BitQuick is a unique cryptocurrency exchange that follows a different route in that they only allow cash as the only deposit method for trading. The exchange also only deals with Bitcoin. The company is located in Ohio, and was founded in 2013. It operates in 49 States.
The way the exchange works is; The user selects a desired order from the order book, enters their email address, and clicks submit. The buyer will then go to a physical bank supported by the seller, fill out the deposit form with the associated account information of the seller, and deposit the cash with the deposit form. The buyer must take a picture of the receipt and upload it to the link you receive in your order email. This is the only way to buy and sell Bitcoins with BitQuick, no bank wires, cheque deposits, e-transfers etc. are accepted. After the funds have been received from the seller, the buyer will receive the coins within 3 hours.
Due to this process, not everyone can just start trading on BitQuick. Infact, the platform is invite-only. However, these invites are easy to attain and members have unlimited invites.
Once a seller receives the funds from a sale, the Bitcoin is transferred to the buyer, where it will go to a wallet.
When selling bitcoin, the seller needs to do is complete a sold form from BitQuick, send an amount of Bitcoin to the escrow address that is provided when an order has been fulfilled. Then receive the funds in your bank account from the buyer, confirm the transaction, and release the Bitcoin.
Banks that are accepted by BitQuick are Bank of America, and any local credit union.
BitQuick charges a 2% fee for buying bitcoin, but has no selling fees.
The minimum purchase amount of Bitcoin is $10. But because BitQuick has a peer-to-peer mentality, getting $10 worth of Bitcoin depends if there is a seller online willing to sell this amount. The maximum purchase amount on BitQuick is $10,000 worth of Bitcoin. There’s other factors to consider here also, such as some banks may have limits on deposits.
Like other cash only Bitcoin exchanges, BitQuick is quite private as they do not require too much verification from users. Each user of BitQuick (both buyer & seller) must submit their email address and telephone number for communication purposes. Other than that, the users can remain anonymous. BitQuick will never release any of this personal information to any third parties and remain uninformed about their users’ identities.
Users of BitQuick are all treated as equals with no extra verification levels or higher account statuses. Users Bitcoins funds are kept safe by not storing them on BitQuick. A user’s Bitcoins are their responsibility and are kept in personal wallets. A sellers Bitcoin will only be sent to an escrow account when the order has been fulfilled, ensuring a greater level of safety for the seller. As for the buyer, they have control of their cash always, so the security of their money is in their control. Buyers on BitQuick are not required to have an account on BitQuick and only provide their Bitcoin address upon buying Bitcoins. Seller accounts on BitQuick are protected with a security PIN that is used to confirm and cancel orders.
BitQuick has speedy customer support times, and while not offering 24/7 support, it is reliable. It also has a helpdesk for all things Bitcoin.
When nearly everything is digital in the world of cryptocurrency, BitQuick offers a different take. Despite cryptocurrencies stance against cash, there are still plenty of Americans who would prefer to use cash to purchase coins – And BitQuick may be their best option. It’s also useful for those who don’t have bank accounts or debit and credit cards.
Protecting Your Cryptocurrency And Staying Safe on BitQuick
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