Stay away from Coinbase

[Malooka]

I'm new to cryptocurrency but already have a bit of advice to others who are new:

Avoid Coinbase like the plague.

I jumped through their hoops last week with scans of a driver's license and utility bill, then verified my bank account Monday morning.

I immediately placed an order for .5 BTC, which cost $288.57 with fees.

Then I was told they had exceeded their buy order for the day, so I wouldn't get anything until Friday - and that I would receive the exchange rate Friday.

So I wait all week.  They withdrew my money on Wednesday, so I had no reason to believe the transaction wouldn't go through.

Until Friday morning, when they canceled, saying it was a "high risk transaction" and that I should "try again in a few weeks."

A "high risk transaction" - after they have scans of my utility bill and driver's license, and TOOK THE MONEY from my bank account?

"Try again in a few weeks" - why, so they have another chance to gamble with my money?

They blame the "high risk" label on a "robot" they claim to have no control over.

I don't believe that, and hope you won't either.  

Avoid these con artists.  I'm already out $100+ on this small transaction because they failed to deliver what they promised.

[almostmike]

I'm sorry you had to learn about Coinbase the hard way.

A lot of here have had the same thing happen and Coinbase support is no help. 

I used to recommend Coinbase to everyone; now I warn everyone about Coinbase.

[beetcoin]

i need to get me some BTC, but i keep hearing horror stories from all of the exchanges. not quite sure what to do myself.

[Sindelar1938]

Localbitcoins is still probably the most idiot proof way to get btc

But also requires more motivation and coordination

[Malooka]

i need to get me some BTC, but i keep hearing horror stories from all of the exchanges. not quite sure what to do myself.

I'm trying campbx.com this time around, will let you know how it goes.

[caminilegroup]

Right now I have some coin sitting in coinbase that I have mined and have gone through the verification process.

If coinbase is so bad what do you suggest for BTC to USD exchange?

Meeting someone is kinda out of the suggestion.

Michael

[jzcjca00]

i need to get me some BTC, but i keep hearing horror stories from all of the exchanges. not quite sure what to do myself.

I'm in the U.S. and have had real good luck with CampBX.  Their user interface is slow and awkward, but they seem to be reliable.  I don't recommend leaving much coin or fiat at ANY exchange long term.

[monbux]

They don't gamble your money.
They are cheap assholes.  If you buy bitcoins when the price is low, then the price spikes up, they will not pay out the bitcoins, claiming it as a high risk transaction.  Coinbase is old news, they are the new MT.GOX.

[beetcoin]

Localbitcoins is still probably the most idiot proof way to get btc

But also requires more motivation and coordination

the rates there are ridiculous.. it seems like mostly exchangers looking to make a quick buck. people are wishy washy and don't respond to your inquiries too.

at least that's been my experience so far.

[clock27]

i always use virwox ya i know the fees are a little high but it always works when i need btc for myself no scam there

[samsam]

Thanks for the warning. 

[caminilegroup]

I transferred my coin out of coinbase. I will try campbx.

For me I would just like a way to sell the btc I mine. I use cryptsy for trading and that seems to work out pretty good so far.

Thanks,

Michael

[metaverse22]

This is one of the risks in BTC. This is downside if govt wont support and we have nowhere to go to complain any issues we have on BTC transactions. For now, posting and warning about the scam is the best way to counter those scammers. Thanks for the warning!

[geofflosophy]

Coinbase is dope, you just need to get to tier II verification. I've heard a lot of those high risk transaction stories for people's first transactions, but my personal experience has been nothing but positive, and since I have been tier II verified I can get up to 10 BTC instantly.

[fraggerboy]

I used coinbase once, only purchased .1 BTC for $40.73 USD though. 
Didn't feel comfortable verifying my bank account - they can either log in for you or deposit two small sums to verify. 

This was really testing the waters and it took me about a week to commit, took a couple hours for me to take the gamble and hit the submit button, too.

I was very unhappy with waiting a week before receiving my BTC, fortunately the price of BTC dropped back to ~$450 and it cleared.  I won't be doing business with them again unless BTC is moderately stable, and will only purchase small amounts at a time.

As with all non-regulated fiat sites and BTC being new - it really is the wild west out there.

[Georgio]

I use bitstamp.net. I am based in Europe and SEPA transfer to them cost only 5 euro and it is there for 3 working days. The same day the money was there I have bought Bitcoins and then withdraw them to my personal wallet. All went smoothly.

[beetcoin]

I used coinbase once, only purchased .1 BTC for $40.73 USD though. 
Didn't feel comfortable verifying my bank account - they can either log in for you or deposit two small sums to verify. 

This was really testing the waters and it took me about a week to commit, took a couple hours for me to take the gamble and hit the submit button, too.

I was very unhappy with waiting a week before receiving my BTC, fortunately the price of BTC dropped back to ~$450 and it cleared.  I won't be doing business with them again unless BTC is moderately stable, and will only purchase small amounts at a time.

As with all non-regulated fiat sites and BTC being new - it really is the wild west out there.

i just made an order.. it says the funds won't be cleared until dec 2 due to the thanksgiving weekend... that's a whopping that's over a week that i'm going to have to wait (4 business days total).

meanwhile, if the prices for BTC drop, i'm sure they'd be happy to "honor" the price i paid.. but if it goes to mars? maybe they'll just cancel it by saying "sorry, we had issues with your bank."

i need to find a better way.

[don4of4]

I think the biggest problem with most of the exchanges for BTC is the lack of professional support.

For BTC to be a legitimate fiat alternative there needs to be reputable and responsible intermediary organizations.

In the same vein there needs to be more community validation of said intermediaries to protect the public from fraud.

[LiquidBit]

I'm new to cryptocurrency but already have a bit of advice to others who are new:

Avoid Coinbase like the plague.

Thanks. I see their ads popping up everywhere.

[npudar]

Well, after I jumped through all their hoops, I have had no issues with my transactions.  I didn't care for the waiting process, and I missed out on the post crash prices in October.  And I wish the support was more timely.  (Although, all my emails were answered, sometimes with such a delay that I had forgotten I asked the original question.)

They are a startup and they are being careful and learning a lot in the process.  I will be patient, since I am confident the serious VC money they have will insist on solid operations.

[odolvlobo]

I have used Coinbase to buy thousands of dollars worth of bitcoins and I have had absolutely no problems at all.

The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.

The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.

[samsam]

Honestly, my biggest problem with Coinbase is they sell bitcoins at inflated prices.

I really wish there was a true exchange in the USA.

[geofflosophy]

I have used Coinbase to buy thousands of dollars worth of bitcoins and I have had absolutely no problems at all.

The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.

The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.

+1 on all points.

Also, if you nag them enough, they will honor your original purchase price on cancelled transactions from what I understand. I've seen a number of examples of this occurring on the forums. It just takes time, support is understaffed.

[TheKLB]

I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist. 

[beetcoin]

I have used Coinbase to buy thousands of dollars worth of bitcoins and I have had absolutely no problems at all.

The reports of transactions canceled due to "high risk" are a concern, but I bet they are rare.

The people complaining about having to wait for their bitcoins must be illiterate. The site clearly explains that there is a 5 day hold on purchases for the first 30 days, and that is due to the absurd amount of time it takes the U.S. banking system to do a simple ACH transaction.

