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Bitcoin - Coinbase

chadd7

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I'm new to bitcoin. I setup my account and I'm using coinbase as my wallet.

I thought I'd test it out by adding $25 to my "Cash" account. I added the $25 over the weekend and it still has not cleared to my coinbase account.

My question is when buying bitcoins, using your bank account, how long does it take to clear? If I'm making a purchase and someone sends me their address does it then take a week for me to purchase the bitcoins and send it to that person?? I guess I thought it was immediate.

And how safe is it when you have your bank account linked and other personal information stored on your account?
 

IronLion2

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Debit/credit is quicker
 

bg091593

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I think you can increase your limits for debit somehow. It might be more verification for your account that does it? I'm not sure but mine is $5,000...

Bank transfers take at least a week and a half to clear.
 

chadd7

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I think you can increase your limits for debit somehow. It might be more verification for your account that does it? I'm not sure but mine is $5,000...

Bank transfers take at least a week and a half to clear.

This makes sense. But it says my limit for debit/credit is $100 per week. Maybe I just need to research how to increase that number.
 

chadd7

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This makes sense. But it says my limit for debit/credit is $100 per week. Maybe I just need to research how to increase that number.

To increase my limit it says buy $975 of digital currency with this payment method. Which would take me 10 weeks to do. lol I just thought I was doing something wrong. Seems like it would take forever to make a larger purchase. Not sure I see the benefit.
 

johnjuanb1

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I'm new to bitcoin. I setup my account and I'm using coinbase as my wallet.

I thought I'd test it out by adding $25 to my "Cash" account. I added the $25 over the weekend and it still has not cleared to my coinbase account.

My question is when buying bitcoins, using your bank account, how long does it take to clear? If I'm making a purchase and someone sends me their address does it then take a week for me to purchase the bitcoins and send it to that person?? I guess I thought it was immediate.

And how safe is it when you have your bank account linked and other personal information stored on your account?

It takes exactly one week every time for me.
 

johnjuanb1

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So if you know you have a purchase coming up do you transfer money to your Cash account then use that to buy the bitcoins and send funds?

Be aware that coinbase will ban you for purchasing from research sites or online drug stores. They’re strict!
I leave my bitcoin account full of money for day trading/swing trading. I haven’t used it to purchase products.
 

dale338

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So if you know you have a purchase coming up do you transfer money to your Cash account then use that to buy the bitcoins and send funds?

Yes you can do it that way, however, it’s my humble opinion that bitcoin is set to hit around 18,000 by the end of this year on its way up to 100,000 over the next 3 to 4 years. Gains more legitimacy and backing from all the major players are starting to set up systems to take crypto currency seriously. So it’s definitely here to stay. So if just buy and hold. Lol I mean it could possibly retreat back into the mid to low 8000 over the next month or so but that’s probably the very absolute bottom at this point. Upside potential is huge.

You can also just add the cash to your coin base account and then transfer it or buy bitcoin whenever you want to make a purchase. But you’ll miss out on the gains that way.
 

k1nshou

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johnjuanb1 is correct. Coinbase is strict and here in the US they track your transactions. Try Gemini instead. if your really worried, use Gemini and an offshore exchange such as binance.
 

chadd7

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Yes you can do it that way, however, it’s my humble opinion that bitcoin is set to hit around 18,000 by the end of this year on its way up to 100,000 over the next 3 to 4 years. Gains more legitimacy and backing from all the major players are starting to set up systems to take crypto currency seriously. So it’s definitely here to stay. So if just buy and hold. Lol I mean it could possibly retreat back into the mid to low 8000 over the next month or so but that’s probably the very absolute bottom at this point. Upside potential is huge.

You can also just add the cash to your coin base account and then transfer it or buy bitcoin whenever you want to make a purchase. But you’ll miss out on the gains that way.

And I guess it's just as easy then to transfer back to your bank account?
 

chadd7

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Be aware that coinbase will ban you for purchasing from research sites or online drug stores. They’re strict!
I leave my bitcoin account full of money for day trading/swing trading. I haven’t used it to purchase products.

Well this is good to know. lol So if making a purchase to "someone" in China, will that get flagged?
 

Kaladryn

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Coinbase is scam, everyone uses localbitcoins, select "cash deposit" from the dropdown menu, you can just follow directions and deposit into a bank account and get your BTC. You can now use Zelle to transfer bank funds using this method also.
 

G.I.Bro

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Coinbase is scam, everyone uses localbitcoins, select "cash deposit" from the dropdown menu, you can just follow directions and deposit into a bank account and get your BTC. You can now use Zelle to transfer bank funds using this method also.
Scam is a little harsh, but you make a valid point. There are many more ways (cheaper and more anonymous) to purchase bitcoin now and/or enter the crypto market. Coinbase is extremely secure and user friendly though (easy, which you pay for).

Guys, do yourselves a favor and CONVERT the BTC to Ethereum then hold it. Better yet, never buy BTC to begin with. Buy ETH. Pickup some EOS too. You've missed the BTC train if you weren't holding it before last year. It's not rocketing to $50k. People woke up. The king is Dead. More advanced platforms are the future of crypto.
 
Last edited:

xyz14

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Install revolut app on your cellphone and top it up with your debit card. I had it limited for like 250eur/day. Now my limit is 5000eur/day.
Once you deposit into revolut with debit card then use revolut to send bank transer to coinbase, it usually takes 6 hours on work days.
 

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