A student at Ohio State University established a bitcoin exchange that now handles transaction volumes equivalent to the top 10 platforms in the United States.
Despite the rigours of running the startup, Jad Mubaslat, a biomedical engineering student, has managed to stay on the dean’s list all this time.
Mubaslat’s BitQuick.co site has been in operation for almost 12 months and averages about 20 customers each day, a good number considering that in January, the site handled four customers. On average, each customer exchanged approximately 1.3 bitcoin though the website. The top 7th-to-10th bitcoin exchanges handle customer volumes in 20s or less, reported Columbus Business First.
“I quickly gained traction and I wasn’t even marketing this,” said Mubaslat, who in February incorporated BitQuick LLC. “We provide a trustworthy exchange, we’re transparent and we provide exceptional customer service”.
Bitcoin, which was formed in 2009, is a volatile digital currency that isn’t controlled by any government or central bank. It costs next to nothing to transact using the currency as no banks or financial intermediaries are involved.
Alan Chalker, Ohio Supercomputer Center’s director of technology solutions, who joined BitQuick’s board recently said that the site has the benefit of being simple to use, making it appealing to new bitcoin users.
“Three steps and you can have bitcoin,” Chalker said. “I haven’t seen that with any of the other ones out there.”
Bigger bitcoin exchanges work similarly to stock trading floors, with customers able to take short and long positions on bitcoin value. Customers must monitor the transactions by themselves. However, according to Chalker, BitQuick is more like purchasing from a mutual fund. Every transaction is handled manually by a BitQuick worker, who ensures the seller receives cash deposit in his or her bank from the buyer before authorizing the release of the acquired bitcoins.
The fees charged at BitQuick range from 1percent-2percent per transaction, which is paid for in bitcoin. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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