to CEX, give their ID to everybody and so on, when P2P exchanges should be the norm.


True. Still, somehow people tend to "RTFM" only after they get burned. So a couple extra warning signs don't hurt.

Before executing a trade in any p2p platform, there are several notice and warnings including videos and disclaimers on how to use the services. Part of the core message is usually to ensure funds are received before crypto is released. Anything contrary to this sequence,  there is really little the exchange can do to help as it will be difficult to prove funds were not received. 

Following instructions and being cautious is the sure way to survive in the digital world because where there is ease and comfortable is where risk creeps in.

It is very common sometimes when we trade on exchange p2p payment delays,  these delay can be from the buyer's bank or seller bank's.  Many people have lose their money due to this delay of bank network thinking that the problem of the delay is from the network of bank which they will later get their money when the network of their bank becomes good and they go ahead to release the payment because of  evidence of payment that the other trader have sent to show as proof.

I had trade to sell bitcoin in an exchange and I was matched with a buyer, so after he did the bank transaction I was waiting to get bank alert and the amount of money in my account Balance.  We both complained to the exchange customer service to help how to go about the issue and the buyer was asked to submit his statement of account which he did,  he brought evidence of payment that made it looks as if the delay of payment that have not reached me was from me. With every I was still not ready to release the payment it reflect in my account,  this issue last about more than 30 hrs abd and the following day I sent him a message to contact his bank the delay which he said he did.

It wasn't up to 10 minutes after he contacted his bank I received the payment in my account.  If I had release the payment because of the pressure of customer service in the exchange,  the money wouldn't have gotten to me, which the buyer will be nowhere to find to make complains to his bank . Beginners should never make mistakes to release no matter how long it takes for them to receive payment.  Hold on till everything is settled from both sides.