Crypto Currency Thread

[Robmarriott]

Can someone give me some ‘withdrawing money from Coinbase for dummies’ help please?

I can’t get my head round it, it’s obviously designed to be complicated but I’d quite like to get my cash out.

[budgie smuggler]

Robmarriott said:

Can someone give me some ‘withdrawing money from Coinbase for dummies’ help please?

I can’t get my head round it, it’s obviously designed to be complicated but I’d quite like to get my cash out.

Where are you stuck? You use the Sell option, deposit the GBP or EUR in the relevant account (on coinbase). Then on the Account screen you select that (GBP or EUR) account and click Withdraw.

Couldn't really be simpler, it only gets more complicated when you try and sidestep the fees.

[Robmarriott]

Verifying the account is a stumbling block, I think it might be because I’m with Lloyds.

It’s asking for a small SEPA payment as verification but whatever I do it tells me the amount I’m sending is too small for a SEPA transaction.

[CzechItOut]

Have you sold your coins already? If so, are they in GBP or EUR?

[Robmarriott]

Yep and they’re in EUR

[anonymous-user]

Robmarriott said:

Can someone give me some ‘withdrawing money from Coinbase for dummies’ help please?

I can’t get my head round it, it’s obviously designed to be complicated but I’d quite like to get my cash out.

Absolutely, I was stunned when i realised how difficult it is.

I personally opened an account with localbitcoins and transfered my bitcoin there.

Once they are in an escrow wallet on localbitcoins you can contact a buyer. I went from making an initial enquiry just to see how it worked to having the cash in my bank less than a minute later.

[CzechItOut]

This is how I achieved it using Revolut. Start by signing up to Revolut and linking your bank account to your Revolut account. Transfer £100 to Revolut, convert it to Euros (you can convert up to £5,000 a month fee free) and then do a SEPA to Coinbase.

Once Coinbase has verified this (takes a few days), you can then SEPA your Euros from your Coinbase account to Revolut (another few days).

Convert the Euros to GBP and then you can transfer from Revolut to your Lloyds account.

A bit of a faff, but much easier (and cheaper) than trying to link your Lloyds account to Coinbase.

[JustinF]

coinbase app was denying me until i went to the desktop site and set up a GBP account, then it was simple.

[DonkeyApple]

Guvernator said:

All my holdings are nicely back in the green and I really have no idea why. A friend whose been into crypto for a while says you get a big dip every financial year end but I just can't fathom why that should be.

Should have listened to him and bought some more.

That’s a very weird thing for him to claim. Who’s financial year end as he obviously can’t mean the U.K. tax payer.

[DonkeyApple]

Thesprucegoose said:

One thing I noticed is btc market share keeps dropping monthly.

Wouldn’t you expect this as a basic function of more coin types becoming available and their rapid liquidity growth?

[DonkeyApple]

CzechItOut said:

If institutions ever enter the market, will they be buying to hold like the rest of us or will they be looking to exploit the many inefficiencies in the market?

For example, the prices on the various exchanges vary significantly. Couple this with currency differences means substantial opportunities for arbitrage. Similarly, an exchange backed by a major investment bank could easily corner the market.

These are the kind of opportunities that institutional money will be looking for.

Liquidity will remain the inhibitor for some time yet. The liquidity of the whole market is too tight to allow a suitable exit strategy to be signed off for any significant investment from the ‘market’ as a whole.

[Guvernator]

DonkeyApple said:

That’s a very weird thing for him to claim. Who’s financial year end as he obviously can’t mean the U.K. tax payer.

I think that is what he meant. Made zero sense to me but apparently it happens every year right around March\April.

[DonkeyApple]

Robmarriott said:

Can someone give me some ‘withdrawing money from Coinbase for dummies’ help please?

I can’t get my head round it, it’s obviously designed to be complicated but I’d quite like to get my cash out.

I don’t think the likes of coinbase want it to be difficult but it’s complex due to regulatory requirements and cross border implications etc.

