As the name suggests, Bitcoin of America is an American bitcoin exchange company and service provider. The company is registered as a Money Services Business (MSB), transacting under the guidelines set by FinCEN. Unlike other exchanges that dish out a long list of cryptocurrencies to trade in, this exchange specializes in only bitcoin and litecoin trading.
The exchange allows for the purchase of these cryptocurrencies for paper cash, which is made possible through its array of 1900 Bitcoin ATMs/Kiosks located in different parts of the United States.
Chicago (where the company is based) and Michigan possess the most Bitcoin ATMs in the Bitcoin of America network. The company is currently looking to continue expanding the network to other regions of the country. Of its many strong suits, Bitcoin of America provides same-day settlement on all wired transactions and exceptional customer support. Bitcoin of America has full-time compliance officers to ensure the exchange is 100% compliant with all AML-rules and regulations, and the federal and state laws.
Buying and Selling
Buying and selling on the Bitcoin of America platform is relatively straight forward. Users must register on the platform, share their name, address and social security number in order to comply with AML/KYC verification. Once having registered on the exchange, users can go about setting up a bitcoin wallet.
It is possible to buy up to 500 bitcoin (BTC) on a daily basis, via debit/credit cards, or a wire transfer. The minimum amount for wires is USD $2500 per day. As mentioned above, users also choose to visit any of its Bitcoin ATMs and Tablet locations and transact face-to-face, with cash or cash deposits.
The platform is only open to US-citizens only. Yet, as of today, it is not yet open to all US-users. Specifically, residents of Washington, Vermont, Utah, Rhode Island, New Mexico, New York, Maine, Idaho, Iowa, Hawaii, Connecticut, and Alaska are not yet permitted to trade on the platform. As per the Bitcoin of America website, they are working on reviewing the various license requirements necessary to allow their services to be permitted in these states.
The standard taker fees and maker fees are hard to compare with others in the market, the industry-standard being 0.25%. The purchase price of Bitcoin and Litecoin is slightly higher than its market price. Similarly, when selling Bitcoin or Litecoin, the purchase price offered is slightly lower than its market price. On selling cryptocurrency, users will receive a Visa gift card with up to $1,999 in cash benefits.
Host a Bitcoin ATM
Bitcoin of America also allows users to host a Bitcoin ATM. All that is needed to do is provide power and an internet connection to their machine. Users receive commissions for hosting the machines, with earnings depending on the location of the Bitcoin ATM and its hours of operation. The most promising locations for the ATMs are outside a shop, office building, bar or restaurant.
Bitcoin of America also offers e-commerce and online merchants plug-ins for all the popular web carts used today, including:
- Zen Cart
Buyers and customers can spend with bitcoin, while Bitcoin of America will be able to settle and send merchants USD.