Hi! I’am interesting in Bitsquare technology and I would like to trade a little here.
However, I cannot fully understand whether 100% of the BTC - Altcoin exchanges are safe for me.
For example, now I see the interesting activity on a pair of BTC / XMR with good spread and volume.
As I understand , the seller’s incomplete transaction leads to an arbitration dispute. Is it possible to lose this dispute in some case ,even if I have fulfilled all my commitments?
As I know, monero transactions are not tracked. How can I prove that I did not receive monero at my address, if, for example, the seller is cheater and claims that he has sent monero at my address (but he did not).
Another question, if I act as a seller and did not respond within 24 hours, and the buyer has started and won a dispute. Will I lose my deposit?
In Monero specifcally, there are tools to provide that you haven’t received the funds or that you have sent funds. It’s pretty much similar to other private altcoins.
You should get the message bellow when creating a Monero account.
Trading XMR on Bisq requires that you understand and fulfill the following requirements:
For sending XMR, you need to use either the official Monero GUI wallet or Monero CLI wallet with the store-tx-info flag enabled (default in new versions). Please be sure you can access the tx key as that would be required in case of a dispute.
monero-wallet-cli (use the command get_tx_key)
monero-wallet-gui (go to history tab and click on the (P) button for payment proof)
In addition to XMR checktx tool (https://xmr.llcoins.net/checktx.html) verification can also be accomplished in-wallet.
monero-wallet-cli : using command (check_tx_key).
monero-wallet-gui : on the Advanced > Prove/Check page.
At normal block explorers the transfer is not verifiable.
You need to provide the arbitrator the following data in case of a dispute:
- The tx private key
- The transaction hash
- The recipient’s public address
Failure to provide the above data, or if you used an incompatible wallet, will result in losing the dispute case. The XMR sender is responsible for providing verification of the XMR transfer to the arbitrator in case of a dispute.
There is no payment ID required, just the normal public address.
If you are not sure about that process visit (How to prove payment | Monero - secure, private, untraceable) or the Monero forum (https://forum.getmonero.org) to find more information.