Bitcoin Forum
October 23, 2017, 06:31:27 AM *
News: Latest stable version of Bitcoin Core: 0.15.0.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Did I get screwed?...Enlighten me please.  (Read 296 times)
t0nytk1
Newbie
*
Offline Offline

Activity: 10


View Profile
April 13, 2013, 07:01:39 PM
 #1

Hello,

Yesterday I made a cash payment to Bitinstant via ZipZap (Moneygram).  This was the 4th time I've made such a deposit to buy BTC.  I wanted to buy as the price has taken a big dip and wanted to get the most for my fiat.  While I was at work I saw the price around $65 and by the time it was my lunch hour I decided to make a payment slip.  At that time the price was about $86. 

I made a deposit of $100 (minus fees and everything the total BTC purchase was $92).  I was assuming I would receive at least 1 BTC.  I made the deposit around 2:30PM.

After I made the payment, maybe 10 minutes later, I received an email from ZipZap saying the payment had been received.  Over the course of the afternoon the price had risen from $86 to over $100, around $115 if I recall.

The BTCs did not appear in my wallet until 9:30PM.  7 hours later!  There was a time around 6/7pm that I could not even login to my wallet (Blockchain).  From 8pm - 9:30PM I was unavailable to check prices, my wallet, etc.

When I did receive the BTCs, it was only .71 BTCs.

In order to receive .71 BTCs, the price would have been around $129.  I see that it hit that price late in the evening yesterday....

I have a few questions on this process:
It doesn't matter what the price is when you print the payment slip?
It doesn't' matter what the price is when you make the payment?
It doesn't' matter what the price is when ZipZap receives the funds?
It only matters when the BTCs are finally transferred as to what you will receive?

Please enlighten me, I just don't want to be confused again.  Also, don't like it took 7 hours to post.  The first time took less than 5min.

Thanks for reading this.

1508740287
Hero Member
*
Offline Offline

Posts: 1508740287

View Profile Personal Message (Offline)

Ignore
1508740287
Reply with quote  #2

1508740287
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1508740287
Hero Member
*
Offline Offline

Posts: 1508740287

View Profile Personal Message (Offline)

Ignore
1508740287
Reply with quote  #2

1508740287
Report to moderator
Kluge
Donator
Legendary
*
Offline Offline

Activity: 1218


Michael, send me some coins before I hitman you


View Profile
April 13, 2013, 07:19:54 PM
 #2

I'd assume from "Bitcoin exchanges sell Bitcoin. BitInstant does not sell Bitcion. Instead, BitInstant assists exchanges and other merchants in receiving payment from Customers in the most efficient way known." that BitInstant cannot and does not guarantee a price. (I have no idea, though. I've never used BitInstant, just looked at info present in doing the steps to make a purchase.)

However, BitInstant clearly failed to provide the service advertised (they say "30-60 minutes" and "as little as 20 minutes" without exceptions noted) by taking 7 hours to process your order. If you email them asking for the difference, they might do it since it's a relatively low amount... Let us know what CSR says!

Don't mix your coins someone said isn't legal
t0nytk1
Newbie
*
Offline Offline

Activity: 10


View Profile
April 13, 2013, 07:23:16 PM
 #3

Thanks.  I will reach out to Bitinstant.

Blockchain.info was down.  At least logging into the wallet...via my phone and various different browsers.  Could it be a blockhain.info issue?
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!