Coinbase question

[Ant23]

1st ever bitcoin payout and was told that the "pending" transaction from blockchain to coinbase would only take 45 minutes to 1 hour. It's been 3 hours and transaction still says "pending" in coinbase. Is this normal time frame because the "bitcoin expert" that walked me thru step by step said it would show as being "received" and not "pending" in an hour or less. The transaction is for $900+
Any info on normal time frame would help......thanks in advance. This is why I enjoyed getting the check via courier....although longer wait times there was less "headache" in my opinion. Hopefully in the future things will be smoother.

[danshan11]

what fee did you pay to send it? i assume if you used Blockchain you probably just chose the normal fee option and you can see here that is about 2 blocks, you need to go to blockchain and see how many confirmations your transaction has and if it has more than 6, you could probably email CB and get them to check on it. I am not anymore but long time ago CB would require 6 confirmations to make coins available but not sure today! but check if it has 6 confirmations and if does contact CB if it does not, look at the fee you paid and compare that to this page and see ETA of confirmation

https://bitcoinfees.earn.com/

[Ant23]

Thanks...i paid "regular" fee per the bitcoin experts instructions. Figured the 1st time would be some sort of issue

[Optional]

Thanks...i paid "regular" fee per the bitcoin experts instructions. Figured the 1st time would be some sort of issue

There is a link next to the transaction in your blockchain wallet (a little arrow pointing upward) that will tell you if it has had any confirmations as yet.

If it has, then the delay is Coinbase not approving the funds into your account there yet.

[Ant23]

Optional...thanks buddy. I just went to blockchain and clicked the arrow and it says 4 confirmations. With me being a VIRGIN to the bitcoin payment options I was concerned b/c the "expert" who walked me thru the process step by step told me less than 1 hour and call back and she will help me with getting it from coinbase to my bank acct. I did already link the bank acct so that should save some time!!

[Optional]

Optional...thanks buddy. I just went to blockchain and clicked the arrow and it says 4 confirmations. With me being a VIRGIN to the bitcoin payment options I was concerned b/c the "expert" who walked me thru the process step by step told me less than 1 hour and call back and she will help me with getting it from coinbase to my bank acct. I did already link the bank acct so that should save some time!!

You're all good then.

Maybe Coinbase has extra protocols first time you send to your wallet there. Or are low on staff with Easter.

But if you see it's been confirmed it would normally show up in your Coinbase account very soon afterward without this much delay.

[pattymayo]

I sent funds twice last week from Blockchain to Coinbase, both took around 6 hours to appear in Coinbase. I don't think it has anything to do with it being your first time, it's something on Coinbase's end.

[Ant23]

Checked it again and funds were "received" in coinbase. The "expert" helped with steps to transfer to USD & to bank. The statement said the funds would be available by Thursday......is this the normal wait time for banks to post funds? It's the same amount of time for a check to clear.

[Pinoy-T-X]

This is why I enjoyed getting the check via courier....although longer wait times there was less "headache" in my opinion. Hopefully in the future things will be smoother.

What made you switch from courier to btc?

[pattymayo]

Checked it again and funds were "received" in coinbase. The "expert" helped with steps to transfer to USD & to bank. The statement said the funds would be available by Thursday......is this the normal wait time for banks to post funds? It's the same amount of time for a check to clear.

You can also send from Coinbase to PayPal, and then PayPal to your bank. I’ve found that a bit quicker. PayPal also will send your funds instantly to a debit card for a small fee

[mrpapageorgio]

Coinbase requires 6 confirmation (which IMO is insane for anything under 1 Bitcoin).

[2ndchance]

I wanna buy bitcoin 1000 worth of bitcoin what is the easiest way be a first time buyer tried cash app for 10 bucks to see how it works but I can’t send it to my bit pay wallet widtdrawl option not working plus takes to long to get verified. So what the best way to buy bitcoin through a exchange are something not local bitcoins are bitquick either. That first time uses get there bitcoin right away so I can put it into my wallet be a newbie don’t mind about giving bank information. Please help!!!

[Ant23]

Pinoy-T-X the main reason was the 2-3 week waiting for a tracking # for the check. After that the bank tends to take 2-3 business days before $$$ is available. Also the $100 flat rate regardless of the amount of the check. Trust me it was a long time debating the pros/cons of bitcoin because I'm an old guy who isn't very hip to all this new technology!! Depending on the book they will walk you thru the process which only becomes easier with use. So my $900 check I requested with $100 fee turned out to be a $1000 Bitcoin payout with no fee and $100 bonus for switching from check to bitcoin......too many positives to do it any other way!! I only regret paying that $100 check fee so many times in the past.
Let's not forget I WAS with Caribsports who max payout is $450 with a $55 fee via p2p. To top it off I was blacklisted from both companies that do p2p so I had friends and neighbors who helped me cash out but I had to give them $$ for the time or else it was ZERO options for me with Caribsports....that's why I left and haven't looked back since I'm playing with an A+ rated book recommended by SBR.

[Optional]

Pinoy-T-X the main reason was the 2-3 week waiting for a tracking # for the check. After that the bank tends to take 2-3 business days before $$$ is available. Also the $100 flat rate regardless of the amount of the check. Trust me it was a long time debating the pros/cons of bitcoin because I'm an old guy who isn't very hip to all this new technology!! Depending on the book they will walk you thru the process which only becomes easier with use. So my $900 check I requested with $100 fee turned out to be a $1000 Bitcoin payout with no fee and $100 bonus for switching from check to bitcoin......too many positives to do it any other way!! I only regret paying that $100 check fee so many times in the past.
Let's not forget I WAS with Caribsports who max payout is $450 with a $55 fee via p2p. To top it off I was blacklisted from both companies that do p2p so I had friends and neighbors who helped me cash out but I had to give them $$ for the time or else it was ZERO options for me with Caribsports....that's why I left and haven't looked back since I'm playing with an A+ rated book recommended by SBR.

After a few transfers your fears will dissipate.

We don't need to understand as much about it as we might imagine we do before starting.

It's not as simple as if we could just use paypal for funding, but it's not far behind that as far as simplicity of usage once used to it.

[eaglesfan371]

Bitcoin transactions are "confirmed" by blocks.

These blocks are found by supercomputers that on average find a block once every 10 minutes. However, sometimes there are blocks found within minutes and rarely, sometimes hours between. Every week on Tuesday I believe, the rarity of finding a block is changed to meet the current computing demand to equal an average of 10 minutes to find a block.

For bitcoin to be able to sell you will need 3-6 confirmations on most sites. Usually this takes 1-2 hours at most. Good news for you is that bitcoin prices have been increasing. So that extra delay likely resulted in a few extra dollars if you decided to sell your bitcoin today.

[Pinoy-T-X]

@ant23- you got blacklisted for collecting $450 p2p - wow that blows!

[Ant23]

Optiinal.....okay This is GOOD news & bad news. The GOOD news is that in less than 24 hours from time I sent funds to my bank the $$ was in my account even after being told it would be Thursday!! The bad news is for someone who loves to bet on baseball in particular I may end up broke. The quick turnaround is enticing to someone like me who was getting killed with all the fees and now with little/No fees I will be betting a lot more!!

[Optional]

Optiinal.....okay This is GOOD news & bad news. The GOOD news is that in less than 24 hours from time I sent funds to my bank the $$ was in my account even after being told it would be Thursday!! The bad news is for someone who loves to bet on baseball in particular I may end up broke. The quick turnaround is enticing to someone like me who was getting killed with all the fees and now with little/No fees I will be betting a lot more!!

Maybe to make it worse, but one tip if you are in a hurry to deposit. Spend the bank fee to deposit by wire instead of ACH. It gets credited same day or overnight, as opposed to 5 days to clear an ACH deposit so you can send it out of Coinbase.

Good luck

[Ant23]

Pinoy-T-X...I got blacklisted for using p2p too many times over couple of years. I am blacklisted from both major p2p options. Can anyone tell me if bitcoin payouts are available on weekends? Thanks in advance!

[eaglesfan371]

Maybe to make it worse, but one tip if you are in a hurry to deposit. Spend the bank fee to deposit by wire instead of ACH. It gets credited same day or overnight, as opposed to 5 days to clear an ACH deposit so you can send it out of Coinbase.

Good luck

Try to keep your bitcoin purchase/sales methods similar. For example if you buy bitcoin with ACH or wire, sell that way. If you deposit with CC or cash deposit on Localbitcoin / bitquick, then sell for cash deposit...that way if IRS comes after you for all these cash deposits to your bank OR all these coinbase/gemini deposits, you can show your cost basis.

That of course is if you are audited. If you are W2 no schedule C or other high risk audit factors, you have little to worry about.