Coinbase verification/ Wait period Inquiry

[Hookmankelz]

If I do the deposit verification (takes 2-3) days on Coinbase, will this make it so all my future transactions are instant instead of having to wait that 5 day period that I've seen other users talking about?

Also, if I do buy a bitcoin, say it is priced at 500 USD, but the transaction takes 5 days to go thru and by the time it goes through a single bitcoin is worth 700 USD, only 500 will be removed from my account, correct?

[chandrew]

If I do the deposit verification (takes 2-3) days on Coinbase, will this make it so all my future transactions are instant instead of having to wait that 5 day period that I've seen other users talking about?

Also, if I do buy a bitcoin, say it is priced at 500 USD, but the transaction takes 5 days to go thru and by the time it goes through a single bitcoin is worth 700 USD, only 500 will be removed from my account, correct?

there is an autobuy feature on coinbase which is instant.

yes, you will only be charged $500

[coindice]

Your transactions are not instant with coinbase. Coinbase should let you know before you submit the buy order for what price you are agreeing upon and they will mention on your buy order if you have to agree to the bitcoin price on a future date. Regardless, you will know what the terms are before you hit submit.

[Hookmankelz]

Why would someone choose deposit verification over instant verification when setting up their account?

[Michael Robinson]

My very first experience with bitcoin was while using Coinbase, and I got burned.  I started my buy order when they were $1050, and by the time they took the money out of my bank account the China announcement had caused the value to plunge.  I couldn't do anything however, because I didn't have my bitcoins yet, even though they already withdrew the funds from my bank account.  So I could just sit and watch the value plummet.  Then when it reached $500 and started to go up again, I tried to buy more bitcoins, but I couldn't because my first transaction wasn't successful yet.  So not only did I miss a chance to sell when the value started plummeting, I couldn't even buy when it started going up again.  If I had received my coins instantly, I could have sold when it started going down, and bought when it started going up, and doubled the amount of bitcoins I had.  But due to the long wait period, I could only watch in dismay.  

I highly recommend trying to find a way to instant buy your Bitcoin, whether it is on Coinbase or somewhere else, it is simply too volatile to be waiting a week to get your bitcoins.  *unless you are buying now and plan on coming back in a year to see if you made/lost money, then it wouldn't really matter to you*

I'm now researching which exchange to transfer my bitcoins too, so I can actively trade.  

[coindice]

Why would someone choose deposit verification over instant verification when setting up their account?

Not everyone's bank supports instant verify