At a time when the security of funds and user verification is gaining traction all over the world, Bull Bitcoin is said to have launched a game changer for Bitcoin transactions below $1,000. As per media reports and an announcement by Bull Bitcoin, the crypto venture does not require its customers to go through the KYC process if they are bringing $999.99 per translation to purchase BTC.
The facility is limited to the Canadian region, with customer support service available in English and France for the customers of Bull Bitcoin.
No-KYC policy applies to customers who wish to fund their accounts either with cash or debit card. Bull Bitcoin charges a mere fee of 2% in addition to a portion charged by Canada Post. Customers only have to visit the Canadian Post Office, get the QR code signed by the cashier, and hand them the funds in cash or debit. Following this, Bull Bitcoin will automatically add the applicable amount to their accounts.
The QR Code to be scanned can be generated at the official mobile application of Bull Bitcoin.
Dropping the KYC method altogether for the said amount eliminates the need to check the ID, credit, or bank account of the customer.
Sounds doubtful; however, Bull Bitcoin has been justified by explaining that it has a legitimate reason for not seeking customers to go through the KYC process. The crypto venture has explained that only transactions with funds worth $1,000 and above are mandated by KYC. This is to protect the customers from bank fraud like chargeback.
There is no scope when customers pay via cash or debit, and hence, Bull Bitcoin retains the right to let go of the KYC process. The principle, according to the announcement, has been outlined in the PIPEDA, short for Personal Information Protection & Electronics Document Act.
Dropping the KYC process in such a manner has brought Bull Bitcoin, the best crypto exchange Canada. Others on the top list are Azteco, HodHodl, Bisq, and LocalCoin ATM, to mention a few. Azteco is currently unavailable in Canada, but it was well known for charging a fee of 7% in addition to the flat fee of $3.95 for every transaction.
Bull Bitcoin is simultaneously competing with Bitcoin ATMs. A part where Bull Bitcoin gains the competitive edge is in terms of the fees. Bitcoin ATMs charge higher fees. Thereby making way for an innovative solution in the market.HodlHodl comes close, but the fee range of 7%-17% is hurting its market share.
However, it signifies that the 2% fee of Bull Bitcoin is unbeatable right now. The crypto venture decided to go with Bitcoin purchase in order to keep up with the demands of the community. It comes as an alternative for those who do not have a bank account but still want to enter the crypto market.