BitQuick Becomes First Major Bitcoin Trading Marketplace To Implement P2SH Multi-Signature Escrow Addresses

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BitQuick integrates with pioneering multi-signature wallet service, BitGo, to provide institutional grade security to customers, and a robust updated proof of reserves system.

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BitQuick, a peer-to-peer Bitcoin trading platform that connects buyers and sellers, has just announced its integration of P2SH (Pay To Script Hash) multi-signature addresses through the BitGo platform; BitQuick is now the first major marketplace to implement multi-signature technology to protect customer funds. In February, BitQuick became the first marketplace to provide public proof of reserves; they have now also created an updated proof of reserves page. These changes will provide greater privacy for sellers, while still making the funds listed for sale publicly audit-able.

BitGo, who launched the first ever multi-signature Bitcoin wallet in 2013, provides its clients with 3 keys. Two of the keys, the user key-pair and the backup-key pair, are held by BitQuick, and one key is held by BitGo. The backup-key pair is stored in a secure offline location and can be used for fund recovery in the case of a BitGo service failure. To perform a transaction from a secure address, 2-factor authentication must be performed and other levels of automatic fraud detection must be passed. This allows BitQuick to provide the advantages of cold storage level security while also maintaining the convenience of quick transactions.

BitGo also utilizes HD (hierarchical deterministic) wallets, providing greater privacy for customer funds. One can publicly verify the balance of all BitQuick addresses without being able to connect transactions to users through the proof of reserves page. The page also provides a real-time sum of the total bitcoin for sale on BitQuick and the sum of bitcoin held in the P2SH addresses.

Since launching in August of 2013, BitQuick has grown to provide faster, easier, and more secure trading. The main advantage with BitQuick is that BitQuick provides streamlined, consistent oversight for each transaction; this ensures that customers can buy bitcoin within 3 hours and sell bitcoin without risk due to their seller’s guarantee.

To buy bitcoin:
1.    Place a hold from the current BitQuick.co order book.
2.    Deposit cash at a local credit union or bank branch or perform a SEPA transfer (EU only).
3.    Upload your receipt to BitQuick.

To sell bitcoin:
1.    Fill out the short sell form with your bank or credit union name and number.
2.    Deposit bitcoin to the address provided.
3.    Confirm cash deposits or SEPA transfers as they arrive.

They have had over 7,000 transactions with over 6,800 BTC sold as of December, 2014. Over 100 reviews, with an average rating of 4.5/5 stars, have been left on BitTrust.org, with users writing things such as:

"All in all, whether you're a Bitcoin veteran or noob, BitQuick is the perfect platform to conduct Bitcoin transactions on.”

“This is way better than waiting for 5 days with other platforms”

BitQuick’s integration with BitGo is a small part of continuing infrastructure development to the platform. They plan to soon provide a unique multi-signature address for each order, where the seller and BitQuick will each be given keys so that the seller may sign off on a transaction, or BitQuick. They are also extending their seller’s promotion to 1/15/2015, providing new sellers with up to $10 in free bitcoin when trying the service, and continuing their social media promotion, giving buyers 50% off the fee when sharing BitQuick.

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Vabo Amin
BitQuick
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