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Author Topic: App to Make Getting and Selling BTC Easier  (Read 981 times)
Adelphoi
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January 16, 2017, 06:21:20 PM
 #1

Hello everyone,

We just recently published a project proposal on our website to make things even easier when trying to acquire crypto locally with cash, debit card, and, in some areas, bank transfers, with this P2P ATM project. For cash transactions to acquire crypto, it will be similar to Uber in a way to make it easier to find someone to acquire crypto from as well as finding someone to sell it to, such as if you're traveling and need to acquire cash, and there's no BTC ATM in the area. This will also hopefully make it easier for those who want to get their first BTC or other tokens. A debit card charge or bank transfer for cash option will be an available feature as well. KYC/AML requirements will be satisfied, but will be kept at the minimum and will follow the tiered system similar with exchanges.

Here's a link to the project document itself for more details. It isn't complete yet as further details will be released once it's open for voting within the startup incubator.



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January 16, 2017, 07:56:15 PM
 #2

So, it's similar to LocalBitcoin?
I see on your site, said about ICO, so you combine altcoin with this app?
How the security system works? Features?
Nice site BTW.
BuySomeBitcoins
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January 16, 2017, 08:41:14 PM
 #3

sounds good but I have 2 questions :

.Debit card transaction will be done online or via a terminal POS that requires a PIN ?
.Traders are making more money on LBC and other exchangers, how will you attract them ?
.Bitcoin buyers want an easy, fast and secure solution to get bitcoin [the reason I made https://www.buysomebitcoins.com ] - how can you make that task easy for the buyer ?


And, best of luck for your project.

Adelphoi
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January 20, 2017, 01:58:56 AM
 #4

So, it's similar to LocalBitcoin?

Somewhat similar, however it will be an app with potential card payments and bank transfers, depending on the location, and will allow users to easily find one another

I see on your site, said about ICO, so you combine altcoin with this app?

The ICO is for Adel, a startup incubator that focuses on blockchain technology. This project was created by the R&D team of Adel, which will be proposed to the community, together with other projects. The community will then decide whether or not funds from the ICO will be used for the project, as well as others.

How the security system works? Features?
Nice site BTW.

Thanks for the compliment Smiley

Security features and other details will be revealed when the project is proposed to the community. For now, we are announcing this project to show the ideas that the R&D team have developed.


.Debit card transaction will be done online or via a terminal POS that requires a PIN ?

The project aims to have no terminal or any further hardware necessary. For cards with pin codes, it will likely be on the app itself. However, as regulations and practices differ from region-to-region, the app will adjust to the region the user is in as well as the payment methods available to them.

.Traders are making more money on LBC and other exchangers, how will you attract them ?


This app aims to make it easy for people to acquire BTC and perhaps other cryptos, especially since other methods of payment other than cash will be sought after. LBC and other exchanges can deter potential new participants in crypto as such methods are not normally used by the general public. However, applying the same techniques as casual and user-friendly apps like Uber and Lyft, as well as other P2P services, will alleviate the concerns and discomfort new users may have when trying to get their first coins.

For example, some people who want to buy their first coin might not want to meet a stranger on LBC and don't want to have to deal with the difficulties of getting funds on an exchange. Since the app will have a tiered KYC system similar with the exchanges, and that they can use cash, it will be much simpler for them. Also, because of the social features on the app that will allow users to leave reviews, as well as having other social signals, the potential new coin owners will be in an environment that they are more familiar with.

.Bitcoin buyers want an easy, fast and secure solution to get bitcoin [the reason I made https://www.buysomebitcoins.com ] - how can you make that task easy for the buyer ?
And, best of luck for your project.

Thank you Smiley

I think the example I mentioned above answers this part also Smiley
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January 20, 2017, 02:09:40 AM
 #5

It's a pretty good idea, but I personally wouldn't use it, just because it seems somewhat dangerous to meet with complete strangers to do money/bitcoin transfers.
But I'm sure that it could work since LocalBitcoins is also pretty popular.


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Adelphoi
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January 20, 2017, 03:02:48 AM
 #6

It's a pretty good idea, but I personally wouldn't use it, just because it seems somewhat dangerous to meet with complete strangers to do money/bitcoin transfers.
But I'm sure that it could work since LocalBitcoins is also pretty popular.

