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Title: Liquidating BTC on Coinbase? Post by: japerry on November 16, 2013, 11:30:44 AM Hello Everyone!
I don't plan on liquidating my saved BTC for dollars yet but I *AM* starting to become a little concerned that I won't be able to once I decide to sell. I currently get my BTC from Coinbase. If I ever decide to liquidate some BTC for cash I will try to use them. But everyday I see articles like this: http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoin-companies-and-entrepreneurs-cant-get-bank-accounts/ and it concerns me. Has anyone successfully liquidated BTC for cash using Coinbase? I wonder if Coinbase is going to lose it's banking privileges also? Maybe Olaf will read this and enlighten us. Title: Re: Liquidating BTC on Coinbase? Post by: bitcoinlord on November 16, 2013, 12:33:38 PM Very good question.
I have notified Olaf via PM about this issue. Title: Re: Liquidating BTC on Coinbase? Post by: Ayakashi on November 16, 2013, 07:45:33 PM I've sold coins there, and people do every day. But the point of your question is not what happened in the past, but what *might* happen in the future. And that unfortunately no one really nows.
They've taken steps to ensure full registration with any applicable laws and regulations. But a bank can close an account for any reason, valid or not. Title: Re: Liquidating BTC on Coinbase? Post by: japerry on November 16, 2013, 08:59:57 PM I've sold coins there, and people do every day. But the point of your question is not what happened in the past, but what *might* happen in the future. And that unfortunately no one really nows. They've taken steps to ensure full registration with any applicable laws and regulations. But a bank can close an account for any reason, valid or not. Agreed. It is impossible to predict the future. We can only hope that Coinbase has taken all precautions and steps to make sure the banking industry stays happy. Title: Re: Liquidating BTC on Coinbase? Post by: Rupture on November 17, 2013, 09:13:44 AM You can always sell for cash
Title: Re: Liquidating BTC on Coinbase? Post by: japerry on November 17, 2013, 01:04:30 PM You can always sell for cash Not if you live many miles from any local dealer like I do. Title: Re: Liquidating BTC on Coinbase? Post by: LiteCoinGuy on November 17, 2013, 01:30:31 PM You can always sell for cash try to sell 100k USD to someone ;) okay its possible, but difficult. hopefully the US will not stay behind while the crypto-train drives away... Title: Re: Liquidating BTC on Coinbase? Post by: kellrobinson on November 18, 2013, 12:25:14 AM If you had a crystal ball and it told you regulators were about to step on coinbase and you would not be able to sell on (get fiat from) coinbase, then you would have to shift your coins from coinbase to some other wallet -- presumably not another web service like coinbase, but a real wallet you have direct control of. After which you would have to figure out where to sell them. So you're really looking for the answers to two questions, not just one. What wallet to use, and where to sell.
Title: Re: Liquidating BTC on Coinbase? Post by: ricardotemporal on November 19, 2013, 12:51:49 PM do not use Coinbase many people got problems with them now
better stay away from them Take Care Title: Re: Liquidating BTC on Coinbase? Post by: FenixRD on November 19, 2013, 01:04:25 PM do not use Coinbase many people got problems with them now better stay away from them Take Care Source? Anyway, to OP: If the exchange rate is extremely fast (like recent) you will have issues moving in the direction of popularity, but the inverse should be easy. Unless you exceed their buy / sell amount limits. |