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19 Feb '13, 1am

Swapping Bitcoin privacy for banking convenience - The Monetary Future by @jonmatonis

I've always had this nagging feeling about Coinbase’s exchange service and I just couldn't quite put my finger on it. The San Francisco startup receives praise for its simple method of acquiring and selling bitcoins, a digital currency, via one’s U.S. bank account. In fact, Coinbase, founded in June 2012, is now selling over $1 million worth of bitcoins per month. The firm apparently ran out of inventory last week. Then, it hit me. This is just like buying bitcoins from your bank – or from the Internal Revenue Service. If a bank offered a bitcoin purchasing option from its website, it would look like Coinbase. If Coinbase cut them in on the commission, it could probably white-label the service directly to banks. Jon Matonis Nothing wrong with that, but it means Coinbase fails to leverage the unique financial privacy aspects of the Bitcoin network. I do not fault founder an...

Full article: http://www.paymentssource.com/news/swapping-bitcoin-priva...

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