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Are there bitcoin exchanges that do not require an extensive verification process to begin trading? I do not want to submit forms on MtGox.

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No U.S. exchange. Btc-e does not but they will not do business with U.S. banks. Coinbase does not have an extensive verification process, but they are technically not an exchange, and to buy or sell bitcoins through their service you have to link a U.S. bank account which for all intents and purposes is the same thing as verification.

Due to the patriot act any currency exchange doing business with the U.S. has the burden of proving that they are not laundering money for terrorists.

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  • The same, except for the name Patriot Act appears to be true for all western countries and then some. On balance, despite the burden and general irrationality of it, I have come to the conclusion that customers should be glad that their exchange vets them to reject real and alleged terrorists and so on, rather then letting those suspicious (but unconvicted and likely untried!) fellows poison the exchange's banking to the point that their bank closes their account or their government seizes it to stop terrorism funding, leaving your money stranded. – pyramids Nov 22 '13 at 11:53
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Most exchanges need your identity information. If you do not want to submit that information, your best bet is face to face or OTC trading with other bitcoiners. If you build up a good reputation trading OTC, then you can trade freely with trusted contacts, but the amounts you can trade will probably be smaller, and at a premium.

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Online fiat exchanges can be heavily regulated. To avoid this inconvenience, when you are for example just buying small amount, you can buy over the counter from a friend. Simply send or give the fiat to a friend and recieve the bitcoin.

Another method is to use a bitcoin cash machine.

Good luck!

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  • Bitcoin ATMs often require a mobile phone number for verification of identity. – Nayuki Feb 5 '16 at 2:06

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