The world of Bitcoin and digital currencies allows for the creation of many different business models, some of which improve upon existing financial solutions. Buying or selling Bitcoin through an exchange is often a hassle, but there are services which make the process a lot of more streamlined. BTCDirect has a unique approach to the Bitcoin exchange concept, as they are more of a brokerage than a regular exchange.
One of the main hurdles to overcome for digital currency adoption is the mental barrier people are faced with when showing an interest in Bitcoin. Obtaining their first share of the popular digital currency can be a struggle as there are very few convenient methods to purchase Bitcoin within minutes. In most cases, consumers are left with bank transfers, which can take several days to complete.
BTCDirect is a European exchange attempting to remove this entry barrier from the equation. Rather than positioning themselves as “another” Bitcoin exchange, BTCDirect will act as a broker and execute orders on behalf of its customers. All transactions are completed through a variety of international Bitcoin exchanges, guaranteeing there will always be enough liquidity to accommodate for user requests.
Furthermore, the European Bitcoin broker is accepting a variety of convenient payment methods that allow for purchases to be completed within two minutes of starting the process. Among these accepted payment methods are options such as Bancontact/Mr. Cash, iDeal, credit cards, and Sofortbanking. All of these payment methods are subject to confirmation in a matter of seconds, making for a smooth transaction on both sides.
Buying Bitcoin through BTCDirect does require verification. When customers want to raise the limit, they will be going through a verification process that is rather unique in the world of Bitcoin. Instead of asking users to send a scanned copy of their user ID and a proof of address, BTCDirect will verify one’s identity through a Skype video call. By showing your id/passport, the support agent will activate and upgrade your account on the spot. This model allows users to register and purchase bitcoin with their payment method of choice within 10 minutes
As BTCDirect CEO Mike Hutting mentioned in an interview earlier, the company has to comply with European KYC and AML regulations. Using accessible and convenient verification procedures through Skype or live chat makes it easier for novice users to get up and running in a matter of mere minutes.
Unlike what most people assume, Bitcoin is not associated with any form of anonymity. BTCDirect is a firm believer of how online purchases should not be anonymous, as there is no way for companies to be compliant and offer anonymity at the same time. Most BTCDirect users acknowledge that fact, though.
It is important to note BTCDirect aims to be more than just a broker for buying and selling Bitcoin throughout Europe. The company is planning to explore opportunities in the world of insured offline cold storage. Offering such a feature would keep consumer funds safe from cyberattacks, which will, in turn, help put people’s minds at ease.
The concept of Bitcoin cold storage is nothing new under the sun, as various [mobile] wallet solutions offer a similar feature. However, when it comes to novice users, they will need to be sure their funds is kept safe from all types of harm. Bitcoin is a learning curve, and not everyone will set up a Bitcoin wallet on their computer or mobile device. Having a cold storage solution at the disposal of the user while they learn more about how to set up their own wallets is a great move by BTCDirect.
What do you think of BTCDirect? Let us know in the comments below!
Source: News Tip Via Email
Images courtesy of BTCDirect, Shutterstock
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