+1 on all points.

Also, if you nag them enough, they will honor your original purchase price on cancelled transactions from what I understand. I've seen a number of examples of this occurring on the forums. It just takes time, support is understaffed.

my main concern is that if BTC price rises while you are waiting for the ACH transfer to go through, they might not honor the price since that would cost them quite a bit. on the other hand, if prices go down they would definitely be willing to allow for the transfer. it would be an unfair game.

i don't know if this is happening or not, but it's plausible in my opinion.

[timcoin]

I've had a good experience with Coinbase. They've had some growing pains (like every other bitcoin exchange and service), one of which is sometimes running out of bitcoins during peak buying periods. I've had to email them a couple times, but they've fixed each problem I've had. Overall I trust them more than most bitcoin services.

[nexern]

why 

[geofflosophy]

I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist. 

So they took away coins that they had put into your wallet? Very weird. Try contacting Olaf on the forums, he is sometimes more responsive to those requests.

[caminilegroup]

why 

Elaborate please?

Michael

[uininPeter]

I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist. 

When the BTC price is quickly increasing it is high risk for coinbase. It is not exchange and they have to buy the coins from other exchanges themselves - and transfering money there takes time. They call this high risk transaction

[samsam]

I am going to make a small purchase of 0.01 BTC and take screen shots, then I will put up the screen shots of the cancelled transaction if Coinbase refuses to go through with the order.

[odolvlobo]

I am going to make a small purchase of 0.01 BTC and take screen shots, then I will put up the screen shots of the cancelled transaction if Coinbase refuses to go through with the order.

Please show screen shots if they don't refuse, too.

[gracesfall]

I haven't purchased any BTC yet at CoinBase. I use it predominantly as my wallet and don't leave any great amount sitting in there for long (not that I have a great amount to leave in the first place). Basically everything BTC that I earn goes into CoinBase then deposited to CEX to buy ghs. I made one transfer from my bank to CoinBase - about $80 - and it took approx. 5 days, including the weekend.

[beetcoin]

I too was ripped off by coinbase. Bought 10BTC last Friday at $424 each (instant buy). Was sitting on them til while the price was soaring. Come Wednesday, they cancel my transaction. I would have sold while it was hovering at $850. $4,000 profit gone. Just like that. I contacted support multiple times with no response. Also tried from a different email address and they didn't respond. Now any time I try to purchase they cancel the order. Stating it is a high risk transaction. I have made eight purchases from them since January. Now the last 2 canceled and its like I'm on some blacklist.  

When the BTC price is quickly increasing it is high risk for coinbase. It is not exchange and they have to buy the coins from other exchanges themselves - and transfering money there takes time. They call this high risk transaction

so when your send your ACH payment to them, they don't actually have the funds yet? how do you know this? this is an issue for the client then.. why would i want to pay for something that someone doesn't even have? that's like asking me to prepay for a service that i haven't even yet received.

[MAbtc]

I haven't used them and don't plan to. I am worried about the constant flow of horror stories about them. Regardless, I always advise people to move their coins somewhere else immediately. 3rd party wallets are always a terrible idea, and I hate for newbies to think that Coinbase is a real wallet.

[BTC_GHD]

Yeah, I have always stayed away from things like coinbase

[BitcoinNews.io]

would expect more from them, given that they are VC funded by the same firm (USV) that funded twitter and tumblr.

[tejon]

I'm interested to hear good experiences had with companies like Coinbase. I am looking to gamble some pounds and wondering who to use to make my first BTC purchase. Does anyone have any recommendations?

Thanks!

[VirtualCoinBuddy]

I was just thinking on doing business there. :\

[odolvlobo]

so when your send your ACH payment to them, they don't actually have the funds yet? how do you know this? this is an issue for the client then.. why would i want to pay for something that someone doesn't even have? that's like asking me to prepay for a service that i haven't even yet received.

An ACH transaction takes 3-5 days. They don't give you the bitcoins immediately because the ACH transaction can be cancelled during that time. Furthermore, an ACH transaction can be reversed. They must be cautious. Otherwise, scammers will use the banking system to steal money from them and put them out of business.

[samsam]

would expect more from them, given that they are VC funded by the same firm (USV) that funded twitter and tumblr.

It is hard to make money trading bitcoin, especially with the market swinging as much as it has, so it is actually not surprising that they are doing what they are doing.

I really wish someone would just set up a real exchange that is based in the USA and accept assets for funding your account, like gold or silver, in order to get around banking regulations. A real exchange can make money off volume (by charging a % of trades) and not have to worry about whether the value of bitcoin goes up or down.  

[lambdaE]

I'm interested to hear good experiences had with companies like Coinbase. I am looking to gamble some pounds and wondering who to use to make my first BTC purchase. Does anyone have any recommendations?

Thanks!

There are better exchanges for UK. Im from Europe and use bitstamp instead

[MAbtc]

I'm interested to hear good experiences had with companies like Coinbase. I am looking to gamble some pounds and wondering who to use to make my first BTC purchase. Does anyone have any recommendations?

Thanks!

Bitstamp is incorporated in the UK, and most people (including me) have mostly good things to say about them. Good interface, and better banking than Mt Gox or BTC-E. The trading engine and API leave much to be desired, but good for the casual user.

[tejon]

I'm interested to hear good experiences had with companies like Coinbase. I am looking to gamble some pounds and wondering who to use to make my first BTC purchase. Does anyone have any recommendations?

Thanks!

There are better exchanges for UK. Im from Europe and use bitstamp instead

Thanks will check out bitstamp!

[Malooka]

I'm contacting https://oag.ca.gov/consumers about Coinbase.  Anyone else who has been scammed by them should do the same.  Note on the Coinbase "About" page they describe themselves as a company based in San Francisco, but their mailing address is located in Beaverton, Oregon.  

Maybe their "robot" can help them out with the complaint.

What kind of company tells people their transaction is canceled because it's "high risk" - then in the same email encourages them to try again in a few weeks - with no additional verification?  It's a scam - they want you to try again so they can get another interest-free loan and play the market, then keep your BTC if the prices goes up.

[howzar]

This is just too annoying but for bitcoiners in US it's a necessary to use if you don't want to deal in person,Bitstamp stiill work I guess but not as easy as coinbase,it's an unethical business practice but nothing can be done.

[Wendigo]

I am using Coinbase and am very happy with their service, also very fast transactions back and forth.

[thefish]

So far I haven't had any issues, and I've been happily using coinbase. Sure, it's not a paper wallet or cold storage, but I definitely have confidence its one of the more trustworthy online wallets.

[xornof]

I haven't had any problems with using them as a "newbie wallet" just for the ease of access.  I don't keep any significant amounts of coin in there from day to day, I'd much rather have it in my local wallet all nice and secure. I can't comment on buying BTC direct from them though, I deal with local channels or trade up alt-coins to BTC at the exchanges if i have to.

Most of the fiat exchange options seem to have tons of security "hoops" to jump through, but maybe that's my point of view(from the US). I will have to check out bitstamp for the next time i need to move fiat to coin.

Thanks!

[Monuta]

I'm sorry you had to learn about Coinbase the hard way.

