Maria David | blogon

From Gold To Printed Money To Decentralized Economy

May 29th 2015 at 10:10 AM

As technology evolves, our civilization and its ways, adapt and evolve along with it. Currency is one thing that kept on changing as well. In the beginning people were trading commodities. Then they started using gold and later government issued money as we know it today. Advancements are being made in the last few decades in such a speed, they we didn't even notice how money changed.

Only a decade or so ago, only few people used anything but scraps of paper and pieces of metal to pay for services and products. Then little plastic cards came along and today almost all of the transactions occurring globally, happen electronically.

Currency revolution was just around the corner

And so it happened. Bitcoin and cryptocurrencies started to appear. They were a currency just like any other but with two main differences.

First of all, no longer could banks, governments or any other institutions with financial influence, control them or even at least track them. As long as there is internet and people using bitcoin, it will strive.

And here lies the second difference. It was a big and sudden change for a lot of people. Since no one actually there to regulate its value and could ensure safe cash-for-bitcoin conversions, many distrusted it. For a while they were partially correct. Startup peer-to-peer marketplaces appeared that allowed people who wanted to buy bitcoins to get in touch with sellers.

Companies like localbitcoins became popular and more and more people started to trade traditional currencies for bitcoins. However due to the lack of safety this kind of marketplaces had to offer, it was not long until scams and money laundering scandals started to appear, branding them as unreliable.

Others took safety way to serious and demanded that the traders using their services go through thorough procedures to verify themselves. The process took days but it would be manageable if it was the only thing wrong with them. There is a strict limit on the amount of transactions you can make at a time and you have to wait for several days until bitcoins you bought, would be delivered to you.

One man's passion changed the ecosystem

A man that was personally scammed of a good portion of his bitcoins and later had his wallet hacked loosing an even bigger amount, decided to change how things work. Thus, BitQuick was created. A startup peer-to-peer cash-for-bitcoin service was created that would guarantee you will get the bitcoins you bought in under three hours and with several layers of protection and security, would ensure what happened to him, will never happen to a user of his platform.

When using BitQuick, buyers no longer need to have a bank account. They only need to browse through a list of offers, bid on the one they prefer, deposit or wire cash to a bank account and once they submit the receipt of payment, bitcoins would be released to them.

BitQuick is a relatively young enterprise but it has already become popular. With new security measures to predict and stop frauds before they even take place, and a new user-friendly interface, trading bitcoins for cash and the other way around, has become safer, faster and easier than ever.

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