Coinbase Can Be Very Frustrating

Being new to the cryptocurrency world has been an eye opening experience for me. I first heard of bitcoin a few years ago, but never gave it any thought. In early June, I decided to conduct a lot of research on this phenomenon, and I was blown away and excited.

After reading numerous articles and watching dozens of youtube videos, I decided to take the plunge into the cryptocurrency world by signing up on the coinbase website to make my first purchases.

After storing my debit card and bank information on the site, I decided to make my first purchase. This is where my frustrations began. With my debit card, I could only buy up to $200/week. This was a bit disappointing to me as I had planned on buying a higher quantity than this. To increase my limit, I could send a picture ID through the website, but decided not to do this right away.

Then my real frustrations began. My bank account limit is $2,500 per week, which is fine, but the amount of time it takes to complete the transaction cost me money. Coinbase initially said it would take one week for the money to go from my bank account into my coinbase account.

This would have worked out wonderfully for me as my purchase for ethereum would have been locked in on June 9th at a price of around $279. For whatever reason, however, my purchase would be delayed until June 14th, when ethereum was around $379. So I purchased ethereum at $100 more than I would have because of this delay. And as I write this, it is still below the $379 price I purchased it for.

Because of the amount of time it takes when using a bank account, I will no longer use my bank account to purchase cryptocurrency from the coinbase website.

My biggest frustration, however, occurred on June 15th, when ethereum dipped to below $300. I was watching the price closely and finally grabbed my debit card to make a purchase when the below screen popped up:

Irritated, I kept trying to get into my account to purchase the ethereum I so coveted, but after about 10 attempts and 10 error pages, I gave up. I was eventually able to make my ethereum purchase at around $330.

I personally like the coinbase website but I truly hope there are some improvements made to the sight. I believe the site understands their shortcomings and I expect the site to be improved as time goes on.

Thanks for reading this article. It is my first attempt and I hope I didn't ramble too much.