Coinbase Enables Instant Bitcoin Purchases
The Bitcoin world is still in its early days, and things are changing all the time. While Mt Gox is by far the largest Bitcoin exchange out there, it's not lacking in contenders.
Coinbase is one of them, and is now making it possible for some users to buy up to 50 bitcoins with no wait time.
Normally, a transaction like this takes several days as the banks process it. Mt Gox recently had some problems with withdrawals and had to disable them entirely. Even now, there's quite a delay between selling your bitcoins and getting the money for them.
"Coinbase has always made it convenient to buy bitcoin by connecting any U.S. bank account. But now it’s convenient and fast," the Bitcoin startup announced.
"All level 2 accounts will now need to complete an identity verification step to turn on instant buys. In addition, current level 2 users have been bumped down to level 1 until they complete the identification step," it added.
While the move means faster processing for verified users, it wasn't done entirely to benefit users. As various government agencies come to terms with the existence of Bitcoins, companies working with them are trying to adjust to new or existing regulations, but not followed regulations as the case may be.
Via: Coinbase Enables Instant Bitcoin Purchases