Hello! I’ve accepted an order BTC -> ALTCoin exchange and paid it , but no answer from a seller for more than 15 hours. Now this order is not profitable to me and I don’t want to wait anymore and loose my money . I want to cancel this order and get my bitcoins back. Can I do it?
No. In case you want to do faster altcoins trade in the future with a trade duration limit of 1h, you can create an altcoin instant account.
The process is the same as creating a regular altcoin account under Accounts, just check the Instant trade checkbox.
Thx for an answer.
If I understand correctly, in case of a transaction with a 1h limit and if altcoin seller does not fulfill his commitments , I’ll immediately receive my btc back. Or I will have to wait for the decision of the arbitrator?
P.S. (second question) And if the seller does not fulfill his commitments for 24h (standard transaction). Do I need to wait for arbitrator, or I’ll get my BTC back immediately (there is no dispute between us, only seller’s inaction)?
I’ve reading forum and see the people waiting thiir funds for some days … it’s sad.
In no case there are BTC sended back automatically and immediately.
It can be very fast, but it has to wait for a human arbitrator decision.
And yes, human arbitrators are not available 24/7/365.
Sorry, I don’t understand. In case seller hasn’t answered during wait time (1h/24h):
- 1h limit - I’ll immediately receive my btc back (no need arbitr)
- 24h (standard) - L’ll make a disput and will wait for the arbitr decision
Do I understand this correctly?
Failure of compliance with the protocol will always lead to arbitration. So if your peer doesn’t click the “I sent the payment” button during the trading period, it’ll go into arbitration.
Thanks, now it’s clear.
But it is not clear why it done so. If the seller hasn’t confirmed the completion of the transaction, the funds should be automatically unlocked in favor of the buyer.
Why I have to wait an arbitr and loose my time and money.
If I understand correctly:
Blocked BTC (when exchanging for altcoin) can only unlock:
Buyer + Seller
Arbitrator + Buyer
Arbitrator + Seller
Bisq safety mechanism is based on a multisig-2-3 bitcoin address, all signatures owned by humans.
This is Bisq’s choice (and cannot be changed so easily).
Yes, 2 of the 3 buyer/seller/arb have to agree to unlock the funds.
This is a good reason to not open a dispute too fast.
Even if it is suggested by the software.
Only open a dispute when you cannot do otherwise.
To add to waht @Homard said, there can be issues with Bisq that stops the other trader to properly interact with it so it seems right to have the arbitrator review the situation before signing the payout transaction.
need a rating with an average seller response time … In most cases, time is very important for me (and other traders).