A lot of here have had the same thing happen and Coinbase support is no hel

[jofus87]

Newbie here. I bought 5 BTC last week at $520 from Coinbase, and I was pretty nervous I'd get one of those "high risk transaction" cancellations like I've been reading. My BTC came in as expected with no problems. So far, so good for me.

[geofflosophy]

I've heard stories about "high risk transactions" being cancelled when the price went down as well, it's just less common because the price doesn't go down very often.

[beetcoin]

i have to wait until early december to receive mine.. i made the order on saturday and due to the thanksgiving holidays, that means.. a lot of days waiting.

[mvidetto]

Coinbase is dope, you just need to get to tier II verification. I've heard a lot of those high risk transaction stories for people's first transactions, but my personal experience has been nothing but positive, and since I have been tier II verified I can get up to 10 BTC instantly.

Yeah well I have 40 btc bouncing around bc they can't fucking send a transaction, been waiting for 6 days now and it won't go through...

[nubbins7]

Welp for me 2 weeks ago they gave me the bitcoins that i was due
to me but i only put $54 usd into it lol i will try a $100 in a few days i hope
everything goes ok

[beetcoin]

after clearing for your first purchase, do the transactions go a lot faster or do they still need to wait for the ACH payments (4 business days) to be final? i'm still waiting on mine, so i will probably find out.. in another week or so.

Ok, so here we go. It says I should recieve my 65 USD by next Friday the 29th. Since all this was mined and not purchased I will only cry a little if I get screwed.







Michael

you might want to remove that picture.. unless you are okay with your first and last name to be available to the public.

[caminilegroup]

after clearing for your first purchase, do the transactions go a lot faster or do they still need to wait for the ACH payments (4 business days) to be final? i'm still waiting on mine, so i will probably find out.. in another week or so.

Ok, so here we go. It says I should recieve my 65 USD by next Friday the 29th. Since all this was mined and not purchased I will only cry a little if I get screwed.

Michael

you might want to remove that picture.. unless you are okay with your first and last name to be available to the public.

While it normally wouldn't bother me, I deleted the pictures, and my post.

If you google the name you actually won't find me so I'm not to worried about it.

Michael

[alexandert]

2 words CoinBase sucks.

[miner2002]

If coinbase sucks (I have a pending transaction with them) what is everyone using to get USD to BTC? It seems like everyone hates every exchange so what is the go to place?  BTC-E seems risky and impossible.  Mt. Gox seems to have issues.  What are the real alternatives?

[beetcoin]

If coinbase sucks (I have a pending transaction with them) what is everyone using to get USD to BTC? It seems like everyone hates every exchange so what is the go to place?  BTC-E seems risky and impossible.  Mt. Gox seems to have issues.  What are the real alternatives?

at this point, there is no perfect solution. maybe when more ATMs hit the markets, that'll be the best method. mt. gox has been a nono for a long time, btc-e looks like it blows, and localbitcoins is really spotty.

[pipelight1]

after clearing for your first purchase, do the transactions go a lot faster or do they still need to wait for the ACH payments (4 business days) to be final? i'm still waiting on mine, so i will probably find out.. in another week or so.

Ok, so here we go. It says I should recieve my 65 USD by next Friday the 29th. Since all this was mined and not purchased I will only cry a little if I get screwed.

https://lh3.googleusercontent.com/-S59KCeojyrI/UpJYLjxGsQI/AAAAAAAAQRg/xXh1sKKu-hY/s0/Screen%2520Shot%25202013-11-24%2520at%25201.48.16%2520PM.png

https://lh3.googleusercontent.com/-zevo0tzJdXo/UpJZELisIzI/AAAAAAAAQSA/EWChBVsAlIg/s0/Screen%2520Shot%25202013-11-24%2520at%25201.51.57%2520PM.png

https://lh4.googleusercontent.com/-jRZqmQe2sYg/UpJaJsXbJFI/AAAAAAAAQSM/Dufj-bL4RK0/s0/Screen%2520Shot%25202013-11-24%2520at%25201.57.04%2520PM.png

Michael

you might want to remove that picture.. unless you are okay with your first and last name to be available to the public.

Me too....

I am just looking for the investment... But the warnings on this site scare the shit out of me... Plus I am OLD ! How do I write Bitcoin into my will... :oP

I buy a coin and want to use it I dont want to do so without an easily reached method. It is way to much trouble to not have an online wallet. Say coinbase or such... I don't see what is the point of this. Maybe a chance to get in on a good investment. But if your not the owner of Virgin Airlines or the winklefoss twins what's the point. A stupid (if Large) invesment unless you are supper tech savy. These guys can afford to pay some of you guys to make their moves. The avg. guy is a long way to using these coins. Thus they will plummet at some point, then rebound slowly. Only insiders and those with lots of contacts may apply...

Everything  wrote about encryption is deep science to 99% of humans, and to me, I am an investor and have plenty of cash, credit cards, etc. Bitcoin is limiting the usage by allowing creative scam artists into the source. So I have to carry my favorite book with so I can turn to page 9 and get my password written backwards ? Oops, sorry, my wallet didn't open, let me try again, there we go... Here is your .00012 bitcoin for my coffee. WTF... It's Cold !

Wish I had better contacts in the South Florida area... cough cough...

[beetcoin]

coinbase doesn't necessarily scam you.. they just cancel your transaction after 4 days. if you are looking to invest, you should go with them.. just buy a small amount at first, then once you're a verified level 2, you can buy up to 50 coins per day i believe.

with bitcoins, you don't need to worry about your will. you can just give it to the person you want to before you die.

[pipelight1]

If coinbase sucks (I have a pending transaction with them) what is everyone using to get USD to BTC? It seems like everyone hates every exchange so what is the go to place?  BTC-E seems risky and impossible.  Mt. Gox seems to have issues.  What are the real alternatives?

I can sell you some. But first you must cash a Money order I send you from my homeland here in Africa. I am the only surviving relative of King mumbi here in Kenya. And to my future friends i am willing to share such a large fortune. You will only need to cash this money order. You may keep a wealthy sum of many dollars for you and your family. Only send me a small % so I can give it to the poor...

Gonna stick with coin base and try to get to level II

Barry

[caminilegroup]

If coinbase sucks (I have a pending transaction with them) what is everyone using to get USD to BTC? It seems like everyone hates every exchange so what is the go to place?  BTC-E seems risky and impossible.  Mt. Gox seems to have issues.  What are the real alternatives?

I can sell you some. But first you must cash a Money order I send you from my homeland here in Africa. I am the only surviving relative of King mumbi here in Kenya. And to my future friends i am willing to share such a large fortune. You will only need to cash this money order. You may keep a wealthy sum of many dollars for you and your family. Only send me a small % so I can give it to the poor...

Gonna stick with coin base and try to get to level II

Barry

You sir deserve a thumbs up for that. I almost forgot about that ridiculous scam. 

[champbronc2]

This thread is a joke.

You're all idiots.

Coinbase is not a scam because they have anti-Fraud measure. Coinbase is not a scam because they took away your "theoretical" profit. Coinbase is not a scam because you cannot read their terms of service.

You're all mad that you didn't read before you purchased. Did any of you graduate from high school?

[mvidetto]

This thread is a joke.

You're all idiots.

Coinbase is not a scam because they have anti-Fraud measure. Coinbase is not a scam because they took away your "theoretical" profit. Coinbase is not a scam because you cannot read their terms of service.

