Having problems with buying Bitcoin?
We are living in exciting time for Bitcoin (BTC) and altcoins. People who have never owned any cryptocurrency before, are likely being attracted to making an investment now, even if just for a small sum to dip their toes in the water. However, some are finding problems with making a purchase.
Bailey Reutzel at Coindesk, reports his own problems with buying $100 worth of BTC this weekend. He has owned BTC since 2012, so he’s not a newbie. Instead, he wanted to set up “recurring purchases with these mainstream mobile apps that are touting easy crypto buying as the technology matures.”
The computer says ‘No!’
He tried Square’s Cash App, an app he said he has used plenty of times. However, when he tried “to set up a bi-weekly purchase of bitcoin, I got the “something went wrong” error message.” The same thing happened when he tried to buy stocks.
He then went to his Coinbase account, which he has had for some years, and has bought crypto on it numerous times. It should have been easy, but it wasn’t. As he says, “After updating my card details from an old debit card, I put in a buy order that was promptly declined.”
Then he went to blockchain.com where he had his first ever BTC wallet, and a paper wallet. What happened? “That transaction was denied based on my residence being in New York where they don’t operate (thanks a lot, BitLicense).”
Next stop was Gemini. Reutzel had bought some DeFi tokens a fortnight back. This is what happened. “On the first try, the purchase was declined because the market moved, so the displayed price had changed. I tried again — begrudgingly, because the fees on a $100 transaction were nearly $6.50 — and a couple seconds later received an email, “Success! Your buy order is complete.”
Finally! Except, wait, nope, 30 minutes later I received another email stating the transfer failed and the buy order was not completed.”
Robinhood was a fail as well, because “the app stated my financial institution is not supported.” Binance US didn’t work either, “on the basis of not doing business with customers residing in New York.”
Finally, he ended up at PayPal, but discovered that because he has a business account there, he was not allowed to buy Bitcoin. It was only when he set up a personal account that he was able to successfully complete a transaction. But by then he was angry and fed up.
Coming soon! Finaux Exchange makes it easy to buy BTC
When it launches, Creditum Trust’s Finaux Exchange will offer you a place where you can buy and sell crypto at the best rates and with lower fees than most of the big exchanges. We like to say “Yes!’.