Topic: Coinbase Waiting Period (Read 2961 times)
Let us know how the CoinLab/Mt.Gox combo works. I'm going to try BTC-e/LiqPay combo as soon as my LiqPay authorization goes thru.
I've been pretty disappointed in Coinbase, too. I decided to buy 25 BTC, but they limit me to 10 BTC per day. Fine, it'll take me 3 days. No big deal. This is a small, experimental investment.
At first I keep hitting their poorly-worded 24-hour rolling system-wide limit. It takes a while to figure that one out.
Then I figure out there's no limit orders, so I'm forced to pay the current ask, rather than put in an attractive bid. Fine, the spread is not that bad.
Next, I find out I cannot make a second purchase until my first one clears, which takes 6 days!
Meanwhile, Bitcoin crashes, but I can't buy on the panic because my first purchase is still pending. By the time it clears, the price is back up to 49. Darn it, Coinbase, you made me miss it!
Finally today it lets me buy the second batch of 10. This is like watching paint dry!
Here's what I'm expecting from CoinLab/Mt.Gox. I ACH some serious money over there in 2-3 days, buy a serious chunk at an attractive price, with none of these silly limits!
Am I dreaming?
At first I keep hitting their poorly-worded 24-hour rolling system-wide limit. It takes a while to figure that one out.
Then I figure out there's no limit orders, so I'm forced to pay the current ask, rather than put in an attractive bid. Fine, the spread is not that bad.
Next, I find out I cannot make a second purchase until my first one clears, which takes 6 days!
Meanwhile, Bitcoin crashes, but I can't buy on the panic because my first purchase is still pending. By the time it clears, the price is back up to 49. Darn it, Coinbase, you made me miss it!
Finally today it lets me buy the second batch of 10. This is like watching paint dry!
Here's what I'm expecting from CoinLab/Mt.Gox. I ACH some serious money over there in 2-3 days, buy a serious chunk at an attractive price, with none of these silly limits!
Am I dreaming?
I would suggest trying to sell a bit just to see how that part goes too. I told myself I would be a pretty big fool to not make sure that part of the equation works too. It took a few days, but I eventually saw the USD in my bank account. Pretty awesome coinbase! They state that their goal is to speed up the whole process for everyone. The site is still in beta afterall.
These guys don't have enough people for proper customer support, but nobody running that size business in bitcoin does. Like poolbath1 says, it's a BETA site.
What I did like to see was their fixing of issues I and others had when their shit hit the fan a few months back and the site was jammed up because they couldn't get transactions out. Something about their hot wallet being jacked up from unconfirmed transactions. But they worked through the weekend and got it fixed.
That's what I like to see.
Thanks for the explanation DeathAndTaxes, It seems that the slow and awkward purchase speed makes bitcoins less than ideal for impulse buying, which will likely slow down their acceptance with mainstream retail merchants.
BTW, why is the Coinbase buy price so much higher than BTC-e? No wonder Coinbase's handling charges are lower.
Coinbase: $47.36
BTC-e: 44.142
BTW, why is the Coinbase buy price so much higher than BTC-e? No wonder Coinbase's handling charges are lower.
Coinbase: $47.36
BTC-e: 44.142
Same here. My first transaction completed. I bought some more BTC today and was informed that my coins would hit the account on 03/20/13. Good to know the delay is not entirely Coinbase's fault. But how is it that PayPal doesn't put a waiting period on my purchases?
If you commit fraud PayPal will simply reverse the funds from the sucker you paid. PayPal doesn't lose a penny from your fraud, the sellers using the service do. With Bitcoin that isn't possible. PayPal couldn't offer "instant purchases" unless sellers would subsidizing that cost.
Same here. My first transaction completed. I bought some more BTC today and was informed that my coins would hit the account on 03/20/13. Good to know the delay is not entirely Coinbase's fault. But how is it that PayPal doesn't put a waiting period on my purchases?
I would be careful using the word "instant". Purchases may be "instant", in the sense that your price is guaranteed at the time of purchase, but you don't actually get the coins until the ACH withdrawal clears and can't be reversed. That is usually several days. I haven't sold any coins yet, but my expectation is that deposits go a lot faster.
For example, I bought 2 btc yesterday (March 13) at 6:07pm EDT (zulu-4) at Coinbase. They won't actually arrive in my account until Tues March 19 around 7pm. This is not a coinbase issue, but an ACH transaction time issue. Thank you, traditional don't-work-nights-or-weekends banking establishment. Your asses are toast when bitcoin takes off.
For example, I bought 2 btc yesterday (March 13) at 6:07pm EDT (zulu-4) at Coinbase. They won't actually arrive in my account until Tues March 19 around 7pm. This is not a coinbase issue, but an ACH transaction time issue. Thank you, traditional don't-work-nights-or-weekends banking establishment. Your asses are toast when bitcoin takes off.
Thanks so much for your prompt reply. I feel encouraged already.
1st time only, it is to verify the bank account itself. From that point on the purchases are instant.
After being seduced into believing that using Coinbase would be a way to buy bitcoins quickly, I found that having a verified account still required me to wait 6 days to remove me from pending status. Did that waiting period apply because it was my first purchase, or will subsequent purchases also require a 6 day waiting period? Thanks.
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