[cincy]

Coinbase wants me to answer the below 3 questions or I won't be able to use my account. I have purchased bitcoins from them using my bank account and all my outgoing bitcoin transactions were to my one blockchain account bitcoin address. What is the best answer to these questions?

Please describe the primary use for your Coinbase account:

How do you acquire bitcoin, and what is the source of funds used in acquiring those bitcoin? (i.e. occupation, trading, investing, mining, etc...)

Please describe the nature of any outgoing bitcoin transactions, and what other bitcoin services they are related to:

[Theo_Goodman]

This is why I really do not like coinbase. Do you still have funds on your coinbase account?
I am not a lawyer however I would say for question one just say that the cash to buy the bitcoin came from "occupation" ie work.
The next one is really none of their business, however I would just say, "private storage" that you are just sending them to yourself to hold long term. They dont need to know what kind of bitcoin wallet or where you send them, no need to mention blockchain.info or any other third party site.

I have heard that they might ask for proof of "occupation".

I would test out kraken.com and learn how to use localbitcoins and or any bitcoin ATMs nearby.

[cincy]

All my coinbase outgoing transactions went to my one blockchain address. Would it be better for me to change my blockchain address periodically? Would it be bad for me to tell coinbase that my outgoing transactions were to my blockchain wallet? Can I just answer the 3rd question by saying I think it is safer to have multiple bitcoin wallets so all my bitcoins are not in one account so I sometimes transfer from coinbase to another wallet?


I do have a relatively small balance at coinbase since I usually have a larger bitcoin balance at Blockchain.I have paid over $1000 in fees to coinbase to buy/sell bitcoins from their 1% fee.Please let me know if I can use localbitcoins or something else to reduce the fees.

[raiders72001]

In the past Coinbase just banned accounts. Now Coinbase is asking questions in order to cover themselves for potential illegal transactions without banning.

What has been working is to say that you buy and sell computer equipment and would rather keep the names private. You may want to tweak it some. So far I haven't heard of anyone being banned answering it in that context.
Try to be nonspecific. It's just a legality.

[raiders72001]

All my coinbase outgoing transactions went to my one blockchain address. Would it be better for me to change my blockchain address periodically? Would it be bad for me to tell coinbase that my outgoing transactions were to my blockchain wallet? Can I just answer the 3rd question by saying I think it is safer to have multiple bitcoin wallets so all my bitcoins are not in one account so I sometimes transfer from coinbase to another wallet?


I do have a relatively small balance at coinbase since I usually have a larger bitcoin balance at Blockchain.I have paid over $1000 in fees to coinbase to buy/sell bitcoins from their 1% fee.Please let me know if I can use localbitcoins or something else to reduce the fees.

No fees at Circle. Changing your blockchain wallet on occasion is a good idea and free.

[Theo_Goodman]

I think Circle will go the same route as coinbase with time. There is a service called LibertyX , you can buy bitcoin in local vendors with this service.

[raiders72001]

I think Circle will go the same route as coinbase with time. There is a service called LibertyX , you can buy bitcoin in local vendors with this service.

Circle does the same and will ask questions.

[Legions36]

Any update on this topic? How'd it end up working out?

[cincy]

I answered the questions as suggested and I can use my coinbase account.

[Legions36]

I answered the questions as suggested and I can use my coinbase account.

Thanks for updating!!

[QuantumLeap]

I have a local program on my computer receive all my BTC from Coinbase (multibit.exe). You can create multiple wallets in the program and send the BTC that you get from Coinbase to another wallet in the same program. From there I send it to other places like investment web sites like cryptsy.com, poloniex.com and bittrex.com.

As far as the due diligence questions I answered "investing" to all the questions.

[raiders72001]

From there I send it to other places like investment web sites like cryptsy.com, poloniex.com and bittrex.com.

Day trade or long term?

[QuantumLeap]

Day trade or long term?

I used to day trade. I had mixed results. It was also taking up too much time at work so I transferred my balance into sportsbooks.

My day trading success seems to be somewhat directly related to the price of BTC. When the price goes up you get a lot of investors in alt coins as well and they have a tendency to do better at that time.

I almost exclusively use Poloniex and at times Bittrex. I used to use Cryptsy but have had too many problems withdrawing from that site.

[FreeFall]

When did you guys have to answer these. I went onto my coinbase account after not using it 11/4/15 and now they are saying I can't use it because I didn't respond to an EDD? Obviously I reached out to support, but they haven't responded in four days. Do you guys know what's goin on? Are there exchanges that actually let you send them money to buy bitcoins instead?