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Don’t get me wrong—I think LocalBitcoins is a great service. But for someone who’s using Bitcoin for the very first time, it’s way too complicated.
When I paid for surgery with Bitcoin a couple months ago, the anesthesiologist who took the payment (their first Bitcoin payment ever, by the way) asked me what the selling options were in case they wanted to exchange for fiat.
I’ll never forget how my heart sank as I navigated LocalBitcoins with him. The site layout was not simple. It used abbreviations that he didn’t understand. Every Bitcoin buyer had his own quirky way that he wanted to pay. And the trade options were almost overwhelming: Wire transfers? Cash by mail? Bank deposit? PayPal? Cash in person? Gold?
Don’t get me wrong—I think LocalBitcoins is a great service. But for someone who’s using Bitcoin for the very first time, it’s way too complicated. Even intimidating.
I wish I had known about Wall of Coins then so I could have recommended it instead.
Wall of Coins has a graphical interface even a grandmother would love. It asks only three questions, one at a time: do you want to buy or sell? Great, moving on. How much? Awesome, moving on. What zip code are you in? Fabulous, here are your options.
Wall of Coins offers only one type of trade: cash bank deposit for bitcoins. After answering the three main questions, you’re provided with the best trades in your zip code—with varying bank locations and prices—and you choose which is most convenient for you. That’s it.
You’re asked to provide an email address for your account, and a phone number to receive trade confirmation texts (Wall of Coins acts as escrow agent).
Project lead Robert Genito said:
“Any person's goal is simply to get Bitcoin conveniently, quickly, and safely. In the world of cash deposits, our system automatically compiles this for our users depending on their needs.”
Wall of Coins prides themselves not only on finding the best possible matches for your buy or sell order, but also on being the first fully auditable service of their kind. They provide you with the tools to verify the coins held in escrow, which they claim are all kept in cold storage until point of transfer.
Wall of Coins will even help customers who are new to Bitcoin set up their first wallet right over the phone. A call placed to 1 (866) 841-COIN will get you your own flesh-and-blood Bitcoin wallet coach.
Wall of Coins was founded by Florida-based Genitrust, the company also responsible for the miner-hosting setup Hashing Plex.
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