July 11th Announcement of a material change in the way that Bitcoin-Brokers operates
Effective immediately
www.Bitcoin-Brokers.org is changing the manner in which pricing is determined on the site. The website will be adjusted within the next few hours to reflect the changes, yet I wanted to announce the upcoming change here.
Sellers can now list their bitcoin for sale at whatever prices they want. Bitcoin will be available at different prices at different banks. When a buyer requests a quote, they will be presented with the available inventory of bitcoin at each bank, along with the price which each seller needs to be paid. Bitcoin-Broker’s fee paid by the buyer is 2%. There are zero fees paid by the seller of bitcoin.
Buyers will then choose which bank and price they prefer. Bitcoin-Brokers will then forward the necessary deposit instructions to the buyer to complete the transaction. After the buyer has made the cash-only deposit into the seller’s account, the buyer will need to photograph the deposit receipt and upload that receipt to the same support ticket that was used to initiate the transaction as proof of deposit.
The proof of deposit is forwarded to the seller who confirms the deposit has been made into their account via their online banking. The seller then grants Bitcoin-Brokers permission to release the escrowed bitcoin to the buyer and the transaction is complete.
The buyer is always guaranteed to receive bitcoin because each seller needs to place their bitcoin in escrow with Bitcoin-Brokers prior to Bitcoin-Brokers presenting the seller’s bitcoins as available inventory to interested buyers.
FAQ
Q)
The price of bitcoin moves up and down in the open market. At what point through the transaction are prices determined?
A)This depends on two things which are both up to the seller. Sellers have the choice of working with Bitcoin-Brokers in a couple different ways. If sellers simply have a supply of bitcoin which they want converted to cash deposits, then Bitcoin-Brokers will use the time on the buyer’s deposit slip as a point of reference to establish the pricing of the bitcoin.
If the seller is buying the bitcoin directly from an exchange to pair off the order, then Bitcoin-Brokers will allow the seller to take a screenshot of the paired off purchase. The price which is displayed on the screenshot will be used as the price. This will allow the seller to “lock in” a guaranteed profit. The screenshot will also be forwarded to the buyer as a form of receipt, so the buyer has confidence that the price they paid per bitcoin was in fact the actual price at the time it was purchased out of an exchange.
Q)How long after a deposit has been made, and proof of deposit supplied before bitcoin are released to the buyer’s wallet?
A)Bitcoin-Brokers will release the bitcoin as soon as we are given authorization from the seller to do so. We allow the seller until 8:00 am PST the following day to confirm the deposit and authorize the release of bitcoin. In the event that proof of deposit has been submitted, and the seller becomes unavailable for any reason, Bitcoin-Brokers will complete the transaction on behalf of the seller with the seller’s escrowed bitcoin. If this happens, the time on the buyer’s deposit slip will represent the time at which pricing of the bitcoin is determined in all cases.
Q)Do quotes ever expire?
A)Yes. After a buyer has been presented with deposit information, Bitcoin-Brokers needs to place a hold on the seller’s escrowed bitcoin to ensure that we only sell what we can deliver. The buyer has until 6:00 pm their local time to make the deposit and upload the deposit receipt as proof of deposit (2 hour extensions may be granted if the buyer needs extra time to make it to the bank). If the deposit has not been made by the cut-off time, the quote expires, the hold is taken off of the bitcoin, and the bitcoin are available for sale again to a new buyer. As a buyer, if you miss the cut-off time, never attempt to deposit with the same deposit information. Ask Bitcoin-Brokers for a new quote.
Q)I am a repeat buyer. Should I open a new ticket for each new purchase? Or should I re-open the same ticket from the previous transaction?
A)Please re-open the same ticket. That way all conversations regarding all your transactions can be found in one place.
Q)I bank at the same bank as the seller. Can I simply perform an account to account transfer?
A)No. The only form of payment which is acceptable is a cash deposit.
Q)Will Bitcoin-Brokers escrow a private bitcoin purchase where the buyer and seller have already found each other and they simply need a trusted source to use as an escrow service?
A)Yes. The fee for this is 1%. Minimum transaction size for these transactions are $1,000. There are no maximum sized transactions.
Q)As a seller, can I ask for my bitcoin back?
A)Yes. Your bitcoin can be returned at any time. There is a 1% fee to return bitcoin.
Q)Are there any minimum transactions values?
A)The minimum transaction amount at Bitcoin-Brokers is $100.
