xapo new transaction system of confirmation from them? security or headache?

audaciousbeing

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Quote from: Superzpay on June 08, 2018, 06:10:25 PM

Recently while transacting some of my bitcoins from my xapo account I saw that now the transaction is not instant but the xapo team will confirm the pending transaction to be initiated after that the transaction will take place.
For me it not took much time but a few minutes.

For some people it is a more security as they will be more secured from hackers while some people do not like it and for them it is a headache.

What is your opinion about that system in xapo?

Almost every platforms that does not let you own full control, have some elements of back end and controls put in place is just ensure some form of security. Even on Gmail when you send a mail, there is a time lag in before its finally sent and when you can either undo, or call back the mail which sometimes have been a life saver to a lot of embarrassing situations. It could be long for some people but the day you make a mistake in sending a transaction and you get the chance to quickly reach out to support to stop it from going through you will appreciate the effort and control especially if the amount involved is huge enough to cause financial embarrassment.

What I think they should do in other to improve is just like Electrum that allows you to tick for whether you want a transaction fee to be final or not, same can be applied to confirm if you want your transaction to go without timing difference or not.

pugman

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Quote from: magneto on June 14, 2018, 03:06:11 PM

So basically, you need to wait for your own money to be sent? And there are no guarantees that you will receive them in x amount of time at all? I mean, even for dust amounts, this is a hassle to go through and a pain in the arse if they decide to hold your funds for whatever reason.

I don't see how this provides security at all, hackers will still able to withdraw with the delays in some if not most instances (obviously I don't know how the system works, but it doesn't make much sense to me).

Whole point of using bitcoin is that you want to have instant transactions worldwide. And using Xapo, not only do you have to pay the same transaction fees now that they put it in place, you have to be delayed by them as well. Not worth it.

I don't know why people still use Xapo but coinbase is much better than xapo,here. This is actually bad,waiting for manual conformation is so bad. Imagine what users might have gone through when the nowmal transactions took hours if not days to get confirmed even with high fees.

Quote from: BitMaxz on June 14, 2018, 06:24:49 PM

That's good news for those people who can wait for the transaction to arrive, but for the others it can give a headache, I was fan of xapo wallet before because everything in faucet rewards is an instant, but last year after the miners fees increase and the value of bitcoin increases my xapo account stop working recovering my wallet won't work so I think it's a xapo bug and trying to contact them but never receive any response from them.

So for me if you are using Xapo it's another headache because most of bitcoin users are always wanted to send the transaction an instant and I think you can use other service which can give you an instant transaction like electrum wallet as a sample.

They never responded? Did you open a scam accusation or something? Did you have money stored in it?

BitMaxz

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That's good news for those people who can wait for the transaction to arrive, but for the others it can give a headache, I was fan of xapo wallet before because everything in faucet rewards is an instant, but last year after the miners fees increase and the value of bitcoin increases my xapo account stop working recovering my wallet won't work so I think it's a xapo bug and trying to contact them but never receive any response from them.

So for me if you are using Xapo it's another headache because most of bitcoin users are always wanted to send the transaction an instant and I think you can use other service which can give you an instant transaction like electrum wallet as a sample.

magneto

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Quote from: Superzpay on June 08, 2018, 06:10:25 PM

Recently while transacting some of my bitcoins from my xapo account I saw that now the transaction is not instant but the xapo team will confirm the pending transaction to be initiated after that the transaction will take place.
For me it not took much time but a few minutes.

For some people it is a more security as they will be more secured from hackers while some people do not like it and for them it is a headache.

What is your opinion about that system in xapo?

So basically, you need to wait for your own money to be sent? And there are no guarantees that you will receive them in x amount of time at all? I mean, even for dust amounts, this is a hassle to go through and a pain in the arse if they decide to hold your funds for whatever reason.

I don't see how this provides security at all, hackers will still able to withdraw with the delays in some if not most instances (obviously I don't know how the system works, but it doesn't make much sense to me).

Whole point of using bitcoin is that you want to have instant transactions worldwide. And using Xapo, not only do you have to pay the same transaction fees now that they put it in place, you have to be delayed by them as well. Not worth it.

jhenfelipe

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Quote from: Superzpay on June 08, 2018, 06:10:25 PM

For some people it is a more security as they will be more secured from hackers while some people do not like it and for them it is a headache.

How does it help with security?

Quote from: Joel_Jantsen on June 10, 2018, 01:04:10 PM

XAPO is supposed to be a wallet right? Why the fuck would you like someone to confirm the transaction that you are broadcasting from your own wallet? I don't know what type of bitcoiners use XAPO as a personal wallet but the clearly have failed to understand bitcoin.

My advice to everyone using XAPO : Wake up.

