Know Your Customer Obstacles from Coinstar Are Causing Mixed Reviews from Coinme Users
Coinstar has recently decided to team up with Coinme, a prominent Bitcoin ATM operator in the United States, in order to let users buy Bitcoin from the company using the ATMs all over the country.
However, it looks like the user experience has not been very good so far. People have taken to social media to complain about the service. Most people who are complaining about the Know Your Customer (KYC) procedures implemented by the company in order to make the overall system more secure.
What enraged customers the most was that people had to send a selfie picture, email address, phone number, full name and ID verification for the program even to buy very small quantities of Bitcoin like $25 USD worth of BTC, for instance.
While some of this was outside of the scope of the company as the government demanded it, some people criticized how slow the whole process actually was. For instance, you have to send all the documents and then wait at least an hour to buy Bitcoin even if your purchase is very low.
The app also glitched and it failed to load all the steps from mobile phones. The price was also criticized for being too much as the fees were simply very high when compared to the most popular exchanges.
It was, without a doubt, a very rocky launch for the company. Despite this, if the companies are able to actually solve these problems in time, they may be able to amend this first bad impression that they received and create a better business later.