Topic: Need A CLEAR Answer/Explanation To BTC/Coinbase Questions Please (Read 2131 times)

Thank you both...I was getting frustrated because I thought that I'd either have to wait 4 more days after a dollar, or 30 more days to really do anything...and I didn't want to hit buy and end up overdrawn and bankrupt if the exchanges went with market price when THEY got around to processing it and not what I hit buy on. I figured it wasn't like that but this is a lot of money to not be sure on.

Now if it'll drop down to my sweet spot I'll throw in a little bit for someone looking to cash out  

The wait time is to make sure your payment clears, it takes 4-5 business days for ACH.  They won't give you your BTC until it clears.  You can always see how much you can purchase at the right.  After you wait 30 days you'll be able to buy $50,000 worth instead of whatever you start at.

1. You don't have to wait for pending purchases to complete before buying more, the only thing you may have to wait for is your daily/weekly buy and sell limits.

2. The wait limit is for Level 2 verification, which requires more identification and raises the limits but is unnecessary if you don't need the increased limits (you probably won't).

3. It is processed at the market price at the time you clicked buy, but the money may not be withdrawn from your bank account for a few days and you won't receive the bitcoin until after that.

4. The request itself is the purchase.

5. Coinbase handles your purchases like Amazon; the purchases and bank withdrawals correspond, but are not simultaneous and your USD is never stored in your Coinbase account.

Hope this helps!

I am new. I have 0 bitcoin.

To start, I joined coinbase.

I verified my info.

Then I put in a buy order for the equivalent of $1 usd worth of btc, the funds of which will be pulled from the bank I linked to the acct.

The purchase shows pending til next week because there is a 4 day wait.

My questions

1. DO I have to wait for that transaction to finish before I make another purchase for a different amount, or to buy more than 1 whole bitcoin for whatever the price is at that time? Can I make more purchases regardless of pending ones?

2. Do I have to wait 30 days and if so what is the delay for? I read that on here somewhere about coinbase that there's a 30 day period of wait time. I don't know what it's for. Need clarification.

3. If I intended to make an order for 1 "whole" bitcoin at whatever market price, say $450. I click BUY, and then coinbase doesn't process the transaction until 4 days from now, are they going to process it at the price I clicked BUY for ($450) or are they going to process it according to whatever the price is when they get to it - whether higher or lower...trying to understand how this is working.

4. Do I have to request the amount and then wait 4 days for it to be transferred to my account and THEN make the bitcoin purchase or is the request itself the bitcoin purchase?


Basically is coinbase handling my purchases like:

Paypal - where I upload money into my account FIRST and then when I buy bitcoin at any amount, it takes it out of the funds I've added to my coinbase account, and if not enough, pulls from the bank acct

OR

Amazon - where though I linked a bank with the acct. I buy bitcoin whenever I want and it'll process in 4 days and pull the money out, but I can buy a few different times throughout the day, even though each order/purchase is still gonna take 4 days

OR

DO I have to wait 4 days between each purchase - like once every 4 days

OR

something else?

NOT asking anyone to send me anything. I'm asking if someone might actually read the questions and provide me with a clear explanation.

Thanks.