How to handle your Cryptocurrency - Extracting funds from a Coinbase Wallet

in #bitcoin4 years ago

Being on Steemit is all about CryptoCurrency - and it is an exciting time to be involved with Bitcoin value riding so high and other crypto's on the climb. At some point you need to choose a Cryptocurrency wallet to store your currency in - but choosing the right one can be a minefield. So today I am sharing my experience - take from it what you can - I'm not saying this is how to handle your virtual currency - but more guiding on how to return it to real physical cash.

From my previous posts you will be aware I started out in Bitcoin mining with Asics - these specialised machines work day in and out to mine bitcoin - my little bundle works together to mine at 4th's - but the pools my miners work for require an address to send the proceeds of my work to. When I looked into the options there are a wide range of digital wallets for your cryptocurrency - wallet apps for your computer - or web site based apps. When I looked around Coinbase seemed to be getting the best reviews, and it appealed to me that it featured two factor authentication to make access to it even more secure.

coinbase.png

Using the wallet is relatively straight forward, you can create receive address codes and use them to have your relevant cryptocurrency sent into you wallet. That all worked perfectly, I received Bitcoin and it stored it. But with the recent massive increase in Bitcoin value I decided to convert some Bitcoin back into GBP and send it back into my bank account.

This is where the problems started, my bank could not be used as a withdraw method on Coinbase. I started to do it a bit of googling and discovered that I missed masses of forum threads stating the Coinbase was a terrible wallet - massive fees and zero customer support response. Also it seemed a common issue that nobody could find an easy way to transfer Euro or GBP from Coinbase to a bank account. You can of course transfer your cryptocurrency to another crypto address with no problem - but getting real currency back into a physical bank seemed to a problem for many people.

Fortunately I managed to dig one solution up from a forum, it was a bit cryptic though just saying use Revolut app as a bridge to move the funds out of Coinbase to the app, then from the app to your bank.

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This seemed like a solution, so I downloaded the app which is only available on smartphones. When you set it up, it requires a transaction to be pulled into the app from a credit card to verify the app. This can be a tiny amount, but to verify Revolut with Coinbase we will have to send them some funds - so it's worth adding a decent amount so we can send it on. And of course you will be able to transfer back to your bank later.

An important thing to consider is Coinbase requires the verification money sent in Euros - I had created a GBP account, but to send Euro funds you also need a Euro account.

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Press more, then the profile top right.

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You will see an accounts option, click that and you can add the required Euro .

From this point it becomes easier, on Coinbase select to add a bank, it will give you the details to input.

In Revolut press payments, Bank Transfer, Add new beneficiary and follow the steps to then add in the Coinbase details.

Now you can transfer some funds to Coinbase to verify, make sure when you transfer the funds you include the required code given by Coinbase.

It took a few days for the transfer to complete.

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Once that is done you can then transfer your funds from Coinbase to Revolut, and then by adding your bank account into Revolut out of Revolut and into your bank.

Hopefully this will help someone else who might end up in the same situation as I was for removing funds from Coinbase - I still like the security side of Coinbase but if anyone can suggest better online wallets I am open to suggestions.

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This post has received gratitude of 1.00 % from @jout

You got a 0.35% upvote from @postpromoter courtesy of @jout!

Hi my friend, I mentioned you in a comment and nominated you to participate in the Seven Day Black and White Challenge

Super thank you, I just took a look - you did really well with the photo in that post - looks amazing!

Yeah Coinbase is great for us here. I never have a problem yet.

I certainly like the security it has, and getting funds in was really simple. Also I did find the users in the US were not having the same issues about getting funds back out - so it seems to be limited to European users.

Resteemed upvoted
I still having problems to despoit and withdraw funds for crypto purchase in SGD. Local bank ban all accounts related to cryptocurrency.

Thanks for commenting and sharing Larry, sounds like you have a hard time handling your cryptocurrency. Fortunately I just hand a funds transfer incompatibility, this Revolut app actually seems quite useful for sharing money with contacts as well.

Really i avail by your posts thank [email protected] 😊

This is an excellent post @c0ff33a! It is very nice of you sharing this information so people will know how to manage their accounts. Thank you very much!

Thank you for always taking the time to look at my posts and leave a comment :-)

meaningful post You are always share great posts thank you @c0ff33a

I'm not completely comfortable connecting my bank account to Coinbase. I feel like all of the media coverage may draw the attention of hacker. I'm just to hodl!

good post bro ! I always follow your publications because they are wonderful @c0ff33a

The subject of a lot of benefit
very good thanks.

Your analysts is too good. I like and enjoy to read your every post. Resteem done.

This is very helpful. I've been wondering what the best way to get my BTC / ETH back into canadian dollars, since Coinbase doesn't seem to offer that service just yet. I'll look into Revolut shortly here -- but do you know offhand if it supports canadian banks? Thanks again! Good post!

Sorry I have no idea what Revolut supports, but it seems a very handy service - definitely worth trying out if you get stuck just try googling the issue and it may bring up some answers. Thanks for taking a look at my post and commenting, I really appreciate it :-)

Thank you for sharing my dear friend

Thanks for always taking a look at my post and commenting.

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Great post thank youuu

Thank you for all this information. It's still all very confusing to this dog and frankly a little scary.

Thanks for taking a look and leaving a comment. It's quite simple really - Coinbase is like the standard practice of keeping your money under your mattress, Revolut is the crowbar you need to lift up the mattress to get at the money because years of lying on it have set it fast, then you just walk down to your local bank and pay the money in.

Ok, makes sense.

good thanks for sharing

What's your wallet @OriginalWorks

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Very helpful indeed thanks for sharing

i just opened a Coinbase wallet conected to Bitpay... i thought Coinbase was my exchange and that Bitpay was my wallet... i'm just looking at making it all work... Transfer steem into bitpay then into Coinbase then into my bank... Hopefully... but as it's my first time i'm a little hesitant, especially now you tell me Coinbase is hard to transfer money into GBP... Thank you for your post... i hope it helps me. : ) 50% upvote from me to you.

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