You're all mad that you didn't read before you purchased. Did any of you graduate from high school?

Yeah so why the fuck is my sale still bouncing around 6 days later? It should already be in my bank account! I normally wouldn't care much but it's for 40 btc ~ 33k.  Like WTF...

[niothor]

This thread is a joke.

You're all idiots.

Coinbase is not a scam because they have anti-Fraud measure. Coinbase is not a scam because they took away your "theoretical" profit. Coinbase is not a scam because you cannot read their terms of service.

You're all mad that you didn't read before you purchased. Did any of you graduate from high school?

Well , you're really helpful ,aren't you?

[tyz]

thanks for sharing this information. i am using coinbase as main wallet but had some little poblems the last time. i'll transfer all my btcs to my offline wallet now.

[miken123]

I've had good luck dealing with Coinbase but I do worry if I try to sell when their's a run on BTC or an (even temporary) 'crash' - will they be able to deliver?
Or will they do something ludicrous like 'due to heavy volume we are suspending selling your BTC' sort of thing..
But then again there seems to be no guarantee on this anywhere..

Maybe the best bet is to have many accounts in many exchanges where you can sell small amounts of your btc at a moment's notice?

[Gator-hex]

This is one of the risks in BTC. This is downside if govt wont support and we have nowhere to go to complain any issues we have on BTC transactions. For now, posting and warning about the scam is the best way to counter those scammers. Thanks for the warning!

Your statement is not true, see..

“Fraudsters are not beyond the reach of the SEC just because they use Bitcoin or another virtual currency to mislead investors and violate the federal securities laws,”

http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.Un-nYiejN3U

Governments have to support what they tax.

[gsupp]

I recently signed up with Coinbase and purchased about $300 worth of BTC on Friday. By the following Monday the ACH had gone through and the money was out of my bank account. I'm still waiting the 5 business days until the purchase clears (Friday). The delay is really annoying and their price per BTC is always a bit high, but there aren't many options in the US.

[miken123]

I sold a few last night on Coinbase. 
It says it would take 2 business days to deposit the money - so their estimate is on Monday.
I'll let you know if it goes as smoothly as they say it should - so far so good.

[pipelight1]

I sold a few last night on Coinbase. 
It says it would take 2 business days to deposit the money - so their estimate is on Monday.
I'll let you know if it goes as smoothly as they say it should - so far so good.

I got my "ONE" coin at the price they set and responses to emails right away. Alex, seems to be a great guy and gave me answers. That is all I know. I am affraid to open my Wallet as I don't want money stolen.  Will just wait for a while. Maybe when it hit 4K...  
For those of you looking for a stock ride. Try DSS (Document Security Systems). They filed suit against Apple. The stock belongs up around 3 bucks. 2Bucks on earnings alone. Soared yesterday after the announcement "of course". But dont let that deter you, look at their chart, read the threads on IHUB and you will see this has a Huge markman coing up in February which will drive it up 2 to 3 times what it is now. Patent plays like this are huge. ANd you can use your bitcoin profits in Cash via Etrade to make another Taxable fortune.

[odolvlobo]

For those of you looking for a stock ride. Try DSS (Document Security Systems). They filed suit against Apple. The stock belongs up around 3 bucks. 2Bucks on earnings alone. Soared yesterday after the announcement "of course". But dont let that deter you, look at their chart, read the threads on IHUB and you will see this has a Huge markman coing up in February which will drive it up 2 to 3 times what it is now. Patent plays like this are huge. ANd you can use your bitcoin profits in Cash via Etrade to make another Taxable fortune.

Can you say pump and dump?

[ldh37]

I just signed up with Coinbase last Friday and the bank verify deposits completed yesterday.  I only created an account to sell some of the btc I've mined.  I've read several horror stories but, it seems like every exchange out there has plenty of them.  Since I went to the trouble to create the account and get level II verified I think I'll go ahead and try to sell a small amount and see what happens.  I will post the results.

[beetcoin]

my funds have gone out to coinbase.. still waiting on my BTC to show up. the estimated time was dec 2.

after you make your first purchase, do you become verified and the process doesn't take as long?

[bitmarket.io]

I'm new to cryptocurrency but already have a bit of advice to others who are new:

Avoid Coinbase like the plague.

I jumped through their hoops last week with scans of a driver's license and utility bill, then verified my bank account Monday morning.

I immediately placed an order for .5 BTC, which cost $288.57 with fees.

Then I was told they had exceeded their buy order for the day, so I wouldn't get anything until Friday - and that I would receive the exchange rate Friday.

So I wait all week.  They withdrew my money on Wednesday, so I had no reason to believe the transaction wouldn't go through.

Until Friday morning, when they canceled, saying it was a "high risk transaction" and that I should "try again in a few weeks."

A "high risk transaction" - after they have scans of my utility bill and driver's license, and TOOK THE MONEY from my bank account?

"Try again in a few weeks" - why, so they have another chance to gamble with my money?

They blame the "high risk" label on a "robot" they claim to have no control over.

I don't believe that, and hope you won't either.  

Avoid these con artists.  I'm already out $100+ on this small transaction because they failed to deliver what they promised.

I never had any problems with coinbase. Actually only have positive things to say about them.

I never had to give them my drivers license or utility bills. I just entered my info, it verified, done. Then wait 30 days to buy 50BTC/day.  All's been going great.

The OP may just be a sketchy person that was caught in their filter.  May have a tainted record of high number disputes. Who knows. There is a reason for everything though.

Also use your brain. Why would you buy futures during times of such volatility? Why didn't you just wait until they had coins they could guarantee you the price for right then? Think.

[ersimo]

Thankfully, I have never had an issue with Coinbase thus far (have purchased 6 BTC). But I do constantly hear horror stories, so I consider myself lucky!

[Brighterbits]

So is the only other option for US based buyers to meet locally with a seller?
And after you get your coins, what if you need to sell fast and get your fiat quickly? what do you use for that?

Signed up for coinbase, but they were saying I had to wait til thursday next week and who knows what happens with BTC by then.. there has to be a better US based exchange, no?

[ldh37]

So is the only other option for US based buyers to meet locally with a seller?
And after you get your coins, what if you need to sell fast and get your fiat quickly? what do you use for that?

Signed up for coinbase, but they were saying I had to wait til thursday next week and who knows what happens with BTC by then.. there has to be a better US based exchange, no?

Don't know.  I used the following exchange comparison list - https://en.bitcoin.it/wiki/Buying_bitcoins.

[CoinGeneral]

This thread is a joke.

You're all idiots.

Coinbase is not a scam because they have anti-Fraud measure. Coinbase is not a scam because they took away your "theoretical" profit. Coinbase is not a scam because you cannot read their terms of service.

You're all mad that you didn't read before you purchased. Did any of you graduate from high school?

Yeah so why the fuck is my sale still bouncing around 6 days later? It should already be in my bank account! I normally wouldn't care much but it's for 40 btc ~ 33k.  Like WTF...

Calm down, if you have thousands of BTC, 40 BTC is basically nothing 

[flipcoin]

With so many negative comments on Coinbase (despite the various positive news pieces/recommendations from the internet), surely there must be a close and better contender. I'm still convinced to use an online and offline wallet to make my BTCs more secure after a while. And while Armory strikes me as a good offline wallet, MultiBit and Bitcoin-Qt should be useful alternatives. I'm happy to hear your thoughts on this though as I personally would like to have a safe wallet for my bitcoins.

