Some problems and solutions when converting Bitcoin to fiat.

[Creeper0]

Many of us earn money from signature campaigns and use it for daily expenses. Signature campaigns provide us with Bitcoins which are not always possible to use directly in real life. So we have to convert them into fiat money. In this case, I have faced two problems so far, which I think should be shared with you. Maybe it can be of help to a newbie who will face this problem for the first time. The two problems are -

• Transferring Bitcoins from wallet to exchange.
• Selling Cryptocurrencies through Exchange P2P.

When we transfer Bitcoins from wallet to an exchange, we have to pay network fees, the amount of which we can control. To avoid high network fees or to reduce fees, we sometimes reduce the market's recommended sats or set sats depending on the mempool.space as needed. The problem occurs when Bitcoins are not transferred even at the scheduled time or the money is not transferred to the exchange even after several times the scheduled time. In this case, try to wait without panicking, this is the safest. But if you are a trust wallet user and are transferring the entire amount of your wallet, then you can redo the transaction using the same address by increasing the amount of sats. Although the previous transaction is not canceled directly, the miners will accept the transaction with a higher fee and the first transaction will be canceled. If you use Electrum wallet and make a transaction with RBF enabled, you can create a new transaction by setting a higher fee, which will cancel the old transaction. Since there is no RBF option in trust wallet, no transaction can be canceled directly.

In the case of P2P transactions, sometimes the buyer marks the order as paid without paying the fiat money and sends a message for crypto release. Do not rush, first make sure that you have received the full amount. If he keeps sending you messages to release your crypto without sending you money, don't panic and try to contact him. If he doesn't respond or tries to scam you, complain to the exchange authorities, open a case with sufficient evidence if necessary. Keep yourself calm while doing P2P and never release your crypto until you get the money.

I have faced this problem a few times, sometimes I had to open a case, sometimes a simple complaint worked. Have you also faced these problems? How did you solve this problem?

[Lida93]

For bitcoin as I done experience am before, the only time you fit dey get delay for transaction to arrive nah when congestion dey for mempool and nah that time way miners the make yanga wella dey select transactions with higher fees which lead to the delays. But when coast clear way be say congestion no dey for mempool the amount of TX feels you put base on the time you want your transaction to ne completed nah so e go be. For the exchange matter, make sure say you dey use reputable exchange way P2P dey deliver and where scammers dey very reduced, because you go hardly find exchange Wer scammer no dey operate.

[Donk1]

Well I haven't actually encountered any, so I don't have any experience to share. That said I like to believe that when you are transferring Bitcoin from your wallet to an exchange, you must make sure that the exchange address is correct. Like basically instead for you to write it one by one simply copy it to your clipboard and paste it on your wallets, so that you wouldn't send your coins to a wrong address and at the end of the day you wouldn't see anything in your exchange...

Moreover when it comes to converting your coins to fiat if I may presume you have to be very conscious and be aware with every step you take so that you wouldn't make a mistake or fall for a scammer. That's why to be very certain especially when you open a dispute, you must take a screen record of your bank app balance and transaction history for that  I like believe it's much more better proof than a picture. That's just it as a crypto enthusiast your responsibility is for you to be responsible for your coins.....

[ruykeri]

Many people are aware and cautious about the issues you mentioned. Even then, there is a high possibility of fraud in P2P. If someone has common sense, they will never release crypto without confirming whether fiat is entering their account. It is enough to be a little careful here, but in many cases, many people still fall victim to this type of fraud. So sometimes it is important to bring these issues forward. So that those who are new can know and take sufficient care of their own safety.

[Jubilee58]

When you transfer Bitcoin from wallet to an exchange, the arrival time might differ depending if the network is free or not. When their is no network challenge, your bitcoin arrives in your exchange within a very short period of time, but when their is network issues, their will always be some  delay on arrival.

Personally, I have not been defrauded while making any transaction on P2P, but I have heard people complaining how they have been defrauded while using P2P and I know is true. We have fraudsters who operate on this crypto exchanges and they are just their looking for their victims.

While selling your bitcoin on p2p ensure money arrives in your bank account before releasing your bitcoin. On no account should you release your bitcoin out of pressure from a buyer with proper confirmation, as such act can only lead you to loss of your asset.

[Abu-Naim]

I am not disputing any of your points, they are valid points that happened to several people here especially last year when there is network congestion in the Bitcoin network when ordinals congested the Bitcoin network that do cause transactions with smaller fees to be delayed or even dropped from the mining block; but I think that delay is no more, what matters now is how you can confirm your wallet address to make sure you are sending out to the right wallet address, the. Set fee that is mostly recommended by the wallets, you will receive your tokens within few minutes.

On the aspect of p2p vendors who always try to outsmart us, we have been discussing that here and always, no gree for them if they attempt to scam or beg you to reduce some money for them, stick to rule and make smooth transactions.

[Merit.s]

Many people are aware and cautious about the issues you mentioned. Even then, there is a high possibility of fraud in P2P. If someone has common sense, they will never release crypto without confirming whether fiat is entering their account. It is enough to be a little careful here, but in many cases, many people still fall victim to this type of fraud. So sometimes it is important to bring these issues forward. So that those who are new can know and take sufficient care of their own safety.

Another new way of scam be say the p2p merchant wey dey buy your coins no go pay you complete, if you be person wey dey rush because you go check your account see say the money Don enter, you go fall for them. Make sure say you check the digits to make sure say e match with the exact amount wey una transact.

No dey in rush when you dey carry out any trade or transfer funds from one wallet to the other.

[Loyang]

I was not a victim of fraud, but I faced the complication that you mentioned first. A few days ago, I was involved in the literacy campaign, then I was a victim of this unusual situation. When I first received the payment, I went to a restaurant with my family members to have dinner, I thought that maybe it would not take much time for the bitcoin to come from my wallet to the exchange and I would be able to withdraw it very easily. But then I became a victim of this situation. A lot of time passed but still my bitcoin was not being transferred from my wallet to the exchange, at that time I got very worried. But I did not get too excited then and kept myself calm and started collecting information from several places and finally I found the method that you mentioned, after that again I made a withdrawal, my bitcoin reached my exchange.

Being a victim of this complication, I had to learn one thing, to keep myself calm. Because if I had made any wrong decision in this situation, I might have lost my bitcoins. So if you are a victim of such a situation, try to keep yourself calm and do some research and try to find another way.