Stay away from Coinbase

[Authentic]

Have they refunded you?

[bondi]

I've seen reports from users about the wait time. Can someone tell me why they do this? I mean a transaction should be fast but they delay it for what? Why?

[beetcoin]

I've seen reports from users about the wait time. Can someone tell me why they do this? I mean a transaction should be fast but they delay it for what? Why?

because ACH payments take 4 days to clear. since bitcoins are non-reversible, they need to have the money in their hand before sending you the bitcoin. any system that uses this method of payment will have delays. the only way to avoid this is to register your personal information.

[coindice]

Probably one way for Coinbase to improve its system is to provide funding of an account balance, and then a user can purchase in real time when they wish.

[bondi]

I've seen reports from users about the wait time. Can someone tell me why they do this? I mean a transaction should be fast but they delay it for what? Why?

because ACH payments take 4 days to clear. since bitcoins are non-reversible, they need to have the money in their hand before sending you the bitcoin. any system that uses this method of payment will have delays. the only way to avoid this is to register your personal information.

Thanks.

[jpharneyllc]

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?

I had the same exact thing happen to me, and I never went back..They blamed it on "robots" as well! Now I am having a terrible issue with a wire transfer to BTC-e...going on 3 weeks, no money and no replies to my support tickets! They are scary..I am brand new here will start a new thread on that issue to see if I can get any advice..

[DrG]

If you're US based you can try CampBX as an alternative to Coinbase.  Slower to fund with Money Order, but I haven't heard too many complaints.  I have an account but haven't bothered to trade or get verified there.

[Malooka]

I've seen reports from users about the wait time. Can someone tell me why they do this? I mean a transaction should be fast but they delay it for what? Why?

because ACH payments take 4 days to clear. since bitcoins are non-reversible, they need to have the money in their hand before sending you the bitcoin. any system that uses this method of payment will have delays. the only way to avoid this is to register your personal information.

Because they're a scam like every other shit exchange in the United States.

[Purps]

my experience with coinbase has been nothing short of excellent.

[LightInPA]

I agree, coinbase has been without problem for me, if somewhat slow.  Awaiting completion this evening of a purchase; we'll see how it goes.

[WillMilk4Coin]

Coinbase has been, by and large, the easiest, quickest and most convenient method of buying BTC. Outside of buying face-to-face, good luck on going from unverified on any exchange to buying BTC funded from your account in less than two three days.

[virtualaddict]

Hi I'm total noob, can someone explain these exchanges for me? Do they have a certain amount of bitcoin that you can buy or sell for USD, or are they like a commodity exchange where they match up your buy orders of BTC for someone else's sell orders?

[chickenliver55]

i been using coin base for about a couple months now never had any problems with it so far. i had brought around 500 dollars worth, the only problem is the wait time of about a week though

[dark143i]

I haven't faced much problems with Coinbase. But ill stay safe though. Thanks

[Cidler]

thanks for the tip.

[venrooy]

I wish I would have read this thread a week ago.  I didn't buy much, just .04 - but they cancelled the transaction saying "high risk" and yet they're still holding the money.

Paypal was sued with a class-action when they first started. They were doing the same thing. -  I'll have to dig through my emails and see if I still have the lawyer's name.

[WillMilk4Coin]

Hi I'm total noob, can someone explain these exchanges for me? Do they have a certain amount of bitcoin that you can buy or sell for USD, or are they like a commodity exchange where they match up your buy orders of BTC for someone else's sell orders?

"they match up your buy orders of BTC for someone else's sell orders" -Yes,

the following page on the Bitcoin wiki should answer most of your questions, as well as give you a great list of exchanges that are out there. (sorry to pass the buck, but this would do far more for you for now)

https://en.bitcoin.it/wiki/Buying_bitcoins

[TinkerTom]

I'll have to chime in on the pro-coinbase side. It did take a week for my first purchase to go through, so you need to be patient at first. I've had my account since summer and recently verified with my visa and can now buy something like 50BTC instantly. Theoretically... In the last week or two I've bought on several occasions and they all went through quickly and the price was good.

One caveat -- I haven't tried to cash out BTC for USD as I'm more interested in holding BTC long term.

Also, when I want to do some trading, I'll buy through coinbase and send the BTC to my account at btc-e. It takes a little bit for the transfer to happen, but that's more bitcoin-related than coinbase I think.

I don't have a whole lot of any coin yet, but my next thought is to start moving my long term holdings to a more secure wallet. However, the convince of coinbase is hard to beat.

[virtualaddict]

https://en.bitcoin.it/wiki/Buying_bitcoins

Awesome, thanks.

[pbody]

I was pro coinbase until they have been ignoring my messages and mysteriously deleting proof of my bitcoin purchase from my account. I am yet to receive my btc and the money was pulled out of my bank account days ago. When I sent them an email saying to look in my buy history, as that is the only place my purcahse was listed, that Buy History was deleted later that same day!!!

If they would only get back to me or provide a phone number where I can reach them, I would be at ease. Instead I receive nothing. The deleting of my History is seriously shady and Im not sure where to go to address this issue. Lickily I printed out the screen and my bank account shows the payment made to them.