Coinbase Reduces Instant Buy Limit For Level 1 and 2 Accounts

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Brian Armstrong from Coinbase today made an announcement on Reddit with some changes Coinbase will be implementing on instant bitcoin buys on the website.

Originally, Coinbase has set the instant buy limit to 10 bitcoins per day. Now that the demand for bitcoin has increased exponentially, Coinbase will be reducing that limit to 1 bitcoin per day for level 2 accounts, and 0.1 bitcoins per day on level 1 accounts (accounts are measured by level depending on how much personal information has been supplied to verify one’s identity). For traditional purchasing, the same limits have been kept (50 bitcoins/day and 10 bitcoins/day, respectively).

“…our goal with instant buys was to facilitate payments in bitcoin where you needed them right away to make a purchase with a merchant,” said Armstrong. “At this point, it’s rare for someone to need close to $10,000 for a quick purchase online, and the fraud risk is substantially greater for us on instant buys.”