What is the cost of identity verification?

We all assign value to privacy of our information. Some, more than others. This is for the some, not the others.

It’s important to be cautious about who we give our identifying documents to. Which is part of what makes the business of buying and selling bitcoin so challenging, and also where some of the best innovation can come in (hard times create strong m̵e̵n̵ businesses amirite?).

How can you buy bitcoin safely, without giving up your identity?

Due to anti-money laundering commitments we are required to collect ID when:

• The transaction is $1,000 or more.

We also collect ID in order to help us reduce our exposure to fraudulent online transfers when:

• The money can be charged back or recalled — this is only possible in our wonderful fiat ecosystems.
• Examples include pre-authorized debits, EFTs, credit card payments and even Interac e-Transfers (yes, they can be reversed¹). Basically, any online, fiat, payment method.

As a non-custodial business with an entire ecosystem of ways to buy, sell and use bitcoin (online, personal services and ATMs) we have the ability to enable transactions that don’t fall into either of the categories (and therefore remove a lot of the friction associated with purchasing bitcoin).

For example, you can use certain products in your portal online without verifying your identity. This is unique to the majority of other online platforms (which is on brand if I do say so myself) in part, because we are non custodial. Granted, you can’t yet buy bitcoin online before you verify your identity (due to the amount of fraud surrounding Interac e-Transfers) but you can sell bitcoin². The process is simple and fast (less than 30 seconds fast):

It really is that easy. All you need is an email to get started with the fastest and safest bitcoin platform in Canada!

• Sign up for an account using an email address that you own and control
• Confirm that email address
• Start a sell transaction
• Send bitcoin³
• Receive your transfer to the email address on the account after 1 confirmation (~10 minutes)

You might say “well I don’t want my money stuck in the fiat ecosystem” (have you seen what’s happening in Africa right now?!⁴) and for that, you could use a Bitcoin ATM to sell your bitcoin.

• Find a Bitcoin ATM near you that can sell bitcoin
• Select how much cash you want to receive
• Send bitcoin as per the transaction details on the machine
• Receive your cash after 1 confirmation (~10 minutes)

You’ll notice in both cases we send the money after one confirmation. As a quick aside, isn’t it amazing that bitcoin’s blockchain reaches finality after one confirmation (~10 minutes). For context, majority of legacy financial products reach finality in ~90 days. You read that right, days, not minutes. That makes bitcoin 12,960x faster than the banks 🤯

Now, selling bitcoin without a massive identification barrier is good, but what about buying bitcoin? Well my friends, the value of our ecosystem shines bright!

You can buy bitcoin at a Bitcoin ATM like this:

• Find a Bitcoin ATM near you
• Scan your bitcoin address
• Insert cash
• Receive bitcoin

Bitcoin can be sent instantly upon you inserting cash, by default it is sent every 10 minutes (this helps keep our fees low). Speaking of fees, if you want to give our ATMs a try, use promo code “PRIVATE” for a 50% discount!

The only command you need to tell a Bitcoin ATM

We are actively working on ways to allow users to buy, sell and use bitcoin in the fastest and safest way possible. It’s easy to see real world applications where these functions will continue to improve with our ecosystem at hand.

• Sell bitcoin online, pick up cash at an ATM
• Sell bitcoin online, pick up cash in another country/currency
• Send cash to a friend in their currency of choice

The list could go on! It’s exhilarating. Part of this includes eliminating the identity barrier where it is legal and possible without being subject to fraud.

If you are hesitant to give your identity to anyone that asks for it, you shouldn’t be excluded from participating in sovereign money (which is bitcoin, in case you haven’t been paying attention).

The future is bright when you future-proof money.

Stay sovereign,

Adam 🫡

1. I have personally been told by the banks (multiple different banks) that e-Transfers can’t be reversed. This is wrong. In fact, in 2015 I accepted the bank’s guidance as fact and lost 10s of thousands of dollars to e-Transfers being reversed.
2. Who wants to sell bitcoin? A bitcoin maxi should ask this question. We are in an accumulation game. However, until we live in a complete circular economy (meaning you don’t have to sell, you can just use bitcoin, which is really the same thing) if you do not have to sell you are not all in. @ me on Twitter to fight about that.
3. You can save that bitcoin address for the future and anytime bitcoin is sent to that address (even if you don’t have an open order) you will receive an e-Transfer to the email on the account.
4. The African fiat system is showing what it’s like to see a government and banking system start a death spiral. The common response I get when I suggest that the greatest value prop to bitcoin is self-custody money is “who cares, my money is safe in the banks”.