BitQuick Accepted into Boost VC Accelerator: "LocalBitcoins Lack of Innovation Caused Competition to Emerge"

BitQuick, a Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term that enables you to buy bitcoins through its over-the-counter (OTC) service, has been accepted into the Boost VC Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term program.

The program, headed by Adam Draper, incubates startups for an intensive 3-month period. They receive mentoring from experienced entrepreneurs and feed off of each other's learning and successes.

Startups are granted a $10,000-$20,000 investment from Boost VC upon admission, plus 300 BTC upon completion.

Its debut has been themed around competing with LocalBitcoins, to date the most popular platform for OTC trading. Draper said that "BitQuick is the strongest contender" to LocalBitcoins and that "[LocalBitcoins'] lack of innovation has caused competition to emerge."

An advertisement illustrates areas where BitQuick claims an advantage over LocalBitcoins. These include: no scams, a 3-hour guarantee, no face-to-face interactions, being multisig-secured and being Boost VC-backed.

BitQuick has enlisted the services of Jumio, a company specializing with know-your-client (KYC) procedures. Implementing its NetVerify ID verification tool, it aims to join the Bitcoin Identity Security Open Network (BISON), which validates personal customer data.

Thus, BitQuick is positioning itself to be a cleaner, more compliant competitor to LocalBitcoins.

As bitcoins are handled in its own wallet, they have also recently implemented multisignature technology from BitGo to maximize security.

BitQuick charges a fee of 1-2% to buyers, but no fee to sellers. LocalBitcoins charges 1% to buyers and sellers when listed as advertisers, and no brokerage fees when not. There are some minimal wallet/transfer fees as well.