For cash, meeting up in person would be required. However, if it's card/bank transfer <-> crypto, then it's possible that they will not need to meet in person. Restrictions will probably be placed though with regards to geographic location to further reduce the amount of KYC/AML required as international transactions usually require more.
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January 20, 2017, 03:39:36 AM
 #7

Have you checked out btc2bid.con ? They pretty much do the same but not an app.The concept is still the same and they don't have to satisfy any KYC documents preocedures since they primarily deal with exchanging the cash in meeting with person.And they have automated escrow as well.But an app with real life location tracking doesn't sound like a bad idea.Had it just been the app which allows meeting in real life to have bitcoins exchanged,it would keep all the government formalities apart!Good luck with the project . Smiley


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Adelphoi
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January 20, 2017, 02:30:58 PM
 #8

Have you checked out btc2bid.con ? They pretty much do the same but not an app.The concept is still the same and they don't have to satisfy any KYC documents preocedures since they primarily deal with exchanging the cash in meeting with person.And they have automated escrow as well.But an app with real life location tracking doesn't sound like a bad idea.Had it just been the app which allows meeting in real life to have bitcoins exchanged,it would keep all the government formalities apart!Good luck with the project . Smiley

Thanks for bringing that up. They do something similar, but with this app it won't just be cash but also cards and bank transfers, depending on the location of the users transacting. This will be good for users in areas where transacting in cash is not ideal, such as if there are no ATMs nearby or if the ATMs charge a lot to withdraw cash. And yes, as you mentioned, there will be location tracking enabled if the users wish to find other users.

Thank you as well for wishing us luck Smiley
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January 20, 2017, 05:51:23 PM
 #9

It's a pretty good idea, but I personally wouldn't use it, just because it seems somewhat dangerous to meet with complete strangers to do money/bitcoin transfers.
But I'm sure that it could work since LocalBitcoins is also pretty popular.

For cash, meeting up in person would be required. However, if it's card/bank transfer <-> crypto, then it's possible that they will not need to meet in person. Restrictions will probably be placed though with regards to geographic location to further reduce the amount of KYC/AML required as international transactions usually require more.
Oh yeah sorry, I understood it wrong then Smiley
Yeah if it's possible to have a non personal transaction, then I would definitely use this kind of service if needed.


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Adelphoi
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January 20, 2017, 06:22:31 PM
 #10

It's a pretty good idea, but I personally wouldn't use it, just because it seems somewhat dangerous to meet with complete strangers to do money/bitcoin transfers.
But I'm sure that it could work since LocalBitcoins is also pretty popular.

For cash, meeting up in person would be required. However, if it's card/bank transfer <-> crypto, then it's possible that they will not need to meet in person. Restrictions will probably be placed though with regards to geographic location to further reduce the amount of KYC/AML required as international transactions usually require more.
Oh yeah sorry, I understood it wrong then Smiley
Yeah if it's possible to have a non personal transaction, then I would definitely use this kind of service if needed.


No worries. Smiley Not all of the details are published in the document as of now to avoid overwhelming people.

Happy to hear that you'd consider using the service! Smiley
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January 23, 2017, 07:39:56 PM
 #11

Sounds like a decent idea. Ideas don't need to be new in order for them to succeed. They just need to do the job more effectively. If you can come up with a good UI and make the process smooth and enjoyable then it should gain traction.
With regards to the security concerns it's probably best to provide some guideline framework advising on personal security when dealing with face to face transactions. If anything goes wrong, a little bad publicity always seems to go a long way.
Adelphoi
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January 24, 2017, 08:53:22 AM
 #12

Sounds like a decent idea. Ideas don't need to be new in order for them to succeed. They just need to do the job more effectively. If you can come up with a good UI and make the process smooth and enjoyable then it should gain traction.
With regards to the security concerns it's probably best to provide some guideline framework advising on personal security when dealing with face to face transactions. If anything goes wrong, a little bad publicity always seems to go a long way.

Thank you Smiley Yes, the UI for this will be one of the main things that will be worked on as we are not just targeting the crypto community but also the mainstream market since the app can also be used as a non-crypto P2P ATM.

Thanks for your advice regarding security. We'll also be announcing further details outlining security plans to the Adel startup incubator community after the ICO. I agree, bad publicity is definitely something we'll want to avoid as much as possible.
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