Bad Experience in Bitcoin Peer-to-Peer in CEX.

[Bureau]

I understood from your post that P2P transaction did not go as well as you expected. What is the guarantee that you won't face the same issue on a P2P at a DEX. I don't think this is a CEX issue, you should have used a big exchange, there you will find more buyer and seller. Binance is the exchange everyone uses for P2P transactions.

Another option was that, you could have checked with the logistics company whether they accept Bitcoin before leaving. If they had then you could paid them with Bitcoin and claimed your shoes.

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[Ruttoshi]

Mate, I wouldn't blame the exchange because you weren't prepared and that was why you felt disappointed. Bitcoin is not fiat that will lie under your pillow or in your wallet, which makes it very easy to your reach at anytime to need to buy or pay with it.

If you have all your funds in bitcoin, then it isn't a wise idea for you to convert bitcoin to fiat at that point of time when you want to spend your fiat currency. It is better that you prepare and plan yourself ahead of your financial needs and convert your bitcoin to fiat, because we are all human and no one is perfect and no one will like to run at loss with his two clear eyes open.

The p2p merchants might have their own reason for cancellation of your transaction. Always change your bitcoin to fiat a day or two before the need arise. What is if it happens that your transaction took three days to be confirmed due to the congestion of the block chain.

[Yamane_Keto]

For p2p I prefer to use stable coins in which the price is fixed and confirmation times are immediate, or try to make payments with high rate users. This is a situation known to people who have many transactions in P2P, so be careful to find a reliable seller and deal with him, even if his fees are high compared to choosing the best price, which Often an unprofessional seller.
The experience will vary depending on the liquidity, the nature of the P2P, the speed of the support team’s response, and how seller’s warranty rules

[avikz]

Bitcoin price is super volatile. It changes within seconds but such kind of experience is very rare I would say. I have been doing P2P trading in centralized exchanges from a long time and I don't remember facing such issues more than once.

Which platform you are using. You can name the name. Earlier I used to do it from localbitcoins and now from Paxful. All is going good so far.

[naira]

was it because the price coming down that if they buy at that time, they will loss?  or they don't buy when the price is going down? What do you think really happened?

That's because you made a sale when it was urgent and under the circumstances the buyer didn't make a decision. Actually, I often experience this when I am urgent and need funds quickly to sell bitcoin. The method I use is pressing sell on the stock exchange with the buy price option or in other words crossing the price. It's a small loss but not up to $1, for me that's not a problem as long as the funds needed are processed quickly. Because you use the p2p option and at the same time the buyer does not want to give the price you set. Not reaching an agreement with each other, neither you nor the buyer want to budge. Until then, there is no solution.

[Mate2237]

If you want to get some more specific opinions about Bitcoin transactions, you would have to provide more information. For example, which exchanges are involved, and which type of trade, do you have limits on your account? What kind of orders did you place so they were rejected? Rejected or something else, How much fee did you put, and how much was in the mempool at that moment...
There are many questions, and we know that you bought shoes and which company tried to deliver them to you.

The exchange is Binance, and it was selling and buying kind of trade, I don't have any limit in my account, in Binance p2p is free and there was no fee in it. Your questions are not related to the Op. It was simple analogy, I ordered a deal when the price was some how high, and immediately I ordered the deal and I was waiting for the buyer to buy but the buyer cancelled the order because the price of bitcoin came down (reduced), I ordered again and it was the same and the last was cancelled itself after the time has elapsed.


I appreciate all the comments, there are lot to learn and asked even on bitcoin, well to some extent the cancellation by buyers is not too bad because it is a business, and they need profit, one of them even ask me to reduce the price for him to pay me but I also refused. And the other hand, bitcoin is meant to buy things online and it mainly for p2p, and in such situation when you are in the malling shop and you want to use bitcoin to pay for the service, as some early bitcoiners did to buy coffee, and the process delay what will you do. Let us see meaning to this post and not only on the other way around. There are morale lessons in the thread. As other said, don't believe Centralized exchange and prepare yourself always for the unseen disappointments.
 