[smpo]

Any suggestion for a newbie like me?
I have heard that localbitcoins is good. Any comments on that?

[2double0]

What should I use? Mt gox or camp bx?

[2double0]

Any suggestion for a newbie like me?
I have heard that localbitcoins is good. Any comments on that?

I heard localbitcoins is really good too!

[max.]

The more I search about bitcoin exchanges and websites related to bitcoin the more I find that all is a scam.

Could this be the scam of the century?

[miken123]

I sold a few last night on Coinbase.  
It says it would take 2 business days to deposit the money - so their estimate is on Monday.
I'll let you know if it goes as smoothly as they say it should - so far so good.

Still waiting on the bank deposit.... Coin base says by 11:xx PM it should be there...  Sure hope so.


Edit for typo

[BitcoinWalker]

I sold a few last night on Coinbase.  
It says it would take 2 business days to deposit the money - so their estimate is on Monday.
I'll let you know if it goes as smoothly as they say it should - so far so good.

Still waiting on the bank deposit.... Coin base says by 11:xx PM it should be there...  Sure hope so.


Edit for typo

11 something PM is pretty much a nonsense. Banks are closed by 5 PM and usually anything arriving after 3 PM will not be processed until the next day.

[beetcoin]

my btc should be coming within 30 minutes now.. i bought on the 23rd and it still hasn't arrived yet due to the holidays. hopefully it comes in today. i hope my transaction move a lot quicker after this one.

[trny]

To be honest, Coinbase has by far been the best method I've ever used to acquire BTC. Granted, I went through all the verifications and got Tier II about a month ago. I haven't really used it since horror stories started appearing, but I'm quite sure I can still buy instantly with no issue. It's unfortunate that OP and others got caught up in the unethical transaction reversals.

[ldh37]

I just signed up with Coinbase last Friday and the bank verify deposits completed yesterday.  I only created an account to sell some of the btc I've mined.  I've read several horror stories but, it seems like every exchange out there has plenty of them.  Since I went to the trouble to create the account and get level II verified I think I'll go ahead and try to sell a small amount and see what happens.  I will post the results.

I sold BTC0.05 thanksgiving night.  Coinbase said my money would hit my bank account on 12/04.  I still have cautious optimism that the transaction will complete successfully however, I will wait for it before selling any more btc.  Will post an update after 12/04.

[DCRnerd]

I have used Coinbase to buy since March and I have had no problems. MMV

[beetcoin]

welp, finally received my coins about 9 days after making my order; it was delivered at the scheduled time. kind of a pain waiting that long, but i hope future purchases don't take as long.

[cerulean]

I thought Coinbase is a nice one but after reading these feedbacks, I had a change of mind. I do hope though that these feedbacks will change their services to their clients.

[Tweeter514]

I'll add my name to the list of people of who have been happy with Coinbase.
I had to wait out the transaction times, but since there really aren't many options in the US, I'm not complaining.

Yes, their prices suck. Yes, if your a newb and want to signup and buy bitcoins RIGHT NOW, you're going to have to wait.

However, for me, they have been upfront about their policies, and have lived up to what they said they would do. YMMV

[miken123]

I sold a few last night on Coinbase.  
It says it would take 2 business days to deposit the money - so their estimate is on Monday.
I'll let you know if it goes as smoothly as they say it should - so far so good.

Still waiting on the bank deposit.... Coin base says by 11:xx PM it should be there...  Sure hope so.


Edit for typo

We'll 11:54pm came and went. Bank shows no deposits.
Coinbase no longer says the part about "should arrive before 11:54 pm on Dec. 2". Instead there's no such estimate and otherwise the details page shows the same as before (deposit portion claimed to still be 'pending').

Not impressed. Perhaps tomorrow it'll come...

[nahtnam]

PM "Olaf (Coinbase)" and tell him your story. He will probably give you the bitcoins at the original price you bought at.

[beetcoin]

been looking for this information.. but does anyone know if it will still take me 4 days to receive my funds (the ACH payment to clear) now that i'm a level 1 and have done a transaction?

[miken123]

been looking for this information.. but does anyone know if it will still take me 4 days to receive my funds (the ACH payment to clear) now that i'm a level 1 and have done a transaction?

Yes it will. I've done 4 purchases (I'm a level 1 verified) and still the wait time on purchases coins.

[nahtnam]

been looking for this information.. but does anyone know if it will still take me 4 days to receive my funds (the ACH payment to clear) now that i'm a level 1 and have done a transaction?

Yes it will. I've done 4 purchases (I'm a level 1 verified) and still the wait time on purchases coins.

Ya, you need level 3 to be able to buy and sell instantly...

[vabtcinvestor]

I used them a few times a long time ago and all was fine.. i don't really have the stomach to buy coins on them right now though because of being trapped for 4 days with the coin price locked in.  Fine if the price goes up, but could be catastrophic if there was a sudden drop of a few hundred $.

[miken123]

We'll 11:54pm came and went. Bank shows no deposits.
Coinbase no longer says the part about "should arrive before 11:54 pm on Dec. 2". Instead there's no such estimate and otherwise the details page shows the same as before (deposit portion claimed to still be 'pending').

Not impressed. Perhaps tomorrow it'll come...

I decided to send an e-mail to Coinbase support this morning and within 3 minutes I had an e-mail response from them! (I was pleased.)

The support guy claims they have done all on their end and it's a case of waiting for my bank to clear the transfer. 


I appreciate his quick response..  Do I believe him that it's all on my bank... well I don't know.. but I'll see what shows up by the end of the day.

[miken123]

We'll 11:54pm came and went. Bank shows no deposits.
Coinbase no longer says the part about "should arrive before 11:54 pm on Dec. 2". Instead there's no such estimate and otherwise the details page shows the same as before (deposit portion claimed to still be 'pending').

Not impressed. Perhaps tomorrow it'll come...

I decided to send an e-mail to Coinbase support this morning and within 3 minutes I had an e-mail response from them! (I was pleased.)

The support guy claims they have done all on their end and it's a case of waiting for my bank to clear the transfer. 


I appreciate his quick response..  Do I believe him that it's all on my bank... well I don't know.. but I'll see what shows up by the end of the day.

Sure enough the money appeared in my bank account between 9/10 am this morning (EST).  A half day later than they claimed but all in all not too bad.  I'll give them the benefit of the doubt since there was a holiday since I ordered.

Overall I'm happy enough with coinbase that I'll do business with them again.

[israelazo]

i've spent like two hours clicking stuff to get some btc on coinbase, i hope they send them to me!

[TheJacob]

I've got a pending transaction for a small amount. If it goes through should I just avoid coinbase until my account is level 2 for instant transactions?

This whole setup is pretty infuriating. I get that they have to protect against fraud, but they should let you deposit funds to the site, wait the 5 days, and then buy/sell at market rates with the funds you deposited. Instead you have to buy, wait 5 days, and have no idea if the price will tank or they will cancel the transaction.

If you want to wait to verify the funds are legitimate then let me deposit them and buy after they are verified.

[Dkulak]

I'm new to if you guys have any tips on investing in the new coins coming out or transferring them let me know.

