I got my BTC in a few minutes once the transaction on coinbase went through(took 5 business days as quoted). Nothing really to complain about. Their process is drawn out and inefficient, but its also exactly as advertised.
Make a small transaction and then get approved for instant.
Topic: Stay away from Coinbase - page 8. (Read 17009 times)
I'm based in US so I was under the impression that I couldn't withdraw USD from Mt. Gox. My plan then would be to send it back to Coinbase if I needed to withdraw or just leave it in Mt. Gox for awhile.
My .02 coinbase to mt. gox transferred in about 5 minutes. I haven't tried a market order yet with Mt. Gox yet though. I have a limit order with them but price hasn't reached $1240 yet
Are you able to withdraw your fiat through them with you issue?
My .02 coinbase to mt. gox transferred in about 5 minutes. I haven't tried a market order yet with Mt. Gox yet though. I have a limit order with them but price hasn't reached $1240 yet
Also a follow up...would sending BTC back and forth between Coinbase and Mt. Gox raise any flags?
Nope, they are a wallet service. They cant block a transaction unless its illegal (satoshi dice, betting) so dont worry, nothing will happen.
So far I've had good luck with Coinbase. Just was able to complete an instant transaction as well. Funds haven't been taken out of my bank or my cc but they have posted to my coinbase account. Purchased 0.1 BTC @ $976 per BTC. Looking at this is it not possible to make money on the "spread". I've noticed that Coinbase typically trades lower than Mt. Gox and other exchanges. Could one buy low on Coinbase, then send to Mt. Gox where you can then make a limit or market order on a higher exchange? I'm new so be gentle!
You could theoretically do that but if everybody could then the mt gox prices would be very similar to coinbases. The reason people dont do it is because your funds usually get stuck in mt gox. If you are able to quickly and safely sell at mtgox then go for it!
Also a follow up...would sending BTC back and forth between Coinbase and Mt. Gox raise any flags?
I have the same question
So far I've had good luck with Coinbase. Just was able to complete an instant transaction as well. Funds haven't been taken out of my bank or my cc but they have posted to my coinbase account. Purchased 0.1 BTC @ $976 per BTC. Looking at this is it not possible to make money on the "spread". I've noticed that Coinbase typically trades lower than Mt. Gox and other exchanges. Could one buy low on Coinbase, then send to Mt. Gox where you can then make a limit or market order on a higher exchange? I'm new so be gentle!
I am ready to go with Coinbase. Localbitcoin prices are just too high. Will report back on my experience
I've done two sells on coinbase since this thread started and haven't had any issues. The last on I sold when BTC was at $1,138.32 and it drop almost 100 and it still went through.
I see a lot of the issues are buying btc, I mine so I needed a place to sell btc.
Michael
I am ready to go with Coinbase. Localbitcoin prices are just too high. Will report back on my experience
I knew it was one of them. Sorry.
op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.
I use my debit card...
only some debit cards may work... mine did not
op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.
https://coinbase.com/verifications
https://lh3.googleusercontent.com/-tDKxTMsgTVs/UqEbnzYGB7I/AAAAAAAAQVM/C2IEk0NCeBA/s0/Screen%2520Shot%25202013-12-05%2520at%25206.34.12%2520PM.png
Yes but don't see where you have to scan a bill or license.
op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.
I use my debit card...
op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.
https://coinbase.com/verifications
op says he had to scan drivers license and utility bill? I don't think I was asked to do this is there something I missed. Needing to have a credit card (would not accept debit card) for instant buy is bs by the way the way.
Haha, that too. I am trying to get an internship (I'm 14) there for the summer (not much luck yet) so don't take me...
Looking at your website, you seem like a gifted person. Kinda remind me of me when I was your age. I was writing vb programs in my sleep at your age, got away from it for over 10 years and it's hard to get back into it.
Then again, that was back in the mid 90's.
Wow, well the site that's up is actually pretty old. I am working on a very beautiful new design in Ruby on Rails.
So no longer 14 then, good to know.
No, I'm 14. I haven't updated the design just the content. It was made using a theme at bootswatch. My new site doesn't use a theme (its custom codes) but won't be out for a few weeks.
Haha, that too. I am trying to get an internship (I'm 14) there for the summer (not much luck yet) so don't take me...
Looking at your website, you seem like a gifted person. Kinda remind me of me when I was your age. I was writing vb programs in my sleep at your age, got away from it for over 10 years and it's hard to get back into it.
Then again, that was back in the mid 90's.
Wow, well the site that's up is actually pretty old. I am working on a very beautiful new design in Ruby on Rails.
So no longer 14 then, good to know.
I understand the logistical challenge of running a BTC exchange, but this is ridiculous. I'm going to start the process of level 2 and 3 verification to hopefully avoid this in the future.
It is not as ridiculous as you think. ACH transfers can be canceled and reversed. Copinbase waits for 5 days in order to reduce the risk of fraud.
Try this: open an account at any bank (other than your current bank) and transfer money from you current account to this new account. Time how long it takes before you are able to withdraw cash from your new account. I bet it will be no faster than Coinbase.
Most people are ignorant about how money and banking work. One of the benefits of the Bitcoin movement is that people are starting to understand what money is and realize how incredibly inefficient the banking system is.
For example, a few years ago someone in the US banking industry came up with the crazy idea of ACH being done instantly rather than taking 3-5 business days. Of course, the idea was considered absurd even though it is a trivial to implement. So, the industry instead voted on reducing the time down to a single day. The banks voted overwhelmingly against it, so we are still stuck at 3-5 business days.
Jump to: