Wall of Coins is a peer-to-peer bitcoin marketplace that lets users buy and sell bitcoin without compromising privacy or security. Customers report that this exchange is fast, with an average order fulfillment time of around 10 minutes.
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Wall of Coins: Buying and Selling Made Easy
A Wall of Coins representative said:
“Wall of Coins is the easiest place to liquidate Bitcoin on the planet. You get cash immediately and securely at the price you determine. Say goodbye to waiting days for an ACH transfer, and say so-long to paying any fees.”
Being able to cash out your coins without waiting on an ACH transfer is actually kind of a big deal. Competitors that do use the ACH transfer system, like Coinbase, generally require sellers to wait around 2-4 business days before their fiat appears in their bank accounts. These delays make bitcoin fairly illiquid, greatly diminishing the utility of the Bitcoin network’s fast confirmation times and borderless transactions.
The exchange touts its speed and efficiency in connecting buyers and sellers through its Buying Wizard. With the Wizard, users get funds sent directly to any address they choose, eliminating any waiting time that may come from internal confirmation processes on other exchanges. Users should be able to have their funds sent to any Bitcoin market instantly. To use the Wizard, traders enter their bitcoin addresses and wait for the order to complete, and then their coins “are sent instantly to the market.”
Wall of Coins claims top-notch security as well. Genitrust CEO Robert Genito says that his team at Wall of Coins employed security analysts and “ethical hackers” to build the exchange from the ground-up, ensuring that it protects user funds.
One of the exchange’s strongest security features is a unique technology it uses called “Rapid Cold Storage.” This system allows Wall of Coins to send transactions from cold storage just as fast as transactions sent from multi-sig wallets. Therefore, Rapid Cold Storage is comparable to hot wallets in speed, but boasts increased security, keeping keys away from online systems. Furthermore, the company says that their offline machines actually offer “more robust” protection than multi-signature technology, suggesting an extremely secure storage system.
To protect buyer privacy, Wall of Coins does not require users to give up banking information, allowing them to trade without linking an account.
Sellers can also get cash immediately sent to any secure financial system they choose, including bank accounts, credit unions, Moneygram and Western Union.
The team running the company is composed of experienced Bitcoiners. According to them:
“We are all seasoned veterans, with some of us having sold Bitcoin since 2011. We understand these problems intimately, and have developed technology to solve all problems related to selling coins for cash.”
Operating for over a year, Wall of Coins customers have made their satisfaction known. The company provides users with a free customer service hotline operated in a live call center, as well as a live chat system on the website.
The team also works to provide stress-free trading to its customers by doing “all the heavy lifting for its sellers.” With its peer-to-peer market and its emphasis on security, Wall of Coins aims to provide a trading experience where users don’t have to “worry about finding liquidity for large orders, or the fear of robbery.”
Wall of Coins has also made its API available to anyone. Through the API “we’ve allowed ANYONE to offer the same Buy/Sell functionality [as us],” Genito says, “what does this mean? Well think of Gildera and Airbitz: Airbitz was able to offer their users the ability to load their wallet with bitcoin (using Gildera) — we did something similar with Post Share wallet almost a year ago.”
This company is run by Genitrust, a privately-funded corporation. Since its creation in 2013, Genitrust has specialized in Bitcoin software solutions. The profits they have made from their endeavors in early mining, GPU co-location, ASIC mining, ASIC co-location through HashingPlex, and the “Sell Bitcoin” app on Wall of Coins have gone back into the Bitcoin ecosystem to ensure its continued growth.
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