Setting Up Coinbase

TRT

Member
Your the man. Makes sense.
I’ve bought coin with my card and it’s instant...transferred funds to my USD wallet from my bank and it took 4-6 days or so but 26 is ridiculous...next time if you transfer the funds to your USD wallet you don’t have to worry about losing any money as it transfersthe amount you set and doesn’t purchase any crypto until you tell it to from your USD wallet
 

picholas

Member
To clarify for everyone -- this is how you add cash without purchasing the crypto currency right away.

Helpful for those not using instant methods who have to wait for it to clear without worrying about fluctuating prices of coins.
 

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picholas

Member
Hey I just setup and verified my debit. But I have a $50 dollar a week limit transfer. Is there any suggestions?

Your account may start out with a lower limit. After you have completed some purchases successfully, the limit will increase over time. This is to protect against Coinbase being used to buy bitcoin using stolen bank account credentials (once you have made a few successful purchases then there is much less risk of the bank transfer being reversed).

You can always view your current limit (and steps to increase it) here:

Code:
https://www.coinbase.com/verifications
 

eazy57

Junior Member
I've been using coinbase for a few months now. I like it because I can fund my acct. Straight from my bank by creating a payee. Just add funds line paying a bill. If I do it early in the day I'll have it credited to my acct in a few hours. Later in the day by the next day. My weekly cap is somewhat low, but I just add cash to it every paycheck so when I want to get some gear, the funds are always there.
 

Tigerbelly

Junior Member
Your account may start out with a lower limit. After you have completed some purchases successfully, the limit will increase over time. This is to protect against Coinbase being used to buy bitcoin using stolen bank account credentials (once you have made a few successful purchases then there is much less risk of the bank transfer being reversed).

You can always view your current limit (and steps to increase it) here:

Code:
https://www.coinbase.com/verifications
If I verified through my bank instead of my debit could I bypass it?
 

picholas

Member
If I verified through my bank instead of my debit could I bypass it?

Yes, should be a $7,500 limit with direct link to bank. But it will take ~72 hours to receive funds, I recommend just adding the cash to your account like @Savagesteve said -- picture how to do that in my quoted post:
To clarify for everyone -- this is how you add cash without purchasing the crypto currency right away.

Helpful for those not using instant methods who have to wait for it to clear without worrying about fluctuating prices of coins.

Don't have to worry about the fluctuating price of the currency while you wait for it to clear your bank. Don't want to purchase $300 in coins and then come back after 3 days to $250 or whatever it drops to.
 

hookairs

Member
just want to give a quick thanks to the op and to the cats that added comments in here about use of wallets and adding money to the coinbase account but not buying the coins till you're about to use em etc., the recent wu/mg fiasco was def a road block for me and this thread turned it into a speed bump. thanks dudes!
 

Savagesteve

Member
just want to give a quick thanks to the op and to the cats that added comments in here about use of wallets and adding money to the coinbase account but not buying the coins till you're about to use em etc., the recent wu/mg fiasco was def a road block for me and this thread turned it into a speed bump. thanks dudes!
That’s good to hear. I know a lot of us waited until we didn’t have any option but to go crypto lol.
 

God&Gainz

Member
is a mixing service like blockchain necessary? I just downloaded coinbase and linked my account and want to make sure I execute this correctly.
 

picholas

Member
Purchase on coinbase and then send it to your own block chain. From your block chain you send it to the source. Don't send funds directly from your coinbase to a source.
 

God&Gainz

Member
Purchase on coinbase and then send it to your own block chain. From your block chain you send it to the source. Don't send funds directly from your coinbase to a source.

Forgive my ignorance, but what do you mean send it to my blockchain?

Do I have to download the app and then itll give me an address where I can send from coinbase to blockchain then blockchain to source?

And why is it a bad idea to send directly to source? Can it be tracked?

I appreciate you taking the time to respond.
 

God&Gainz

Member
I've got a few questions. I just bought $1000 in Bitcoin and it says I have to wait 26 days for it to clear before I can send it.

Is my Bitcoin amount gonna change in that time?
Is there anyway I can speed this transaction up now or in the future?


I just bought 200$ worth of bitcoin and it says I have to wait a week for it to clear, it was my first purchase.

I sure hope the wait times get shorter the more we use it.
 

TRT

Member
I just bought 200$ worth of bitcoin and it says I have to wait a week for it to clear, it was my first purchase.

I sure hope the wait times get shorter the more we use it.
I spoke to Coinbase. They said my wait time is unheard of and shouldn't be that long. They're gonna lift the restrictions after they investigate the issue. The guy said it would take 4 days max for them to get back to me.
 

picholas

Member
Forgive my ignorance, but what do you mean send it to my blockchain?

Do I have to download the app and then itll give me an address where I can send from coinbase to blockchain then blockchain to source?

And why is it a bad idea to send directly to source? Can it be tracked?

I appreciate you taking the time to respond.
I just bought 200$ worth of bitcoin and it says I have to wait a week for it to clear, it was my first purchase.

I sure hope the wait times get shorter the more we use it.

You can download the app or use your PC, personally I am not a fan of using the phone app for that stuff, a lot easier to lose your phone then your PC.

Yes, you purchase on coinbase ---> send to blockchain ---> send to source. Some people bounce it to multiple wallets first for extra protection, or some people totally "wash" their coins by using applications that split up your payment into a bunch of little ones and then send it for a small fee.

But the whole thing that protects us from being scammed when we purchase BTC -- the public ledger -- is what is always traceable back to the wallet. However the address that you send from is what it can be traced back to, not so much you. I am over simplifying here for explanation purposes.

The reason it's a bad idea isn't so much LE but the fact that Coinbase can shut down your account if it feels you are sending to less than reputable wallets. Then you would have to go through the trouble of making a new account, linking your card/bank account, and verifying your ID all over again.

If you are going the route we suggested (using your bank account with the wait versus using a debit for instant + fee) then no it generally always takes 5 business days or so. That's why we recommend sending the money to cash versus buying the coins. Once you have the cash in your account you can buy the coins as needed and not worry about price manipulation.
 
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