You should really redirect buysellbitco.in to zebpay.
One reason I used to easily send new people over to buysellbitco.in but can't do so with zebpay is private keys.
Zebpay holds our private keys while the former did not. Yes we can buy and transfer over to somewhere else, but that's too much hassle for newcomers. Earlier they had to install a wallet and buy from buysellbitco.in, now they have to install 2 wallets, to keep the keys safe.
I really appreciate the work you guys are doing and you might have done your market research to conclude that people prefer ease over safety, but my personal opinion is otherwise.
Also, what if somebody hacks zebpay?
Hi Skang
You should really redirect buysellbitco.in to zebpay.
- buysellbitco.in is different company and will start allowing people trading again in near future. Zebpay most probably will never have a web presence ( Zebpay is mobile only and we aim to be available on all platforms before end of 2016 )
One reason I used to easily send new people over to buysellbitco.in but can't do so with zebpay is private keys.
Zebpay holds our private keys while the former did not.
- Absolutely agree over private key thing and we do not recommend people to put their all bitcoins in Zebpay, in fact if you will put more than 1000$ ( ~60000 INR ) worth of coins in it, system balance will turn red and you should get notice about it. We are planning to move to multi sig next year ( again private key will be with us, just added security feature ). Whole idea of zebpay is regarding convenience so user do not need to worry about details of bitcoins and its safety precautions and yes it is 100% against core principle of Bitcoin. But actually securely storing bitcoins is very tough task for average Joe and we really found this as pain point. If you are even at the intermediate level with bitcoin use offline wallets and put very small amount in Zebpay or any other hot wallet.
Yes we can buy and transfer over to somewhere else, but that's too much hassle for newcomers. Earlier they had to install a wallet and buy from buysellbitco.in, now they have to install 2 wallets, to keep the keys safe.
- Actually people transfer them to blockchain.info which IMHO ( personal opinion ) is not too secure and safe. We really do not focus on buying/selling high amounts, we are focused more on quick small purchases and spend. Again it is a business decision as we want to focus more on consumer spending. Our core principle is "Easiest and simplest spend wallet" and "Bitcoins for everyone for everyday" and we are not focusing on buy/sell and trade at this moment. We will introduce vault like coinbase once we are comfortable with storing bigger amounts.
Also, what if somebody hacks zebpay?
- Zebpay wallet is 100% cold storage. Any of the deposits you make goes to cold wallet only. Zebpay maintains a hot wallet ( very small amount ) with very reputed company, so if there is something wrong on our live system the risk goes upto our hot wallet balance which we should be able to manage.
We really want to see one day ourselves storing seed on secure element with innovative backup mechanism, but our core focus does not allow us to invest on that side of tech. Without any excuse in pure bitcoiner terms we are another implementation of Paypal with bitcoin conversion and ledger, the only difference is we want to be more like venmo
I designed the way buysellbicoin works ( most of the business in India copied that model for OTC/brokerage ) and you understand the reason why I never allowed user to store bitcoins on my server
Really appreciate your feedback.
Regards
