Those who prefer some privacy, yes even anonymity when buying Bitcoin should be aware of the BitQuick exchange. BitQuick is a simple peer-to-peer Bitcoin marketplace owned by the same company as the Athena Bitcoin ATM network. As you can probably guess, this company has a high regard for anonymity in cryptocurrency purchases and sales. Just like you can go to a Bitcoin ATM and anonymously buy Bitcoin, you can also go online and anonymously purchase Bitcoin through the BitQuick marketplace.
You’re going to be surprised at how simple this is, but here’s the three simple steps to buying Bitcoin with cash through Bitquick:
1. The buyer goes to a physical bank location and deposits the funds for the purchase into the sellers bank account.
2. The buyer sends a picture of the receipt to the seller, who then confirms receipt of the funds.
3. The seller releases the Bitcoin from BitQuick’s escrow service.
This is a great setup for buying Bitcoin with cash because you never have to go meet some stranger and hand over a wad of cash. It just makes buying Bitcoin with cash so easy.
And if you’re looking to sell your Bitcoin you come out a winner as well, since you can charge higher than market prices. People who pay cash for Bitcoin are always willing to pay a premium over the market price.
Of course you don’t just want to jump right in when you’re dealing with a cash sale like this. You want to take a close look at the business and make sure it’s legitimate and that’s why I’m writing this article. I’ve taken a close look at BitQuick to see if it’s a safe and secure way to buy and sell Bitcoin because I don’t want anyone out there getting ripped off.
So, if you don’t want to read on here’s the tl;dr:
BitQuick is legitimate, safe and secure for buying and selling Bitcoin with cash.
You may want to keep reading the full BitQuick review to get all the details so you can make your own decision.
BitQuick Basics
BitQuick was started in 2013, when it was rebranded from the BuyBitcoin.us site by Athena Inc, the same company that runs a U.S. based chain of Bitcoin ATMs. It’s a peer-to-peer Bitcoin marketplace exchange that has a good reputation among its user base and is well known in cryptocurrency circles for the simplicity and speed, not to mention the anonymity, of the service that gives users an easy way to convert Bitcoin to cash or cash to Bitcoin. The only downside to Bitcoin buyers is higher than market rates and a 2% fee charged by BitQuick as well as a 0.001 BTC mining fee.
The real draw for most buyers however, is the fact that you don’t need to register an account, and you don’t have to use a credit card or bank account to make a purchase. Everything is cash based and anonymous.
The only thing you’ll need other than cash is a Bitcoin wallet to transfer your coins to, and an understanding of how to send and receive Bitcoin. It’s a simple to use service and a great way for Bitcoin beginners to buy their first coins using cash.
Buying Bitcoin on BitQuick
As you can see from the image above, getting started is as easy as plugging in the amount of Bitcoin you’re looking to buy and then clicking continue. Note that the minimum purchase is 0.003 BTC and if you want to purchase more than $400 worth of Bitcoin you will have to register and upload your ID. This is a quick process too, and is done to satisfy Know Your Customer (KYC) and Anti-money Laundering (AML) regulations. Once you click continue you’ll be presented with a list of nearby banks and the exchange rate you can expect when using each bank:
Simply choose a bank that’s close by with the best Bitcoin price. Make sure you can get to the bank within 3 hours of placing the order, because BitQuick will not hold orders for longer than 3 hours. To continue click your desired bank and you’ll be presented with the final verification screen where you can review all the details of the purchase. If everything is ok tick off the boxes for terms of service, fill in the necessary information, and click the large BUY button at the bottom of the form. You now have three hours to get to the bank and make the deposit to pay for the Bitcoin.
Once you’ve paid for the Bitcoin you’ll need to take a picture of the bank receipt for the deposit and upload it to the link that was emailed to you when you began the purchase process. Once the seller receives the confirmation of the deposit they release the Bitcoin and it is transferred to the wallet address you provided, less the 2% buyers fee and a 0.001 BTC mining fee. BitQuick says this can take as long as 3 hours, but the reality is it is often much faster than this. You can plan for three hours, but you could receive your Bitcoin in as little as 15 minutes!
