When packing the money, the buyer must record or take photos of the process. The user must also configure the account to operate only with one type of national currency.
The decentralized exchange house Bisq set a new payment method to buy or sell bitcoin (BTC). The platform has been processing operations with cash by traditional mail since Tuesday, February 2.
The service reported in a statement that cash by mail “is one of the most private payment methods in Bisq,” but that it focuses on ensuring the security of exchanges.
Once in Bisq, the operator must configure the account by adding the name and surname of the person to whom the package will go. Other requirements are the postal address, type of currency, and additional information.
When entering the data into the account, it is only possible to select a national currency. Bisq suggests those traders who work with multiple currencies create as many accounts as necessary for dollars, euros, or other currencies.
Bisq focused on two aspects: One is that exchanges of this type can work smoothly using the additional information section to establish the details or conditions of an offer. The other is to ensure the person read them carefully to accept the deal and avoid any misunderstanding.
One aspect to consider is that, even if the transaction maintains high privacy levels because it works with cash, there is a disclosure of a domicile address, representing a weakness that can expose the information and its handling.
Record/Photograph the Transference
Those who purchase BTC by sending cash by mail must record or photograph the packaging of the funds. Users must use a tamper-evident bag for money and put the same bag inside another package.
About shipping, Bisq explained:
“Send the package with the cash to the BTC seller with a courier that requires the seller to confirm receipt of delivery. Please consider using a courier service with adequate insurance for any delivery issues.”
Once the package’s delivery with the funds succeeds, the seller must also record the receipt and show the tracking number. Bisq recalled that these operations have fewer verifiable actions, so he stressed that the system’s mediators could consider cases and make suggestions, but there is no guarantee of help or support.
Exchanges of bitcoin for cash are an essential part of the dynamics of the cryptocurrency ecosystem. Other P2P services that offer this alternative are Hodl Hodl, LocalCoinSwap, BitQuick, MoonTrade, Wall of Coins, and even Remitano.
In the past, institutions such as Bank of America have considered cryptocurrencies to be a potential equivalent to cash. A different position is the one that the Securities and Exchange Commission (SEC) defends. SEC currently views many crypto assets as securities.
By: Jenson Nuñez
