Bitcoin-central

[zakalwe]

Hello all,
I am (I should say was) a "lucky customer" of bitcoin-central. I have just discovered that if I want to withdraw bitcoin, I have to wait for 10pm - 11pm. Yes you read well, they only proceed between this hour. Furthermore, this happens only if your request happens within 5pm, otherwise your withdrawal will take place between 10pm - 11pm of the NEXT day.

I thought they were joking. They were not. They say it's because of security.

The last time I heard these kind of b.....okay, I try and behave. The last time I heard such answers, it happened from....guess who? Yessssssss MTGOX! So you understand me if ALL my alarms ring like the Titanic sirens.....

I LOVE bitcoin and cryptos because they can move value in time zero (more or less). And what do they do? They annihilate it!

LOL!

A little note: they are a branch of paymium, which is a payment institution of France.

Bankers..........

I am literally amazed.

Of course I am moving all my bitcoins and fiat well away from them.


Cheers.

[counter]

Thanks alot for posting the experience you having with Bitcoin-cenral.  I hope this isn't a sign of bad things to come but it was a great idea to post a thread and get a discussion going before hand.

[Ultros]

Never got any problem with BTC-central. Yes they are slow, but rarely (if never) late.

[EuroTrash]

This one should be moved to Service Discussion.

Apart from that, I have no problems with bankers holding and maybe insuring bitcoin deposits for people who are unwilling or unable to manage their own security.

[zakalwe]

This one should be moved to Service Discussion.

Apart from that, I have no problems with bankers holding and maybe insuring bitcoin deposits for people who are unwilling or unable to manage their own security.

I would agree with you if they wouldn't mess it up. Would you accept to manage YOUR bitcoin only in that hour window? They must to change it. Until now I had zero problems with them, but this is not tolerable in my opinion. It's too big.

[zakalwe]

Never got any problem with BTC-central. Yes they are slow, but rarely (if never) late.

Try to withdraw bitcoin and let me know what happened.

[zakalwe]

And I guess they should inform their customer that they process bitcoin withdrawals only during one hour.

[Ultros]

Never got any problem with BTC-central. Yes they are slow, but rarely (if never) late.

Try to withdraw bitcoin and let me know what happened.

Did it multiple times. Got my bitcoins in 24h max, no problem.

It's clearly said in their FAQ. They withdraw once every day (monday to friday).

[thezerg]

I have no experience with bitcoin-central, but given all the recent coin losses on exchanges I'm ok with daily BTC withdrawals.  If some exchange wants to essentially have a hot wallet of size zero, and personally humanly, OK distributions from a cold wallet once a day then I think that's probably a good idea. 

You shouldn't be holding your coins on an online exchange anyway.  You can still spend coins that you are holding personally instantly so the only people this will inconvenience are arbitragers.

[zakalwe]

I have no experience with bitcoin-central, but given all the recent coin losses on exchanges I'm ok with daily BTC withdrawals.  If some exchange wants to essentially have a hot wallet of size zero, and personally humanly, OK distributions from a cold wallet once a day then I think that's probably a good idea. 

You shouldn't be holding your coins on an online exchange anyway.  You can still spend coins that you are holding personally instantly so the only people this will inconvenience are arbitragers.

I use to have more litecoin than bitcoin. The ones I had there was only for trade.

But I could need them quickly. The cold storage and the one hour window in my opinion is an alibi. The same the banks use to have. You can't have this behavior in bitcoin world.

[zakalwe]

Never got any problem with BTC-central. Yes they are slow, but rarely (if never) late.

Try to withdraw bitcoin and let me know what happened.

Did it multiple times. Got my bitcoins in 24h max, no problem.

It's clearly said in their FAQ. They withdraw once every day (monday to friday).

My bad, I didn't read the FAQ.

[zakalwe]

I guess we need a decentralized exchange. Absolutely. And quickly.

[Paymium_Support]

Hi zakalwe !
Paymium / Bitcoin-Central support here.

I'm sorry to learn your unsatisfaction towards Bitcoin-Central, however I'm afraid there is a bit of misunderstanding in your OP.

I have just discovered that if I want to withdraw bitcoin, I have to wait for 10pm - 11pm. Yes you read well, they only proceed between this hour. Furthermore, this happens only if your request happens within 5pm, otherwise your withdrawal will take place between 10pm - 11pm of the NEXT day.

I thought they were joking. They were not. They say it's because of security.

Bitcoin withdrawals are verified and processed once a day on weekdays. That is because we run a manual check of every withdrawal request to ensure maximum security.
We have no hot wallet.

Let me walk you through the scenarios :
- BTC Withdrawal < 1BTC : verified and processed by night on weekdays.
- BTC Withdrawal > 1BTC : verified and processed by night on weekdays, provided you have 2FA set up on your account.
- BTC Withdrawal > Very large BTC sum : we might reach you by phone just to make sure before sending out the coins

Our FAQ is available here.
If you would like to know more, feel free to read this post : Security, solvency and transparency of a Bitcoin exchange

A little note: they are a branch of paymium, which is a payment institution of France.