Several users used the service before not only because of the wallet but also of XAPO Debit Card. Since they stopped the use of XAPO card plus the addition of incoming transaction fees, they lost many users already.

stomachgrowls

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Quote from: jossiel on June 09, 2018, 04:47:34 PM

Haven't used them for years when they implemented highest fees.

As timerland said that's one of the problem that users can deal when they are in a rush and even they will pay the highest priority fee still they need a manual approval.

How long was that "few minutes" for your transaction?

I'm curious on how they are approving the transactions, so they have a representative that is online 24/7 and will manually check all the transactions on their system.

Presuming that it would really be on 24/7 transaction yet users can be possibly around the globe to make their service be reliable even having such changes on further verification or security manual confirmations they are still making their jobs. I have the same question on how many minutes did they able finish manual verification? Delays might vary on how many people transacting that time. How much more if there are lots who make on the same time? Delays would be more longer as expected.

mobnepal

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For non-instant and reversible payment we already have giant centralized payment gateways like paypal and skrill we don't need more. What xapo and coinbase is trying to do is provide centralized payment gateway feature in the name of bitcoin and blockchain. They are just there to ban you without any reason and not allow you to have full access over your coins.

The true bitcoin wallet is only that allows you have move your coins without any manual verification regardless of amount you want to transfer and country from where you are access it.

Joel_Jantsen

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Quote from: Superzpay on June 08, 2018, 06:10:25 PM

Recently while transacting some of my bitcoins from my xapo account I saw that now the transaction is not instant but the xapo team will confirm the pending transaction to be initiated after that the transaction will take place.
For me it not took much time but a few minutes.

For some people it is a more security as they will be more secured from hackers while some people do not like it and for them it is a headache.

What is your opinion about that system in xapo?

XAPO is supposed to be a wallet right? Why the fuck would you like someone to confirm the transaction that you are broadcasting from your own wallet? I don't know what type of bitcoiners use XAPO as a personal wallet but the clearly have failed to understand bitcoin.

My advice to everyone using XAPO : Wake up.

Potato Chips

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As timerland mentioned, this isn't new and yes it is indeed a big headache. It may be fine now but wait till things get hectic again---when bitcoin rose up to several folds, you'll see longer delays. If memory serves right, I think it was December (2017) or January (2018) when a user waited for weeks to receive his withdrawal.

jossiel

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Haven't used them for years when they implemented highest fees.

As timerland said that's one of the problem that users can deal when they are in a rush and even they will pay the highest priority fee still they need a manual approval.

How long was that "few minutes" for your transaction?

I'm curious on how they are approving the transactions, so they have a representative that is online 24/7 and will manually check all the transactions on their system.

supermine

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Quote from: timerland on June 08, 2018, 06:25:36 PM

I'm pretty sure that Xapo has always had this system in place.

I haven't used them in a long while due to their verification process which is indeed a headache. But, I'm fairly sure that IIRC, transactions are only delayed if you send amounts under 0.01 BTC that they consolidate into a larger transaction multiple other outputs to save on transaction fees.

I don't know if this is still the case. But this delay doesn't really address security. It's more of a nuisance over anything else, but I mean, they are able to save transaction fees by doing this.

If there is a new "manual approve" system, then it could potentially be them trying to filter out some shady transactions. But it's not perfect, especially if they try to conduct this through IP analysis. What if you were overseas and wanted to send bitcoins quickly? Or simply pay for something in real life that needs to be instant? These are all possibilities that will be an issue.

Yes,this is really a big headache for the people who want to send their bitcoins at instant or for paying something,this is why the crypto currencies were found.But I don't know what security will be improved with slow transaction,no they can't manually check all the transactions so the delay is not happening for the security purpose.

timerland

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I'm pretty sure that Xapo has always had this system in place.

I haven't used them in a long while due to their verification process which is indeed a headache. But, I'm fairly sure that IIRC, transactions are only delayed if you send amounts under 0.01 BTC that they consolidate into a larger transaction multiple other outputs to save on transaction fees.

I don't know if this is still the case. But this delay doesn't really address security. It's more of a nuisance over anything else, but I mean, they are able to save transaction fees by doing this.

If there is a new "manual approve" system, then it could potentially be them trying to filter out some shady transactions. But it's not perfect, especially if they try to conduct this through IP analysis. What if you were overseas and wanted to send bitcoins quickly? Or simply pay for something in real life that needs to be instant? These are all possibilities that will be an issue.

Superzpay

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Recently while transacting some of my bitcoins from my xapo account I saw that now the transaction is not instant but the xapo team will confirm the pending transaction to be initiated after that the transaction will take place.
For me it not took much time but a few minutes.

For some people it is a more security as they will be more secured from hackers while some people do not like it and for them it is a headache.

What is your opinion about that system in xapo?

Topic: xapo new transaction system of confirmation from them? security or headache? (Read 191 times)