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Author Topic: I use Coinbase instead of Dwolla  (Read 1013 times)
mercSuey
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May 15, 2013, 07:47:30 AM
 #1

This is just a friendly suggestion.  If you reside in the USA and relied on Dwolla to buy BTC, you can do the same with Coinbase.com.  It's a start-up company that has been around for awhile and I've used them for a few months now.  Quite reliable, although there is a wait time from when your order completed to when you actually have your BTC to withdraw to an exchange.  Check it out for more info:  http://www.coinbase.com

edit:  I forgot to mention very low fees...nothing like the awful fees charged by bitinstant.
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zrgf
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May 15, 2013, 12:54:31 PM
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I pretty much agree. IMO, are two downsides to coinbase:

1. The (aforementioned) waiting period after you have purchased (I find this acceptable, but some may not ... because the price is locked in at the moment of purchase, so that seems good enough)

2. The fact that they have a certain quota of BTC to buy and sell every day, so if you're late in the day, they may not allow a purchase or a sale. This problem may be going away since they just got a big round of funding.
mercSuey
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May 15, 2013, 02:13:58 PM
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I pretty much agree. IMO, are two downsides to coinbase:

1. The (aforementioned) waiting period after you have purchased (I find this acceptable, but some may not ... because the price is locked in at the moment of purchase, so that seems good enough)

2. The fact that they have a certain quota of BTC to buy and sell every day, so if you're late in the day, they may not allow a purchase or a sale. This problem may be going away since they just got a big round of funding.

1. Agreed.  As long as price is locked in from time of order, I find it acceptable as well.

2.  Exactly.  My understanding is this limit should get better after their recent round of funding, as well as the wait time after completing an order. 

Selling bitcoins and having my checking account credited after a few days is pretty awesome though...
UPENtXF
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May 15, 2013, 02:48:46 PM
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Coinbase is ok. I wish they would have a way to set a certain price target. So that it would automatically buy or sell for you at that rate.

"Bitcoins, B-I-T-C-O-I-N-S - It's available to you inside the google." - Fox News
cryptoanarchist
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May 15, 2013, 02:50:17 PM
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Coinbase appears to be ran by the same old gang of douchebag insiders.

I go through localbitcoins and buy from the miners in my area.
Severian
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May 15, 2013, 02:51:43 PM
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Be aware that when you deal with Coinbase, you're essentially handing your info over to whatever government agency wishes to see it.

Coinbase appears to be ran by the same old gang of douchebag insiders.

And then there's this too.
mercSuey
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May 15, 2013, 03:25:05 PM
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Be aware that when you deal with Coinbase, you're essentially handing your info over to whatever government agency wishes to see it.

Coinbase appears to be ran by the same old gang of douchebag insiders.

And then there's this too.

Yes, I wanted to research it more regarding their reporting and privacy.  But since Dwolla and Coinbase have similar verification mechanisms (ie. how they verify your checking account), I figured this concern would have been raised already with regards to Dwolla, unless I just plain missed it.  Thanks for the heads up.
joesmoe2012
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May 15, 2013, 08:41:48 PM
 #8

Takes a month or more to get a limit of 10 btc per day.

Then the max is 50btc a day.

I can do 20 times that on gox, don't see how this is an alternative at all.

Also coin labs frequently, "exceeds there limits" and thus you cannot purchase coins the same day.

You also don't get the coins the same day as purchase, but rather 3-5 days later.

Lastly I believe there rate is based on mtgox plus an approx 1 percent commission. That's way too high.

Not saying its a bad company, but certainly not alternative to wiring to gox.

mercSuey
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May 15, 2013, 10:34:13 PM
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Takes a month or more to get a limit of 10 btc per day.

Then the max is 50btc a day.

I can do 20 times that on gox, don't see how this is an alternative at all.

Also coin labs frequently, "exceeds there limits" and thus you cannot purchase coins the same day.

You also don't get the coins the same day as purchase, but rather 3-5 days later.

Lastly I believe there rate is based on mtgox plus an approx 1 percent commission. That's way too high.

Not saying its a bad company, but certainly not alternative to wiring to gox.


Joe, you find wiring to gox a reliable way to get funds into BTC quickly?  Is your wire processed within 48 hours?  And the BTC is immediately available for withdraw?  I might have to try it if so.  And what about limit?  Can I wire more than $1K?
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May 15, 2013, 11:26:36 PM
 #10

Wires always clear the next business day.

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May 16, 2013, 01:38:42 AM
 #11

What, exactly, is the guarantee that Coinbase won't suffer the same problem as Dwolla ?

The issue is about MtGox not properly filling papers, so any service based on US dealing with MtGox is a potential target for shutdown. If that is not the case due to MtGox "re-filling" papers correctly, I would be more than glad to know.
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