The idea is to eschew the hassles of in-person cash-for-Bitcoin transactions, which on other services could entail the inherent risk of meeting an unknown person for monetary exchange.
Sellers list their prices on the marketplace, where the company says Bitcoin sales go for a 5% premium, and wait for a matching buyer. Once a match is made, the seller places the buyers Bitcoin into a multi-signature escrow wallet. The buyer then must go deposit cash using a provided account number into a local bank location.
In order to ensure both sides of the transaction are protected, BitQuick utilizes BitGo’s multi-sig wallet technology. Those companies require users to link a bank account or credit card online in order to purchase Bitcoin whereas with BitQuick, a buyer only needs cash. In addition, BitQuick asks for information at predefined limits: the platform currently requires users who make a transactions larger than USD 400 to scan US-issued identification.
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