Ok, A few hours ago I completed my first trade in bitsquare.
The whole procedure took roughly two and a half days to finish.
I bought BTC for GBP. I paid the seller as soon as there were two confirmations and then I waited. According to the bank details the seller was also a Great Britain resident so I assumed that they received the money in a matter of a few hours (even less). Nevertheless they finished the transaction two days later.
As I was waiting, and since it was my first trade in bitsquare, I started wondering: “What if something happens to the other participant and they never complete the procedure? I’ve already sent the money, but the BTC are locked and waiting for their approval in order for me to receive them.”
Each transaction has a time window of four days to be completed. But the part that sends money in order to buy cryptocurrency is in a more precarious position than the other part. The money have left their account, but the crypto will not arrive in their wallet unless the seller confirms that they received the money.
In four days anything can happen. What if the seller is not in a position to confirm the deposit?
I might sound morbid, but we are (still) mortals.
In the future, when bitsquare will serve a lot more transactions per day, situations like this will occur, especially if the same time frame applies. What is the procedure in situations like that?