Been waiting 8 days for this transfer out of #Coinbase, is this typical?
Discussion
I don’t know if it’s typical but it underscores the belief that everyone should get the fuck out of there.
No.
Paper bitcoin.
Suppressing price.
I hope they get nuked for this.
Wow.... I'm having problems with swan bitcoin too. My issue is a little more complex but the result is the same.... I can't move the corn off the exchange!
If it's money from a debit card/checking acct yes. Tradfi transactions are reversible up to 10 days. CB wants to know the money they have is final and settled. It's them being extra cautious.
There are better ways to do it. Strike has it down.
Sadly yes, they will take time to actually settle funds between banks. Stack some more so you have a bigger utxo to save on future fees
I work with kraken
You should try to convert with kraken and if you buy a few fixedfloat is better way
Go to Strike, no shenanigans, transfers within 24 hours. Never had an issue in years.
Make sure you download your transaction file from coinbase once you’re completely done. The tax reporting might get convoluted. Best practice is to stick to one exchange. I know from experience.
JFC get the heck out of Coinbase and other similar exchanges ASAP
It was the last time I used them. For $100 you definitely should try Strike. Even with their recent changes I've never waited more than a day (and I select that 'slow' to avoid a fee to send). If you're buying anything more I'd go with Swan, No fee on your next $10k purchase and no fee to send. If you still want to do DCA or make small purchases over time, no reason you can't do that with Swan too of course...
Most KYC exchanges have a delay, which is a risk. You can add $s to a service like Strike and use a noKYC P2P exchange like Robosats for instant settlement over lightning and then loop out for on chain sats.
ACH (automated clearing house) payments (ie. direct draft from a checking account) can take up to 30 days to clear(…that is the funds can be clawed back from the merchant). So it is not unusual for a merchant (esp a merchant that is not familiar with you) to hold the asset until final clearance of the payment (precious metals vendors also do this).
Having said that, Coinbase is imho likely involved in selling BTC they don’t own (fractional reserve/paper BTC) and price manipulation of said asset. Also imho they are one of real btc’s biggest enemies…so I personally wouldn’t transact with them.
I have used Swan and River financial and settled on River. They are BTC only and very dependable. I’ve never had a hiccup purchasing (DCA or smash buys) and never had a hiccup transferring. I buy often enuf that my window to transfer has narrowed to a few days after purchase with ACH but in the beginning it was ~20 days, if I remember correctly.
Fun fact: one of the final pieces to entering the BTC rabbit hole for me was when I noticed while purchasing precious metals that my vendor displayed the following at check out:
All purchases with credit card and ACH payments will ship in 30 days, with wire transfers will ship in 3 days and with BTC will ship within 24 hours.
…Talk about a great advertisement for BTC😂🌅
I concur. Coinbase tried to report on me. They get what's coming to them...
You would be better off with bisq
Like others have said, use Strike.
Use nostr:npub1cashappn03s3cl2ljsdntv0v28e2um5lgx4vjctqjt23pcwzjhsqmtdg5l over Coinbase.
Haven't used Coinbase in ages. But it seems quite abnormal to me.
For Coinbase? I don't know.
For a Bitcoin only exchange, it's a suspiciously long time to wait.
For any exchange, the fiat side of the exchange has the most risk. Bitcoin doesn't have charge backs, once the transaction has confirmed, it's settled. I can understand why some exchanges delay withdraws for new customers.
It looks like you are trying to send to a Lightning address, but Coinbase is trying to send it to an e-mail address instead. Maybe try with a Lightning invoice instead.
For Coinbase, yes. For Bitcoin-only companies, no.
Doc look into UTXO management best practices
Stay away from Coinbase. You can go to Reddit and search the site you will see a ton of complaints. Kraken is a much better exchange in my opinion. Bitstamp is also good.
You’ll never have this issue with River! Scambase is the worst.
What a pleasure to find you here on nostr Dr.Berry!
Have been following you on YouTube for a while and I didn't expect you to be a bitcoiner as well!
Glad to see you again and using Nostr and Bitcoin. Some folks actually answered your question. Is the lag typical? My answer is No. It is however not rare. Coinbase once stated thay you could move assets after 7 days in their custody. That seems to be less than accurate. They seem to not be overly concerned with the emotional toll on people and relatively small transaction amounts.
Coinbase is a great starter exchange and they have learning tools that work well. I use them to teach new folks the basics because the screens are stable and I can talk someone through a transaction over the phone while they are logged in. Once you learn the how of transacting and transferring Bitcoin, I would suggest usung a different exchange. The bottom line is that your assets are safe, just not yet under your full control.
Again, good to chat with you. Hope to see you at TSP2024.