Bitcoin Forum

Haven been encountered with the exchange P2P vendor (s) where the trader made false claim to had made payment and then pressuring you to release the coin? Whether YES or NO, I had one recently which I tried to prove to the vendor that I did not receive it by sending him a page of my bank statements of account.
The I asked him to send me his but he could not.
I told him that I am going to drop a negative review on his site or let us go for appeal to sort things out but he remained firmed that I should release the coin as claimed payment processed.

I was almost convinced when I had a notification from the exchange that the buyer has successfully completed the pay so I should confirm and release the coin.
Honestly I needed the money to sort some urgent need but it took us over 3-4 hrs to sort things out because after threatening the vendor that I will be going to file an appeal case myself, he asked me to hold on and then he reclaimed that the transaction he made to me was returned back to him which he did not notice earlier and then he processed another payment which went successful.

The stress and processes to fix things up was literally too much burdens to me which which got me thinking otherwise believably that if this has or could happen to inexperienced or newbie enthusiasts, they might release the coin with the pressures of the trader coupled with the payment notification of the exchange while there was no payment done or things like that.
Definitely when it occurs they will just channel the accuses that Bitcoin is a scam and not taken it upon the exchange or to the vendors itself.

So with their little knowledge of Bitcoin and the exchanges, they will be convinced to see Bitcoin responsible for the disorderliness with some negative thoughts that such is how Bitcoin was programed to accommodating fraudulence but it is unfortunate that they could not understand that it is an individual that either scammed them or had the encounter with them and not particularly Bitcoin as thought.

So then, I think there should be absolute scrutinization of the jurisdictions approving so that we can always have reputable exchanges and also, exchanges should also scrutinize individual traders/vendors partnering with them to maintain good reputations.
By this, we can minimize the level of scams in the exchange and their P2Ps with clients.

I think this particular story has definitely been faced by at least 20% of all CEX P2P users, there is always those looking for any opportunity to use every means to scam people, they statement that he sent the money and it was later reversed was a lie because if it was the case he would have Opened the appeal case first, they tried to trick people and use that as back up excuse. I have seen people labeling bitcoin ad scam because of their gullibility during P2P transaction.

I don’t see the way that the exchanges can actually scrutinize people more than what it is, everything carriers a risk and releasing the coins before fully verifying the funds sent to you can not be help by the exchange, the best they could do is to issue you a warning and they do that before opening a trade and before closing the same trade.

If you personally encounter a problem like that the best you can do is to leave your own feedback on that user, I think it will also go a long to help others

They can't completely raid fraudsters and scammers out of their exchanges platform and this they know certainly and that's why they constantly remind their p2p users to not release their asset if they haven't confirmed receipt of payment in their bank account, which by this you understand that as a user you also have a role to play in protecting your asset while the exchange plays it's middleman role.

 I use to have similar encounter with these scam intended p2p merchants not until I started trading with only the merchants that has a 95% successful trading records above, and also had to minimized my greed of looking for those merchant on the order list with the higher rate, those scammers usually use outrageous rates to entice and if you ain't careful and experienced you get easily caught up in their net.

It's really good you never allowed the pressure of the vendor to have made you release the coin without you seeing the credit alert, because that's the exact strategy scamming vendors usually use to scam mostly newbie of their hard earn money, and that's one reason why I always advise people who intend to trade coins on p2p websites to always use microfinance banks which has fast transactions network to request payments (i.e Opay, Kuda, Moniepoint & e.t.c) so as to avoid scenarios where a money might have been sent but due to poor network issues, the money may delay. But I'm very surprised the vendor who sold to O.P didn't even send at all, and trying to be smart, but I'm happy O.P didn't fall for it, that's too bad.

It's a common problem faced in exchanges and requires an easy solution to such matter arising. ^{(What if truly the transaction failed but who knows)}, according to your explanation bidding for 3-4 hrs without him cross checking his transaction history seems more of a scam. Good thing you were pro in dissolving such scam behaviour, guess he did not bother checking how much trade you have done on the exchange which signifies you not being a newbie and have gone through the process of identifying scams.

Newbies should be careful enough, and not allow these pressure that comes with load of paid messages from scammers or even to the extent of doing fake transfers, all are just their tactics for you to release the assets, and doing such, all funds have been lost without recovering, not even the exchange can.

