No matter the pressure don't release

[Crypt0Gore]

I have learned that some scammers are going on P2P platforms to steal from others, they will intentionally delay time, and hope that you click on the wrong button, I have been there a few times before and they will put some unnecessary pressure on you, to say the truth, P2P trades is unsafe for beginners, they can make the worst mistakes easily, this is why reading through warnings and guides before using crypto platforms are a must.

I remember where someone used fake transactions for me, I was lucky to win the case because I have been using the platform for years and I have done hundreds of transactions with no single bad record, I ended up providing my bank statement and also good picture quality.

When dealing with P2P trades always choose those that have no bad record, you sure know that P2P platforms have ratings, do no use anyone with bad record and you will have smooth transactions.

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[Rockstarguy]

I have learned that some scammers are going on P2P platforms to steal from others, they will intentionally delay time, and hope that you click on the wrong button, I have been there a few times before and they will put some unnecessary pressure on you, to say the truth, P2P trades is unsafe for beginners, they can make the worst mistakes easily, this is why reading through warnings and guides before using crypto platforms are a must.

The truth is that their have been no time when a p2p exchange was free from scammers, P2P platforms is a place where scammers are always surrounded to get a prey. Most times some buyers delays to pay for a trade for no reason , and immediately their limit of time exceed to pay the trades end, if may be mistake the finger click on confirm payment. People needs to be very careful when ever they go to P2P platforms to make trading  because some trader who are their for business are looking for a prey that will fall victim that they will have advantage over.

[Bravethug]

It is very common sometimes when we trade on exchange p2p payment delays,  these delay can be from the buyer's bank or seller bank's.  Many people have lose their money due to this delay of bank network thinking that the problem of the delay is from the network of bank which they will later get their money when the network of their bank becomes good and they go ahead to release the payment because of  evidence of payment that the other trader have sent to show as proof.

I had trade to sell bitcoin in an exchange and I was matched with a buyer, so after he did the bank transaction I was waiting to get bank alert and the amount of money in my account Balance.  We both complained to the exchange customer service to help how to go about the issue and the buyer was asked to submit his statement of account which he did,  he brought evidence of payment that made it looks as if the delay of payment that have not reached me was from me. With every I was still not ready to release the payment it reflect in my account,  this issue last about more than 30 hrs abd and the following day I sent him a message to contact his bank the delay which he said he did.

It wasn't up to 10 minutes after he contacted his bank I received the payment in my account.  If I had release the payment because of the pressure of customer service in the exchange,  the money wouldn't have gotten to me, which the buyer will be nowhere to find to make complains to his bank . Beginners should never make mistakes to release no matter how long it takes for them to receive payment.  Hold on till everything is settled from both sides.

the subject title is very catchy.... sounds erotical... I read through, and as a newbie I'm equipped with a useful information, although this might look like a scam move from the buyer, but many times banks have very poor networks and sometimes some transactions can be reversed back. thank you for sharing.

[NeuroticFish]

Bitcoin is supposed to be for privacy and for being your own bank. You could get your payment via different payment methods. Why bank? Bitcoin is supposed to eliminate the need for banks

Bitcoin should eliminate the need for exchanges too. Bitcoin is best for going to the shop (physically) and pay for some goods you will take home with yourself. Best would be if fiat would be completely off this equation. But it's not.

Now, what you mean by getting your payment different? Best would be face to face, in cash. But we also know that this has issues, from the fact the one who may want to trade with you is probably 1000s of miles away to the fact that face to face money operations face at least the risks of robbery and counterfeit.

And.. yeah, this means we "are back to" exchanges and banks and all the hassle with the (lack of) privacy. And yes, this also means we're using Bitcoin in the wrong way. Sadly. Is there a better option today (apart of moving to El Salvador)? I doubt it.

Don't get me wrong, I completely hate CEX, I hate the charade that is called bitcoin cards with a visa logo, and I hate Binance and CZ probably the most on this entire forum, but let's not ignore facts, CEX are more convenient, that's why they are used because I don't have to contact some stranger, I don't have to log in my bank accounts and make a payment to exactly Quassam Bon Loden of exactly 1446.6 Euros to this account AD1400080001001234567890 and not one wrong letter and number.

Yep, this covers it incredibly well.

