Bitcoin Forum

Hi
I was exchanging some money from Bitcoin to Indian rupees, but here comes a problem that the receiver told me the conversion rate will be done when he receives the money, but how do I know when he received the money in his wallet?

I did more than 5 transactions, but here all exchangers are adjusting the low conversion. We choose to trade when the Rate is high and these people shows when the rate is low on that day.  

Due to some  financial problems i need to withdraw funds, but looking to hold soon.
If this is not the right place to post, then please move this thread to proper forums.

Thanks.

If you want to convert your bitcoins to Indian rupees and want to withdraw your account then you can try this site - https://www.unocoin.com/

They usually will tell you how much Indian rupees you will receive at the time of selling itself. After that, if Bitcoin prices go high or low it doesn't matter to you because they will pay you that fixed amount.

I don't understand If you're trading using exchange or trading with an individual? If it's a person then you agree on a exchange for the conversion rates and as soon as you send him the bitcoins, he should give you the equivalent based on that exchange rate you agreed to use, the transactions happens instantly and you can check them in the blockchain, the confirmation time should be irrelevant here.

Hi thanks for your information, can you clarify this thing
BUY BTC: 13,68,438|
SELL BTC: 12,65,805

The price for selling rate is too good with so I get the same amount for 1 BTC what they are displaying on the main page?

BTW I was selling 1 USD rate for 61.5 INR and i also loss some dollars as the reciever shows some low conversion rate.

Let me know I will register with them today.

Hi thanks for your information, I was exchanging with individual here in Bitcoin forums and I am also a verified member at koinex.in but never did transaction with them.

From your post it shows he is fooling to me by showing the screenshot of some low conversion rate. Ill check with unocoin and koinex as they have good rates.
Thanks again for your iput and making clear to me.

The exchange rate was fixed 1 USD  is INR 61.5
But BTC to USD rate will be fixed when he receives the money in wallet and it usually tells after a day.

the only reason why someone would say they consider the rates when they receive the funds in their wallet is because of delays. and that is perfectly understandable in my opinion because of the current situation with the mempool and the volatile nature of bitcoin.

I am experiencing the same thing whenever I sell bitcoin to someone using local currency.
the solution is simple. be in contact with the person and make sure he agrees that if you pay high fees and your transaction was confirmed in next block (which is going to be less than 10 min on average) then he has to consider the current price as the rate you sold him.
and you will have to pay a high fee, something around 500 satoshi/byte now to get a fast confirmation.

Where you have tried to exchange your bitcoin for fiat cash buddy. If you mentioned the exchange nsmecwe could check explain you are on a right exchange or you have to swap it furthermore.
I suggest you to go to sell your bitcoins on localbitcoins and you will find the good rate with the traders there. You face deposit fees while you sending the btc to there but fees will be adjusted with the charge you are loosing before that.

While dealing with BTC sometimes it is pretty hard to find a single exchange rate. There is one rate on preev.com and the other one on coinmarketcap (maybe preev rate do not include some exchanges). On different exchanges you will find different rates, like if you compare the US and Nigerian exchanges the difference will be insane. So you should always accept this difference into concideration and don't be too greedy trying to get extra 2$. You will easily see that recipient recieved coins while chacking  tx status on blockchain. As soon as it got a confirmation the money are sent and you should have a full right to get the money. Any specific details should be discussed directly with your buyer.

Why use Koinex when there are three other popular exchanges with better rates? Both Coinsecure and Zebpay have the best rates, but in terms of KYC verification both Unocoin and Coinsecure is sloppy, will take couple of weeks to get verified and with the recent increase in volume INR deposit orders will take at least 24 hrs to be processed, Zebpay is much faster. I do recommend using Zebpay.

http://i66.tinypic.com/1zea1jc.png

http://www.bitcoinrates.in

I was supposed to give the link but you did it already but well I don't have any experience regarding on Unocoin but on coinsecure I would say they are really sloppy when it comes to verification since you do say that they are both the same regarding on this matter then its not really good at all. Just been suggested my choice also is on zebpay.

