There are many online exchanges where the average person can purchase bitcoin with fiat currency – but that involves sending wire transfers, trips to the bank and fees. Purchasing digital currency is still a very elaborate process, and is not very user friendly. BitQuick(BQ), a P2P digital currency marketplace, offers a platform that facilities cash-to-bitcoin trading. The BitQuick platform essentially acts as a third-party escrow agent, holding digital and fiat currencies, while buyer and seller complete the necessary steps for a successful exchange. The idea here: is to provide a venue that removes the inherent dangers of face-to-face financial transactions with an unknown party. Buyers who use BitQuick’s platform, do not need a traditional bank account to deposit money – buyers are asked to deposit US dollars in person at a local bank branch into one of BitQuick’s bank accounts. BQ currently maintains accounts at several large US banks (Bank of America, Wells Fargo), where clients can make their deposits.
Exchange rates on the BQ platform are a few percent higher than what you would find on the more popular bitcoin exchanges, but the trading process is very simple and speedy. Sellers list their offers, and once a buyer decides to purchase, the seller’s bitcoin is loaded into a multi-sig wallet. When the buyer has deposited the required amount of US dollars into BQ’s bank account, the bitcoin is transferred from the multi-sig wallet into the buyer’s bitcoin wallet, and the US dollars are transferred into the sellers bank account. The entire process can be completed in less than three hours.
In order to ensure security of funds, BQ uses BitGo’s multi-signature wallet infrastructure, which also ensures all customers deposits up to $250,000. BitQuick also employs a proof-of-reserve auditing system, which displays the amount of bitcoin held in each escrow multi-sig wallet. BQ has experienced great success since launching – processing over 9100 BTC and serving close to 9000 customers in the USA. BitQuick is currently in the Boost VC accelerator program, and since entering in early February – the exchanged has experienced explosive growth in trading volumes. BQ requires customers who wish to transact in amounts in excess of $400, to provide identification documents, and a maximum cap of $10,000 per user per day is enforced. BQ also support several alternative cryptocurrenicies on its AltQuick(AQ) trading platform (LiteCoin, DogeCoin, PeerCoin, PrimeCoin, BitUSD, NameCoin). The AQ venue has not received as much as interested as BQ, but has managed to serve several hundred clients:
“Over 18814093.1 DOGE, 50 LTC sold and 215 customers served to date!“
In March, BitQuick launched an affiliate program – allowing users to earn up to 50% of the 2% standard commission that the exchange currently charges. BitQuick has designed an efficient system that has streamlined the fiat-to-bitcoin purchasing process for novice and veteran bitcoiners.
Image Source: https://www.bitquick.co
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