1. #1
    mrpapageorgio
    mrpapageorgio's Avatar SBR PRO
    Join Date: 09-07-17
    Posts: 1,558
    Betpoints: 12

    Coinbase to Start Allowing Instant Bank Account Purchases

    I know the feelings around here with CB is a love/hate relationship (including some who love to hate them, and some hate to love them), but thought I'd mention this piece of information released today by them. They are now rolling out a feature where you can instantly purchase Bitcoin, Litecoin, and ETH with your bank account. Assuming this means you can purchase instantly with ACH. However, it doesn't apply to all customers today. They will send out an email when your account is eligible.

    https://blog.coinbase.com/announcing...e-c29d8a94e152

    BTP
    Week 6
    4-1-0 412 pts

    BTP
    Week 4
    4-1-0 350 pts


  2. #2
    themike78
    themike78's Avatar Become A Pro!
    Join Date: 07-01-13
    Posts: 2,174
    Betpoints: 5997

    Great I hope people take advantage of this and fuk them over. Circle used to do this you could get the coins instantly even if there was no money in your checking account. They didn't debit your account until 5 days later. It was the best. But I think I lot of people screwed them over. I hope this fuks up coinbase and everybody fuks them over. They are the worst company ever.

  3. #3
    wquine
    Bet2BLucky
    wquine's Avatar SBR PRO
    Join Date: 09-30-09
    Posts: 949
    Betpoints: 1824

    Hey themike, new to this whole crypto world but just got a CB account so was interested in why they are bad...

    BTP
    Week 6
    4-1-0 401 pts

    BTP
    Week 4
    5-0-0 544 pts


  4. #4
    MeanPeopleSuck
    MeanPeopleSuck's Avatar Become A Pro!
    Join Date: 04-29-17
    Posts: 703
    Betpoints: 505

    Quote Originally Posted by wquine View Post
    Hey themike, new to this whole crypto world but just got a CB account so was interested in why they are bad...
    Heh, I like Mike's passion and I agree with him that Coinbase is to be avoided like the plague. Why? Well, they've had some software crashes, like the infamous "Flash Crash" that cost a lot of people a lot of money, although they've since been made partially whole: https://news.bitcoin.com/coinbase-un...m-flash-crash/

    But the main reason to avoid CB is they're the direct defendants in an IRS lawsuit to get their clients' trading records. Don't let the limited initial scope ('13 - '15 only, accts w/ $20k+ of activity) lull you into a false sense of security. After the IRS wins that case -- and in my professional opinion, they will -- they're going to discover MASSIVE tax fraud. With those results in hand, it'll be a very easy thing for any ambitious AUSA to nip down to the nearest federal court and say, "Wow, hardly anybody in the large accounts at CB paid taxes on their crypto profits; we're definitely going to need the rest of those records," and, bang, you're hosed.

    Besides, there's plenty of excellent alternatives to CB who AREN'T being sued by the IRS. Why not try one of them? https://www.sportsbookreview.com/for...l#post27272495

  5. #5
    themike78
    themike78's Avatar Become A Pro!
    Join Date: 07-01-13
    Posts: 2,174
    Betpoints: 5997

    Quote Originally Posted by wquine View Post
    Hey themike, new to this whole crypto world but just got a CB account so was interested in why they are bad...
    I've mentioned already in several other threads. My problem with them is their complete lack of customer service. I signed up with them when they first came out and used them all the time. About a year and a half ago I changed phones and got a new number. Since then I have been unable to log into my account which has bitcoin in it. Their system will not let me change my phone number in order to log in. I have tried everything. I have emailed customer service numerous times and when they reply which is 2 months later it's an automated response on how to change phone numbers. It does not fukin work. I can't even log into my own account now because of a stupid phone change. For a company that makes as much money as them to not have customer support to assist me that is pathetic in my mind.

  6. #6
    scavsiu8
    scavsiu8's Avatar Become A Pro!
    Join Date: 02-02-06
    Posts: 76
    Betpoints: 96

    does anyone actually have this feature? I don't see this ever happening with Coinbase.

