BitQuick, a peer-to-peer cash-for-bitcoin startup, however, is looking to reinvigorate this dormant sector. By offering some basic bitcoin protections, BitQuick aims to serve the underbanked market while positioning itself as more secure and convenient than competitors.
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.
BitQuick CEO Jad Mubaslat believes BitQuick can position itself to capture a segment of the market that is largely ignored by industry heavyweights, telling CoinDesk:
“For the buyer, you don’t have to be banked. If you don’t have a bank account, you can’t do the things Circle and Coinbase require.”
How it works
Using BitQuick is relatively simple: 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 buyer’s bitcoin into a multi-signature escrow wallet.