[traderethereum]

Actually, I'm a bit confused by @OP's story but I'm trying to understand as best I can.
I have only used P2P on Binance and always try to look for sellers who have the highest ratings and I can see some sellers have 100% completion on Binance.
The price difference may be slightly different from other sellers, but there might be a lot of difference in the ratings, so I'd rather pay a little more than get into trouble.

If you want to use P2P on DEX, make sure that the seller is a seller who has a high rating and a high level of success in transactions to avoid problems because they always maintain their reputation well.
We may still need an escrow agent to hold the money and complete the transaction so that both parties have no problems.
And it is right that if you do not receive anything, you do not have to release the funds and you can wait for their response to make the transactions.
And for the @OP case, he did the right thing by not releasing the coins until he received the money.

[GiftedMAN]

Damn, the title sounds like some BSDM movie!

One thing that struck me:

It wasn't up to 10 minutes after he contacted his bank I received the payment in my account.

I don't believe that the bank was someone able to solve and transfer your money the balance reflect in your account in 10 minutes after not being able to do in 2 days, you said he had proven that he had sent the payment with documents, by chance can you compare the proofs with the current transfer as I tend to believe that as in many cases he didn't pay at all the first time and only under pressure and maybe because of a good fluctuation in exchange rates he agreed to do so!

I can't really tell if he never did or did the transaction the first time. But from the alert I received I can see two different dates 14/09/2023 which is the first day of the transaction,  and the second date 15/09/2023 was the day I received the payment.

Network congestion maybe the reason why the money didn't reflect to your account the very day that the money was sent to you but on seeing two different dates when you got the alert, this clearly means that the sender sent the money on the first date but it reflected on the last date which you got the alert.

Banks usually have network issues and most times people lose their money because of this issues because atimes the sender may be debited but the person whom the money is sent to won't be created but after some time when the receiver may not be around the sender again because it will always be said that the money will reflect later since the sender has seen debit alert, the money may be reversed to the sender and the receiver will be at lost since he can't get his goods or the money for it again but when it comes to p2p transaction, it is advisable to always confirm your money before releasing your Bitcoin.

[Y3shot]

I didn't have to go through your whole thread but I already knew what you were talking about and yes I agree with you that no matter the pressure don't release  and when trading on exchanges, please don't ever clicking on random links as they might be phising  links and might automatically  authorize release  your coin without your consent.
Well I don't know  why  I feel very bad when I see this stories, because I've personally experienced  this after I got scammed of a $150 loan i took from shashan and I just learnt this in a very hard way and will always sound it very clear and loud against clicking on random links.

@Y3shot I'm  glad you were able to hold your ground and on no account will ever release my coin if I don't get an alart for my trade.

Sorry for falling victim to them, you need not to make a mistake like this next time, if we are much careful when we do trading in exchange it reduce chance of to fall into scam. One thing I discovered is that whenever trading large amounts of money in exchange it is always kind of complicated, it is always advisable not to release until your payment gets to your account. Trade on exchange should be handled will care and consciousness because any little mistakes will end up of losing money which can never be recovered again. Do not trust anybody, only trust yourself.

[Learn Bitcoin]

Bitcoin is supposed to be for privacy and for being your own bank. You could get your payment via different payment methods. Why bank? Bitcoin is supposed to eliminate the need for banks

Bitcoin should eliminate the need for exchanges too. Bitcoin is best for going to the shop (physically) and pay for some goods you will take home with yourself. Best would be if fiat would be completely off this equation. But it's not.

Now, what you mean by getting your payment different? Best would be face to face, in cash. But we also know that this has issues, from the fact the one who may want to trade with you is probably 1000s of miles away to the fact that face to face money operations face at least the risks of robbery and counterfeit.

And.. yeah, this means we "are back to" exchanges and banks and all the hassle with the (lack of) privacy. And yes, this also means we're using Bitcoin in the wrong way. Sadly. Is there a better option today (apart of moving to El Salvador)? I doubt it.

Bitcoin should eliminate any kind of third-party involvement. But since this is not happening today, we should try to be safe as much as possible. Of course, some exchanges offer their service without KYC. Maybe they do not have the "Made up" P2P system. When you link your bank account with exchanges, banks know the money comes from our crypto transactions.

What I mean by getting payment in different payment methods is that if there are any Bitcoin ATMs, utilize them. Almost every country has some kind of payment method like Cashapp, Perfect Money or others. We have Bkash, Nagad and many more systems where we can receive our payment. I haven't seen anyone get their account blocked or investigated. Those services never ask for the source of income or any details. All they want is some ID during the account opening.

