Simplex WANTS too much verification for Credit Card Bitcoin Purchases


Polite Ranting is Healthy

The Bitcoin Simplex credit card  purchasing service is getting KILLED. We were using our Capital One Quicksilver MasterCard to purchase around 500 USD of the number one rated cryptocurrency in the world. We had telephone, email, and the 3 digit code on back of our card verified the transaction.

The app then demanded we photocopy the front and back of our drivers license along with FILLING OUT A VERY LONG FORM. That is when we CANCELLED  the transaction and bought $500 worth of Ethereum somewhere else without near the hassle! So bitcoin lost out to Ether on this Christmas day.

As you can see in the screenshot below, Simplex said We regret you decided to cancel your payment. One can execute credit card transactions with other internet merchants WITHOUT having to fill out tedious forms our upload DL FRONT AND BACK!! Wake up guys, you are losing incremental market share with this unnecessary inconvenience.


Bitcoin Simplex_Bitstamp losing money credit card verification


2 comments on “Simplex WANTS too much verification for Credit Card Bitcoin PurchasesAdd yours →

  1. Wow!!, exact same thing happened to us with that Simplex system. We went through same process you decribed which took us close to 5 minutes. We also cancelled when they wanted us to fill out long form with a bunch of ID numbers on DL in the car in the garage(also the back and front of your ID had to be transmitted-WHAT A BURDEN). Way too much of a hassle for the alleged number one digital currency in the world. It’s brutal. They are losing out to other more nimble crypto because of their ridiculous account verification demands. Forget trying to call customer service. They have to get it right online or they will LOSE!!

  2. If you do not want to deal with the burden of directly owning and storing/safeguarding your bitcoins, do consider the thoughtful and incisive research of African Sammy Darko on the OTC stock GBTC whose underlying asset is around 17,000 bitcoins.
    Darko did some honest background checking on GBTC creator Barry Silbert who invested in Coinbase. GBTC can transact with 3rd parties which makes them more agile with respect to making profitable moves for its shareholders, but also adds an element of risk. Sammy gives Silbert around a B, in my view, for those of us who choose to remain long on the only real Bitcoin stock on the market.

    Look for GBTC elevate when/if Ebay adopts it as its digital currency of choice. Also Joseph Young is extremely optimistic about $40,000 Bitcoin target before 2018 is over.

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