Oh shit, you ****ed the payment!
Congratulations, you either fucked up the Nn payment or you stumbled upon this article as you were eagerly looking to obtain more knowledge related to cryptocurrency-related aspects of the community.
Anyway, it has come to my attention that many third-party services like Crypto.com and Binance are artificially modifying transactions. For Crypto.com, I have seen customers complain that they had to wait 24 hours as the service did not let them 'approve' and send it immediately. Resulting in Nn invoice system rejecting the transaction by default within a few hours (this is by design, to protect against high volatile prices). Binance on the other hand only delays the transaction for multiple minutes up to an hour.
So what is wrong with that?
First of all, cryptocurrency was designed to not have a need for third-party services like those. Second, they manipulate the transaction timing by artificially delaying them so that (presumably) other platform users can join the transaction and save block space, which results in cheaper fees, which is actually pretty cool. The problem is that those platforms charge you an artificial fee which is (most likely) higher than the actual network fee, regardless of the block space optimization.
Not only this, but they may also (intentionally) hide the fact that fees are included in the amount of money you withdraw from the platform. Resulting in a Nn invoice that receives less then the expected amount.
There is an alarming amount of support tickets where customers claim they paid the requested amount. But only after having them double-check did they notice the actual amount withdrawn was less due to fees.
How to do better?
I know many people fall for these platforms as they offer easy ways of buying and obtaining cryptocurrencies. However, I suggest you obtain your stash of coins and transfer them to a non-custodial wallet.
Non custodial wallets won't ask for KYC or anything else. They will simply perform a bunch of cryptographic algorithms and manage cryptographic private keys to prove ownership over your coins. In other words, no third-party, just you. (don't lose keys plz). For desktop, I recommand Litecoin Core, Bitcoin Core, MetaMask (Ethereum), ~~Jaxx~~ (multiple), Ledger Live (hardware), Trezor (hardware). For phones, ~~I guess Jaxx,~~ Ledger Live and MetaMask (plz don't lose phone, always backup seed phrases!!!).
Oh and remember that transaction bundeling thing that was actually pretty cool? WasabiWallet has a similar feature that supports Partial Signed Bitcoin Transactions (PSBT) to do CoinJoins. Depending on how the CoinJoin is done, it is either used to reduce transaction size (thus, less fees) or is used with specific UTXO inputs (e.g. everyone uses 0.01 BTC) to have a obscured transaction of coins.
Once your initial coins are obtained, you can trade on native blockchains using THORSwap, ShapeShift or FixedFloat. You can trade more advanced with DeFi (e.g. UniSwap, SushiSwap, Aave, etc) on Ethereum or others. And most importantly, you can pay your Nn invoices on time.
TL;DR
don't use central exchanges unless you rly have to. Keep your exposure to a minimum and withdraw your assets to non-custodial wallets as soon as you obtain your assets.
Date: 25/12/2023
Author: Principal Vagina