BitConvert argues that some rival platforms ask for too many personal details when they are bringing new users on board and says this can make consumers uncomfortable when they are in pursuit of absolute anonymity.
The company also claims such excessive registration procedures actively undermine the purpose of coins that were designed to deliver privacy.
According to BitConvert, its users have the ability to “instantly exchange coins” without being required to register an account with the website. At present, it supports the exchange of Bitcoin and ZCash (ZEC).
ZCash — which, at the time of writing, is the 22nd-largest cryptocurrency in terms of market capitalization, according to CoinMarketCap — describes itself as a “privacy protecting digital currency built on strong science.” The coin’s founders say that its infrastructure ensures personal details remain completely confidential — all without compromising transaction data being posted to a public blockchain. “Selective disclosure features” also enable consumers to share transaction details for audit or compliance purposes.
BitConvert says that it plans to support more cryptocurrencies in the not-too-distant future, all while remaining loyal to its mantra of “anonymous, fast, safe.” Ethereum — along with Monero, another coin that places an emphasis on privacy — are specifically named as two coins that are in the pipeline.
The privacy-led exchange says that most transactions can be fully completed and confirmed within an hour — and in many cases, execution times can be as little as five to 30 minutes. While two block confirmations are required for Bitcoin, a total of five are needed for ZCash.
BitConvert stresses that its rationale behind eliminating the need for creating a user account is to “fully protect privacy” — and to this end, no personal information is collected when a transaction is taking place, including IP addresses. The company says that it promises these features will not change “so long as our platform is operating,” in an attempt to build trust among users. Data such as the transaction hash, address and amount are kept on record — but this is only to ensure that support can be provided to the consumer in the event there is a complication with a payment.
The company says it hopes to blend anonymity with simplicity. It monitors the best rates for Bitcoin and ZCash on a plethora of other platforms, such as Binance and Bitfinex, to ensure its users get the best deal.
Given how BitConvert users do not have their own account, the platform says it has taken a strong stance on security — making sure that its services are protected using strong security protocols, while also striking partnerships with dependable trading platforms.
Send and go
BitConvert sets out the procedure for using its exchange in three simple steps. Firstly, users select the crypto trading pair they wish to use (at present, it is limited to Bitcoin and ZCash). From here, they set out how much crypto they wish to convert along with their wallet address. Finally, the user can send their funds to BitConvert and complete the exchange. When it comes to the destination for converted coins, the company recommends its clients “only use trusted services in order to avoid losing their funds.”
Privacy has long been a buzzword in the crypto world — and contrary to popular belief, Bitcoin does not necessarily offer its users the anonymity they might expect. Instead, the leading cryptocurrency delivers something known as “pseudonymity,” meaning that consumers only have the opportunity to obfuscate their real identities rather than hide them altogether.