T Nation

Bitcoin/Coinbase Rant


#1

I don’t know how many of you have made a purchase with Bitcoin but I have and its volatility is ridiculous!

I wanted to order some cabergoline and was having a hard time finding it online. I was able to finally find it from a European supplier that sells pharmacy grade drugs from Europe. The seller offered a discount if the buyer would use Bitcoin for the purchase.

I decided to try and went through the process of setting up an account with Coinbase. My initial purchase was made on Dec 19, 2017 at a rate of $18,657/Bitcoin. I made my purchase and it went thru fine with no issues. Received the product in 21 business days just like advertised. After my purchase, I had some money left over, about $30 worth at the time of my purchase.
Today (Feb 9, 2018) my $30 bucks is now worth about $16. The current rate for Bitcoin is $8690/BTC . That’s a reduction of 69.5% in about 40 days!!

I’m writing this as a warning to my fellow board members that if you intend to purchase something using BTC, you could end up losing money. Also, (in my experience) Coinbase is not really set up to make withdrawals from.


#2

#3

Coinbase is absolutely set up to make withdrawals from…they hit you with a fee for the transaction though and that is potentially painful depending on the amount of money you’re trying to move. I agree with you that the volatility over the past month or two has been a killer though.


#4

Set up a GDAX account (also through Coinbase)…you can set up limit orders for purchases as well as sells.


#5

The site you purchase your vitamins from probably accepts ethereum. Use that instead. Faster transaction time and much cheaper transfer fees.


#6

I guess I’m just not seeing where. There is a place for USD wallet but I still don’t know how I’m supposed to get that somewhere I can get access to it


#7

(sorry for the capslock)
Click on the Buy/Sell iconClick on the Sell tabSelect the currency wallet you want to sell from the drop down (e.g. Bitcoin wallet , Bitcoin Cash wallet, Ethereum Wallet, or Litecoin Wallet.Select where you want the sale to go from the Deposit To drop down (e.g U.S. dollar wallet or any bank you have already set up in Coinbase)Click Sell
If you are saying you don’t see a financial institution as an option and only see your U.S. dollar wallet then I have to assume you never linked your bank to your coinbase account. In that case I would recommend doing that (if you plan on using cryptocurrencies in the future).


#8

No I never linked my acct. Thank you for the info.