Hope someone can give me advice… I made an offer to buy BTC, and someone accepted it. Payment method is Revolut, and after security deposits were paid by me and my other peer, I paid my peer via Revolut and sent the message that I started the payment. After a few minutes the Revolut app told me that the payment was accepted.
Now the trade is stuck because the peer obviously went offline after it received the Revolut payment, and never went back online since. So I’m still in step three after 20 hours, message about Revolut payment sent, but this message was not received by the peer. And of course I didn’t get the BTC yet.
So what can I do? And by the way, how does the P2P actually prevent situations like this? I mean as soon as I paid the FIAT, the other peer can just run away with it and just looses the security deposit…
Hi Carsen,
Probably the seller will respond … an release the btc. If not, keep in mind that he has deposit with a total btc amount that is the sum of:
- Trade amount
- % security deposit
- Trading fee
- Mining Fees
So your btc are in the escrow account.
if the seller fails to confirm your payment, then you open mediation, demostrate that you have paid … and then the mediator will instruct you about next steps. Probably you will need even to go arbitration, but, hey, you would get a % extra from that security deposit.
good luck!
Indeed the seller responded a few minutes before the time was over. I ask myself the reasoning behind such a behaviour… Can Revolut undo FIAT transaktions within 24h? Is there anything I might do better as a Maker, a higher deposit or higher amount than the usual 0.01BTC?
Sometimes that just happens, maybe they needed to be AFK, or they took your offer because they needed the money NOW and went off making whatever payments they needed to do first, and then came back to release BTC… been there, done that, every time it gets to you as you start feeling a little panicked but in the end, usually it all gets solved.
And as our friend above said, you still have to profit from dispute resolution if peer doesn’t release in time.
Regarding the rest, check out the penalties table on the wiki Table of penalties - Bisq Wiki and see which kind of deposit you think is best for you. Amount-wise, it’s a free market, any buyer and seller will have their preferences, 0.01btc is a good starting amount to not have fees eat up a lot of it.
Thanks for the answers. The table of penalties was new for me - very impressive - and good to know they exist