Topic: Something I noticed when sending USD from Coinbase to my bank account - page 2. (Read 3084 times)

You make a very valid point, but there are also positives to this...

Because the NSA keeps tabs on the entire world, they are able to find the source of terrorism. They share this information with the 'five eyes' and in a way keep much of the world safe.

Because companies know so much about us, they know what kind of technology we use, what kind of technology we will buy. This is not only good for the economy, but also technological advancement of the whole world.

Because companies sell our data, we are able to use their services for free. How would you feel if you needed to pay a subscription for google maps, facebook, twitter, email, or pretty much any free service that you use? If companies were not able to make money on our data, then the services that they offer would never be as developed and userfriendly as they are now, because they would have a smaller userbase due to the subscription model.

There is good and bad to the invasion of privacy. Where to draw the line?

All of that being said, I agree with you and I am also one of the few who are concerned with privacy. I am just trying to argue the opposing side.  I use proton mail myself, and I will definitely check out the links you posted!

You know, banks don't accept Bitcoin right?

What I am saying here is that they are sending fiat in your bank account. The cryptocurrency you sent is being sent not as crypto but a fiat then obviously, it will be fiat and they will deal with it the same as the fiat in the world though in our country, when I am sending my crypto to my bank account it only takes half a day depends on the time that you send it.

Every transaction between classic banks in this world takes 3 days. In the USA  a human does these transactions and they take 3 days, in Europe they are automated (a PC does them).

In day 1 , the transaction is initiated (is started), in day 2 the money are transferred between the banks, in day 3 the receiving bank deposits the money into the receiving account.

 There is a possibility for these transactions to take 2 days (in USA and in Europe). The money is transferred the day the transaction is initiated, in day 2 the money are deposited into the receiving account.

You sure about that any bank in the world would make transactions immediate? Most banks I know when sending across border takes 2 working days if not 3 or more. Send it on a long weekend plus holiday and you can end up waiting a whole week.

And you're saying treating fiat like crypto I don't get that. Crypto is as fast as you want it to be.

It is standard practice in the Banking sector for inter Bank transfers of Fiat to take up to 48 hours. The Banks combine transactions and reconcile the balance sheet between Banks every other day and it is done via services like for example the "Clearing House Interbank Payments System (CHIPS)" in the USA.

It will not be cost effective for them to use these services for every individual transactions, so they combine all the transactions together and then balance the transactions that are combined by other Banks with their Bank and settle the difference. direct Bitcoin use is much more effective than the Banking system, but when you use services like Coinbase to covert & transfer Fiat, these limitations are once again applied to you.>  

<< Blame the Banks systems, not Bitcoin>> 

You do have options though. Use Linux instead of Windows. Use Firefox instead of Chrome. Use DuckDuckGo instead of Google search. Use ProtonMail instead of GoogleMail. For every service you use which invades your privacy, there is an alternative which doesn't. Here are a couple of great resources for finding said alternatives:

https://prism-break.org/en/
https://www.reddit.com/r/privacy/wiki/de-google

It's far worse than just targeted advertising. It's a surveillance state. Snowden's revelations showed the NSA is collecting all your data. Do you trust the government not to do anything shady with your data? Do you trust all future governments? Cambridge Analytica used your data to illegally influence elections. Some countries use data to punish dissidents or anyone who speaks out against the government.

I don't see anything "abnormal" over here. You are converting your bitcoin to fiat currency and then transferring it to a bank. Well, bank transfer never had a reputation for being instant. And there are lots of security check coinbase has to go through before making your transaction. Again, doesn't bank transfer normally take around 3 business day to process any money transfer?

Why are you even using them? Can you not use anyone else?
Can you not use localbitcoin?

One more reason to never give away KYC. Not even an exchange can protect you.

"The crypto was meant to protect ones privacy" Exactly the point. 


That is not really true. Google collects info to help us shop, it works well. KYC is to scam you. Giving KYC is really a bad idea.

I get it, people worry about their privacy and all, but it is all quite silly really. You just get adverts which are more relevant to you, and quite franky I don't think that's a bad thing unless you are a terrible impulse buyer

If you think about it, your data is just 1's and 0's in a database which no human will ever look at, any processing of your data is automatic and handled my complicated algorithms. As long as it is not used for malicious purposes, or sold to your friends - who cares?

Don't get me wrong I am not saying you should be sending pictures of your ID, name and address without second thoughts, because there are many bad things that can happen if such data goes in the wrong hands.

