I just purchased 0.1 BTC from coinbase with a bank transfer. Coinbase informed me that the transaction would take 4 business days to complete.
So I don't have any bitcoins yet, but Coinbase promises to deliver 0.1 BTC to me in 4 days.
Coinbase probably didn't purchase the bitcoin now because my payment hasn't cleared, but if they make the purchase in 4 business days from now and the price has gone up from $330 to $500, how will Coinbase cover the difference when the coins need to be purchased?
Or does Coinbase just regularly purchase bitcoin and then just transfer some into my account when my funds clear? Or do they not actually give me the bitcoin until I decide to sell it?