Yesterday was a great day for Bitcoin Cash. After stagnating for a while at the ~300 level it made up to ~500 before stabilizing at ~450.
Having bought a Bitcoin cash at $380, I decided to sell it at $480 to bank a cool $100 in USDT profit and also I sold a little BTC on Changelly for Tether (USDT) as well.
Whereas the Bitcoin transition when through almost immediately with no problem, the Bitcoin Cash transaction got hung up all day. I executed the sell of 1 BCH at $480 and when it finally executed 7 hrs later it only sold for $417 on top of the $3 USDT transaction fee for a total of $66 loss on the transaction profits!
I mostly blame this on Bitcoin Cash as its difficulty adjustment algorithm had recently changed making it unprofitable to mine and thus about 40% of the miner had switched over resulting in 1hr confirmation times. BUT
In reality it appears to me that actually Changeally Scammed Me! Let me explain.
When I did the BTC transaction Changeally only required 2 confirmation to exchange it to USDT but for the BCH transaction is required 6! Since each confirmation was taking more than an hour, there were almost 8 hrs between when I executed the order to sell at $480 and before when Changeally actually sold my BCH at $417.89 resulting in a massive loss on the transaction.
Looking at the charts for BCH, you will notice that $417.89 was the absolute dip in the BCH price yesterday. What are the odds that Changelly would sell my coin at the absolute lowest possible price. Something is terribly wrong with Changeally. Likely they sold it at a higher price then waited for the dip and used my transaction to wash their loss.
Why does Changeally require a whopping 6 confirmation for Bitcoin Cash and only 2 for Bitcoin to got to tether?
It it tether making them do this or did they make that decision I wonder.
In any case beware Changelly, I'm pretty sure they scammed me. Be very careful changing Bitcoin cash using Changelly as if they use 6 confirmation for other exchanges it might be all day for you to get your funds and no telling what price you will actually get.
Has anyone else had a problem selling or buying Bitcoin Cash with Changelly, having the transaction only go through at the worst price possible or is it just me? Please leave comments below and be sure to share if something similar has happened to you.