Valuedrop during payment with crypto

[Oroku_Saki]

I am in a situation that I have not been in before and would like to hear other opinions.

Here is the scenario:

I order product x worth y euros from a fairly new seller. After confirming the order, we agree to pay the total amount in a cryptocurrency, in this case BTC.

I transfer the agreed total amount y in cryptocurrency of the same value at the time of the transfer.

AFTER the transfer, there was a massive exchange rate drop within a few hours.

Now the seller gets in touch and says that too little crypto was transferred, although it was clearly enough at the time of the transfer, even a little too much.
If the value had risen massively in the other case, could I have written to the seller to demand that he deliver more products?

In this case, it was not about a lot and I have sent the amount, simply because I would like to do business with the seller in the future.

I would just like to know in general how other users or sellers deal with it.

 

[hudson98]

They rise and fall, I wouldn't do business with him again he's petty. I never had a seller complain it dropped a few bucks. They know it goes up and down.

 

[Oldj]

Every damn time!!!!!! It has never worked in my favor. (I have one the one apps set when to buy and use trying to avoid that now) ) in my case it’s either been don’t worry about it. It happens all the time. So they understand that. Or because they know I’m going to be a regular. Just make it up next time and I do. That or they don’t care. But only one technically I owe right now and next order I’ll add the difference,

 

[T&H]

I am in a situation that I have not been in before and would like to hear other opinions.

Here is the scenario:

I order product x worth y euros from a fairly new seller. After confirming the order, we agree to pay the total amount in a cryptocurrency, in this case BTC.

I transfer the agreed total amount y in cryptocurrency of the same value at the time of the transfer.

AFTER the transfer, there was a massive exchange rate drop within a few hours.

Now the seller gets in touch and says that too little crypto was transferred, although it was clearly enough at the time of the transfer, even a little too much.
If the value had risen massively in the other case, could I have written to the seller to demand that he deliver more products?

In this case, it was not about a lot and I have sent the amount, simply because I would like to do business with the seller in the future.

I would just like to know in general how other users or sellers deal with it.

This really doesn't make the seller look good. We are not responsible for drops after sending the required btc amount at time of purchase. Is the source on here?

 

[Zarathos]

They rise and fall, I wouldn't do business with him again he's petty. I never had a seller complain it dropped a few bucks. They know it goes up and down.

Exactly. I doubt he’d offer to send some back if the value jumped after payment

 

[hijoshiki]

If they sent you the actual BTC amount and it was recent enough that you didn't let too much time lapse between the coin they requested then you should have had no problem.

If you let a few days lapse between the coin they told you to send then that's another story.

If the guy is a source and he's communicating in euros to you then it's not someone that knows what he's doing. There's either a specific coin amount they want or there's nothing to go on. You don't deal in crypto and tell someone to send X amount of Euros.

The seller or source is probably shitting themselves right now like anyone that deals in fake currencies whether digital decentralized or fiat.

I can't imagine what a source is supposed to do if they thought they had 800 EUR and two hours later they have 650. It's a lousy time to be a source.

 

[Titan18]

If they sent you the actual BTC amount and it was recent enough that you didn't let too much time lapse between the coin they requested then you should have had no problem.

If you let a few days lapse between the coin they told you to send then that's another story.

If the guy is a source and he's communicating in euros to you then it's not someone that knows what he's doing. There's either a specific coin amount they want or there's nothing to go on. You don't deal in crypto and tell someone to send X amount of Euros.

The seller or source is probably shitting themselves right now like anyone that deals in fake currencies whether digital decentralized or fiat.

I can't imagine what a source is supposed to do if they thought they had 800 EUR and two hours later they have 650. It's a lousy time to be a source.

This. I think if you sent the crypto very shortly after being told how much to send then asking for more is totally fucked up on the sellers part.

 

[Btcowboy]

That's how it works, if it goes up the seller makes some, if it goes down he loses some.... No seller should asknfor more as long as at the time of it being sent its good.

Name this source so no one else uses.

 

[Big_paul]

I am in a situation that I have not been in before and would like to hear other opinions.

Here is the scenario:

I order product x worth y euros from a fairly new seller. After confirming the order, we agree to pay the total amount in a cryptocurrency, in this case BTC.

I transfer the agreed total amount y in cryptocurrency of the same value at the time of the transfer.

AFTER the transfer, there was a massive exchange rate drop within a few hours.

Now the seller gets in touch and says that too little crypto was transferred, although it was clearly enough at the time of the transfer, even a little too much.
If the value had risen massively in the other case, could I have written to the seller to demand that he deliver more products?

In this case, it was not about a lot and I have sent the amount, simply because I would like to do business with the seller in the future.

I would just like to know in general how other users or sellers deal with it.

When you receive your order post the source.

 

[Oroku_Saki]

It all happened within a few hours.

I sent the order, received confirmation and paid about four hours later. Four hours because the decline in value had already started at that point and I had to buy more BTC.

Paid at time t, received confirmation at t+1h, received request for additional payment at t+4.5h (about 0:30 UTC+2). If he had waited another hour, he could have charged 26% more....

Yes, it is a source that is represented here and has only received good ratings to date.

