coinbase.com -> local wallet = good strategy?

justmyname

sr. member

Activity: 389

Merit: 250

Quote from: bitcoinrocks on June 23, 2013, 09:40:31 AM

Quote

And if the price is fluctuating too much Coinbase may back out of the trade.

Whoa, really? I had no idea. Do a lot of people talk about this happening to them?

It's better they back out of the trade instead of ripping you off and giving you less coins like (Blockchain). You can also back out of the trade if it goes against you. So neither party gets screwed.

broken_pixel

hero member

Activity: 770

Merit: 500

I have been using Coinbase for 3 months with no problems. There bank transfers used to take up to 3 days, but now they take 5 days.

bitcoinrocks

legendary

Activity: 1372

Merit: 1000

Quote

And if the price is fluctuating too much Coinbase may back out of the trade.

Whoa, really? I had no idea. Do a lot of people talk about this happening to them?

justmyname

sr. member

Activity: 389

Merit: 250

Quote from: bitcoinrocks on June 23, 2013, 08:53:02 AM

I don't have a utility bill so I can't get a verified Mt.Gox account. Is it a good idea to buy BTC through coinbase.com via my US bank account instead and then transfer them to my local wallet? Is coinbase.com pretty safe?

Coin Base is the only one so far I have any confidence in. I even keep most my coins up on their site. Grin

At anytime I can zip up Fiat and trade for up to 50 Bitcoins per day. I can also trade the Bitcoins back to cash in the Bank. The only charges are a 1% fee to Coinbase when converting to and from Fiat. And a .15 % fee to the Bank. As long as you aren't converting, you can move Bitcoins to and from Coinbase for no fee.

Coinbase has solved many of my Bitcoin problems. It does take 4 business days to transfer to and from the Bank though. And if the price is fluctuating too much Coinbase may back out of the trade. So far they haven't backed out of any of my trades. And I think you can cancel a trade if it goes against you too much also.

bitcoinrocks

legendary

Activity: 1372

Merit: 1000

Why would anyone with a US bank account use bitinstant.com (4%) instead of coinbase.com (1%)?

AliceWonder

full member

Activity: 168

Merit: 100

I can't speak for or against coinbase but wherever you purchase, yes, transfering them out of a web wallet into a local wallet is a good idea.
Web wallets are inherently dangerous. Web wallets have been compromised countless times through no fault of the user.

It is my opinion that generally your currency should be in a wallet where only you have access to the private key. Obtaining and selling currency, web wallets can be a necessary evil, but yes, transfering to local control as soon as possible is best IMHO.

bitcoinrocks

legendary

Activity: 1372

Merit: 1000

I don't have a utility bill so I can't get a verified Mt.Gox account. Is it a good idea to buy BTC through coinbase.com via my US bank account instead and then transfer them to my local wallet? Is coinbase.com pretty safe?

Topic: coinbase.com -> local wallet = good strategy? (Read 2055 times)