In Australia, cardless withdrawal is super popular on localbitcoins. For those not familiar, it basically lets Sally use her mobile banking app to generate a “cash code” and a pin number for a set amount of cash (up to $500 max).
Sally then sends this to Fred, who visits an ATM where he punches in the cash code and pin. The $ is dispensed and Fred releases the BTC to Sally. Happy days, and sooooo convenient!
What option should I choose as a seller in bitsquare? On LBC, I normally choose “other” or “cash deposit”.
There is zero possibility of a charge back. The seller gets folding cash in his hand. Then he releases the coins.
The seller hasn’t provided any type of identity information to the buyer. This is where a reputation and feedback system would be great and promote total privacy.
Couple things for info.
The buyer/seller will need to co-ordinate as there is only about a 30minute (maybe depeons on the bank) window where the bank gives you a sms code that is valid for the ATM.
ATMs only spit out 20’s and 50’s etc.
Unfortunately in Bitsquare, you cant say make an offer in fiat. Its in BTC.
If you make an offer for 100, three days later when your offer is taken it can now be 72.56 or 137.17 or anything.
You cant deposit these amounts with physical fiat in person (for a branch cash deposit) or withdraw from one of these cardless cash ATMS. Its been mentioned before but maybe not understood. It would be great if the buy/sell amount in bitsquare can be locked in the nominated fiat amount. So the time i make an offer for 100. When my sell/buy is taken today or a week from now, the fiat amount is still 100 but maybe its 0.021 btc or 0.029btc. Lets take some market share from localbitcoins.
@SpeedyCrypto [quote=“SpeedyCrypto, post:3, topic:2111”]
This is where a reputation and feedback system would be great and promote total privacy.
[/quote]
This is not necessary in Bitsquare as the seller can’t cheat once the funds are locked in a trade.
As I see it, the short time window to redeem is a show stopper. You can’t expect from an offerer (seller) to make it to an atm in that timewindow after an offer is taken.
The payment method would have to be limited to fixed price offers which aren’t very popular in Bitsquare because of volatility.
I would reconsider bisq! I see a lot of offers on local Bitcoins for this type.
Bisq, cash deposit type, you can enter free text, just mention it’s for cardless cash only. It is viewable before accepting the trade correct?
So same can still be achieved now I believe.
