Bitcoin Forum

I recently put money into coinbase exchange for btc, and wanted to put btc in a wallet but was unable to. It said for 17 days!
Is this normal?

Could you please tell us the complete message you got when you wanted to move the funds so that we know what the likely cause could be?
Personally i don't love using coinbase wallet for various reasons one of which is that those chaps can decide to freeze your funds at any time they wish

It's normal if your money comes from the bank but if you are using debit/credit card it's not normal it should be instant or a day.

Can you tell us if you use a bank to buy bitcoins?

Much better contact the coinbase support about your issue https://support.coinbase.com/
or contact them to any of their social accounts from here https://support.coinbase.com/customer/en/portal/articles/1766604

I hate to ask but are you sure you were on the proper coinbase site? I don't use them, but please double check it's not uncommon for an exchange or similar service to be spoofed. Definitely contact support to work through the issue or ask for an explanation. In the meantime don't send any more cash to buy BTC or any other coin there until this is sorted out, just to be safe.

Check your spam folder, they might have send you an email requesting KYL AML documents. It happened to several people I know.

Also open a support ticket and request a solution.

/KX

Elaborate first on what did you do so that we can give you an accurate answer since if you bought some btc in coinbase then the first thing you need to do is to see on your balance if your purchase has been successful and after that if still no BTC show then much better to contact there support or find the most convenient way to contact them since most provably there's an issue happened when your transaction done. And lastly check the site if you really use the legitimate site since there are so many phising site which used the name coinbase just to scam people here.

Thank you all for replies.
I now have BTC in a desktop wallet and I would like to sell some. How do I get some back to the Coinbase exchange to sell?
(I'm new to this and the interfaces are a bit intimidating.)

Send the BTC you want to sell to Coinbase (please make sure you send Bitcoin to your Bitcoin address and NOT Bitcoin Cash): https://support.pro.coinbase.com/customer/en/portal/articles/2936549-funding-your-account-with-cryptocurrency

And to sell, just put the amount, price and click the Sell button. It’s pretty straightfoward.

Thanks TN
How do I find my Bitcoin address?

See the article I linked above. Or in Coinbase’s website, go to Accounts, click Receive on your Bitcoin wallet and copy the address that shows up.

It’s really not hard. Here, I found a video that shows how to do it: https://youtu.be/wUWAi4MyhTg

You can find the coinbase bitcoin address in the accounts tab then click the receive under BTC address.
https://www.coindesk.com/wp-content/uploads/2019/02/Screen-Shot-2019-02-07-at-5.09.08-pm.png

Then it should show your BTC address just copy them and paste to desktop wallet to send BTC in Coinbase.

You also has other options for selling your bitcoin,I prefer p2p model for instant money deposited into our bank account.

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But if you bought bitcoin in coinbase then it is supposed to sit at coinbase wallet itself right?

If you read the thread, you will see that all he wanted to do from the beginning was take his BTC from Coinbase and send it to his desktop wallet, which he did. Then, with the price rising up, he wants to sell them and take profit.


Telling someone that can’t barely make a BTC transaction to do P2P is asking him to get scammed.

Agreed P2P can be risky for both parties when you are unsure if yourself. Another thing to be sure of when you copy/paste the receiving address be sure to compare the pasted address against the copied address before sending.

It's just good practice in case you ever pick up malware that manipulates the addresses you copy. I generally confirm first 5 or 6 and last 5 or 6 characters.

If you are still uneasy you can always send a small transaction first, like 1$. Then you can see how the process works and feel more confident sending more.

Exchanges interfaces are varied and they have all different features that set them apart from each other, they have a tutorials on Youtube you might want to download tutorials on every exchange that you want to trade, so you can refresh yourself every time you are trading on one particular exchange, that's what I'm doing.

Thanks for replies.
Ok, so I get the Coinbase part and copied the address, but after signing into wallet (electrum) and filling out the info under the ‘send’ tab, it won’t let me send to the address.
Keep getting an ‘error’ box: “Invalid one-time password”.
I used the same password that I used to login to the wallet. I don’t remember if there were any others.