In the US, we have limited options to buy/sell cryptocurrency by linking our bank accounts:

• 1. https://coinbase.com and https://gemini.com. They have the custody of your coins.
• 2. https://abra.com. semi-custodial. They have synthetic coins.
• 3. https://evercoin.com. non-custodial. Your keys, your coins. You can link your bank account. Currently cheaper than all other options but only available in 9 US states: "CA", "MA", "NV", "MI", "MO", "MT", "NE", "UT", "WY"

Regardless of your choice, bank transactions (ACH) take time. Actual transfer happens at midnight every business day and the settlement takes a few days. So USD withdrawal from any of these options will take at least one business day. Deposits can take up to 6 days because the company will have to wait for the bank transaction settlement and banks don't work during the weekend. If you do your transaction before 5pm you will save yourself a day.The worst time is Thursday after 5pm and Friday because the bank transaction will wait through the weekend.

And that is one of the many reasons why we have to make sure bitcoin (cryptocurrency) wins and we won't need banks. It is insane.

Everything has its cost. We see all those multi million dollar company are letting us to use their service for free but without any catch? We are their product. Without us there will be no Facebook, no Google, no Yahoo. But the only way for them to hang us with them is to provide us the service. And they are doing the exact thing that they were suppose to.

Problem is - we are so dependent with those service that knowing our privacy is being compromise, we are still using their service.
For example: To make this post I am using Google chrome firefox (Not using google chrome though). I am logged in with my gmail account which means google is tracking all my moves. Constantly they are storing my information in their database so they know me very well. I know all these things but why I still let them to do that? Because of the comfortless of using their system. They are customizing their serving for me which makes my life easier.

I see an ad on the Tele where one guy is saying why don't I see that you see in my phone. The other guy proudly saying because google knows what I want. I am in the same situation but not proud because I know I have no option but use their service knowing that my privacy is in stake however we try our best.

Lol, do you know how much users Google's services still have? Their entire business strategy is based on selling people's data and nobody cares.
You'd be wrong to assume that crypto users care more. Everyone is more than willing to send personal information (including IDs) for KYC etc.

Only a very small minority of people actually care about their privacy.

i'm not sure what the regular coinbase interface looks like, but the coinbase pro/gdax interface says this in the withdrawal prompt:


last time, i withdrew on friday and received my money on tuesday. this is in the USA. can't complain with that for a free ACH withdrawal.

Your anger is misdirected. I am hardly one for defending Coinbase, and I think everyone would do well to avoid them at all costs, but this has nothing to do with them. They can't transfer USD any faster than the system allows them to. If you want to be mad at anyone, be mad at the fiat banking system and the automated clearing house network for being so unbelievably slow. Coinbase make it pretty clear in their support pages how long a withdrawal is likely to take. There are some countries whose ACH system will process transaction on the same day - the US is particularly bad in this regard.

Using third party services to store your coins for you is ill advised. There are simply too many potential ways in which you can lose access to your coins. You would be better served learning how to securely store your coins yourself.

Okay? You sound like a child who can't wait tell Christmas time to open their presents... You have to wait for things in the real world... Do you actually think that Coinbase gives one fuck about your opinion (that is completely unavoidable btw)? Be done with Coinbase, they won't miss you, and you aren't going to find another exchange that's any better. You should know how banks and investing works before using something like Coinbase... you would already know these things if you did.

Coinbase should pay me for bringing this stuff up. I am serious. Same thing with my Binance comments here and elsewhere. They have company staff reading this stuff posted from normal clients like us and they often implement stuff they hear from us if it seems right.

I mean, I'd post this at the Coinbase user forum at their website, but wait, there is none! So don't be surprised if CBase users come here to talk about things, even if it is stuff you don't like to hear it is going to happen. Another option, I could just email their company my questions, and wait a few days to get a response from one person, but here at this forum I get multiple responses right away from regular people who are speaking my language and they aren't all slanting their responses in Coinbase's favor and being required to be company advocates.

Unless sites like CBase and Binance pay me, I'm done with this stuff. It's pretty simple. When you are getting ready to send money from Cbase over to your bank account, have a pop up box BEFORE submitting the transaction, "Your funds will be sent in X amount of days". That is what any other financial institution does. People everywhere around the entire world just want to know 1) How much will this cost? and 2) How long will this take? It is just that simple.

Please read the below link before raising any concern to a public forum,

https://support.coinbase.com/customer/en/portal/articles/1392026-how-long-does-a-sell-or-withdrawal-take-to-complete-

In US or EU, it is written that it takes 1-2 business days for a bank withdrawal! Probably a weekend/holiday comes in between which makes it 3 calendar days! It's nothing shady or unprofessional!

Of course, if you do not like the way that coinbase works, then the best thing that you can do is to stop using it. I use their services only for wallet purposes, but i am not using them for exchanging or to send money to my bank account, i prefer to keep crypto far away from fiat.

I don't know, the info is pretty public:


Some methods are faster than others, according to this page. Here is some information as to why bank transfers (Coinbase or not) take a few days. They could be doing something else behind the scenes, but the delay is well accounted for from what I can see.

That's because coinbase is a complete piece of shit, they fucked me during big moves on price too many times, I moved on to gemini and never looked back. Get with a decent exchange and dump coinbase.