Payment system

<p>Bidorbuy and bitcoin... </p> <p>I was required to credit my account with bidorbuy with R1000 to cover a payment for an auction I won. Bidorbuys terms and conditions and their buyer scoring system forced me to pay a total of R3000 to conform with these conditions. This is why...</p> <p>I had to pay three times and the third time... they confirmed the transaction was successful within their 10min window. Bidorbuy allow a total of 10 mins for one to complete a bitcoin transaction. (Supposed 'system fault' that bidorbuy are aware of...) </p> <p>This is where their system is supposedly at fault. Bitcoin transactions can take up to 60 mins and sometimes longer to complete successfully. (Bidorbuy only allow 10mins)</p> <p>Should bidorbuy fail to receive the bitcoin transaction within 10 mins they mark it as unpaid and sometimes if you lucky they credit you within 24 hours... (so far I’m on my 2nd week... )</p> <p>We need to also take into consideration that at the time of the transaction the bitcoin value may be high or low... in the situation where the bitcoin sent is worth R1000 and the transaction fails to meet bitcoins 10min transaction window... the refund 24 hours later may only be worth R600.</p> <p>So let’s say I send bidorbuy bitcoin valued at R1000 and it is received 11 mins after I sent it. It is at that time converted to rands. Then when it is refunded its worth R600 so they simply make R400 on your transaction. Why? Because they refund you the bitcoin amount you sent. Not what it was converted to… I love it</p> <p>Perhaps one could say this is deliberate and not be a fault in the system but who know. Let’s give them the benefit of the doubt. </p>