Wall of Coins is a new service that gives users the ability to purchase Bitcoin at their local bank.
There are a lot of ways to obtain Bitcoin. Buying them from traders or in face-to-face (OTC) are the most common.
The problem with these purchases is that you must use either credit/debit cards wire transfers from your bank or, in a few cases, by using PayPal. In these cases you are left exposed to risk and potential fraud. The fact is that most people still trust the bank they have been doing business with for most of their lives. While banks do make a lot of “mistakes,” some of which certainly border on criminal activity, your savings or checking account is “secure” only because it is insured by the FDIC.
Another option is Localbitcoins.com, which allows you to place an order, transfer the money in exchange for bitcoins that are sent to your wallet. But what if you could actually pick up your Bitcoin at your local bank? A new service, Wall of Coins allows its users to do just that.
Instead of trusting a third, or even a forth party with your banking or credit card information, Wall of Coins allows buyers and sellers to meet online and arrange payment:
The buyer will find their seller, determine how much Bitcoin they want to purchase (the minimum order is only US$5 so you do not have to be a high roller) and select the bank that they wish to use. The seller provides their account information and the buyer simply deposits the purchase price into their account and their wallet is immediately credited with their Bitcoins.
Wall of Coins, according to Robert Genito, CEO of Genitrust Inc., is the first truly transparent Bitcoin marketplace. Both buyers and sellers are able to keep coins in “cold storage,” which is essentially an offline wallet. Genito, who is also the lead developer for Wall of Coins, explained to Cointelegraph:
“WallofCoins.com was inspired 2 years ago by BitInstant, over the counter trading (#bitcoin-otc), and a few other of my technical obsessions, such as using communications as identity. For example: phone numbers. Over the last 2 years, I’ve spent significant time meditating on how to help normal people get bitcoin and liquidate their bitcoin under circumstances where they need local currency. I went through many prototypes, and Wall of Coins represents what we believe the public needs today.”
Genito also said that Wall of Coins was more than just “different” in comparison to similar sites. According to Genito, Walls of Coins distinguishes itself from competitors because:
“Wall of Coins is 100% transparent - all of our deposit addresses are published, on separate servers, and GPG signed by 2 companies.
“We are the only service where we select a professional building near your location where you can obtain Bitcoin.
“There are no extra costs: what you see is what you get, and the bitcoin and USD rate you select as a seller is exactly how much cash you get!”
“Furthermore, we protect buyers and sellers from scammers, which is a huge problem today, remarked Genito. “You will never hear of a buyer or seller being scammed on Wall of Coins, yet you hear this constantly about services like Localbitcoins. This protection comes from the distance we keep between buyers and sellers, similar to a traditional market.”
The site was launched in August but only about 100 people were invited to participate for the first month. When the service was officially opened to the public, Wall of Coins began offering services with both American and Canadian banks, with plans to expand to Latin America soon, specifically Mexico and Argentina.
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