Buying Bitcoin in Germany has become a bit of a hassle, ever since Localbitcoins stopped operating in the country, and certain German banks start reversing Bitcoin-related bank transfers. But there might be a light at the end of this dark tunnel, as FIDOR Bank and Bitcoin.de have announced the launch of their Bitcoin Express trading system.
Connecting The Bitcoin Marketplace To Traditional Banking
Bitcoin and traditional banks will not become the best of friends any time soon, but that might not be as much of an issue anymore in the near future. FIDOR Bank, a German bank well-known for their openness towards Bitcoin business and enthusiasts, is teaming up with Germany’s largest Bitcoin marketplace Bitcoin.de to create a direct connection between Bitcoin and traditional banking.
Not only will this collaboration lead to more secure transactions and Bitcoin trading, but customers from both FIDOR Bank AG and Bitcoin.de will be eligible to trade Bitcoins within mere seconds. But that is not all, as customers of either platform will also be able to conduct the associated euro transactions in the same timespan of a few seconds.
The “Express Trade” system will be the fastest option in the whole of Europe to buy and sell Bitcoins in exchange for fiat currency. Additional benefits are offered behind the scenes of this system as well : no longer will exchange customers have to rely on funds arriving at the exchange’s bank account, which – once the funds arrived – becomes subject to a potential bank insolvency.
Not to mention, the recent number of foreign Bitcoin exchanges losing funds or turning out to be operated by thieves and crooks is not helping in the creation of trust relationships between customers and exchanges. Bitcoin.de customers will always keep the funds in their own bank account – in the case of FIDOR Bank with stautory deposit security of 100,000 EUR per priate customer.
Needless to say, the “Express Trade” system took a lot of hard work, both on the end of Bitcoin.de and FIDOR Bank alike. In fact, this platform has been in the making for a year and a half. Due to regulatory requirements which had to be taken into account and the adaptation of the General Terms & Conditions of Business on both platforms, it took this long to realize such a platform. But seeing as how it will be the fastest way to buy and sell Bitcoin in all of Europe, it was well worth the wait.
Bitcoin.de Works Similar to eBay
Unlike other foreign Bitcoin exchange platforms, Bitcoin.de has taken an entirely different approach to the business of letting users buy and sell Bitcoins in a peer-to-peer fashion. AS both the buyer and sell on Bitcoin.de agree on a Bitcoin deal, the transactions is paid immediately, as funds is transferred to the seller’s account directly. Once the payment has been malde, the seller releases the Bitcoin funds to the buyer
While these transactions could still take up to 30 hours or more to complete, it was considered relatively fast at that point in time.Now that Bitcoin.de and FIDOR Bank AG have announced the “Express Trade” system, such waiting periods are a thing of the past, and transactions are completed on both ends in real-time. A definite step forward for both Bitcoin enthusiasts all over Europe.
“We are proud that we at Bitcoin.de have been able to develop further together with our bold partners from FIDOR Bank towards an exchange.“That is not only good news for all Bitcoin fans, but also good news for fin-tech companies based in Germany. Together with the right partners more is possible in Germany than one might think,” Oliver Flaskämper, board member of Bitcoin Deutschland AG, told CryptoArticles
FIDOR Smart GIRO Account Holders Able To Execute Bitcoin Trades Immediately
Bitcoin buyers who have a FIDOR Smart Giro Account – which is completely free of charge by the way – will receive the Bitcoins they acquire through the “Express Trade” system immediately once the paid for the purchase. In a similar fashion, Bitcoin sellers who hold the same account type will have funds deposited into their account instantaneously.
While that already sounds exemplary in its own right, there is another [behind the scenes] bonus to the “Express Trade” platform. Bitcoin.de becomes the world’s only Bitcoin trading platform with customer inventories checked by a publicly authorised audit (last audit conducted at August 27th 2014, next audit is scheudled for August 2015). Furthermore, this collaboration will also make Bitcoin.de the only Bitcoin trading platform with a direct connection to the traditional banking system.
When using a classic Bitcoin exchange, user’s funds in EUR can be considered as “dead capital”, as it has to be transferred to a customer’s own giro account first [which is rather clumsy]. This is where Bitcoin;de will differentiate itself from the competition, as Bitcoin trades will be conducted directly and virtually in real-time by using a “living” giro account.
“Above all in an innovative environment such as that in which Bitcoin operates, the top priority must be to provide the users this offer of security and sustainability. The prompt conducting of money transactions in the environment of Bitcoin transactions from one bank customer to another bank customer enhances security massively.:As such FIDOR Bank is setting a further milestone in digital banking”, Matthias Kröner, CEO of FIDOR Bank,told us.
Source : Press Release Via Email