CoinBase has been causing me more stress than I want to begrudge them. I am at this time trying to persuade them to refund my bank account $77.85 for a purchase of Bitcoins I did not authorize.
I had a really tough time trying to move 0.08 BTC from my CoinBase account to any other address, including CoinBase’s transfer address coins are automatically sent to when you try to sell them. I originally tried to sell back when the price of Bitcoin was over a thousand dollars. The sale did not go through–the transaction remained unconfirmed–and while that was not happening, the price of Bitcoin dropped by a couple hundred dollars. I decided I didn’t want to sell my 0.08 BTC after all, and instead tried to send them to various other BTC addresses I owned, all to no avail.
One time I logged into my CoinBase account and noticed that there was a transaction showing I’d bought 0.08 BTC. I didn’t think too much of it other than to think that was a strange way to return a failed transaction to my account. Normally the transaction simply gets removed, but that time it showed that I’d sold Bitcoin, then bought Bitcoin.
At the time I was very late on a reply to a lengthy email from CoinBase technical support where they wanted to know all sorts of details on my experience with unconfirmed transactions. I decided it was high time I answered their email, and in my reply I noted the weird notation of having bought Bitcoin when I really hadn’t. It never actually occurred to me that there would be an actual debit on my fiat bank account for the amount of Bitcoin I’d supposedly bought.
Then I found Camp BX and sold a substantial amount of Bitcoin there and had already made my first ACH direct deposit request. I was logging into my fiat bank account more often because I wanted to know how long it would take for that request to be fulfilled. The first request was filled in a short time, and it was while I was looking for the second ACH direct deposit (which actually came through yesterday), that I spotted this debit in the amount of $77.85 from CoinBase.
I quickly sent off yet another technical support email and asked for a refund, maintaining that I’d never authorized that Bitcoin purchase.
Speedy response to technical support requests is not one of CoinBase’s strong points. And apparently I’m the only one who has this much trouble sending my Bitcoin from my CoinBase account because CoinBase is experiencing much growth and with it a backlog of technical support requests. They now have an automated reply which says that if you still need help to please reply or they will consider your request resolved. I replied to that email saying I still need a refund but that once I got the refund we’d be all set. I still have 0.01 BTC and some change stuck in my account but I’m not too worried about it right now.
I actually got a reply from that email and this one said he couldn’t see any buy orders under my account, and could I supply a transaction ID.
I logged back into my CoinBase account and sure enough, no record of any transaction involving me buying Bitcoin could be found. It had simply vanished. I hadn’t taken a screen shot of the time that purchase order did show up. Now I wish I had thought of it.
I then logged into my fiat bank account and the CoinBase debit was still there. CoinBase debited my fiat bank account for $77.85 on December 16. There is no longer a record of any purchase on my CoinBase account, but there sure is a debit on my fiat bank account.
I sent off a screen shot showing the debit from my fiat bank account with my reply and I await a response. I don’t understand why there would now be no record on CoinBase of a Bitcoin purchase which resulted in a debit from my fiat bank account. I know it was removed somehow. I wish I had looked at it more closely when it still existed so I could at least come up with a transaction ID. Where did that transaction go?
At this point I do not suspect foul play, and I expect that if I push hard enough I’ll eventually get my refund. $77.85 is simply not worth it for CoinBase to get bogged down in, and as long as they can verify (should they desire) that there was indeed a debit to my fiat bank account from them, they would have no choice but to refund it now that they can’t even show a corresponding transaction on their end. CoinBase is currently viewed as an up and coming legitimate Bitcoin venture and recently they even received additional large sums of capital from some venture capitalists. CoinBase is not a scam. But there’s sure something strange going on with my account.
I’m hoping that I can get my refund from CoinBase, that they can push out the remaining balance on my account to my PC wallet address, and that I can be done with their service for the foreseeable future. I don’t have any hard feelings towards them; I simply do not need them anymore. I have discovered other services which meet my needs far better.