[AHOYBRAUSE]

It is normal for the buyer to cancel sell orders when the price of Bitcoin goes down.  I also have this kind of experience in Binance but I do not mind it.  Since buyers want to get profit, they have the right to cancel orders since we are the ones initiating the trades.  I believe if you don't want your sell order to get canceled frequently, you can convert your Bitcoins to stablecoin and sell it.  This way there is no fluctuation of price that can trigger the buyer to cancel the P2P trades.

Exactly that.
You can't blame people for wanting the best price possible. They are most likely traders looking for a good deal. And when the price went down your price wasn't a good deal anymore.
It's called social market economy   .

I know it can be frustrating at time, I have had the same problem several times and I know it bugged me as well. There is nothing you can do about it, so no need to waste your time being angry.

[cheezcarls]

Ever since I have used the P2P in Binance, I’ve got no problems at all despite there are some who have delayed their transactions to me. I only choose those guys who have higher ratings of at least 97% and with thousands of transactions already.

If I were in your shoes like if you’re already desperate, I would immediately look for a trusted merchant regardless of the price he or she advertised and immediately settle it no matter what. Just my two sats.

[CryptopreneurBrainboss]

I tried to sell bitcoin so I can pay the goods and claimed them. And the time when I made the order to sell bitcoin was are the rate of $26,800 and immediately I made the other the price came down and the buyer cancelled the order and still looked for another buyer to buy the coins so I could buy the carrier agent, the second buyer the same thing, the third buyer the same thing

This isn't a fault of using a centralized P2P exchange because if you were using a decentralized one and the marchant wanted to cancel the order they would had still done it. This kind of situations is more about the merchants not wanting to buy your bitcoin because the prices of Bitcoin is dumping. Everyone wants to make profits so when they see a situation that won't profit them, they'll back off. They're doing more demange to their reputation on those exchanges because they get less rating each time they cancel orders so it isn't ideal that Marchant cancel order but when they do it might be for a reason like price crashing or you're using a bank they don't like (did you read their terms & condition to know if your banks isn't supported by them) because most of them have the traditional Nigerian banks blacklisted.

Since When I left the place, I was thinking how Centralized Exchange can disappoint your urgent need of cash. I was not really expecting them to treat me like that. I have not experienced such in the p2p system.

This has nothing to do with the exchange as I said and maybe next time try to plan ahead of time. If you need money to be used in the evening, try to trade in the morning hours or afternoon so you'll be prepared because alot of things always go wrong when you're in a rush. Maybe you would have had internet issue or some other problem that'll delay your transaction (like pairing with a scam Marchant and your transaction gets delayed) so don't wait for last minutes before you trade when next you want to sell your Bitcoin.

[Crypto Library]

Since When I left the place, I was thinking how Centralized Exchange can disappoint your urgent need of cash. I was not really expecting them to treat me like that. I have not experienced such in the p2p system. Really I was ashame in the place base on the kind of personality I am. I was embarrassed and left the goods behind. I was also thinking what really caused the rejections, was it because the price coming down that if they buy at that time, they will loss?  or they don't buy when the price is going down? What do you think really happened?

First of all I wanna say that,  I know you know that  Bitcoin a  volatile coin  so then why you ordered the product ?  If that were the case, the logistics company would have accepted Bitcoin as payment  then I think you don't have to face bad experience.
So I think you should first select to order these products from companies that accept bitcoin or crypto currency specially volatile coins as payment.
And besides, if you want to convert bitcoin to fiat currency, then there is an easier way already, just first convert bitcoins to stable coins and then sell the coins on p2p. Your intention is to convert Bitcoin to fiat currency, there is no reason to do it directly. It would be different if the goods could be paid directly through Bitcoin.