Dealing With Slow Exchanges & Losing Thousands Of Dollars!
Hi everyone, so I think everyone recognizes the elephant in the room. Slow transactions.
The other day as Bitcoin peaked, I attempted to sell a large amount into Bitcoin Cash to catch a wave. I'll put it this way. I'm STILL waiting on that transaction to go through.
I sent another few thousand dollars through ShapeShift at 7am, yesterday morning to rush some more money into Bitcoin Cash. It STILL hasn't gone through.
I tried to cash out my Bitcoin Cash as it peaked at $2500 USD last night! It WOULD NOT GO THROUGH!
I'm now sending Bitcoin through Bittrex to trade and not only will it not go through, it's still stuck at 0/2 confirmations after 13 hours!
The Exodus Wallet has disabled ALL transactions and claim it will be more than 24 hours until it's back up and running!
This is one of the biggest headaches I've ever faced in the crypto world. If transaction were the way they should be (and we really should have gotten to this point by now) I'd be a millionaire. Instead I've lost thousands waiting for transactions to go through.
It's truly sickening and needs to change, but every time someone says they have a solution it's usually met with disappointment.
What do you say folk? Have a similar story? Know of better ways to make transactions without dealing with Shapeshift, Changelly or even (surprisingly) Bittrex?
Definitely happening to me too. If Bitcoin isn't faster than IBAN transfers, which look like it is the case at the moment, then they loose a lot of value. Particularly as a currency which gets any kind of daily practical use. Its been over 24 hrs since I sent some bitcoin from a bitpay wallet to kraken (to sell for some bcash and dash). Still 0 confirmations and Kraken requires 5 confirmations! It'll be next week before I have access to my bitcoin at this rate. Bitpay is also glitching and wont let me send the ramaining money in my wallet to exodus for trades. Not that exodous is trading bitcoin at the moment anyway.
I have to say while I am a crypto lover this is not good news. Banks suck but shity glitchy computer stuff also sucks. Sorry to the techies out there who have a more sophisticated analysis, but as a layperson this reminds me of when BOA wont let me use or access my money.
It seems like the cryto version of a run on the bank, and bitcoin cant handle it.
Fortunately the bitcoin cash I do have is transferring at lightning speed.
Also noticed exodus is down for Dash as well as bitcoin. I wonder if Dash also lacks capacity for high volume.
ANother part of the problem is bitcoin is still the major way of getting in and out of cryptos to fiat and if it remains slow it blocks/inconveniences the move out of fiat for people.
and of course as josh points out, loosing money every second of this bs. Like josh, I am eager to hear solutions.
Buy some silver and take delivery. Hide it under bed. Sleep well.
Poliniex was the worst, glad I don't do business with them anymore
I know someone who uses Bittrex and he says he's getting ticked off. Can't complete single transaction.
He's obviously never used Kraken...
Yeah, I stopped doing business with Poloniex last May. They're terrible.
Well, this makes me feel a little better. (In the misery-loves-company sort of way.) The wife has been trying to move some bitcoin from coinbase to Bittrex. 18 hours and the transaction is still pending...
This needs to change ASAP.
I have this weird feeling that someone big is spamming the systems to make us all go to Bitcoin Cash.
Or maybe it's the Federal Reserve just trying to turn people off crypto entirely?
Buy and hold baby... it's the only way to fly!
No personal story, but I have heard and see others complaining too.
What exactly is the "hold up"? We may never know; but loss of money and frustration will create issues.
Couldn't withdraw BTC and even LTC from Poloniex due to never ending confirmation times ... However never had a problem withdrawing STEEM (about 30 secs) or DOGE (about 5 min) from Poloniex.
Blocktrades works great for me...
The fees on Blocktrades is insane though. :O
Yeah, I guess it can be. I usually only exchange small amounts and usually BTC to steem or steem to sbd, so it's not too bad and quick. I thought Shapeshift and Exodus charge huge amounts too, but could be mistaken. My problem with Bittrex is that they used to take some of the neo I traded on top of the fees...By the way @joshsigurdson have you tried spectrocoin yet? I am not sure about their fees, but I recently exchanged BTC there and it went through pretty quickly. But I'm going to keep reading here to see if anyone has a better solution :) Thanks for the post.
(noob here) Binance is working for me. Although I do feel your pain about the time it takes for transactions to go through especially with coinbase. We all want instantaneous transaction speed! What would it take for that to happen?
Hey joshsigurdson,
Thanks for the great content