Bitcoin Forum

I was trying to see if there were any recent threads about BitQuick since one of the premier Bitcoin ATM companies (I forgot who exactly) took over the site, because they were hacked awhile back...

Has anyone tried out the site recently?  If so how was it? I've only used localbitcoins in the past and was wondering about this site since it looks like they might have lower prices than what people on localbitcoins are selling for.

I've used Bitquick in the past, prior to their shutdown. Recently I was perusing localbitcoins and saw a number of supposedly very seasoned traders who offer much better prices via bank deposit. In other words, to sell BTC one sends them BTC (?) and they deposit cash to your account. Similar to Bitquick, but ... well, I've never used localbitcoin yet but my understanding is that there is no middleman. So, it appears that deals are priced better on localbitcoin but there may be much less security?

I'd be interested to hear from anyone who has sold btc via localbitcoins, i.e. sent their btc to the seller who in turn has pledged to deposit cash to your bank account. For small amounts I would use localbitcoins for this if I can get a better price. If my memory is correct I was eating around 7-8% in markup and fees to buy btc via Bitquick.

Well when I've used localbitcoins, there seemed to be a multisig escrow where the buyer and seller have to verify the transaction was completed and then the 3rd party releases the bitcoins... so there seems to be somewhat of a middle man.  I looked at BitQuick earlier today and it seemed that they had lower markup rates than localbitcoins, but didn't know if it was still considered "scammy" and didn't want to take a chance in losing out.

I've also had uncomfortable situations at the bank where I've gotten question as to who I'm sending it too because I usually don't have an account at that particular bank... I just wish I had a bitcoin atm around where I live... would make life so much easier lol.

I've done several transaction with Bitquick. You're initial wariness is common, and often warranted when it comes to any crypto transactions. I was the same way, so my first transactions were small, under US$100. That said, over those several transactions my experience was always straightforward with no hint of anything untoward. And nobody at the few banks/CUs I used ever asked me who/why I was depositing. If they asked I was just going to say I was buying digital goods for my kid's online gaming. But nobody asked. And I think if I told them, they wouldn't care. These types of transactions have become more common I think. Wouldn't worry too much ...

Be careful what you wish for. I looked up the procedure for using the bitcoin ATM nearest me, and the first step was to insert my passport! The second step was to step back and let the machine take my picture. What if I was having a bad hair day?!? Lol. Hence my early transactions with Bitquick.

So basically you go up to the teller and just ask for a deposit slip and fill everything out according to the account name/number and that sort of thing?  And I understand what you are saying about the bitcoin atm's, I'm sure there are some sort of regulation on exchanging bitcoins in such a public environment... I guess it looks like the best route is to try out BitQuick for a small amount of money like you were saying and see if everything goes well... if not, I can always go back and try localbitcoins again and try out the cash deposit there.

Actually it was simpler than that. I had written the deposit details (name/institution/acct #) on a post-in and handed it to the teller and told her I wanted to make a deposit to that account. She fills out the deposit slip. Typically they have to look in their system for the account, or in the case of Credit Union, find the receiving CU. One teller asked me 'where,' as in what city/state was the bank and I just smiled at her and said 'I don't know.' She just smiled and said 'ok.' She couldn't care less why. Again my transaction was less than US$100 so I think these types of transactions have gotten quite common.

I also learned that you can deposit to any Credit Union in the US from any other Credit Union in the US. I did that a couple times. Once I miss-wrote (scrolled it wrong) the name of some obscure CU and the teller and I spend about 4 minutes guessing what it might be before we figured it out. Again, she couldn't care less that I didn't know the recipient, nor what the funds were for. That transaction was probably in the $100-$400 range.

So Bitquick stands between, i.e. escrows the transactions, alleviating security concerns. If Localbitcoins does that as well, my sole attention can be directed at transaction costs, which are significant.

Hello, Chad from BitQuick support here!

When depositing at a local branch, you shouldn't need to have an account with that bank to make the deposit. Regarding whether or not you deem us trustworthy, I would like to note that we are a reputable company that has been operating for over 3 years now. You can read reviews about us here: bittrust.org/bitquickco (http://bittrust.org/bitquickco)