As the world’s largest bitcoin exchange, Coinbase has built up a massive user base of digital currency enthusiasts. The vast majority of these users are buying and selling bitcoin and other cryptocurrencies for investment purposes.
However, there is a small but growing number of people who are using Coinbase for its original purpose: as a digital currency wallet.
One of the most appealing aspects of Coinbase is that it allows you to buy and sell bitcoin and other cryptocurrencies without having to go through a lengthy and complicated verification process. In fact, all you need to do to create a Coinbase account is provide your name, email address, and create a password.
This makes Coinbase an attractive option for those who want to use digital currencies for day-to-day transactions but don’t want to go through the hassle of verifying their identity. However, it’s important to note that there are some downsides to using Coinbase without verifying your identity.
For one, you won’t be able to buy or sell as much cryptocurrency as you would if you had verified your identity. This is because unverified accounts have much lower limits than verified accounts.
For example, unverified Coinbase accounts are limited to $2,000 worth of cryptocurrency per day, while verified accounts have no limit.
Another downside of using Coinbase without verifying your identity is that you won’t be able to take advantage of some of the features that make Coinbase such a popular platform in the first place. For instance, you won’t be able to use the platform’s Instant Exchange feature, which allows you to instantly convert your cryptocurrency into fiat currency (e.g.
, USD) without having to wait for a transaction to go through on the blockchain.
So, if you’re looking for a digital currency wallet that doesn’t require ID verification, Coinbase is a good option. However, it’s important to be aware of the limitations that come with using an unverified account before making your decision.