Thanks for your opinions so far, they pretty much reflect my own.

 

[icee chang]

You are right. The seller should bear the difference by himself.

 

[Sp2.0]

I'm late to the party but you're responsible for the amount it is when it lands in the wallet he has you send it to. After that it's on him.

 

[hijoshiki]

There are times when crypto is typically less volatile.


Trades on the weekends avoid equity traders.

Saturdays are going to be less volatile and less risk as far as steep declines or increases in value.

You can look at what hours of trading are less likely to cause problems. World markets while you sleep over here are going crazy over there so it's something you have to study in order to find the hours of the day to trade where crypto isn't going nuts. I used to buy in the middle of the night because that was when the value dropped the most and increased the most during the day.

Some say Mondays aren't too bad, but I've noticed as the week progresses the volatility was worse as Friday was approaching.

 

[Bumpygooch]

Seller sends total and BTC address, buyer sends corresponding BTC to BTC address provided. Once that transaction is completed, fuck yourself with whatever happens to it in your wallet, transaction complete.

 

[jstev4610]

That's total crap. These guys want to take a volatile crypto and not stablecoins, they need to honor the value at the time of the order. Put a 24hr cancelation policy in place, but hours later is nonsense.

 

[Savage_44x]

I am in a situation that I have not been in before and would like to hear other opinions.

Here is the scenario:

I order product x worth y euros from a fairly new seller. After confirming the order, we agree to pay the total amount in a cryptocurrency, in this case BTC.

I transfer the agreed total amount y in cryptocurrency of the same value at the time of the transfer.

AFTER the transfer, there was a massive exchange rate drop within a few hours.

Now the seller gets in touch and says that too little crypto was transferred, although it was clearly enough at the time of the transfer, even a little too much.
If the value had risen massively in the other case, could I have written to the seller to demand that he deliver more products?

In this case, it was not about a lot and I have sent the amount, simply because I would like to do business with the seller in the future.

I would just like to know in general how other users or sellers deal with it.

I believe once you transfer the currency it is valued at that "given" time. Its unreasonably for you to have to provide more currency. The market fluctuates all the time.... hence lets say there was a sudden increase in crypto currency . Would that mean seller has to provide you with a refund then if the stock changes? NOPE

 

[Rido]

I believe once you transfer the currency it is valued at that "given" time. Its unreasonably for you to have to provide more currency. The market fluctuates all the time.... hence lets say there was a sudden increase in crypto currency . Would that mean seller has to provide you with a refund then if the stock changes? NOPE

Actually just had this happen with a customer.


I don't think the customer lied, I think something was off with his exchange on his side.

Because once I saw it 7 minutes later, it was 10 dollars short(15 of what he intended).

The thing was, the price hasnt fluctuated for atleast 12 hours.

I let him know just to make him aware. I am not gonna make a fuss on it, I was still going to ship it

 

[jstev4610]

Actually just had this happen with a customer.


I don't think the customer lied, I think something was off with his exchange on his side.

Because once I saw it 7 minutes later, it was 10 dollars short(15 of what he intended).

The thing was, the price hasnt fluctuated for atleast 12 hours.

I let him know just to make him aware. I am not gonna make a fuss on it, I was still going to ship it

exchange prices are based on liquidity and not exactly tied to a central price somewhere. Crypto.com is always way higher than say binance or coinbase. What crypto do you take? BTC/ETH? I'm just curious, I have a crypto payment rail startup with a defi wallet attached with usdc to visa card and ach spend capabilities. We're running right now as a beta visa rail for cannabis as well as normal gateways, the customer buys and self custodies usdc in the background and it swaps to the merchant. I've been trying to wrap my head around making paying for things like peptides way simpler, something like a defi venmo wallet to wallet with a super easy onboard for customers, but the dependency on something volatile isn't viable from a merchants pov. Any insight into why you're taking what you do and concerns otherwise would be helpful.

 

[Rido]

exchange prices are based on liquidity and not exactly tied to a central price somewhere. Crypto.com is always way higher than say binance or coinbase. What crypto do you take? BTC/ETH? I'm just curious, I have a crypto payment rail startup with a defi wallet attached with usdc to visa card and ach spend capabilities. We're running right now as a beta visa rail for cannabis as well as normal gateways, the customer buys and self custodies usdc in the background and it swaps to the merchant. I've been trying to wrap my head around making paying for things like peptides way simpler, something like a defi venmo wallet to wallet with a super easy onboard for customers, but the dependency on something volatile isn't viable from a merchants pov. Any insight into why you're taking what you do and concerns otherwise would be helpful.

This was the first time it happened to me out of all the transactions. Usually might be 2 percent off.


I take BTC and eth. Main reason for BTC is because usdc isnt on cashapp or Venmo. It wouldnt be a bad idea for a 5% price reduction for USDC either.

 

[jstev4610]

This was the first time it happened to me out of all the transactions. Usually might be 3l2 percent off.


I take BTC and eth. Main reason for BTC is because usdc isnt on cashapp or Venmo. It wouldnt be a bad idea for a 5% price reduction for USDC either.

do you mind if I dm you privately? I'm getting a bit off topic here.