Investing in bitcoin and other cryptocurrencies is not for the faint of heart. Digital coins remain highly volatile and subject to large price swings without warning. Bitcoin had a meteoric rise to nearly $65,000 per coin in April, but then fell more than 50%, dragging the entire market down with it. Some people have made huge profits along the way. Others ended up buying at the top, hoping the price would climb even higher. Whichever camp you’re in, there are a few new Coinbase features that you should be aware of that should help you with future cash deposits and withdrawals. Most interesting is the ability to cash out up to $100,000 instantly.
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Support for Apple Pay and Google Pay
Coinbase advertised in a blog post that it will support additional methods of depositing and withdrawing cash in specific markets. The cryptocurrency exchange will now allow customers to deposit fiat through Apple Pay and Google Pay. This will make it even easier for iPhone and Android users to trade bitcoins from their smartphones.
Users who have Visa and Mastercard debit cards linked to their Apple Pay or Google Pay wallets will be able to use them in the app. Apple Pay will automatically appear as a payment method in Coinbase. Apple Pay will work on iOS devices and in the Safari browser.
Google Pay should work the same way. But it is not immediately available. Coinbase will add support for Google Pay cash transactions later this fall for Android users who trade bitcoin and other crypto on Coinbase. Coinbase already lets you pay for crypto through PayPal, as well as debit cards or direct bank transfers.
How to Use the New Coinbase Instant Withdrawals
More exciting, however, is Coinbase’s new withdrawal feature. Coinbase will allow users to cash out up to $100,000 instantly. The transaction goes through the Real-Time Payments Network (RTP). This allows customers with linked bank accounts to withdraw up to $100,000 per transaction.
The transaction is not quite instantaneous, as it takes a few minutes to process. But it certainly beats other withdrawal methods on Coinbase which require a few days of waiting. Coinbase also explained that customers can cash out as many times a day as they want.
To configure everything, you must have a current account linked to the Coinbase account. Once done, the instant cashout feature should work. The only problem that might arise is with your financial institution. They must be a participant in the RTP network. Your bank account must also support receiving RTP payments. It is a good idea to check with the bank before making Coinbase instant cash withdrawals.
This help page explains all about Coinbase Instant Withdrawals, including fees for different markets.
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