Reason for Payment

Hi again.

I am in the middle of a trade. I sent the BTC and it seems that I just received the agreed payment. The problem is that although in the Bitsquare window the ‘Reason for payment’ is just a series of numbers and letters, in my bank account’s transaction description it reads ‘Bitcoin a1b2c3d4etc’ (this series of numbers and letters are random).
Also the total account balance (in my bank account page) counts in the amount which the buyer deposited, but next to the transaction the balance field is empty, meaning that the deposit is not fully confirmed.

  • Should the buyer put the word ‘Bitcoin’ to the description? I know that there are occasions where banks delayed the process of payments when ‘bitcoins’ are involved. Maybe it is a good idea to inform Bitsquare users not to mention altcoin names when describing transactions.

  • I still have 22 hours before the trade times out. Should I wait for the transaction to be fully verified by my bank before I press ‘Confirm payment received’?

This breaks the rules of the protocol. Bitcoin should not be in the reason for payment. I’m pretty sure that’s explained in one of the pop-ups. The reason for using a number/letter combination is that there’s no hint to Bitcoin to avoid trouble with banks.
I’d supect you’re dealing with an inexperienced trader without bad intentions. I wouldn’t escalate this if that’s the only reason to worry.

I’d suspect here that there is a high risk for chargebacks if the payment isn’t fully confirmed, so I wouldn’t confirm that I received the payment until it confirms in your bank account or the trade times out.

After the trade times out the arbitrator will sort things out.

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Well… The trade ended without any problems. I checked again today the bank account and there wasn’t any chargebacks or any other kind of problems. So I confirmed the deposit and completed the trade.


The same user offered to buy some more BTC. I accepted their bid and sent the BTC before I realise it was the same user (otherwise I might have thought twice).

They deposited the money and I checked my bank account, only to realise that not only they didn’t use the proper ‘Reason for payment’ alphanumeric, but they even used the exact same ‘Reason for payment’ as in the previews transaction, even using again the word ‘Bitcoin’! :frowning:

Probably they didn’t edit the ‘payee’ when they saw that they were dealing with the same person again.

So, what do I do?
The money have been paid, but if I confirm the deposit I’m afraid that they will never realise what they are doing wrong. Next time they will write down again ‘Bitcoin blahblah’, and if they keep trading they will never insert the proper reference.

My opinion is that I should dispute the trade and go for arbitration only for informing the other part of their mistakes. But why should I lose any amount of BTC when it is not my fault?
On the other hand I can look the other way (since the money have been deposited) and confirm the pay, but I don’t think this is the proper thing to do, since it will solve nothing.

I’d like some thoughts on that.
I have still 18 hours before the remaining trade time expires.

Thanks in advance.

i would personally would just complete the trade as normal so you dont delay the transaction.
the person using the software just doesnt get it i think. (smart enough to use new frontier softwate yet still not smart enough lol)
then either block him/her or accept another offer from him with no intention other to open a dispute immediately so that you and the arbitrator can get the message across to them.

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Please open a dispute (cmd+o or ctrl+o). U will not lose any fees. Only the peer who failed to follow the trade protocol (not paying, not responding) loses his security deposit.

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Sorry, Manfred. I confirmed the pay earlier this morning.
But I don’t think I will trade again with that same user.

You might want to think about problems like that. This kind of disputes are not significant, nevertheless in the future, when a lot more people will transact using bitsquare, simple problems will occur more frequently than major ones, meaning they will occupy more of arbitrators’ time.

I don’t know if it is a good idea to allow traders to communicate, but maybe you should consider it as a possible solution without sacrificing anonymity.

Direct communication will open up new issues (social engineering), so as long there is not a strong reason I will try to avoid it.
In disputes I had it very rarely so far. I will try to make it even more clear in the popups, but people tend to ignore them…

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This guy deserved to lose the deposit. The rules are pretty clear.
Next time don’t hesitate to ask for moderation, they have to be there to protect honest traders and enforce that the protocol is being followed.