  7. #7
    Optional
    Optional's Avatar Moderator
    Join Date: 06-10-10
    Posts: 35,507
    Betpoints: 4923

    Quote Originally Posted by scavsiu8 View Post
    does anyone actually have this feature? I don't see this ever happening with Coinbase.
    Yes please. Anyone who received an email saying they have this feature please let us know.

    BTP
    Week 4
    4-0-1 453 pts

    SBR
    Forum
    Mod
    Squad

    $20
    Angelman
    donation 02/15/2018

    SBR Bash
    Punta Cana
    Attendee 2/4/2017


  8. #8
    mrpapageorgio
    mrpapageorgio's Avatar SBR PRO
    Join Date: 09-07-17
    Posts: 1,558
    Betpoints: 12

    Quote Originally Posted by Optional View Post
    Yes please. Anyone who received an email saying they have this feature please let us know.
    I got an email yesterday, but it was only that they upped my credit card purchase limit to $1250/week, so maybe soon.

    BTP
    Week 6
    4-1-0 412 pts

    BTP
    Week 4
    4-1-0 350 pts


  9. #9
    RocketMan$$$
    RocketMan$$$'s Avatar Become A Pro!
    Join Date: 09-11-17
    Posts: 102
    Betpoints: 66

    CC and debit cards are instant?

  10. #10
    mrpapageorgio
    mrpapageorgio's Avatar SBR PRO
    Join Date: 09-07-17
    Posts: 1,558
    Betpoints: 12

    Quote Originally Posted by RocketMan$$$ View Post
    CC and debit cards are instant?
    Yes, but it's 4% either way (debit or credit), plus foreign transaction fees if your card issuer levies one (I heard they charge using a processor from the UK, but haven't tried).

    BTP
    Week 6
    4-1-0 412 pts

    BTP
    Week 4
    4-1-0 350 pts


  11. #11
    DwightShrute
    I don't believe you ... please continue
    DwightShrute's Avatar Become A Pro!
    Join Date: 01-17-09
    Posts: 47,686
    Betpoints: 1704

    https://news.bitcoin.com/coinbase-us...ryptocurrency/

    San Francisco-based company Coinbase just announced they will allow customers to buy bitcoin, ethereum, and litecoin instantly with bank accounts. Each customer can buy up to $25,000 with this service. Previously, people could only conduct instant purchases with debit cards. This service requires users to provide their account numbers and routing numbers. However, the service is currently only live for some people in the US.
    Last edited by DwightShrute; 10-22-17 at 07:51 PM.

  12. #12
    DwightShrute
    I don't believe you ... please continue
    DwightShrute's Avatar Become A Pro!
    Join Date: 01-17-09
    Posts: 47,686
    Betpoints: 1704

    does anyone know what the fees will be for instant bank account deposits?

  13. #13
    mrpapageorgio
    mrpapageorgio's Avatar SBR PRO
    Join Date: 09-07-17
    Posts: 1,558
    Betpoints: 12

    Quote Originally Posted by DwightShrute View Post
    does anyone know what the fees will be for instant bank account deposits?
    1.5% for purchases using a bank account. No word though if you can deposit instantly into the USD wallet (I sent an email yesterday asking this question, so will post when I get a response).

    BTP
    Week 6
    4-1-0 412 pts

    BTP
    Week 4
    4-1-0 350 pts


  14. #14
    DwightShrute
    I don't believe you ... please continue
    DwightShrute's Avatar Become A Pro!
    Join Date: 01-17-09
    Posts: 47,686
    Betpoints: 1704

    Quote Originally Posted by mrpapageorgio View Post
    1.5% for purchases using a bank account. No word though if you can deposit instantly into the USD wallet (I sent an email yesterday asking this question, so will post when I get a response).
    great thanks. I was hoping it will still be 1.5% for the new instant bank account deposit feature for selected clients but wasn't sure if that new option came with a bigger fee.

Top