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MSE News: Cryptocurrency exchange Coinbase to...

Former_MSE_Callum
Posts: 696 Forumite



UK users of the digital currency exchange Coinbase could find it easier to withdraw their money after the company announced it will support the Faster Payments Service used by most UK banks...
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'Cryptocurrency exchange Coinbase to allow Faster Payments'

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'Cryptocurrency exchange Coinbase to allow Faster Payments'

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Comments
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UK banks support SEPA, so I don't see why it was "nearly impossible" to withdraw money? Just give them your IBAN!0
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glider3560 wrote: »UK banks support SEPA, so I don't see why it was "nearly impossible" to withdraw money? Just give them your IBAN!
Because it wouldn't have made an "outrage" story for the increasingly tabloid journalism on MSE, otherwise.0 -
UK users of the digital currency exchange Coinbase could find it easier to withdraw their money after the company announced it will support the Faster Payments Service used by most UK banks...
Great, now they just need to charge lower fees and offer better rates0 -
glider3560 wrote: »UK banks support SEPA, so I don't see why it was "nearly impossible" to withdraw money? Just give them your IBAN!ValiantSon wrote: »Because it wouldn't have made an "outrage" story for the increasingly tabloid journalism on MSE, otherwise.
Because some of the companies behind the payment processing are refusing to have anything to do with Bitcoin, of note is the German company behind Nationwide's SEPA transactions, Commerzbank.
http://bitcoinist.com/coinbase-announce-they-will-no-longer-accept-deposits-from-nationwide-bank/
Also, many exchanges that convert cryptocurrencies to fiat currency have huge transaction minimums, think $10,000 minimum. They don't like little transactions as they clog the system and slow everything down so it is quite difficult sometimes to get your money out if you have small amounts. You have to transfer your money around exchanges and there are not many exchanges do fiat transfers to bank accounts.0
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