Selling Bitcoin on BitQuick
Buying Bitcoin with BitQuick is quick and easy as you’ve already seen, but you might be surprised to learn that selling Bitcoin through BitQuick is JUST as quick and easy. Just like buying Bitcoin, it is a three step process:
1. Complete the sellers form on the BitQuick site.
2. Send the correct amount of Bitcoin to the BitQuick escrow address when the order is created.
3. Receive the cash deposit receipt, confirm it, and release the coins to the buyer.
As a seller on BitQuick you’re also able to set your own price for your Bitcoin. This creates the opportunity to arbitrage if you can buy Bitcoin more cheaply from another source and then sell them on BitQuick. And this is quite possible as the prices on BitQuick are typically at least 5% above the current market price.
BitQuick Fees
As mentioned above there is no fee if you’re selling on BitQuick. If you’re buying on BitQuick you’ll be responsible for a 2% exchange fee as well as a 0.001 BTC mining fee. Both of these fees are deducted from the Bitcoin amount before it is transferred to your wallet. You’ll notice this is clearly stated on the initial form when you begin the purchase process, as well as in the BitQuick Terms of Service section of the website.
Is it Safe to Use BitQuick?
If you’re going to use a service that will be storing your Bitcoin or receiving your cash and personal information, it better be safe and secure. We think BitQuick meets an examination of a secure and safe service based on the three following factors:
1. Long standing proven company. BitQuick has been doing this since 2013 and has sold over 56,000 Bitcoin as of April 2018, while serving more than 79,000 customers. They have a great reputation in the Bitcoin community, and are well respected, even with some co,mplaints regarding the high pricing and fees.
2. Escrow and safety of funds. BitQuick uses a third-party escrow service to ensure that Bitcoin are sent once paid for. Additionally, the Bitcoins you purchase are sent directly to your wallet. BitQuick is not holding or storing your Bitcoins at any time.
3. Personal account security. As a user you don’t have to register an account to trade, so there is nothing to compromise. Sellers have a Personal Identification Number they use to accept, modify and cancel orders. There are no personal details being held on the BitQuick servers, and nothing to be compromised, making account security ideal.
While on the subject of account security it needs to be noted that BitQuick suffered a hack in March 2017. The breach was detected immediately and there were no funds lost as a result of the hack. BitQuick responded by immediately taking the service offline, and it remained offline until May 31, 2017 while they repaired the security vulnerability that led to the hack.
Does BitQuick Have Customer Support?
BitQuick not only has customer support, but they are known to be quite responsive. There is an online form that can be used to contact them, and responses typically take no more than a few hours. It should be noted that they only respond during their working business hours, which are Monday – Friday from 8:00am to 22:00pm EST and Saturday – Sunday from 9:00am to 20:00pm EST. Outside those hours you can expect responses to take somewhat longer.
BitQuick Supported Countries
BitQuick supports the following countries and their currencies:
- United States
- Canada
- European Union
- Russia
- Australia
That said, it appears that the site is used exclusively, or nearly so, by residents of the United States.
Sending and Receiving Bitcoin with BitQuick
While many of the peer-to-peer services have dealt with fraud issues by holding either the sellers Bitcoin or the buyers cash on their own and handling the transfers accordingly, BitQuick has taken a different approach that I find to be far more efficient and effective.
Unlike with other services, you won’t have to send your Bitcoin from the exchange wallet to your own wallet and incur additional transaction fees. Instead, the Bitcoin is sent directly to whatever address you specify when you place the order. Plus, this happens as soon as the seller releases the order, so you don’t have to wait until the exchange is ready to release your Bitcoins.
Sellers need to send their Bitcoin to the escrow service used by BitQuick once their listing is placed. BitQuick will wait until the transfer receives one network confirmation, and then makes the listing live on the BitQuick website.
This process gets rid of any confusion that can be experienced with other peer-to-peer marketplaces, and streamlines things both for buyer and seller. It also minimizes network congestion and fees, and I think is a more secure solution.
In Conclusion
If you’re looking for a Bitcoin marketplace that allows you to buy in cash and remain anonymous then BitQuick is definitely worth a look. Unlike other services you won’t need anything but cash to buy Bitcoin, and if it’s less than $400 you won’t even need to provide any identification. Another great benefit is that BitQuick has done away with the need to meet a stranger to pay them in cash. Instead you simply head to one of your local banks and make a deposit to the seller account.
Sellers will find BitQuick to be like a dream. There are no fees, and you can set your own price, meaning it’s easy to arbitrage Bitcoin where you purchase it at a lower price and then sell it at the marked up price on BitQuick.
If you want to deal specifically in cash, whether you’re a buyer or a seller, then BitQuick may very well be perfect for your needs.