I just did a quick google search did you initiate 2fa for this wallet? I have no experience with this but it looks like you need the onetime 2fa password when you send transactions.
This will be different from your wallet password when you log in.

When you open a wallet in electrum it makes you copy the seed before continuing to your wallet, if you have that seed somewhere maybe you can access to that wallet again or maybe you find the password in the same file. But If you only create the account and do not make a backup of that data then your coins are lost.

This is what happens:
after I hit ‘send’, I get a password prompt.
It accepts the password and then prompts for the 2fa number.
I enter the number . . then, I get the “Invalid one-time password” box.

Take note: In your 1st transaction, 'Trusted Coin' (Electrum's 2FA provider) will deduct some bitcoins from your balance as a payment.
If you're not willing to pay for their service, I suggest you to disable 2FA first before sending any transaction. But 2FA will give you a better security.
For example: if your system was compromised, the hacker wont be able to send out your coins even if he have access your password and wallet file.

To create a version of your current wallet with disabled 2FA, click "new/restore", select "wallet with two factor authentication"-> "I already have the seed" (paste your wallet's 12-word seed), click 'next' and tick "disable".
Finish the creation process then use it to send your bitcoins instead of the 2FA enabled one.

But if you're willing to pay 0.001 BTC as a payment for the next 20 transactions (including the 1st), keep on using it.
That "one time password" should be in your Phone's authenticator app that you used to setup Electrum [2FA] wallet, it'll give you different code in every attempt.

Thank you nc50lc.
Worked perfectly!  ;D

Ok, so I sold some BTC and sent the profit to my bank . .
Is it safe to leave USD on the (Coinbase) exchange until I want to buy again? . . or do I have to put it back in the bank again and wait another 17 days before I can buy more BTC?

You're trading using the Coinbase not 'Coinbase Pro'?
That's very inefficient, even with the huge difference of price when you bought them; not to mention the withdrawal fee.

As for your query: It's relatively safe, they will handle the keys and thus the security of your funds for you in exchange for "trusting" them (newbie-friendly way to hodl).
The problem is the risk of locking your funds, they may issue a higher KYC requirement once you've reached a higher accumulated deposits.
If you're fine risking that amount, you can keep it there.
If not, send it to your Electrum on a very safe PC or a hardware wallet like Trezor/Ledger.

P.S: This is getting off-topic with the OP, you should consider creating a new thread about the this topic and lock this one using the "lock" button below (lower-left).

Coinbase is, as far as I know, a reliable service. The fact that you have such a problem is not normal. In such cases, you need to immediately write to support, then the problem is solved quickly. I had similar situations, and when it comes to your money, it’s not as fun as it seems from the outside.

Can you keep USD's on electrum?

No, sry I didn't noticed the "USD".
So if it's in fiat, the only choice you have is to keep it in Coinbase. Sending back to your Bank isn't necessary unless if it will take a while before you decide to trade again.

Thank you nc50lc.
So, would I be correct in assuming it is safe to keep fiat on the exchange ‘wallet’, but not crypto?

It's the same for fiat and crypto, it's just not totally necessary to send it back to your bank if you're going to trade later.
The difference is if it's crypto, you have a better choice than holding it in an Exchange
because you will have the full control of your funds if you have the private keys of your addresses (in a desktop wallet).

Don't worry, Coinbase so far is doing a good job on keeping hackers at bay,
the most probable issue that you might face in the future is the one I've mentioned in my previous reply.

Thanks again nc50lc,


Wow, just looked at the 'pro' exchange. That thing looks frightening with all those numbers jumping around! :o
Anywhere I could find tutorials/info on how to use that thing?

The video I linked above which you apparently didn’t see yet... She shows how to use the Coinbase Pro to avoid fees over the normal Coinbase.

Thanks TN
I'll check it out.  8)