Bitcoin Forum

Hello been reading on here for a while and finally joined.

I have a small amount of Bitcoin in a Blockchain wallet and they offer a way of getting Ether by exchanging Bitcoin.

I tried to do this a few weeks ago with a small experimental amount (£50/$67 of Bitcoin)... and the transaction 'timed out' and I was refunded my Bitcoin.

Problem was I was refunded around 30% less than I had used to try and exchange.

I contacted Blockchain and they replied saying they would look into it... a day later I received some Bitcoin which amounted to around half of what I had lost in the attempted exchange, but no explanation (despite me asking why it had happened).

What has bugged me is not the loss... it has been made up in the last few weeks LOL... but it's my lack of any understanding as to why the transaction timed out (It wasn't even THAT long before it timed out) and why I didn't get back anywhere near what I had put in (I can understand a charge but not such a massive percentage.)

I can't get any sense out of Blockchain, although I will try again.

What I really want to know is:

- Did I do something massively wrong?
- Or is this usual with Ether?
- Or did I try and exchange too little (it was an experiment so we are only talking £50/$67 of Bitcoin)?

I know no one can say for sure... but there must be someone reading this thinking 'oh yeah typical' or 'that's unusual the fool must have messed it up himself' or 'well yeah it wasn't worth anyone exchanging that little'.

I want to buy some more... but I'm 'scared' to try in case the same thing happens again.

Thank you in advance for reading this and for any replies.

:)

You were not doing anything wrong. The problem was in the blockchain service. But on another side, you need to get the more information about how many fees that already applied to each transaction. That's why the majority of people interested in using the centralized exchange rather than the instant exchange that already placed on the crypto wallet. The fees were ridiculously high.

Fees should be so high and the transaction speed is slowed,if they are asking for a lot of fees and cost around 1/4 of your holdings then you can just wait for a day that the fees would depreciate.

Blockchain is a BTC wallet service provider and not an exchange, or what do you mean by blockchain, or you mean Etherdelta which is a decentralised exchange

I lost money similarly on Shapeshift, they only gave 5 minutes to confirm the transaction. I think 5 minutes is just way too little time to confirm anything

After it failed, they took my bitcoin and resent it back to me less transaction fees  >:(

Fantastic, thank you... I have learnt a lot... but always more to know :)


Thank you. Helpful info.


Cheers


Thank you. So it's not just me. Good to know... and yeah it was Shapeshift (via the Blockchain wallet I remember the name appearing afterwards but not before, unlike with Coinify and the BTC exchange). That must have been what I did... I thought I had done it all and yes it was about five minutes. Puts you off trying again. I noticed tonight the wording and the forms etc have all changed now on Blockchain.

You will get it back minus the transaction fees

Anybody know your private key in wallet? If someone know your private key, they can open your wallet and take some coins in your wallet  :(