Why is the time to complete a trade so long?

So I’m in the process of making my first trade to sell a little amount of BTC to USD, but was wondering why the time is set to 4 days to complete the trade? Another question I had was should I wait until the payment has been cleared into my bank account before I confirm the payment as complete to release the escrow? Or, is there no point and I should just confirm once I have gotten email confirmation that someone has sent money to the account?

Thanks in advance.

Edit: the payment is being done through cXc

When implementing a payment method you have to be careful.

  1. You have to consider that the offerer might not be at his computer and might not realize someone has started a payment. He should have 24h.

The second reason is the cXc terms. IIRC they state at some point that a payment can be cancelled as long as the receiver’s staus is ‘pending’. We have no way to tell how long that might be taking so we chose a conservative estimation and picked 4 days. It’s a minor change to shorten the time frame but the effort for many disputes due to a too short time frame is considerably bigger.
Again it might not be safe, too, to urge a seller into confirming a trade as long as it’s pending.

I can’t say how long that would take. If there’s no hint that the payment is ‘pending’, it should be safe.

Maybe other cXc users want to share how they handle that.

Yikes… well hopefully the guy I transacted with doesn’t reverse the payment then.

I wrote down all the information of who I traded with and the ID code for the transaction that came along with the trade just incase, so hopefully that can help things if things gets complicated and the person decides to reverse it.

But with that being said, if it was getting to be the last day of the trade and the person finally made the payment with, say, 12 hours to spare; then would I still want to wait for the cXc payment to “complete”? Wouldn’t the transaction just time out and me (being the seller) would get penalized the .03 BTC that is being held for insurance?

You should still wait. [quote=“floam412, post:3, topic:1913”]
Wouldn’t the transaction just time out and me (being the seller) would get penalized the .03 BTC that is being held for insurance?

You will not be penalized without notice I assume, you can open a dispute afterwards if it is not already opened. Then you can explain to the arbitrator the situation, this is what they are for.
I also think you have a specific time to confirm the payment after the buyer confirm he/she sent it. The time of payment and other info, I think, can be proven by saving SSL encrypted response from the web page of your payment provider.

How does the arbitrator get in contact with you? Via email?

No. Via the Bitsquare client.