Topic: DID COINBASE ALSO SUSPENDED BITCOINS SALES PAYMENTS??? (Read 3122 times)

The way we help each other is with a rational approach. So instead of posting an all caps panic inducing title during a time of high anxiety, your approach could have been a little smoother. Coincidence? Maybe.

Welcome to bitcointalk and the BTC community in general. The search feature is going to be your friend and so is a relaxed approach to some of the hiccups that btc services will be facing. This is not a community for everyone and as much as we like to help each other, some homework is going to be necessary for all of us.

For example, it's important to familiarize yourself with services before you go ahead and dive right in. We're all working with our hard earned dollars, right? You don't want to throw them at anything that moves and expect the same type of response and service that you receive from the banking system (which is a POS, but still, it's been built over decades).

This isn't the first time we have had to answer this question and it won't be the last, imagine a forum that is constantly answering questions like this 24 hours a day. How far would it get? This is exactly why we have the newbie forum and specific subforums. Anyway, your actions are just as important as mine and I apologize for jumping the gun. Causing a panic over an issue that is simply not there hurts the BTC community as well and like you said, during these delicate moments, that can mean a lot.

Please report back once your ACH is through and keep us updated

The delay they are estimating, I assume because of the bank holiday on Monday the 17th (Washington's Birthday).  I assume they are expecting the process to start on Tuesday and then be ready on Thursday, at least that would hold off people concerned about where their ACH transfer is and would therefore save the time of answering 1000 individual questions.

Just a guess, but an educated one.  Best of luck.

I have read that but thanks anyway for the link.
wire the money can take up to 3 business days but what was written is that they will send the money on the 19th which is almost a week from now.
The 3 business day needs to be added to the moment in which they give the bank the order to send the money.

Anyway, if I'm the only one who had a sell issue with Coinbase in the last 24hrs maybe it's just a lone transaction issue and nothing more worrisome.

Thank you all for your help.

The process is explained a bit here.

https://coinbase.desk.com/customer/portal/articles/1392026-how-long-does-a-sell-take-

and here

https://coinbase.desk.com/customer/portal/articles/1148716-how-do-i-buy-and-sell-bitcoin-with-a-bank-account-

So, If I well understand, Coinbase does not have a cash fund like a bank or a trading institution to guarantee the sell and purchases or advancing the cash of the sale unless they have the money of the purchaser.
Please correct me if I'm wrong and forgive my english.
But isn't this slowing enormously daily trading operations?

Dude,
Instead of telling me to relax, why don't you give me a technical answer? Instead of comparing me to a chicken?
If you can't help nor have an answer just don't reply.

You are very unlogic and sounds like a dude if you know what I mean, I wish I could relax like you.
I've read their documentation more than once and still it does not describe this case.

If someone ask to more experienced members an help should not been bullied as you are doing, but helped.
As other helpful people in this forum did so far.
The goal is to grow the BC community and support and not scare small investors.

So, again, unless you can help, keep yourself from reply.
Someone that use your language as answer to a serious question in a delicate moment, only increase the doubts that the mass still have about BC and its not good.

Thank you

Yes, when you sell bitcoin, the resulting fiat gets deposited into your bank account via ACH (aka the fiat gets /withdrawn/ from your Coinbase account).

I understand the 3 business day wire time (ECH could be done in 1 day though).
But Coinbase says that the payment will be sent to the bank by the 19th.
So, if they "send" it on that day it means that it'll need another 3 bank days given or taken.
Now, why do they wait so many days to send the payment and they write "pending" if the sale was recorded.
It's very unclear.
Did any of you sold any bc with coinbase in the last 24hrs? Any similar issue?

Dude, holy moly you need to RELAX. You are jumping to some crazy conclusions and quite frankly your ALL CAPS MISLEADING TITLE is very annoying.

Instead of running around like a chicken with its head cut off, why don't you take some time to read over all of the documentation that Coinbase provides on its actual website? Better yet, why don't you familiarize yourself with their process before you go jumping into it because "someone told you it was faster"

Jesus.

So far I've just purchased with them and it's the first time I sell.
It was told to me that Coinbase was the faster service for sale but obviously its not the case.
I just want to know if it's another Mt.Gox and If I'll see my money (as the BC are not in the wallet anymore).

The wait is usually external to Coinbase.  It's a delay caused by the outmoded and primitive ACH (Automated Clearing House) system of electronic transfers used by U.S. banks.  To be fair, other countries use even more shitty systems.  Something like three business days is usually about right for how long these transfers take.  

I had one Coinbase transaction take one day longer than they said it was going to.  Every other transaction, though, came in earlier than they said it would.  In one case, I had it the next day.  The ETA they give you when you make the cashout is almost always accurate, in my experience, and usually faster than they said.

I speak only of BTC --> USD transactions.  I generally sell rather than buy BTC.

They are not "holding" your payment, as you say. Any ACH bank action takes days. Even if you walk into the bank and request a wire transfer, it typically doesnt happen the same day. Even if you request a same day wire (which not every bank allows), you would not see, nor receive the money instantaneously.

I take it this is your first time selling BTC at Coinbase ?

The wait is normal. I have had to wait longer many times. Never given a reason why (or any answer for that matter) when I put in a support ticket but eventually the money turns up in my account.

I'm not withdrawing coins, I sold bc and the sale shows pending until next thursday.

That's exactly my point!
Unless they have a liquidity issue in this moment, why would they hold the funds for so many days and keep pending until more than 5 business days?
Or maybe they need to have the buyer funds in the account but that means that they don't currently have any reserve.
I did verify all the accounts and back up with cc, and I have a good BC buying power.
Really, it feels that something is wrong.
Maybe it's just a technical issue, but it'd be better if their assistance would contact me.
Lack of communication or bad communication from the BC traders is creating more panic than the actual glitch.

The OP was withdrawing coin from Coinbase to his/her bank account. This takes 3-4 business days. We were not talking about the "instant buy" that you can do when you've linked your credit card.

No, they are not different; when you purchase the allowed 1BTC after the verification steps, it is guaranteed by the credit card on file until it clears your bank account, and with the speed of ACH these days it is almost an instant transaction with your bank behind the scenes.  The delay in it appearing in your bank account as an ACH withdrawal is a security step done by both banks to ensure that the bank accounts are real and funds are actually present and not the result of you defrauding your bank with a bad check or a dubious money order scam.

When the bank account was verified by each member of the site, it was a statement of mutual trust between you and Coinbase (They can deposit and withdrawal any amount present at any time -- A good reason to only associate an account that you keep nothing in.)

Ok, but OP sold a coin so that was fiat going from Coinbase to the OP's bank. Yours was btc going from Coinbase to your external wallet. Different things.

This is normal. It usually takes them 3-4 business days before the sale is credited to your withdrawal account.

Remember, Monday is a US Holiday... so Friday is Business Day 1, Tuesday is Business Day 2, and Wednesday is Business Day 3. They're probably giving themselves a 1 day buffer just in case. I wouldn't worry about it.