First Transaction

[vegasreb]

I tried to make a bitcoin purchase on Overstock.com last night, my first ever crypto purchase. It was easy to execute the Bitcoin transfer (just held my phone up to a barcode on the computer screen), but eventually I got an e-mail from coinpayments.net telling me that the transfer timed out and the transaction was cancelled, and to click a URL in the e-mail to get my refund.  So I did that, filled in the info they asked for, then they told me that I need to contact Overstock.  So I called Overstock customer support, who told me that I would have to send an e-mail to Coinbase customer support to get my BC back.  And I happen to know that Coinbase customer support is unresponsive, so I'll give up on this one.   Was a small purchase I was making just to learn the mechanics of transacting.

Is this a common occurrence?  It's frustrating, although I'm still bullish on crypto.

[Sohyun Park]

You can email by keeping all the support email id's in CC. Also, Through my experience I would like to tell you that, If a order get cancelled then usually it takes 1-3 business days to return your funds into your bank account. This delay is sometimes due to the exchange ans sometimes due to bank.

So, deal it with claim mind buddy.

[OmegaStarScream]

Overstock uses Coinpayments to accept bitcoin but they asked you to reach out to Coinbase instead? am I missing something here?

Anyway, to reach out to CB, try to call them[1] instead of writing an email. If the international calls cost a lot in your country, use Skype credit, it doesn't cost as much.

[1] https://help.coinbase.com/en/contact-us.html

[vegasreb]

exactly -- coinpayments handled the transfer in question, then sent me back to Overstock, who told me that I need to e-mail Coinbase customer support.  I'll try to call them. -- thanks

[Rath_]

-snip

Apparently, your transaction wasn't confirmed in time so it was cancelled. It's weird because the transaction fees have been quite low lately so it shouldn't be an issue. The reason they asked you to contact Coinbase was that they probably have already sent the coins back but because of how Coinbase works, the coins have to be assigned manually to your account. This wouldn't be an issue if you used a non-custodial wallet such as Electrum.

[hosseinimr93]

Apparently, your transaction wasn't confirmed in time so it was cancelled. It's weird because the transaction fees have been quite low lately so it shouldn't be an issue. The reason they asked you to contact Coinbase was that they probably have already sent the coins back but because of how Coinbase works, the coins have to be assigned manually to your account. This wouldn't be an issue if you used a non-custodial wallet such as Electrum.

I just checked Terms and conditions on overstock website.

Seems that they don't pay back the fund to the address which coins had been sent from. They send back bitcoins only to the coinbase wallet.
I think they make an internal off-chain transaction through coinbase. So even if the OP had used a non-custodial wallet, a coinbase wallet was needed.
According to their website if there aren't any wallet associated with the email address used in overstock, they ask the user to create a wallet in coinbase using that email address.

So, no one should use Overstock. Because they only refund bitcoins to coinbase wallet and the user will have to pass KYC in coinbase to withdraw bitcoins.

To OP:
I guess that they have sent back the fund to  your coinbase wallet and now that should be credited there. If the refunded bitcoin is not in your wallet, only coinbase can help you.
The only thing you can do is to contact coinbase again.

[Bonwin]

A situation like this does not always happen. In fact, I have never experienced it. perhaps if you could say the country you are from, I might be able to help by recommending to you a better and easier way of purchasing. It might also be safer.
There are certain exchanges that offer Fiat to Crypto. You can easily use your local currency to purchase it. An example of such an exchange is Binance.

[YourNeko]

Crypto is ideal for direct P2P (Peer to peer) transactions, having stuff like payment gateways increases the chances of hiccups for transactions. But don't fret, if you use adequate fees and exercise due diligence while buying and selling with crypto, these occurrences are few and far between.

[Lucius]

Seems that they don't pay back the fund to the address which coins had been sent from. They send back bitcoins only to the coinbase wallet...
So, no one should use Overstock. Because they only refund bitcoins to coinbase wallet and the user will have to pass KYC in coinbase to withdraw bitcoins.

What a strange business policy, as if someone wants to show how complicated it is to pay something with BTC. Although I've never used Overstock, this is a good warning to stay away from companies like this.


As for CoinPayments, I've used them a lot in the past - I've even been in their signature campaign. What I do know is that any seller can set a time in which payment must be made, and few times I also missed that timeline. In this case, it is best to contact the seller directly because he can manually extend the time and accept the transaction, or ask for a refund from CoinPayments, which in some cases will not be possible if it is a very small amount.


vegasreb, can you try to ask Overstock to manually extend time for your payment on CoinPayments which would completely solve your problem. They will get BTC, you get your order and there is no need for refund.

[UserU]

vegasreb, can you try to ask Overstock to manually extend time for your payment on CoinPayments which would completely solve your problem. They will get BTC, you get your order and there is no need for refund.

Legends say vegasreb is still waiting for his refund.

Most probably he won't return since he was last offline the day after making this post.

[Lucius]

Legends say vegasreb is still waiting for his refund.

My fault, I didn't notice the date at all - the train for the OP has indeed long since passed. Still, maybe my advice will come in handy for someone in the future.