I just opened a Coinbase (CB) account. I purchased 0.0125BTC or $119.56 according to the internet. My issue is trying to send the total I bought to my Electrum account so I can make a payment online. I don't use BTC very often, so I'm not that familiar with how these various BTC work.
When I try to send to my Electrum account with my wallet address. The CB send link tells me I only have $4.78 available to send? My Portfolio Balance is $119.82. Pending deposits-$115.01. Available to send $4.82? I have no clue what this "Pending deposits-$115.01" means?
Pending deposits
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BTC Buy on Jun 15, 2020
Available to send in 10 days
$115.01
Why isn't the BTC I purchased available to send right away...........why do I have to wait 10 days?
Any help appreciated.
Hi Sumguy.
There is a very simple explanation for this. Only purchases made by VISA are made instantly available on your account. If you use ACH deposit (in which you buy Bitcoin before Coinbase withdraws it from your account), then you must wait for 10 days for the funds to clear. In the meantime, Coinbase freezes your bitcoin, so you can't transfer it elsewhere. However, you may sell it for cash.
The reason your balance displays: 4.76 USD available, is because your BTC has increased in value, compared to the USD you bought it for. Hence why you can withdraw that money.
It's a real pain in the a**, and one of the reasons why I quit using Coinbase. Well, that and a non-existing customer service team.
Hope this helps.