Transaction delays and the demands of extensive personal information alienate some users from buying and selling Bitcoin . СoinTelegraph spoke to Robert Genito, CEO of Genitrust (which owns Wall of Coins ), about private and instant BitcoinCT r: 10 trading.
The now-defunct BitInstant provided a fast, private method of trading Bitcoin, until it was shut down following the arrest of its CEO, Charlie Shrem , on money-laundering charges. Now, Wall of Coins’ Robert Genito talks about how it is still possible today to exchange Bitcoins fast and without divulging private information.
CoinTelegraph: Have you found potential Bitcoin users being turned off by the delay in purchasing or offloading Bitcoins through methods like exchanges?
Robert Genito: Yes. The biggest turn off is how much information markets ask for buyers. Giving information is either inconvenient (because the buyer has to take pictures and collect things), or they don’t like the privacy infraction. CT: Does Wall of Coins have that same limitation? RG: No, because we operate differently.
CT: How is that?
RG: Let me make it easy for you: With Wall of Coins, the only requirement we always put on our buyers is the need for an SMS-compatible phone number, and this is to SMS text you the instructions to buy your Bitcoin. Should the buyer need help or phone our call center, Wall of Coins staff knows the authorized individual to discuss the order with by looking up the buyer’s phone number. At the same time, we are absolutely compliant. We only ask for extra information when it is absolutely necessary.
Other exchanges, such as Coinbase or Circle , need a lot of information from their users to mitigate risk created by the outdated electronic systems: bank account, credit cards , identification , etc. While many power users are fine […]