[ptjames]

So the process of buying through coinbase is a little slow, sure, but they're legit and I've had no problems with them.

[Kungfucheez]

Well I opened up an account with them recently, but since I'm a newb to this whole crypto currency trading, I haven't bothered putting any money in it yet, and I'm not sure I will. At most I would probably just put a few bucks in to test things out, that way if you lose it, or they charge an arm and a leg, it's no big loss

[malaimult]

I'm new to if you guys have any tips on investing in the new coins coming out or transferring them let me know.

i think i'm the oldest member of coinbase from here. I bought from them btc worth 55k when the price was around $200. Never had any problems at all, no delays no canceled transactions etc. (i was ready to think this guys are the best out there) until last month when i bought 40 btc @ a very low price and they cancel my order in the last minute they had to clear my btc.

from now on all my transactions are flagged as high risk, customer support has the standard answers, give all the unnecessary answers like, erase cookies use one account, buy after 2 weeks etc.

I'm not saying i had a very bad experience with them, but when the shit hit the fan they are lost. They have huge holes in helping customers.

And for those who wrote here that you never had any bad experience with them there is something you didn't take in consideration. the word YET

all good things comes to an end.

Happy bitcoin

[2RoyalSox]

How fast is coinbase to withdraw BTC into USD to my bank account?

[miken123]

How fast is coinbase to withdraw BTC into USD to my bank account?

I sold on Tuesday night last week and they claimed I'd get them in 2 business days (which due to Thanksgiving would be Wednesday and Friday of that week).  They even claimed a date of Dec. 2nd and a time.

I ended up seeing the money appear in the bank on Dec 3rd in the morning.  They claimed the slow down was partially due to my bank's own processing of the transfer (can't confirm or deny this) which may have been made worse by the holiday week.

[nahtnam]

i've spent like two hours clicking stuff to get some btc on coinbase, i hope they send them to me!

This has nothing to do with coinbase themselves... It all depends if the site you were "clicking" on really sends the money...

[nahtnam]

How fast is coinbase to withdraw BTC into USD to my bank account?

I sold on Tuesday night last week and they claimed I'd get them in 2 business days (which due to Thanksgiving would be Wednesday and Friday of that week).  They even claimed a date of Dec. 2nd and a time.

I ended up seeing the money appear in the bank on Dec 3rd in the morning.  They claimed the slow down was partially due to my bank's own processing of the transfer (can't confirm or deny this) which may have been made worse by the holiday week.

For me it took 3 days and was sent the day they said it would. The only thibg was that it was about and hour late but that's fine...

[malaimult]

how is coinbase doing now? still canceling orders?

[nahtnam]

how is coinbase doing now? still canceling orders?

For me it cancelled the first two. Luckily I bought it when it was 120 and it dropped to 110 by the third purchase...

[wolfeen]

I have no problem with this work, and I'm still waiting. In October I wanted to Encourage them (some people just asking the same questions I do not answer my emails.).

Represent Bar and in the process I Learned a lot in the beginning, I must be patient, because I'm sure it will be a pressure on the business cash VC.

[malaimult]

so they cancel your orders and now you bought again and it worked?

[nahtnam]

so they cancel your orders and now you bought again and it worked?

This was about half a year ago... If your order get canceled try buying again if the price drops. If the price increases contact coinbase and tell them that your order got canceled and you want to buy at the same price...

[malaimult]

yea i know the scheme... the problem is they have many demands now and since your message is read by one of the staff members will take a long time.

[nahtnam]

yea i know the scheme... the problem is they have many demands now and since your message is read by one of the staff members will take a long time.

I'm sure they have thought of this scheme even before reading my post... As far as buying, I don't buy btc. I only earn it...

[ldh37]

I just signed up with Coinbase last Friday and the bank verify deposits completed yesterday.  I only created an account to sell some of the btc I've mined.  I've read several horror stories but, it seems like every exchange out there has plenty of them.  Since I went to the trouble to create the account and get level II verified I think I'll go ahead and try to sell a small amount and see what happens.  I will post the results.

I sold BTC0.05 thanksgiving night.  Coinbase said my money would hit my bank account on 12/04.  I still have cautious optimism that the transaction will complete successfully however, I will wait for it before selling any more btc.  Will post an update after 12/04.

Well, I'm pleased and relieved.  The transaction completed and the money showed up in my bank account yesterday - a day earlier than the coinbase estimate.  It took 3 business days which is the same as PayPal and most other ACH based bank transfer services I've used.  I feel comfortable enough now to sell a larger amount.

[freakyone]

How fast is coinbase to withdraw BTC into USD to my bank account?

I sold on Tuesday night last week and they claimed I'd get them in 2 business days (which due to Thanksgiving would be Wednesday and Friday of that week).  They even claimed a date of Dec. 2nd and a time.

I ended up seeing the money appear in the bank on Dec 3rd in the morning.  They claimed the slow down was partially due to my bank's own processing of the transfer (can't confirm or deny this) which may have been made worse by the holiday week.

For me it takes 4 business days for it to post to my account. 2 for transfer from coinbase to officially show up at the bank and 2 for the 48 hour hold my bank places on electronic deposits. So far, I have not had any problems with them, though it makes me a little concerned to read what others have gone through. 

[caminilegroup]

I posted the screenshots of me selling my balance, money was in my account the day it said it would be. I just sold some more today and it said it should be in my account by Monday.

So far I don't have anything bad to say about coinbase.

Michael

[mvidetto]

I posted the screenshots of me selling my balance, money was in my account the day it said it would be. I just sold some more today and it said it should be in my account by Monday.

So far I don't have anything bad to say about coinbase.

Michael

Neither did I for the first 5 months...

[montreal]

I've heard this from a few different people but personally I have not had any issues yet, but thanks for the heads up

[madpoet]

The other day in the massive crash I bought 4 low instantly and sold $200 higher a few hours later.  Both transactions went through fine and my money was in my account this morning.  Was a nice and easy way to make several hundred dollars

[conifer]

I just recently got into buying bitcoin. I have been researching the tech side of it for many months now. Obviously the world needs decentralized money!

While there are a bunch of problems out there, I personally have had none with Coinbase, but then again I buy in reasonable amounts.

Maybe people should think about the kind of buying they are doing. If your trying to buy 10 bitcoin to ramp the system so that you can then sell and make money , I kind of chuckle at the fact you might have had a problem.

First reason is; you've missed the whole point. If your trying to collect paper off of bitcoin, your pushing this crypto-wagon uphill. The real power of bitcoin is to eliminate that paper. Not to make YOU rich, because you think you understand how investment banking works.

Second reason is; that type of thinking is a brick wall. Like a giant spire. In the end it will just be you and some other morons like you trading the currency back and forth in large amounts between themselves trying to push everyone else out.

If bitcoin is strictly an investment to you, then you have missed the whole philisophical journey that bitcoin and other crypto's are. Your still trying to bank. Even though history is teaching us that banking is a form of evil.

So, if your tryin to turn bitcoin into another giant pyramid for your payout I sure hope you fall flat on yer ugly face at every attempt. 

 

[madpoet]

No, we don't AGREE with your point.  I didn't miss a thing.  Yippie for you that you have that goal.  I have a goal of paying my bills, which funny enough I can't do with bitcoin   So when you're done wishing ill on people how about you contribute something useful.

