How can you guarantee no scam? Scammers are pretty creative, what are you doing to protect against them?
Taken from a very similar question on
Reddit
We've received a few emails regarding this, some sellers asking how we protect against MITM attacks like the one described. BitQuick.co is a platform that allows people to buy bitcoin with cash instantly from listed sellers in escrow.
The matter of the fact is that we take on the responsibility of weeding out MITM attacks, and cover our sellers with our seller's guarantee Weeding out fraudsters involves various data analysis, and we can't reveal all of our tactics for obvious reasons. We've been fully aware of these scams even before we launched in August, 2013.
But that is the key difference of our platform. We have the ability to collect enough information to weed out scammers, and protect sellers. Other marketplaces put that responsibility on the seller. We allow Bitcoin sellers to focus on profits and providing liquidity instead of weeding out fraudsters.
For compliant sellers, we even have an API that streamlines everything for you. Contact us if you're interested!
orders@bitquick.co
Jad,
I am a seller on your site. Your site is better than others I have tried. Keep it up.
1. What percentage of your buyers use the quick buy button vs individual selecting each sell order?
2. Are you going to put a warning to the buyer to not try to do a online transfer?! This is really annoying because how is the seller suppose to know the buyer is not a scammer who will just call the bank to reverse the transfer?
3. Have you seen any occasions where the buyer tries to go back to the branch and tell the teller that he made a mistake and he wants his cash back??? I have read that some stories online that some tellers actually give them their cash back (which makes absolutely no sense to me) maybe it was just stupid tellers?
4. Any tips on how to really sell bitcoin consistently with bofa without dropping the buy limit or margin percentage? Sometimes my bitcoin just sits their for half a week it sucks to make a measly 1-2% margin on the sales.
5. Is there any way you can reduce the time allowed to make the deposit and upload the receipt from 3hrs to maybe 1.5 or 2 hours? 3hrs seems way to long and that causes sellers to lose potential other sales.
thanks
1. Nearly 3/4 of users utilize our quick buy feature. It really helps replicate that classic BitInstant experience.
2. We already have warnings before the order is placed, and in the confirmation email for buyers. Unfortunately it seems some people do not like to read the terms. In any case, you don't need to worry about a scam. BitQuick still protects you with the seller's guarantee. As long as you inform us via dispute that the transaction was a transfer, there's nothing to worry about.
3. I've seen it happen on other platforms before, but the matter of the fact is scammers are relatively simple to catch with proper data analytics. The scam you mentioned is particularly risky as well because the questioned individual has to put their identity out in the open by visiting the bank. The risks of committing a felony outweigh the benefit of a small monetary scam.
4. We recommend sellers advertise their sell order link to get additional exposure, but past that the only factors that affect liquidity are the limits and margin.
5. We believe that 3 hours is a fair compromise, as we already have several buyers also requesting the time be extended. Users are banned after 3 unpaid holds in any case.
following up on btcchamp's post and cross post from the reddit thread:
i always recommend you alongside libertyx.com, localbitcoins.com - how do you view your platform as differentiated from them? it seems like the consumer price for you is somewhere in the middle of the bunch.
and adding one more Q - how large do you think you can get in a year? how many backpages are out there? craigslist? angie's list?
thanks!
From Reddit:
Us and Libertyx feel very similar to the user, but function very differently of course. Libertyx directly sells Bitcoins to users leveraging their network of convenience stores. BitQuick connects buyers and sellers, and has buyers pay at a local bank branch.
In either case, you are going to a physical location, and depositing cash.
LocalBitcoins on the other hand is like the wild west. Browse through 100's of payment methods, and different offers, make sure the seller has a positive reputation, and then keep your fingers crossed you haven't stumbled upon a hacked LBC seller account.
Long story short, there is too much risk associated with LBC. There is no risk whatsoever with BitQuick.
How large can we get in a year? Well, our volume increased 14x this year to date. We're roughly 1/10 the current size of LBC right now, so even if the Bitcoin market doesn't increase by much, there is plenty of room for us to grow in the current ecosystem. As for Craigslist, Angie's list, etc., I'm not sure they will do much for Bitcoin's growth. Backpage had a particularly unique situation that forced them to use Bitcoin.
Is it possible to exchange Bitcoins in Iran?
Not with BitQuick at least.