[stompix]

<snip>
No, that's not how it happens! The moment you initiate the trade the money gets locked on that platform, and you're not opening trade on any of those without depositing money, which means they have left your control!

~
Now the escrow address is a 2-of-2 multi sig, from the 2-of-3 is used to be, and the only parties involved in it now are the traders. Technically the funds still remain in your custody until the end of the trade and the platform has no access to it.

No! The funds are not in your custody since you can't access them freely without a second-party agreement on it!
It's a false sense of security but it's the same thing when looking at the final decision, the only difference between this and the CEX is that the CEX can't move your funds without you accepting but at the same time, from your point of view you can't recover those funds without a third party accept either.

So no, you're not in control!
Being in control of funds means you can move them at any time in any fraction of the total sum as you desire, not happening in the above scenario.

If you want to use P2P on DEX, make sure that the seller is a seller who has a high rating and a high level of success in transactions to avoid problems because they always maintain their reputation well.

Selective scamming, fake reviews, people in desperate situations encountering a large sum that might be enough to cover 3 months of profit in one go, and so on and on and on, just think how many cases of reputbale members have ended up scamming here, reputation a good indicator till only it stops being one!

Bitcoin should eliminate any kind of third-party involvement.
~
What I mean by getting payment in different payment methods is that if there are any Bitcoin ATMs, utilize them. Almost every country has some kind of payment method like Cashapp, Perfect Money or others. We have Bkash, Nagad and many more systems where we can receive our payment.

So, you're just using some other third parties instead of these third parties!
Trusting Perfect money with your funds over a bank sounds far more risky to me, who are you going to complain with if they close your account and stop you from getting your money out?

[Upgrade00]

No! The funds are not in your custody since you can't access them freely without a second-party agreement on it!
It's a false sense of security but it's the same thing when looking at the final decision, the only difference between this and the CEX is that the CEX can't move your funds without you accepting but at the same time, from your point of view you can't recover those funds without a third party accept either.

You cannot expect to be in full control of the wallet all through a trade with a second party who is expected to send you the first value of the bitcoins in the wallet and then trust that you will send them after confirming the transaction. But there is a lot of difference between giving up custody to an exchange, which can at anytine and at their discretion restrict your access to the funds and entering a contractual agreement with a trader to protect both parties.

That is not a false sense of security.

So no, you're not in control!
Being in control of funds means you can move them at any time in any fraction of the total sum as you desire, not happening in the above scenario.

As said above, you're in a trade with a second party, it's unrealistic to expect full custody every step of the way.
A huge difference between;
• Not your keys at all, and.
• Holding half of the keys.

[CryptSafe]

I didn't have to go through your whole thread but I already knew what you were talking about and yes I agree with you that no matter the pressure don't release  and when trading on exchanges, please don't ever clicking on random links as they might be phising  links and might automatically  authorize release  your coin without your consent.
Well I don't know  why  I feel very bad when I see this stories, because I've personally experienced  this after I got scammed of a $150 loan i took from shashan and I just learnt this in a very hard way and will always sound it very clear and loud against clicking on random links.

@Y3shot I'm  glad you were able to hold your ground and on no account will ever release my coin if I don't get an alart for my trade.

Sorry for falling victim to them, you need not to make a mistake like this next time, if we are much careful when we do trading in exchange it reduce chance of to fall into scam. One thing I discovered is that whenever trading large amounts of money in exchange it is always kind of complicated, it is always advisable not to release until your payment gets to your account. Trade on exchange should be handled will care and consciousness because any little mistakes will end up of losing money which can never be recovered again. Do not trust anybody, only trust yourself.

When it comes to p2p trade, one needs to be very careful with their transactions. I have come to realise that most of these errors or mistakes encountered in the course of transacting via a p2p platform is as a result of impatience. Possibly they might be in a haste to meet up payment for something and maybe while they have received an alert they just quickly assume the money is there and are quick to release assets not really looking into the alert. And possibly after they might have released the asset, then want to concentrate on their own that is when they realise that they received a fake alert and b you then, it is too late.
Sometimes it is not all about receiving the alert but rather confirming the alert matters as well to know the authenticity of the credit.

[Learn Bitcoin]

Bitcoin should eliminate any kind of third-party involvement.
~
What I mean by getting payment in different payment methods is that if there are any Bitcoin ATMs, utilize them. Almost every country has some kind of payment method like Cashapp, Perfect Money or others. We have Bkash, Nagad and many more systems where we can receive our payment.