Regarding on conversions they do really differ depending on whats the reference of that certain person to whom op is transacting with.

These are exchanges in India?
The exchange rate is different to buy and sell bitcoin, which mean people trade directly with the exchanges, not with others?
Trade bitcoin with others in an individual without exchange will be not fair, mostly. But these exchanges need a couple of weeks to verify an account? Looks like a joke, unreliable services. How long it takes for Zebpay to verify a new account?

They usually keep some difference in the buy and sell price but that difference is not fixed and always it will keep on change. Not sure based on what information they will keep that difference. You can check the price at the time of selling and if you find the price is good then sell otherwise just hold on to it.

If I'm not wrong you need to verify your phone number and link your bank account with them to withdraw funds.

I saw below warning message on their site that means you can't immediately open an account on their site to do any transactions.

Dear Customers, Due to increased volumes in INR deposits and user registrations, INR Deposit orders will take at least 24 hrs to be processed and the profile verifications will take at least 15 working days to be processed. Appreciate your patience.

Thanks for your inputs, I paid using Blockchain wallet and the transaction always occurs in less than an hour also I checked the transaction was confirmed, but he mention when the amount receives in his wallet.
Here is the Ether transaction recently I sold it and when I sent the amount was $56.60 but on that day the transaction didnt occured or no information.
On the next day the transaction got successful and I seen it is $62, but he made the payment $56.60 and told he was in function during that time so unable to pay.

https://i.imgur.com/s24JpLD.jpg

I also seen one site where they show good exchange rates on the front page, but after registration lower rates will appear for members. I forgotten the site name, but will check it and let you all know.

I seen few of them had posted in local indian forums here about Zebpay that they don't pay for the exact exchange time and lost some money like 50k INR.

These exchangers are worse, because they knew what we paid they get in  BTC, then why they need the conversion time? It looks totally unfair for me since we are not able to cancel the transaction and the money will get in their whether it is confirmed or not.

One more question can we cancel to a unconfirmed transaction?

You have explained there would be a changes in the every price chart but the reason doesn't seems explained by you bro. I see you have explained that pop up message and all. But you missed the main matter here.

Price changes on each site varies from the one country to another I think but still many traders follwoign up the preev price changes while they are into a trade with us.

That buyer again fooled my by saying the price of USD converts when the first block confirms, These Indian guys always sucks when they need to pay money.
Here is screen shot of my last transaction and I never do with this guy again in life.
here are my screenshots during transaction
https://imgur.com/a/PJMfU
https://imgur.com/a/Nf9Uc


His screenshot https://imgur.com/IG4iwqj
He chosed the lowest price and saying it is based on first block confirmnation and it is fixed in USD amount, what a shit word from his mouth.

When I asked him why you didnt paid at that time for bank deposit and he told it is at around 9PM so didnt made or informed me on skype.

His recent transaction words are like this
I was in function so I didn't get notice of your message in skype.
I was away that never noticed your transaction
He wont respond on Skype and always do when the rate is lowest.


What I understand is Indians are too bad in trading anything and am looking to hold from here onwards and move away from this guy.

You should better use Exchanges.
There are several famed exchanges in India like Unocoin, Coinsecure, and others. They allow you instant selling at the rate you see on exchange and then withdraw money in banks.
Moreover, if you find the selling rates low, you can even sell on your desired rate by opening order similar to exchanges like Bittrex.

Are you going to trade on localbitcoins by p2p? A lot of buyers prefer to pay the amount when they receive the payment. But in localbitcoins, when you open the trade the rates will be freezed until the deal is completed.


You are not the only one, everybody is doing the same, you only need to have at least a little piece of brain to know that you always need to sell at the highest price as possible.


But most exchanges (p2p ones) are working by that way.

I sold it on some rate that I want and the person keeps below that one, same with Ethereum. Yeah I am looking now unocoin or post offer on exchanges site to trade Bitcoin.
For some financial problems I have to withdraw them, presently I am good to hold for some times. Ill check local Bitcoins too for getting good rate.