Keep it simple. Money received = escrow released. All traders (buyers) know this. All sellers (you) should know this. Everything else in between isn't important, you only release when you've got the cash in hand. Proof of payment means nothing, and if you enter into arbitrate with the platform, this is the same policy. You only trade upfront with all these terms.

It's why I only use instant or near-instant methods, by the way.

Of course and getting to the by which people addresses Bitcoin to be scam is typically based on the P2Ps transactions where a beginner recently develops interest of adopting Bitcoin but on the quest becomes unfortunate for the people where he/she becomes a scam victim.

Therein, the negative insights of the victims gazes on Bitcoin as the value wanted to buy. He will be left with no choice than to believe that negative Speculations that Bitcoin has been a technology literally to scam people.


Then I did also considered dropping negative reviews in his platform and he did not still find that threat and influences on him.

Truly if sellers can always have reviews on the buyers based on such encounters, it will surely help the exchange jurisdictions to always take adequate response to keep the exchange platform cleansed.

1.Always be patient when trading crypto to fiat. There's no need to act as if everything is urgent and has to be done in several minutes.
2.Always release the coins from escrow after you are 100% sure that you have received the payment. Again, there's no need to act quick.
3.P2P exchanges like Paxful are full with scammers. Some of the scammers even provide fake evidence that they have sent the payment. That's why I avoid such platforms and I sell my BTC only to a bunch of trusted companies and partners.
4.Why is this forum thread in the Speculation forum? OP should move the forum thread to the Trading Discussion forum.

It never happened to me but I have read the same stories on some P2Ps when the other side is trying to pressure them to release the coin. That's why if ever I encounter such in the future, I know that it's going to be a scam. There's a solution to this, you can go to Spot and just deal with the actual market but I know that there's so much difference between p2p and Spot. But that's just a contingency when you don't want to deal with such problems and pressure from the other side of the trade. That's why always verify the other side if the deal has been done or payment has been verified and sent before releasing the coin.

If a buyer claimed that he has made a transaction while in the actual sense he didn't perform anything, all you need is to ignore him or chatted him on what he is trying to display, if he persist, then report such user and never do any mistake of accepting the consent to release you asset when you are yet to see the alert of the money sent in your bank account, though the issue of some bank networks and delay in confirmation time may not be a big deal, ewe just have to ensure that we received payment before releasing our asset because scammers are everywhere.

This is not the first time that it had happened, to be honest, I almost feel victim of it, but I didn't succumb to the pressures of releasing my crypto just because he told you that he had deposited it already. And that's why we really need to be very careful with this scammers as they know the psychology of it,

1. they will pretend that they have send it to you
2. you check, but there was never a money that comes in
3 .the scammer are going to pressure you and tell that they will file a complaint blah blah
4. just keep a screenshot of your wallet or video itself to proved that no money was send to you

I almost went contrarily to my persistent of not going to release the coin until I receive the payment that after having a second thought that I was dealing on a reputable exchange of which the exchange has notified me that the buyer has completed the payment, and then was issued to confirm payment and release the coin.

I almost gave my trust to the exchange on behalf of the buyer even while I have not received the money in considering to release the coin.
The I reconciled with my persistent with a courage not to  behave like a newbie in this crypto and exchange system.

With some local terms of experiences on how scammers wires fake alerts off crypto related payments, it has thought me some lessions that scammers amidst the exchanges could also make a wire of fake alerts in disguise that payment has been made and the seller being unable to identify that trick might be victim to release the coins with the fake alerts.

So, the safest to confirm your payment is verifying directly from your bank transaction history or confirming from your bank account and not relying on the alert alone.
The digital system is tactically clustered with malicious ness.

I agree, the best way is to not talk and ignore what he is showing. If the transaction time expires and we still have not received payment, we just need to submit a complaint for the exchange to resolve. Comply with the regulations and rules of the exchange, do not try to participate in outside discussions because if something goes wrong, the exchange will not be responsible and they cannot claim justice for us.

Also, a tip when using P2P on exchanges is to never trade large amounts at once, we should divide them into many small transactions. It may take time but it will definitely ensure our safety.