So, you're just using some other third parties instead of these third parties!
Trusting Perfect money with your funds over a bank sounds far more risky to me, who are you going to complain with if they close your account and stop you from getting your money out?

I presented them as an example only. You don't have to use Perfectmoney. Most of the countries have payment methods like that. When you are trading in the same country, it's like the other party may have the same payment method available. For example, Paytm is popular in India. Paytm never asks where the money came from. I live in Bangladesh, and I use payment methods like Bkash and Nagad. Those payment methods never ask where the money comes from. What is the source of this money? When it comes to banks, they ask for a photocopy of an ID card when someone deposits money into someone else account. Banks ask where the money came from to the account holder. Bank asks the source of the money when people deposit their own money in their own account.

So my point is if we cannot entirely eliminate the involvement of the third parties, at least use the safest methods. Banks are the most used and most ridiculous payment methods on the earth. If you can pay with Bitcoin for products, that's good. If you want to cash your Bitcoin, use the safest method available. Banks are the right hands of the government. They transfer all the details to the authorities.

[stompix]

You cannot expect to be in full control of the wallet all through a trade

Bruh....

In a decentralized, P2P service, you are always in control of your funds

Common, let's not start to move definitions and goalposts here cause I clearly started this discussion based on your highlighted above remark!
You started saying that you're in control all the time till the trade is finished and now you're saying you can't expect to be in full control all the time while at the same time you were right when saying you're still in full control!

A huge difference between;
• Not your keys at all, and.
• Holding half of the keys.

What's that huge difference?
It's still the same, we were talking about full control, not the incentive the other party has on doing the deal, not the risks, not anything else. If the other guy is hit by a tram while going to the bank and releasing your funds you're done for! You are not in control! That's what the definition for a multi-sig is, and this is why they were invented in the first place so that not a SINGLE entity has control over it!
As I said, let's not change 1000 years of word definition just because it suits our narrative now!

I live in Bangladesh, and I use payment methods like Bkash and Nagad. Those payment methods never ask where the money comes from. What is the source of this money? When it comes to banks, they ask for a photocopy of an ID card when someone deposits money into someone else account. Banks ask where the money came from to the account holder. Bank asks the source of the money when people deposit their own money in their own account.

Generalizing a particular country's situation is never good!
I've never been asked for a photocopy of my ID from a bank, just my ID when I go to the bank and deposit cash, which is standard procedure from 100 years ago,  do the bank ask you every time where the money comes from when you're getting a payment from another bank? No, they don't and this is why apps don't also because you're loading your account from an already verified source!
But even that doesn't even matter since the whole thing is just ridiculous, I was curious what this Bkash is so a quick google search and

bKash (Bengali: বিকাশ) is a mobile financial service (MFS) [4] in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. BRAC Bank Limited[2] is a private commercial bank in Bangladesh, founded in 2001.

So, you were saying what about banks?

[Learn Bitcoin]

I was curious what this Bkash is, so a quick google search and

bKash (Bengali: বিকাশ) is a mobile financial service (MFS) [4] in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. BRAC Bank Limited[2] is a private commercial bank in Bangladesh, founded in 2001.

So, you were saying what about banks?

Bkash is a sister concern of BRAC Bank Limited. Anyone who wants to run any kind of financial services must have a license to run it. Even if Bkash is under the BRAC bank, they do not require documents for your transactions. Whenever you want to cash in fiat money, go to any agent point, and they will cash in without asking any questions. You can spend it online, pay for shopping, pay electricity bills, and send it to others.

Similarly, if you want to cash out your money, go to any agent points or ATM, and you can cash out with no questions, no ID, nothing at all. I also mentioned another MFS, which is Nagad. They claim they are operating under the authority of the Bangladesh Post Office, which is only in papers. Originally, they didn't. The Post Office authority doesn't have any control over Nagad.

What I care about is I don't like when someone interrupts my transaction and asks where the money came from. Crypto is not a legal tender in most of the countries. Banks do not like crypto users. They always look to discover something fishy and want to freeze accounts. Of course, I don't know the situation in your country. But yeah, it's not the same everywhere.

[CryptopreneurBrainboss]

It wasn't up to 10 minutes after he contacted his bank I received the payment in my account.  If I had release the payment because of the pressure of customer service in the exchange,  the money wouldn't have gotten to me, which the buyer will be nowhere to find to make complains to his bank.