[ajw7989]

My main problem with coinbase right now is the high premium they charge to buy bitcoin. They seem to be going pretty high even when there is a huge dip for an hour or so. Not sure if its because supply and demand or coinbase is becoming greedy. THeir buy sell has a huge difference sometimes (I have seen up to $15) which they are making huge profits on plus their 1% fee. CUstomers must not like this or having problems with them for sure since if you look at the number of transactions graph it has been plummeting. The whole point of bitcoin for a lot of people is to play the peaks and dips like a stock market and coinbase is taking advantage of this too much I feel on top of their normal cancellation problems.

[KryptoKit]

There's a developing trend in the space. The more popular an exchange becomes, the more backed up they become with customers, the higher the currency risk for the customers already entering the pool.

You have every right to feel the way you do about what happened to you on that transaction. However, I don't know how far I would go on suggesting others to adopt new, smaller exchanges (which would actually be healthy for the BTC economy).

Some users don't want to be capped at low buy/sell orders, which new exchanges will have to be limited to in the short term. On the other hand, larger exchanges tend to be big targets for hackers and price manipulators. The two biggest crashes in BTC history have both resulted from Mt.Gox, the first was a hack, the second was a server crash that was caused by excessive traffic.

As far as your personal decision to not use Coinbase, I can understand it and would probably act similarly if founded with the same scenario. However, that's not to say that every new user has something to lose by trying Coinbase. Coinbase has a very intricate hardware and software foundation, along with a lot of liquidity and customers. Their wallet is also easy to use and looks nice.

My conclusion would be to suggest that you disburse your bitcoins onto different exchanges and addresses to make the most utility of the fact that Bitcoin was created to give you options.

[mrbill]

I've had no problems with Coinbase whatsoever, and no need to jump through all the massive "send them copies of my ID" hoops.  Done a few hundred dollars in BTC purchases, and about five hundred worth of withdrawals to my bank account so far.

[rodri91]

Is there anyway to speed up that 4 day wait? It's killing me and I don't know another service that withdraws out of my account tike that, help?

[madpoet]

If you get level 3 verified with a credit card you can instantly buy up to 10.

[DodoB]

never liked coinbase. lost 0.07BTC in a compromise long ago. dont trust them or any other bank/online wallet.

[samsam]

If you get level 3 verified with a credit card you can instantly buy up to 10.

How does the "instant buy" option work? Do they charge your credit card or do they charge your bank account and use the credit card as backup payment if the ACH transfer doesn't go through?

Thanks.

[madpoet]

The second.  They debit your bank account and then fall back to the credit card.

[danleuthner]

I would like to know what other people use to turn their bitcoin to cash. I find the coinbase is the fast and most reliable way to sell bitcoin. I have used localbitcoin, but it seem cumbersome to wait for a response.

[soloburrito]

When I was mining earlier this year I switched to Coinbase to cash out my btc profits. Can't say I ever had a bad experience with them.

I'm currently waiting for my first large buy order to be finalized. Placed the order Monday, they said I'd have my BTC by Friday which annoyed me. What also annoyed me was the fact that my bank account had already been charged as of Wednesday, but I still have to wait until Friday to see my BTC.

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.

[MAbtc]

Don't trust third parties like Coinbase to hold your coins. You simply cannot verify the security conditions under which your funds are held.

Get a desktop wallet, learn how to encrypt properly, consider cold storage, etc. Secure your own funds. Otherwise, you are just waiting around for Coinbase to screw you.

Use them to buy/sell if you need to. That's it.

[odolvlobo]

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.

[nahtnam]

Don't trust third parties like Coinbase to hold your coins. You simply cannot verify the security conditions under which your funds are held.

Get a desktop wallet, learn how to encrypt properly, consider cold storage, etc. Secure your own funds. Otherwise, you are just waiting around for Coinbase to screw you.

Use them to buy/sell if you need to. That's it.

I trust coinbase more than a desktop wallet. I enabled two facto so you would need to steal my phone to get access to my account and you would need to crack my password which would take a few hundred years to crack with brute force.

[pbody]

I met a couple of the guys at Coinbase at an event in San Francisco a few weeks back. Being that they are based here, in SF, makes me comfortable dealing with them. I found the service to be good, though I have only funded my account through localbitcoins and sent some bitcoins to another exchange.

Overall, from what I gather, they are a very intelligent group that really cares about providing good service. There may be some hurdles for them here and there, but I can say they are highly trustworthy and go to large extents to make sure things are secure. Such as getting paper copies of the bitcoins and distributing them throughout the world in different locations so not one person at the company knows where they all are. They stated many times that they are much more secure than the banks. They have to be given the nature of bitcoin vulnerability.

I can definitely say I would recommend these guys after meeting them.

[nahtnam]

I met a couple of the guys at Coinbase at an event in San Francisco a few weeks back. Being that they are based here, in SF, makes me comfortable dealing with them. I found the service to be good, though I have only funded my account through localbitcoins and sent some bitcoins to another exchange.

Overall, from what I gather, they are a very intelligent group that really cares about providing good service. There may be some hurdles for them here and there, but I can say they are highly trustworthy and go to large extents to make sure things are secure. Such as getting paper copies of the bitcoins and distributing them throughout the world in different locations so not one person at the company knows where they all are. They stated many times that they are much more secure than the banks. They have to be given the nature of bitcoin vulnerability.

I can definitely say I would recommend these guys after meeting them.

Same here. If they run off with my money I can file a report since they are only a few cities over.

[caminilegroup]

Same here. If they run off with my money I can file a report since they are only a few cities over. <~~ Your parents would have to file the report for you.

Screw filing a report, crow bar, duct tape, and a road trip. Feed them to the gators.

[nahtnam]

I met a couple of the guys at Coinbase at an event in San Francisco a few weeks back. Being that they are based here, in SF, makes me comfortable dealing with them. I found the service to be good, though I have only funded my account through localbitcoins and sent some bitcoins to another exchange.

Overall, from what I gather, they are a very intelligent group that really cares about providing good service. There may be some hurdles for them here and there, but I can say they are highly trustworthy and go to large extents to make sure things are secure. Such as getting paper copies of the bitcoins and distributing them throughout the world in different locations so not one person at the company knows where they all are. They stated many times that they are much more secure than the banks. They have to be given the nature of bitcoin vulnerability.

I can definitely say I would recommend these guys after meeting them.

Same here. If they run off with my money I can file a report since they are only a few cities over.

Screw filing a report, crow bar, duct tape, and a road trip. Feed them to the gators.

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...

[caminilegroup]

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.

[nahtnam]

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.

[AmGfxMarty]

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.

I don't know if its true or not but my understanding is during that 3-4 day transfer time, the money is essentially in limbo for lack of a better term, and that the banks somehow use this time to invest the money and earn profit.

[caminilegroup]

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.

[nahtnam]

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.

[harvestcorn]

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.

[caminilegroup]

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

[nahtnam]

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...

[harvestcorn]

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.

[harvestcorn]

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

[caminilegroup]

I knew it was one of them. Sorry.

https://lh4.googleusercontent.com/-EBBNkInMRzY/UqEizu0IBDI/AAAAAAAAQVc/BExYXoLL2yc/s0/Screen%2520Shot%25202013-12-05%2520at%25207.04.52%2520PM.png

[eatrader]

I am ready to go with Coinbase. Localbitcoin prices are just too high. Will report back on my experience

[caminilegroup]

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

[thomascrane]

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!

