BlockTrades improves its Monero sale process

in monero •  last year  (edited)

Some users buying Monero from our site have previously experienced delays with delivery of their Monero. This issue happened when we had multiple Monero buyers buy during the same 10-20 minute period of time. The problem was caused by the default settings for the Monero wallet: by default, the Monero wallet nowadays sends your entire balance whenever you send funds from it (part of your balance goes to the person you’re paying and the rest is sent back to yourself as “change”). This behavior causes all your funds to temporarily become “locked” until the transaction has completely confirmed (which takes about 10-20 minutes, apparently) and the remaining Monero balance returns to your wallet. So if someone else tried to make a buy of Monero during the time while our Monero balance was locked, our system wasn’t able to immediately send the Monero until the change balance returned to our wallet.

We saw this behavior shortly after we enabled sales of Monero, but at first the purchase frequency was relatively infrequent and it wasn’t much of an issue. Over time, however, we’ve experienced an increase in transaction failures due to this issue as more of users began purchasing Monero, so we devoted some effort to finding a way around this problem.

With a little help from our friends... (at Monero)

We recently engaged Monero developers on an IRC chat channel and they were very helpful in providing details on some undocumented features that enable you to effectively split the Monero quantities held in your account into sub balances in a way that prevents your entire balance from being locked whenever you make a transfer (only the amounts in the specific sub balances used get locked).

To me it seems like this should be the default behavior, but I’m admittedly no expert on the internal functioning of the wallet, and maybe one transaction per 10-20 minutes is sufficient for the average wallet user (it’s also possible I’m told to combine payments to multiple people in one transaction, but this doesn’t seem like a great workaround for many use cases).

Anyways, we implemented their suggestions and I’m happy to say that after a few false starts (the first time we tried to set them, we set them in the “wrong place” and the behavior didn’t change) our balance is now kept split up somewhat evenly between multiple sub-balances and we haven’t had any more Monero purchase failures due to the funds being temporarily locked.

Lower Monero transaction fees on the way

We’ve also upgraded to the latest version of the Monero wallet, which will enable us to reduce the fee that we must pay when we do a Monero transfer, once the next hardfork for Monero takes place (scheduled for October 18th). The upgrade will reduce the size of transactions and is expected to reduce transfer fee costs by 80%.

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all success

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hey @blocktrades is there a link to a fee calculator or some way to see how much of a fee I am paying per transaction? I want to start buying steem and powering it up but I rather do it directly using blocktrades vs using an exchange

This is good news. I am always hessitant to try something new, and the past hiccups had me waiting it out.

Also, any news on when the Bitcoin cash forks will be online? I wish I knew what was going to happen there....longterm. I was trying to buy Steem with bitcoin Cash but didnt realize a hardfork was going on. Now the price is tanked and I cant even use it. :-(

Thanks for me the clarification.

Great news. You guys are doing a great job

Great news and it will give us more opportunities!

The upgrade will reduce the size of transactions and is expected to reduce transfer fee costs by 80%.

These are really great news, @blocktrades. May I ask about EOS? Are there plans to incorporate it into your exchange any time soon?

Yes, we're working on it now.

Thanks, @blocktrades, that’s more great news :)

Are there any listing fees to get listed on blocktrades?

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I guess those 20 minutes of unavailable balance where the price they had to pay initially for privacy and safety, sounds like a mechanism built to prevent double spending but at least it seems that they are building mechanisms to improve it a bit since that would be an issue if someone decided to run a business entirely on Monero.

I hadn't noticed any delays with Monero but I'm glad you are improving it. Fungibility is important in cash and I'm just glad you guys support Monaro. Especially with shapeshift going the way they did. Hopefully we can see more currencies soon.

This is great as the demand for privacy assets like Monero will only increase given the need to further decentralize and provide free movement of funds between wallets. Thanks for continuing to improve services for the users!

  ·  last year (edited)

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  ·  last year (edited)

I wish blocktrades would vote me atleast once🤗

Ok. I hope this lil changes will help. Let's watch out.

We trust you Blocktrades, so keep up the good work :D

Wow good thing

Really Nice informative post. I am following you now! In a few more months I will be needing a place to Trade My monero I am mining from coinhive. I am not surprised about the technical difficulties you ran into, it is a part of the crypto world, every thing about crypto currencies is difficult campared to a fiat currencies. This tech is young still but I believe it is here to stay. Thanks for the great post!!

very good

Posted using Partiko Android

Wow good thing

Awesome work as always. Keep up the great work!

Useful news ...@blocktrades
Thank you very much

Great, really you guys rocking....
Love your services

This sounds good and positive news. I transacted months back in blocktrades site through ether. I did buy some sbd and paid ethereum. Had a great experience with the transaction and hope for monero also you will enable same experience for users. I had got the sbd almost instantly. You are doing a great job. I will try to transact using monero oost hardfork scheduled on 18 oct. Have a great time.

Posted using Partiko Android

Help me please:
I have requested a conversion of steem to SBD but the operation is not finished, I attach the ID of the transaction:

https://steemd.com/tx/3289db9a6327d0be7339f68fcd6b7ac599af189b

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Wow good thing

@blocktrades are there plans of supporting XRP?

@blocktrades any plans to adapt more coins to the blocktrades?

Yes, we are in the process of adding one now.

the important thing is that we must work together hard to advance further on monero. we cannot do it alone because we have to build together, whatever it is

I didn't know of this exchange before will take a look. I need a place to buy the more "exotic" altcoins that are not traded on big exchanges like binance.