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Founded in the United States, Bitcoin of America is a cryptocurrency exchange that facilitates Bitcoin and Litecoin related transactions in the country. The exchange is registered with the United States Department of the Treasury (FinCEN) (RegNum) as a monetary services organization. Unlike many other centralized exchanges, Bitcoin of America operates directly with the customer without third party intermediaries. New users can access the digital platform where cryptocurrency trading is conducted.
Although the asset list is limited to Bitcoin and Litecoin only, the idea of the exchange is promoted solely by the use of Bitcoin, as it is the safest and most popular worldwide.
Bank of America is one of the largest investment banks in the world, which also provides financial services to large corporations and small businesses around the world. Taking inspiration from its reputation, Bitcoin of America now aims to make a substantial mark on the cryptocurrency industry within the country.
Bitcoin of America promotes convenience
While trading with cryptocurrency is a common affair these days, some platforms require different levels of verification before the user can access digital assets. With Bitcoin of America, after the initial registration process which takes less than a minute, users can access the desired amount of Bitcoin.
One particular feature that stands out for Bitcoin of America is its option for users to access Bitcoin via Cash. Although sending cash via a user’s laptop is relatively impossible, Bitcoin of America is able to proceed with this service with its own Bitcoin ATMs or better known as a virtual currency kiosk.
Bitcoin of America has over 450 ATMs in the United States, through which users can purchase Bitcoin directly via fiat currency. In addition to the pre-existing Bitcoin ATMs, a mini version of them known as Bitcoin tablets are also available in certain locations.
Source: Bitcoin of America
Although there is uneven distribution on Bitcoin ATMs at the moment, it is important to note that the exchange has yet to be opened in some states which include Alaska, New Mexico, Rhode Island, Utah, Idaho, New York, Iowa, etc.
Bitcoin of America supports PayPal and bank transfer services
Another advantageous option provided by the US digital asset exchange is that the company provides same-day settlement services on bank transactions. Users can facilitate the transfer of capital and assets are transferred to the user’s wallet within the same 24 hour period. Users have 24/7 access to customer service and support in the event of any untimely issues occurring during the transfer.
If bank transfer or cash access isn’t convenient for users, the exchange also provides prepaid debit card and PayPal transfer services for easier entry into the world of Bitcoin.
Security aspect of the exchange
In terms of security, Bitcoin of America maintains industry standards as it operates in one hundred percent compliance with all AML rules and regulations and other federal and state laws. While this adds a good level of security for the user, there is room in the security aspect for the growth and innovation of the exchange.
Bitcoin of America, the trading and wallet app for iOS and Android
With users always on the go these days, the availability of a Bitcoin of America trading app promotes the option for quick access at any time of day. All kinds of payment methods are available on the mobile trading app, which is highly desired by the current class of investors.
In line with the trading app, the exchange has its own dedicated wallet application where users can store their acquired Bitcoin and Litecoin. While safer wallets are available in the space, a dedicated parent wallet has its advantages of creating a faster medium of exchange between the platform and the investor.
Verdict
From a neutral point of view, there are particular question marks regarding trading fees as the only service provided by the exchange is the sale and purchase of Bitcoin / Litecoin. Therefore, users should track their own analysis to understand any discrepancies during transactions.
Overall, the convenience and flexibility in payment methods provided by the exchange is a plus for new users in the US, who are looking for exposure to cryptocurrencies in the emerging digital asset space.
For more information, please visit the official website.
Disclaimer: This is a paid post and should not be regarded as news / advice.
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