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Friday, May 29, 2015
9:56 PM

BitQuick – Bringing Innovations To Bitcoin Transactions   

Unless you weren't following popular trends in technology, you know what bitcoins are. A digital cryptocurrency that isn't controlled by governments and banks, and could potentially revolutionize the way we make financial transactions and have a great impact on global economy. However, there was a slight disadvantage to it. Well, up until recently that is.

BitQuick safety policies

Although it was always safe to make purchases or sales using bitcoins, there weren't any real safety measures for when someone wanted to convert his cash to bitcoins and vise versa. Traditionally if you wanted to buy bitcoin, you would connect to a website used as a marketplace for bitcoins, find potential sellers or buyers and then reach an agreement on your own. No one was regulating it and it would take quite a few days, sometimes an entire week, before you would receive your bitcoins.

BitQuick stepped into the market with ideas to change its surroundings. When someone wants to sell bitcoins, they can login to their account on BitQuick, list the amount they are selling and its price. Then they wait until a buyer shows up who agrees with the price and the transaction can begin. The buyer will be given a bank account number where he will go and deposit the agreed amount of cash and once the transfer is complete, within the next three hours the bitcoins will be released from an escrow account and delivered to him. Everything is faster and you no longer have to worry about getting scammed or needing to meet a stranger for a cash-to-bitcoin exchange.

In addition, most other similar companies require from their users to link their credit card or bank account before they can make a transaction. BitQuick on the other hand requires far less personal information, the amount and detail of which scale only according to the amount to be exchanged. For example, if you want to make a transaction exceeding $400, you are required to send a scan of your standard issued identification.

To further guarantee its users safety, BitQuick uses BitGo's multi-signature technology for wallets. It's ensure for a maximum amount of $250,000.

Changing the world one country at a time

Everyone who knows how bitcoins work, knows their advantages over traditional currencies. So far though, a lot of people were skeptical using them since there were risks involved when acquiring them. BitQuick managed to resolve those problems by making a few innovative changed, further validating bitcoins. With their services hopefully spreading through the entire world, one country at a time, the use of bitcoins will become easier and faster, allowing their use to become more common.

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