Bitcoin- Bank Transfer- Coinbase

**big joe 1212** · 09-10-18, 09:28 PM

Yes, it could go up or down while you are waiting.

You could pay pay a little more fee to have it available instantly by using your debit card instead

**Optional** · 09-10-18, 09:39 PM

Originally posted by mfins

So I bought bitcoin with the intention of transferring it to 5dimes. It was bought on coinbase and the transfer from my bank account began on 09/02 however the money was not available until today 09/10. During this time bitcoin has lost about 15% of its value. I would think since my bitcoin was not available in my coinbase wallet until today this decrease would not effect me. However, when it was available today I am down approx 15% from when I initially started the transfer. Is this normal? This seems unfair. Every time I transfer money from my bank acct to coinbase am I going to be subjected for approx 5-7 business days until the money is available to the volatility of bit coin even though I do not have have access to my funds and it does not even show in my account?
Any help with an explanation is appreciated

You have the choice to lock in your exchange rate and order Bitcoin before funding your account.

Or you can just fund your account and then order bitcoin once the money is available to spend.

It sounds like you chose the first option by mistake this time.

I believe wires are credited much quicker than ACH. Usually next day. But you will pay a fee to your bank to send that way. Probably only $15-$20 though.

**JoeCool20** · 09-10-18, 09:57 PM

I don't know how you did it, but yes there is a wait on the first one while they verify your bank account.

**unlearn** · 09-11-18, 12:47 AM

Are you in the US? If so, does your state support Gemini? With Gemini, you can fund your account and then purchase BTC (before, or after the ACH clears if you are worried about volatility) and the fees are substantially less than Coinbase (1% I believe). You cannot transfer from the exchange until after the ACH clears though which is 4-5 business days

**mrpapageorgio** · 09-11-18, 12:53 AM

Sounds like you bought the Bitcoin price at the current exchange rate at the time you bought. As mentioned by others, there's also an option to ACH money into your Coinbase account, then when it shows up, buy the Bitcoin and withdraw instantly. Unfortunately, you were caught on the wrong end as there's been times people make money while waiting for the transaction to clear.

If you're in the US, you can also you Cash App which is instant using a debit card at about the same price. You can't start making withdrawals until you go through verification which takes 24-48 hours, so I would get verified on there before buying Bitcoin to withdraw.

**Yjacket22``** · 09-11-18, 03:06 AM

That same thing has happened to me at Coinbase. But, I've had it go up in value a few times also. I'm now hooked up at Gemeni and I like them better. I only started using bitcoin regularly after the miner's fees went down to where they are now. Before it was just too expensive.

**Shifty** · 09-11-18, 09:19 AM

Originally posted by unlearn

Are you in the US? If so, does your state support Gemini? With Gemini, you can fund your account and then purchase BTC (before, or after the ACH clears if you are worried about volatility) and the fees are substantially less than Coinbase (1% I believe). You cannot transfer from the exchange until after the ACH clears though which is 4-5 business days

The Coinbase Pro platform charges much less than Gemini's 1% fee...but Coinbase Pro sucks with their low limits and long ACH transfer times. Typically takes a week for me to ACH USD to my account.

**Optional** · 09-11-18, 09:25 AM

Originally posted by Shifty

The Coinbase Pro platform charges much less than Gemini's 1% fee...but Coinbase Pro sucks with their low limits and long ACH transfer times. Typically takes a week for me to ACH USD to my account.

Is Coinbase Pro the same thing we used to call GDAX?

**mrpapageorgio** · 09-11-18, 11:38 AM

Originally posted by Optional

Is Coinbase Pro the same thing we used to call GDAX?

Yes, they redid the software and re-branded it early in the summer.

**chico2663** · 09-11-18, 12:30 PM

sounds like you bought bitcoin from your bank account on coinbase. If you do that they give you the price but wait a week til money is actually in your account. Sadly they take from your bank in about 3 days. Next time fund with a credit card . Then transfer from coin base to your book should be less than hr. That is the way i have done it and not had problem. I have been blessed where i transfer to heritage and bit coin goes up.

**mfins** · 09-11-18, 04:56 PM

Thanks for the advice and feedback. Yes learned a lesson doing it this way. In the future I will use a credit card to fund.

**shocka1212** · 09-12-18, 06:59 PM

Originally posted by mfins

Thanks for the advice and feedback. Yes learned a lesson doing it this way. In the future I will use a credit card to fund.

be careful.....

**mfins** · 09-16-18, 09:36 PM

I meant a credit card to fund my bitcoin account...

On a side note I was at a bar and saw one of those bitcoin machine/atm in the corner. Decided to try it and sent some money into my 5 dimes account. Entered cash into the machine was very convenient and hit my 5 dimes account in less than 10 minutes. The downside was the exchange rate was awful. It took 15%..