Hodl Hodl support team is making sure that P2P bitcoin trading experience of our users is as smooth as possible. We appreciate the communication with our customers because it helps us to improve the trading platform based on the actual needs. Support team has noticed a number of emails that are similar in nature, so here we will try to address the most common topics.
Disputes
Some of our users are starting disputes thinking that the counterparty is trying to cheat, when in reality the fault lies with the legacy financial system. Some payment processors and banks delay transactions to perform identity “verifications” when transactions exceed $1000 or even less, depending on the user profile and limits. They also make more in depth KYC when a relative “high” amount is sent to a new contact.
There could also be delays during national holidays specific to a certain country, weekends, downtime due to infrastructure maintenance, etc.
The reasons for the delayed transfers are many.
We encourage users to politely communicate in the chat and ask about the reasons for the delay. If in fact there is a holiday or a maintenance work allow for more time until the transaction will get settled and remember that bitcoin is safely locked in the escrow and no single party can get access to it.
Lost Payment Passwords
The payment password is used to encrypt the keys that are required to generate and access escrow. It is essential to understand that if you lose or forget your payment password, there will be NO WAY to restore it and you could permanently lose access to your funds.
It is advised to create and store your password using password manager tool. Alternatively you could write it down on a piece of paper to be kept in a safe place and never to be shared with anyone.
For more information on payment passwords visit this page.
Release Transaction Fee
When receiving bitcoin from the escrow, the fee paid to the miners is the one set by the user. Hodl Hodl is monitoring the network fees and selects the one based on the customer preferences.
In order to set the fee for the release transaction navigate to the “Dashboard”, then switch to the “Settings” tab and scroll down to the “Other settings” section, where you will find the options for “Type of transaction fee”. You can choose Low, Medium, High, or Custom, depending on how fast you want the network to confirm the release transaction to your wallet.
We have created a video tutorial that guides you through the steps.
Contract Automatically Cancelled
When a users sends the wrong amount of bitcoin to the escrow adreses, contract is automatically cancelled and a user is presented with the button for a refund. In most cases the wrong amount sent is due to exchanges subtracting the transfer fee from the sent amount.
We encourage our users to pay close attention to the final amount being sent in order to avoid unnecessary cancellation.
Fund transfer before bitcoin deposit
Some users are requesting the fiat payment in the chat without actually transferring bitcoin. You should NEVER send any funds before bitcoin transaction receives a required amount of confirmations. Also do not pay more than the amount shown in the contract details.
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