A couple years ago I bought a few bitcoin at fairly low rates compared to the current price, and thought I’d try to recoup my initial “investment” by spending some of it (since selling it back for money on an exchange appears to require a capital gains tax report in Canada). Such purchases are easier said than done, at least here in Canada.
I found that Newegg advertises themselves as bitcoin capable, but it turns out that this is not offered for newegg.ca, and newegg.com restricts payment with bitcoin to certain types of purchases (and it seems like used phones on their marketplace do not qualify). I found coincards.ca, but was not impressed by how much mark up they impose on every purchase (5%). Despite Coincards calling this a “convenience fee”, I don’t feel that having to eat a 5% fee for every purchase is very convenient.
Before looking at Coincards and Newegg I had tried overstock.com as I knew from the Tom Woods show that the founder was enthusiastic about bitcoin. The idea behind this company is that they buy excess stock from vendors and can then offer the items for less. Some browsing of the prices on this site leave me unconvinced. I think the savings are passed on to the company and very little to the consumer, however, they accept bitcoin, so I thought “what the hell” and did a (fairly sizeable) test purchase.
This didn’t work out very well. Either because of current bitcoin network latencies, or perhaps due to the fees added by the wallet that I used, my transaction timed out after “network fee may have been too low message” after I had submitted my payment to the Coinbase dialog that came up in the Overstock cart checkout. The transaction had been submitted from my wallet to the bitcoin network, but Coinbase tells me the transaction is timed out, and I’m left with the item still in my card, unpaid.
Basically, my payment was stuck in limbo. Overstock has an online chat support option, which is very responsive, but the support rep I got just played pass the buck:
peeter.joot: I attempted to make a purchase with bitcoin, and got a message saying that the mining fee may have been too small. I see the transaction processed from my wallet (with two confirmations so far), but the coinbase transaction window claims the transaction expired.
Bishop: Hello there.
peeter.joot: it presented me with a window to return to overstock.com, and there’s no sign of my transaction there in my cart.
Bishop: I’ll be glad to check and help you with this information.
Bishop: In this situation I recommend you to contact Coinbase, please visit support.coinbase.com or, email firstname.lastname@example.org. for further help.
Bishop: I know I have not resolved the issue for now and have only shared a best possible recommendation, but was I able to address your concerns for now?
Bishop: I don’t mean to rush you, however our chat will time out in the next one minute; please respond so that we can stay connected.
Hi and thanks for contacting Coinbase Support.
I was able to locate the order details using the info provided. I see that you have paid for an order, but it was marked as Expired. Overstock has been paid for it, if you send the below info to Overstock, they should be able to locate your order to fulfill or refund it as desired.
Order Code: XN0KMJGU
Created: 2017-09-30 6:29 AM
Order Status: Expired Confirmed Has mispayments
Order Amount (BTC): … BTC
Order Amount (Native): … USD
Custom Parameter: 200882508
Button: … on Overstock.com invoice ID 200882508.
If you have any further questions, please let us know.
I’m writing today in response to your recent contact about your Bitcoin order XN0KMJGU . I am happy to help you today.
So when we see the expired tab , it indicates that the system had timed out and the funds did not come through . I can issue the refund back through Coinbase . We will need to refund $… USD so you could try and place the order again . I tried to refund to your wallet address that you provided in the chat but it would not take that address . Do you have an e-mail that we could refund to ?
Please let me know if there is anything else I can do for you with this or any other issue. Visit us again soon for great savings on our name-brand products.
I am so sorry that the order did not process through and appreciate your patience while we work through this issue.
Please respond back to this e-mail .
Thank you for contacting Overstock.com.
We believe that we have resolved your inquiry. However, if it has not been answered to your satisfaction, you may reopen it within the next 7 days.
We’re sorry to hear that you need to return your … (Refurbished) because it arrive and it is locked with ATT. We recognize that returning an item can be inconvenient, and we want to make this process as easy as possible.
We will return this item at no cost to you. Please print the return shipping label attached to this email. If you cannot open the PDF file, visit http://get.adobe.com/reader to download a free Adobe PDF reader. If you still cannot access or print the label, please email us at email@example.com or call us at 00-1-(919)576-9926.
Once the label is printed, please use the following steps to return your item:
1. Print the label and affix it to the package.
2. Write the Return Merchandise Authorization(RMA) number … on the outside of the package large enough for it to easily be seen.
3. Take the package to your nearest Canada Post office.
It may take 5-7 business days after we receive your return to issue your refund. We will send you an email notification once we complete your return.
Thank you for your patience through this return process. If you have any other questions on this or any other issue, please reply to this email or call us at 00-1-919-576-9926.
You may also view our full Standard Return Policy by visiting this link: https://help.overstock.com/
Overstock Global Solutions Specialist