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Author Topic: Transaction reversed  (Read 444 times)
overcliff433
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March 01, 2017, 06:23:39 PM
 #1

Hi,

I am experiencing some difficulties receiving btc. One of my transactions was reversed because it didn't have any confirmations after 72 hours.
Right now I am using coinbase wallet and the coins were transferred from bitify escrow.

Does anyone had any problems with bitify ?

I sent them a ticket  with this problem and I attached the buyer's blockchain id to ensure them
that the coins were not reversed to him.

It's there a probability I can lose my coins ?
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March 02, 2017, 08:14:23 AM
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Does anyone had any problems with bitify ?
Nothing so far although this issue should fall down under their teams fault (since bitify escrow most likely used a fee, less than recommended and it resulted in it being dropped after few days).

It's there a probability I can lose my coins ?
As long as you've provided enough evidence, your coins should be safe with them.

pedrog
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March 02, 2017, 09:22:43 AM
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Does anyone had any problems with bitify ?
Nothing so far although this issue should fall down under their teams fault (since bitify escrow most likely used a fee, less than recommended and it resulted in it being dropped after few days).

It's there a probability I can lose my coins ?
As long as you've provided enough evidence, your coins should be safe with them.

The "recommended fee" is just the highest fee you can pay to win the 'fee auction' and have your transaction included in the moment you make the transaction, if it takes some time for the next block, let's say 30 minutes, a shitload of transactions will be made which will include a fee much bigger than yours, will include the "recommended fee", guess what will happen to your transaction? It will not be included in a block and eventually dropped if transaction rate doesn't go down.

Now you understand the "recommended fee" fallacy, because there's no recommended fee, there's an auction and you need to bid to win it.

overcliff433
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March 02, 2017, 09:44:04 AM
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Thanks for advice, they helped me out with the transaction and I used https://www.viabtc.com to speed up the process.
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