You write like an African, this is what I'll have to say concerning this, I don't know how other part of the world works but delay in receiving bank transfer is a common issue over here which is why microfinance banks are recommended to be used for P2P transaction because they don't waste time to reflect money sent or recieve if you have your account up to date. Use microfinance banks for all your P2P transaction and when you receive your money you can move it to you main bank account. Another solution to this issue that you can use next time is to only trade with merchant that are using your type of Bank because intral bank transfer are processed faster because they're transfer between the same banks.

Beginners should never make mistakes to release no matter how long it takes for them to receive payment.  Hold on till everything is settled from both sides.

Those exchanges that provide the service of P2P exchange, both centralized and the decentralized exchange all warn users of not releasing coins until you have guarantee receiving payment therefore it makes no sense to release coins until you have confirm receiving payment because scammers are very active on this platform and they're scamming people everyday. Also be careful of the rates those merchant offer because the higher the rate the more likely they'll be scammers as they know greedy people always want to get more money so they'll deceive them with high rate to scam them. Preferably trade with your local merchant that you know personally and you can guarantee he won't cheat or scam you.

[Adams0001]

It is very common sometimes when we trade on exchange p2p payment delays,  these delay can be from the buyer's bank or seller bank's.  Many people have lose their money due to this delay of bank network thinking that the problem of the delay is from the network of bank which they will later get their money when the network of their bank becomes good and they go ahead to release the payment because of  evidence of payment that the other trader have sent to show as proof.

You are current Op, Many people who do not know much about PSP become victim since they do not comprehend it well enough. You have to receive your money in your bank account before you release the coin, Many people lose money because of bank delays, Some will send the money to your bank account and show you the recipe, and he won't reflect in your account, and they will say you should release the coin or they will report you to customer service, and if he shows them the recipe of the transaction, they can release the coin for him automatically, and after 24hours if it is from the bank, the bank can reverse the money back to the owner account and that is all, you have lose your coin because he will be hard for him to send the money back to your bank account.

[Ruttoshi]

Thanks for this reminder mate, because I notice that some traders in CEX are there to scam people through the exchange. I have witnessed a p2p trader in Binance that called my friend to release the crypto, when he hasn't paid the money into my friends account, and when my friend checked his account and he didn't see any funds, he called the guy back and this guy was claimimg that he has sent the funds.

Behold, it was after two hours when the buyer has seen that my friend hasn't still release the coins, was when he called back and said that it was bank delay and that he wants to use another account to credit him, after two minutes, my friend got an alert of the funds. This was when I learnt this lesson that no matter how the pressure is, you don't need to release your crypto until you have confirmed the funds in your bank account. Thanks for your advice mate.

[Odusko]

The best way to handle p2p payment delay is to either dispute the trade on time, so even though the buyer make any dispute yours will be looked into first, i wonder why exchange don't give sellers on p2p the option to cancel the trade anyway and living only the buyer to be able to cancel the trade, this is one of the reason and chances that scammers on P2P leverage on to deceive gullible P2P user into releasing  their coins even when they haven't confirmed the transaction and deposits in they bank account.

[Y3shot]

The best way to handle p2p payment delay is to either dispute the trade on time, so even though the buyer make any dispute yours will be looked into first, i wonder why exchange don't give sellers on p2p the option to cancel the trade anyway and living only the buyer to be able to cancel the trade, this is one of the reason and chances that scammers on P2P leverage on to deceive gullible P2P user into releasing  their coins even when they haven't confirmed the transaction and deposits in they bank account.

If both the buyer and seller have option to cancel trade it will cause lots of trouble. I think the reason why seller are not given the option to cancel trade is because some people will use it as opportunity to fraud whereby if the seller makes payment to the buyer, the buyer can just end the trade without releasing the money for the buyer. I think from the level of my knowledge it is best for the only the buyer having option to end trade, if the two trader have option to end trade it will cause more problems and increase the rate or crime activities in P2P exchange.

[Sandra_hakeem]

My Goshhh!!! For a second, I was lost... The title made me thought he giving an advice to them dude when 'em nuts get tickled...lol  
well, that should be a Known trick - or say an eventuality on almost all P2P platforms... We've got alot of scoundrels out here on the web and the least careless decisions you make would end you in Thier traps...
It's important that you align with your local currency's bank application system - with this, you can verify since fake alerts can possibly be issued.

Sandra 🧑‍🦰