Bankers..........

Paymium is the company behind Bitcoin-Central, operating since 2011.
Paymium is a small-sized company with experienced and passionate people. We are not bankers.

We do have a licensed Payment Institution partner (Lemon Way) to operate within the bounds of law in the EU.
Each customer account is linked to a payment account held for you by a licensed Payment Institution partner: you send euros to an account owned by you to purchase bitcoins.
Bottom line is : we don't have your Euros deposits on our corporate bank account.


By the way, Thursday, we hosted our first in-house Bitcoin meetup. We had a great turnout, over 70 people showed up. So if you're in Paris, come and meet us !



Let me know if you need more info or if you have any comment. We welcome your input.


Kind regards,

Support team
Bitcoin-Central by Paymium

[testsetest]

@Paymium_Support , @davout

I have been a US customer of bitcoin central for several years now, before you switched your terms of service to only accepting eurozone clients. You had previously verified my identity, accepted my bank transfer, and allowed me to make purchases on your exchange before changing your ToS.

I've been attempting to secure a mechanism to access my coins since last fall (October) via your support email and recently a ticket in your support system but have not been able to do so. Initially you said a mechanism to do this would be available via the website and then you were doing it manually, but haven't received any ETA as to when to the transfer is expected (I last contacted you about a month ago).

I understand that as a small business you are busy / have lots of happenings, but as an early customer I have to say I am a bit disappointed about the lack of transparency. Especially with news such as the mt.gox affair popping up every so often, and the volatility of the bitcoin market, I'd assume that legitimate businesses and exchanges would want to do their upmost to preserve their reputation / resolve situations quickly.

I'd be happy to reply to this thread once this situation is resolved and I've confirmed I have the bitcoins in my possession. Thank you for your time.

[Paymium_Support]

@Paymium_Support , @davout

I have been a US customer of bitcoin central for several years now, before you switched your terms of service to only accepting eurozone clients. You had previously verified my identity, accepted my bank transfer, and allowed me to make purchases on your exchange before changing your ToS.

I've been attempting to secure a mechanism to access my coins since last fall (October) via your support email and recently a ticket in your support system but have not been able to do so. Initially you said a mechanism to do this would be available via the website and then you were doing it manually, but haven't received any ETA as to when to the transfer is expected (I last contacted you about a month ago).

I understand that as a small business you are busy / have lots of happenings, but as an early customer I have to say I am a bit disappointed about the lack of transparency. Especially with news such as the mt.gox affair popping up every so often, and the volatility of the bitcoin market, I'd assume that legitimate businesses and exchanges would want to do their upmost to preserve their reputation / resolve situations quickly.

I'd be happy to reply to this thread once this situation is resolved and I've confirmed I have the bitcoins in my possession. Thank you for your time.

Hi testsetest !


Our support team isn't available at the moment (since it's sunday evening).
Could you send us a private message with your BC account number (BC-UXXX...), your name or your signup e-mail, and we'll check your ticket first thing tomorrow and come back with an update.
Sounds like a plan ?


Kind regards,

Support team
Bitcoin-Central by Paymium

[testsetest]

I'd be happy to reply to this thread once this situation is resolved and I've confirmed I have the bitcoins in my possession. Thank you for your time.

As promised paymium / bitcoin central forwarded the bitcoins last Friday evening.

Overall this took a little while longer than I'd hoped, but in the end they were courteous & fulfilled thier obligation so no harm no foul.

[btcfre@k]

im not a big fan of davout and paymium.but if you dont wana get GOXED thats the rules.b-c is pretty safe,but i admit would be great if they manually withdraw 4 or 5 times every days..on btc-e you got money hold...thats not better.

[samson]

Welcome to the future. With so many hackers targeting Bitcoin exchanges lately I think this is a good step and will almost certainly protect you from losses should an exchange become compromised.

The 'best' hackers in the world appear to be targeting Crypto exchanges and they are doing everything they can to steal all your money.

[NLCOINER]

Be Careful!

Watch out with these thieves running Bitcoin-Central!

http://thebitcoinnews.co.uk/2014/04/13/bitcoin-central-net-insolvent-the-french-bitcoin-association-and-the-relation-to-mtgox/

Whole thread about their previous business where they stole A LOT of Bitcoins!

https://bitcointalk.org/index.php?topic=167215.msg6278648#msg6278648

You have been warned, before they get "hacked" again and take your Bitcoins!

[Paymium_Support]

I'd be happy to reply to this thread once this situation is resolved and I've confirmed I have the bitcoins in my possession. Thank you for your time.

As promised paymium / bitcoin central forwarded the bitcoins last Friday evening.

Overall this took a little while longer than I'd hoped, but in the end they were courteous & fulfilled thier obligation so no harm no foul.

Hi testsetest,

Thank you for your kind reply.

Best regards,
Bitcoin-Central by Paymium Support team