[eatrader]

I have the same question

[thomascrane]

Also a follow up...would sending BTC back and forth between Coinbase and Mt. Gox raise any flags?

[nahtnam]

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!

[nahtnam]

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.

[thomascrane]

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

[nahtnam]

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?

[thomascrane]

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.

[TheJacob]

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.

[nahtnam]

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.

Haha, if you are in the US (like me ) then good luck getting fiat out. There is sooooo much verification that you have to go through that its going to be hard.

[caminilegroup]

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.

Haha, if you are in the US (like me ) then good luck getting fiat out. There is sooooo much verification that you have to go through that its going to be hard.

Not  really, on coinbase you can get fiat out with level 1, I've sold btc twice on coinbase. Mt Gox requires all the verification to do fiat out.

[fennessyengraving]

Has anyone had any experience using Coinbase to receive payments from people?  I just signed up with them and am considering using them for a 'pay with bitcoin' button on my website.  I'm not sure what the other options are though yet, I'm new to this.

[nahtnam]

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.

Haha, if you are in the US (like me ) then good luck getting fiat out. There is sooooo much verification that you have to go through that its going to be hard.

Not  really, on coinbase you can get fiat out with level 1, I've sold btc twice on coinbase. Mt Gox requires all the verification to do fiat out.

I was talking about Mt. Gox...

[nahtnam]

Has anyone had any experience using Coinbase to receive payments from people?  I just signed up with them and am considering using them for a 'pay with bitcoin' button on my website.  I'm not sure what the other options are though yet, I'm new to this.

Well I havent used that button but I do know how it works. When you press the pay button, it has full bias towards coinbase (its says if you have a coinbase account, login) but I believe that it also generates a address to send money to. All in all it works 100%. It also automatically generates invoices!

[Kaos116]

I have just tested them out. No problems at all. Sold some BTC, the funds were in my bank when they stated they would. Bought some BTC instantly.

I did all the verifications that they asked. What I remember about the credit card verification is that it had to be a Visa. My debit card is MC, so I had to use a CC.

I'm happy with them.

[malaimult]

will try them on monday. i hope they will let me  purchase some coins. any other buyer who had problems before and now can successfully purchase coins over coinbase?

[wasserman99]

i dont trust them. too many horror stories. best of luck to those trying them out.

[StephG]

I just signed up last week and am waiting to become verified...

[nahtnam]

I just signed up last week and am waiting to become verified...

If you are in the US, most banks have the option to be instantly verified!

[Argwai96]

thanks for the heads up all. i am staying away from this place!

[mbaratta83]

Just getting started with Coinbase; hope things work out all right.

[Pooyan]

I used coinbase for faucet money starting out 
 Also, incase people don't know, in order to get instant buy of btc, you have to verify a credit card.

[Habeler876]

i agree, dont use them. you risk having them renege on your reserved price. also, using any 3rd party wallet service is dangerous -- use your own wallet!

[uncelestial]

I've had good luck dealing with Coinbase but I do worry if I try to sell when their's a run on BTC or an (even temporary) 'crash' - will they be able to deliver?
Or will they do something ludicrous like 'due to heavy volume we are suspending selling your BTC' sort of thing..
But then again there seems to be no guarantee on this anywhere..

Maybe the best bet is to have many accounts in many exchanges where you can sell small amounts of your btc at a moment's notice?

If this really happened, couldn't you just instantly transfer your BTC to another exchange and try it there? Bitcoins are fast/mobile, they aren't stuck in limbo forever like cash in ACH transactions.

[jerem2398]

So far I have had 0 problems with Coinbase except for a transaction that I thought never processed due to lag/offline time randomly show up on my account 3 hours later :| .

[malaimult]

So far I have had 0 problems with Coinbase except for a transaction that I thought never processed due to lag/offline time randomly show up on my account 3 hours later :| .

YET

[ajalt]

Thanks .
I would be careful

[crazywack]

I have made 3 purchases with coinbase and the only issue I have this far is the wait time...

[KrakenBrod]

Thanks fro the advice!

[tokeniso]

Thank you for this thread for a Newbie its helps a lot. Before joining this forum I had Looked / Considered them as a possibility.. Now I have lots to read here from real world experiences.

[xIronCrossx]

Is coinbase OK for selling? It seems like the only way to get money for us located in the US. Everything else you have to go through tons of hoops and other methods + fee's to get it into a bank. I was thinking of exchanging on something else (such as Cryptsy although that looks kinda iffy for now, but an exchange) and then transferring the BTC to coinbase and selling there.

[Ucnatspel]

Is coinbase OK for selling? It seems like the only way to get money for us located in the US. Everything else you have to go through tons of hoops and other methods + fee's to get it into a bank. I was thinking of exchanging on something else (such as Cryptsy although that looks kinda iffy for now, but an exchange) and then transferring the BTC to coinbase and selling there.

I have sold through coinbase and it was fine. you can also try localbitcoins if you want to sell for cash

[dan123]

100% don't use them. scam artists, the lot of them!

They're not scam artists and they're backed by VC firms.  You can read their bios on the website and all the articles written about them.  They're also not an exchange so things work a little different.

[klangley11]

i agree, dont use them. you risk having them renege on your reserved price. also, using any 3rd party wallet service is dangerous -- use your own wallet!

...lol what I bolded just reminded of that capital one viking commercial 'what's in yer wallet' ... anyhow glad I saw this thread today. I signed up with Coinbase last year and was just about to transfer to BTC using Coinbase again (considering the recent BTC 50% drop from around $1100). So volatile though, I'm still hesitant.

[malaimult]

coinbase is like the other major companies out there. they put themselfs first before customers. they are not scammers but they are trully deceiving people when they want.  deal with caution

[CoinGeneral]

I have made 3 purchases with coinbase and the only issue I have this far is the wait time...

Same... I'll post if anything bad happens but so far so good. Let's keep it that way 

So far I've had more problems with BTC-e and MtGox than CoinBase. Out of all the exchanges I've used, Coinbase is the 2nd best and I found them to be very reliable. So far...

[rubyoak]

I purchased bitcoins from coinbase several times without problems. My only problem with them was when I tried to verify my credit card. Coinbase emailed me that small charges had been made but I couldn't find them so I can't verify, and they keep sending me emails reminding me to verify.

[ngindenkore]

I think best is still bitstamp

[nahtnam]

I have made 3 purchases with coinbase and the only issue I have this far is the wait time...

Same... I'll post if anything bad happens but so far so good. Let's keep it that way 

So far I've had more problems with BTC-e and MtGox than CoinBase. Out of all the exchanges I've used, Coinbase is the 2nd best and I found them to be very reliable. So far...

What's the first best?

[nahtnam]

I purchased bitcoins from coinbase several times without problems. My only problem with them was when I tried to verify my credit card. Coinbase emailed me that small charges had been made but I couldn't find them so I can't verify, and they keep sending me emails reminding me to verify.

Call your cc provider. It is probably something to do with them. I didn't have any issues verifying my debit card!

[nahtnam]

I think best is still bitstamp

I have never had any issues with coinbase so I never tried bit stamp. How much verification do you need to buy and is it instant?