From today you cannot use accounts without ID verification on Coinbase but for buying or sending out coins.
Over the next few weeks, we will be rolling out improvements to your Coinbase account that will increase your buy and sell limits. We are introducing Account Levels to make it faster and easier to get started using Coinbase.
Using Account Levels, you will be able buy up to $25,000 a day with your bank, have immediate access to trading your digital currency purchases, and sell the full balance of digital currency in your account. We hope that this increased flexibility will result in a better investing experience on Coinbase.
If you are not aware its kind of "bank" for crypto which lets you store and directly (without bidding or using exchange) buy or sell coins. It uses its home exchange GDAX for this.
Markets
It was expected for long time though so no big surprise but on the other hand - LocalBitcoins was home of F2F and P2P trades. From may 25th you wont be able to do trades there without full KYC which makes the service pretty dead.
If you have anything left there and dont want to do KYC, send it out ASAP.
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Ive noticed lately that all ramps in and out of crypto have been requiring more and more verufication. I liked the good ol days when crypto was free from identification
Although it was bound to happen but still stings a little. Anonymity in the crypto world is needed to complement the blockchain since it is immutable. I am not saying we were anonymous before but whatever degree of it we had is gradually being whittled.
We need alternate systems out there for fiat to crypto that do tie our hands. I am sure there are some projects but nothing as mainstream as coinbase.
There is bisq which is local bitcoin but decentralized. Pity no web client yet but they are working on it.
Is this why it is unusable?
Every exchange that I tried except from Binance was unusable to me, and Binane may still be unusable for me too, since I did not try to send funds to it.
You got a 30.00% upvote from @sleeplesswhale courtesy of @stimialiti!
Kinda, with every buyer you need a seller. In bisq since you have to download the desktop app, not many people trade on it. With the release of bisq online expect the trade volume to go up especially with the new localbitcoin.
What I meant is that it is not even installable at least on Windows 7.
I know I should switch to Linux, but Linux has its own problems.
You can use bisq with windows:
https://bisq.network/downloads/
I tried it more than once and it does not work.
Did you try to install it on Windows 7?
You got a 16.53% upvote from @sleeplesswhale courtesy of @stimialiti!
You got a 19.05% upvote from @luckyvotes courtesy of @stimialiti!
@youtake pulls you up ! This vote was sent to you by @stimialiti!
Yea that LBC situation BLOWS. Though I would like to mention Payfair has been pretty solid so far.
I think Binance will require KYC soon too as they are operating out of Malta now.
They already forcing most accounts to KYC
Not if you don't want to withdraw less than 2 BTC worth a day.
They are forcing many who use these anon accounts to go KYC.
Really? Even when you withdraw less than 2 BTC/day?
Yes, many accounts are limited to .4 BTC/day without verification
Wow, do you have any idea why that is? Is this for new accounts or what?
LoL So, there's zero reason to use local bitcoins now. Wow. Kinda surprised on that one..
For me it a good one, due to security purposes and for bringing new guys to the market for effective business transaction. @kingscrown thanks for the information
Agreed, faster adoption rate if people can't cash out quickly.
all part of regulations, but that means more people will be able to start entering the market. More people = more money
KuCoin is starting to implement KYC as well. Kind of defeats the original design of crypto according to Satoshi Nakamoto
Is there any service that US citizens can use that isn't a part of this KYC big brother stuff?
Yep but the problem is not that much liquidity. Bisq for your fait trading . Openledger and Baterdex for other cryptos
I don't like coinbase having my ID
You won't be able to go to the toilet without AML/KYC soon. Better get used to it. Govs will only tolerate cryptos if they can monitor every transaction in the name of anti-crime/anti-terrorism.
Surveillance is being taken to the next level and technology is the enabler.
I do not understand why still people using Coinbase :(
I'd say most people use it for the fiat on/off ramp. It's one of the best known and easier portals to cryptos. We can expect the number of new accounts at Coinbase to shoot through the roof again during/after Consensus.
Thanks for reply. You'r right. The main reason is fiat on/off ramp. However, I usually read issues with Coinbase. That's why I asked. I had bad experiences with several exchange website.
Yeah that's true alright. They have plenty of issues for sure. I remembered last year, every time there was something happening on in cryptoworld... you can never get a transaction through coinbase.
Hopefully later this year with all the other projects like BlockPort, Ethos, Robinhood and many others coming on stream, there will be plenty more options for fiat on/off ramps. That will hopefully open up cryptos to its full potential investor market and everything will go to the moon!
I like Gemini myself.
Taxes are coming *winterfell kind of voice
lol