2012-10-30 Coinbase: Buy And Sell Bitcoin By Connecting Any U.S. Bank Account

Yankee (BitInstant)

legendary

Activity: 1078

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Charlie 'Van Bitcoin' Shrem

Quote from: DeathAndTaxes on November 12, 2012, 05:11:27 PM

The banks keep it slow on purpose.

So true.

The banking system is running on an archaic system, and no one wants to change it because its a big source of income for a bank. $2.50 ACH's, $40 wires, ect..

Quote from: DeathAndTaxes on November 12, 2012, 05:11:27 PM

So much misinformation.

This misfortune will go away soon Wink

-Charlie

DeathAndTaxes

donator

Activity: 1218

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Gerald Davis

So much misinformation. Coinbase (and PayPal, and Dwolla for example) use ACH. ACH takes 3-5 business days. The banks keep it slow on purpose. Note that is business days (excluding weekends and banking holidays). I doubt coinbase is any slower than funding Dwolla account or PayPal account from a bank account.

k

sr. member

Activity: 451

Merit: 250

Quote from: FreeMoney on November 12, 2012, 05:02:12 PM

Quote from: BitcoinCoffee.com on November 12, 2012, 04:39:45 PM

Yes, they're legit, but they purposely hold your money for so long to earn interest or something on it. It's safe and secure, but I waited 4 or 5 days for my $100 worth of btc

That's no good, I wonder if they'll get it faster.

Perhaps its a way of protecting themselves from scammers and fraud? I'd guess that if there were instant withdrawals of bitcoin allowed some people would figure out how to scam the system somehow.

FreeMoney

legendary

Activity: 1246

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Strength in numbers

Quote from: BitcoinCoffee.com on November 12, 2012, 04:39:45 PM

Yes, they're legit, but they purposely hold your money for so long to earn interest or something on it. It's safe and secure, but I waited 4 or 5 days for my $100 worth of btc

That's no good, I wonder if they'll get it faster.

BitcoinCoffee.com

member

Activity: 84

Merit: 10

Yes, they're legit, but they purposely hold your money for so long to earn interest or something on it. It's safe and secure, but I waited 4 or 5 days for my $100 worth of btc

ryangetzlaf

newbie

Activity: 36

Merit: 0

Is coinbase legit or what?

mrb

legendary

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Merit: 1028

Good news. But wake me up when Coinbase allows transfers of at least $1000/day.

FreeMoney

legendary

Activity: 1246

Merit: 1016

Strength in numbers

Quote from: k on November 02, 2012, 01:51:26 PM

Quote from: FreeMoney on November 02, 2012, 01:44:18 PM

Quote from: salfter on November 02, 2012, 10:29:02 AM

Is it just me, or does their instant account verification sound like a very bad idea? Give them your online-banking username and password so they can log in on your behalf? What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

Has anyone done this or know the details? Do they just log in one time to verify that the account is yours and then you can change your password?

previous discussion here:
https://bitcointalksearch.org/topic/coinbase-blog-buy-and-sell-bitcoin-by-connecting-any-us-bank-account-120720

Some people said they have completed the verification process.

Thanks k.

Looks like they don't even record credentials so they won't know if you change them right after. Seems fairly safe.

k

sr. member

Activity: 451

Merit: 250

Quote from: FreeMoney on November 02, 2012, 01:44:18 PM

Quote from: salfter on November 02, 2012, 10:29:02 AM

Is it just me, or does their instant account verification sound like a very bad idea? Give them your online-banking username and password so they can log in on your behalf? What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

Has anyone done this or know the details? Do they just log in one time to verify that the account is yours and then you can change your password?

previous discussion here:
https://bitcointalksearch.org/topic/coinbase-blog-buy-and-sell-bitcoin-by-connecting-any-us-bank-account-120720

Some people said they have completed the verification process.

FreeMoney

legendary

Activity: 1246

Merit: 1016

Strength in numbers

Quote from: salfter on November 02, 2012, 10:29:02 AM

Is it just me, or does their instant account verification sound like a very bad idea? Give them your online-banking username and password so they can log in on your behalf? What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

Has anyone done this or know the details? Do they just log in one time to verify that the account is yours and then you can change your password?

BitcoinCoffee.com

member

Activity: 84

Merit: 10

Taking 4-7 days is not generally preferred..

Sure is a lot of waiting with only $100 daily limits

TheButterZone

legendary

Activity: 3038

Merit: 1032

RIP Mommy

Quote from: salfter on November 02, 2012, 10:29:02 AM

Is it just me, or does their instant account verification sound like a very bad idea? Give them your online-banking username and password so they can log in on your behalf? What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

Yep, especially since some online banking accounts have the ability to transfer money out of them, like Chase (QuickPay), or PopMoney, etc...

salfter

hero member

Activity: 651

Merit: 501

My PGP Key: 92C7689C

Is it just me, or does their instant account verification sound like a very bad idea? Give them your online-banking username and password so they can log in on your behalf? What could possibly go wrong?

They do offer a deposit verification method which should be safe enough...it's the same method used by PayPal, Dwolla, etc. to verify your account.

BitcoinRate.com

member

Activity: 116

Merit: 11

Quote from: kiba on October 30, 2012, 01:11:51 PM

Coinbase is not a media source.

Ok, thought it would be interesting. If needed mod can delete it.

kiba

legendary

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Coinbase is not a media source.

BitcoinRate.com

member

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You Can Now Buy And Sell Bitcoin By Connecting Any U.S. Bank Account at Coinbase.

You can now connect any U.S. bank account to buy or sell bitcoins on Coinbase! The process is fast and simple, and we’d love to have you try it out.

What are the fees?

Coinbase charges 1%, plus there is a $0.15 flat fee which goes to the bank. The fees are the same whether you are buying or selling bitcoin.

How long does it take?

You will receive your bitcoin once the bank transfer completes. Usually this is within 2 business days (note, not calendar days). We’ll send you an email when your bitcoins arrive.

Full article:
http://blog.coinbase.com/post/34357253898/you-can-now-buy-and-sell-bitcoin-by-connecting-any-u-s

Topic: 2012-10-30 Coinbase: Buy And Sell Bitcoin By Connecting Any U.S. Bank Account (Read 5697 times)