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Actually buying Bitcoin on Coinbase takes 3-4 business days for the bank transaction to clear and for you to have the Bitcoins to spend. Unless you have Bitcoi

by jyap 13y ago

Actually buying Bitcoin on Coinbase takes 3-4 business days for the bank transaction to clear and for you to have the Bitcoins to spend. Unless you have Bitcoins already most people won't be able to participate in Bitcoin Black Friday deals.

yebyen 13y ago
Is this true? I am a coinbase customer and I've read that new customers can get their first 1BTC instantly, and they can process more instant transactions if they tie their account to a credit card. I've never tried it (I'm not in that big of a hurry) but I did get that impression quite strongly. You can have a 3-4 day wait, or you can submit additional identification details and get the delay removed.
cobrabyte 13y ago
You can link your credit card and get your first BTC instantly. This is a new(ish) feature and I've not tried it but I do remember seeing it.
jmcqk6 13y ago
I tried purchasing part of a bitcoin on coin base last week, and 3-4 business days is generous. It says I'm going to get my coins tomorrow, a full week after putting in the order. I was incredibly disappointed by this, but there is nothing to do about it.
- yebyen 13y ago
  I'm not sure of the timeline of what you did, but you can appreciate at least that they're giving you the market rate at the time you bought it (right? I also remember about a week ago reading a message on coinbase that they were over their buy limit, and in order to buy right then you had to agree to pay the market rate at the time of delivery) Cause right now, it's looking like you made approximately loan-shark many dollars off of however many coins you bought at coinbase, that you're getting tomorrow, for which your bank probably still has not debited your account.
  - jmcqk6 13y ago
    Yes, you make a good point. I did get the market rate back then. The only problem here is that I had different expectations, and expected a more immediate turn around. I'm not sure if waiting a week is really sustainable as a purchasing platform, but I'm also sure as time goes by, that time will decrease.
    - yebyen 13y ago
      Yeah, every time I look at my bitcoins and their value I think "that's way too high, I'm not buying at that price" but I hold out and don't sell, and every new day that comes it seems like the prior day would have been a great time to buy. I don't think this momentum is sustainable either, but I'll tell you one thing: I'd be a rich man (at least I'd be out of debt) if I had bought more bitcoins instead of spending the ones I had on preorder mining equipment from Butterfly Labs.

by jyap 13y ago

yebyen 13y ago

Is this true? I am a coinbase customer and I've read that new customers can get their first 1BTC instantly, and they can process more instant transactions if they tie their account to a credit card. I've never tried it (I'm not in that big of a hurry) but I did get that impression quite strongly. You can have a 3-4 day wait, or you can submit additional identification details and get the delay removed.

cobrabyte 13y ago

You can link your credit card and get your first BTC instantly. This is a new(ish) feature and I've not tried it but I do remember seeing it.

jmcqk6 13y ago

I tried purchasing part of a bitcoin on coin base last week, and 3-4 business days is generous. It says I'm going to get my coins tomorrow, a full week after putting in the order. I was incredibly disappointed by this, but there is nothing to do about it.

yebyen 13y ago
I'm not sure of the timeline of what you did, but you can appreciate at least that they're giving you the market rate at the time you bought it (right? I also remember about a week ago reading a message on coinbase that they were over their buy limit, and in order to buy right then you had to agree to pay the market rate at the time of delivery) Cause right now, it's looking like you made approximately loan-shark many dollars off of however many coins you bought at coinbase, that you're getting tomorrow, for which your bank probably still has not debited your account.
- jmcqk6 13y ago
  Yes, you make a good point. I did get the market rate back then. The only problem here is that I had different expectations, and expected a more immediate turn around. I'm not sure if waiting a week is really sustainable as a purchasing platform, but I'm also sure as time goes by, that time will decrease.
  - yebyen 13y ago
    Yeah, every time I look at my bitcoins and their value I think "that's way too high, I'm not buying at that price" but I hold out and don't sell, and every new day that comes it seems like the prior day would have been a great time to buy. I don't think this momentum is sustainable either, but I'll tell you one thing: I'd be a rich man (at least I'd be out of debt) if I had bought more bitcoins instead of spending the ones I had on preorder mining equipment from Butterfly Labs.