Author

Topic: 2012-10-30 Coinbase: Buy And Sell Bitcoin By Connecting Any U.S. Bank Account (Read 5698 times)

legendary
Activity: 1078
Merit: 1000
Charlie 'Van Bitcoin' Shrem
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..


So much misinformation.

This misfortune will go away soon  Wink

-Charlie
donator
Activity: 1218
Merit: 1079
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
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. 
legendary
Activity: 1246
Merit: 1016
Strength in numbers
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.
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
newbie
Activity: 36
Merit: 0
Is coinbase legit or what?
mrb
legendary
Activity: 1512
Merit: 1028
Good news. But wake me up when Coinbase allows transfers of at least $1000/day.
legendary
Activity: 1246
Merit: 1016
Strength in numbers
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
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.
legendary
Activity: 1246
Merit: 1016
Strength in numbers
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?
member
Activity: 84
Merit: 10
Taking 4-7 days is not generally preferred..

Sure is a lot of waiting with only $100 daily limits
legendary
Activity: 3038
Merit: 1032
RIP Mommy
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...
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.
member
Activity: 116
Merit: 11
Coinbase is not a media source.

Ok, thought it would be interesting. If needed mod can delete it.
legendary
Activity: 980
Merit: 1020
Coinbase is not a media source.
member
Activity: 116
Merit: 11
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
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