Of course if you see that there's no incoming money in your wallet then don't give or released your coins. So it's better to be very clear on this, no payment, no released, simply as that. And whatever the scammers send to you, like proof that he send the money already but you are not receiving it then threat it as a scam attempt already.


Yes, I do agree and then you pick different individuals to trade too. Perhaps another tip is to take the name and or look at the history of trades and find out who you made several traded already. So that the next time, you might want to trade with that person again.

This is the only thing I have been doing for years and have never had any problems with my P2P trading. I never pay attention to the seller/buyer's messages during the transaction process. What I do is wait until the end of the time and if I still don't see the notification of receiving money to my bank account, I will file a complaint immediately afterwards. I will be happy to provide any information if the support staff asks for proof, which is what I will do as I have never had any problems with my trading.

There is a habit when trading P2P on Binance that I will only trade with people who have a 100% success rate, sometimes 99%. I will never trade with someone who has a trading success rate of 98% or less to ensure I avoid unnecessary trouble. This way, I never have to complain about my trading.

Thankfully I had to do it just twice in my life, in both cases I just used bitcointalk forum, and here you can see the trust of a person, and he was a trusted person and I trusted because of that and sent the coins first, and then he no problem sent the money, so I gave him trust as well. When you deal with p2p, you need to do it from a place that is giving you the date of that person, like you see his actions beforehand and you know what they are capable of and what they have done beforehand.

If you deal with a place like that, then you are going to be doing fine and the result will be fine as well. I did it here because I can see that they were posting for a decade and had a lot of trust so it didn't turn out to be a problem.

Honestly i have been that a victim with this because of being that too confident. I did presumed that the funds has been transferred because anytime that there's something an amount that would be coming up into my
web wallet or local cash wallet then it would really be making some notification and on the time or moment that it would be texting then funds are guaranteed in the account, one time theres that notification
on which due to some busy actions or works on that day then i do easily that released up those funds without trying to look if it was that credited. I was so sure that i have been dealing up with a legit seller with having
some good feedback but ended up on being scammed. I did appeal that the funds hadnt been released, i dont know on whats the taking of exchange platforms in regarding but there are no refunds would be happening
and this is why you should really be that careful on on confirming transactions.

Never ever after that incident i was being able to be scammed. You should really be that vigilant because there would really be those scammers who would really be that taking up advantage
or finding up some holes that they could go through for them to be able to scam out people.

I usually follow or save traders that I frequently made trades with in the past, but I also want to warn everyone about 1 thing. Even if we have had many successful dealings with that person in the past does not mean we should let our guard down with them and think they are trustworthy.

My friend fell into this situation, he regularly trades with a Trader on binance, it can be said that they have been trading together for more than a year and there are almost no problems between the two sides. But because of that, my friend was caught off guard and he made a transaction with a larger amount than the previous transactions. The ironic thing is that the guy on the other side didn't pay and started using the same tricks as we are discussing to urge my friend to click confirm. But because the amount of money was so large, my friend was wary and immediately complained to the exchange instead of following what the other person said.

Through my friend's experience, I still maintain the opinion that dividing the transaction into small parts is the best solution.

Let us remain aware about this because it happens and still happening concurrently.
Just after I made this thread, I experienced another encounter with a vendor who actually has sent me the money but it never reflected to my bank account.
Then I had to demand for his bank transaction history after I sent him mine.

                         https://i.ibb.co/RTNL2Nh/Screenshot-20240804-110351-1.jpg (https://ibb.co/r23nk3b)
Then he sent me this where I noticed our transaction is still on processing and I called on his attention to it which he claims that he actually did not know that it has not been completely processed.

I told him that I have heart similar case and at the end it was revised to the buyer.
So because I was able to point out that "transaction on progress" to him made him calm from pressuring me to release the coins. I was even mad at him because he caused me delayed that I could not use the money at when I mostly needed it.

Then about 10 hours time he got back to me that that money has been revised back to him. He asked me if he can retry again then I asked him to hold on let me send him another bank account number which I did and then it reflected in less than 3 mins.

I actually learnt within this period of times that it might not be the buyers fault at times in cases like this but could be related bank issues which some banks might actually not accept payment from some others which might possibly be system issues.