If you look at coinbase’s documentation on what their interpretation is of AML and KYC you can see that it is very significantly out of step with the FCA guidelines under which U.K. banks must interpret and operate. It is very likely that a U.K. bank simply couldn’t tick the boxes that they know clearly the source of the funds so cannot accept them. Each bank interprets the guidelines slightly differently so you will probably find variances.

But in short, when you set up a coinbase account are you supplying them with the same ID docs that a U.K. institution requests and is coinbase then just storing what you supply or actually verifying it as required in the U.K. Or put it another way, could I very easily game coinbase’s ID system and launder money immensely easily?

[DonkeyApple]

Guvernator said:

DonkeyApple said:

That’s a very weird thing for him to claim. Who’s financial year end as he obviously can’t mean the U.K. tax payer.

I think that is what he meant. Made zero sense to me but apparently it happens every year right around March\April.

There’s a very good reason as to why it made zero sense to you.

[Behemoth]

DonkeyApple said:

Guvernator said:

DonkeyApple said:

That’s a very weird thing for him to claim. Who’s financial year end as he obviously can’t mean the U.K. tax payer.

I think that is what he meant. Made zero sense to me but apparently it happens every year right around March\April.

There’s a very good reason as to why it made zero sense to you.

This narrative concerns the US financial tax year & CG obligations. Filing & payment deadline date is mid April. English language discussion of external crypto variables is dominated by the US perspective. I'm sure the Japanese, Russian, Chinese etc have similar narratives we rarely hear. Whether they are meaningful is another matter.

[Guvernator]

Behemoth said:

This narrative concerns the US financial tax year & CG obligations. Filing & payment deadline date is mid April. English language discussion of external crypto variables is dominated by the US perspective. I'm sure the Japanese, Russian, Chinese etc have similar narratives we rarely hear. Whether they are meaningful is another matter.

Hmm that makes a bit more sense if the payment deadlines are in April so perhaps he was getting his wires crossed.

[Robmarriott]

CzechItOut said:

This is how I achieved it using Revolut. Start by signing up to Revolut and linking your bank account to your Revolut account. Transfer £100 to Revolut, convert it to Euros (you can convert up to £5,000 a month fee free) and then do a SEPA to Coinbase.

Once Coinbase has verified this (takes a few days), you can then SEPA your Euros from your Coinbase account to Revolut (another few days).

Convert the Euros to GBP and then you can transfer from Revolut to your Lloyds account.

A bit of a faff, but much easier (and cheaper) than trying to link your Lloyds account to Coinbase.

I’ve done this and it’s worked! Thanks

[NickCQ]

DonkeyApple said:

I don’t think the likes of coinbase want it to be difficult but it’s complex due to regulatory requirements and cross border implications etc.

I wouldn't be so sure about that. With the massive price increases in the last 6 months I would be surprised if there is enough hard currency in the system to satisfy everyone's claims without tanking the market price.

Given how thin trading in most cryptos is, coinbase need the ability to put a gate on redemptions. Note how they have gone down for maintenance in the past just when prices have started to dip and the users have tried to get their money out.

[DonkeyApple]

NickCQ said:

DonkeyApple said:

I don’t think the likes of coinbase want it to be difficult but it’s complex due to regulatory requirements and cross border implications etc.

I wouldn't be so sure about that. With the massive price increases in the last 6 months I would be surprised if there is enough hard currency in the system to satisfy everyone's claims without tanking the market price.

Given how thin trading in most cryptos is, coinbase need the ability to put a gate on redemptions. Note how they have gone down for maintenance in the past just when prices have started to dip and the users have tried to get their money out.

You would expect them to not need to do that if they were simply acting as broker. It’s a common trick for unregulated bookmakers as the client doesn’t have a physical position?

I guess they have a big lag as to when their client funds arrive with them after a sale of a coin so maybe that is their risk and if a lot of sells go through they won’t want to pay out real money until it clears in on the other side but wouldn’t they run a T+x settlement model for clarity?

Edited by DonkeyApple on Thursday 3rd May 20:12

[syko89]

Binance have added XRP/USDT pairing, might be seeing a pump this morning.