U.K. exchange Coinfloor has taken away some of the frictions and pain points from first attempting to buy BTC.
When signing up to an exchange to buy bitcoin, the process can be long and daunting, which may prevent new users from buying bitcoin. But Coinfloor has attempted to fix this problem with their app, according to a press release sent to Bitcoin Magazine.
When exchanges require you to submit your personal documents and photographs to verify your identity, it can be a real pain. You often have to switch devices, check your email or phone for confirmation codes, etc. But with the Coinfloor app, you can submit all your documents and photographs seamlessly right from your smartphone.
The app easily guides users through the process to make sure everything goes smoothly. The new feature allows you to access your camera and take pictures of your documents and selfies to submit, making the whole process as easy as one-two-three.
Once users have completed this quick sign-up process, they will be able to easily link up their method of payment and then they’ll be on their way buying bitcoin with the exchange’s one-time buy option, or regular dollar cost averaging option. Making the onramp process easy is great because it helps put bitcoin in the hands of more individuals and pushes us towards hyperbitcoinization.
“Many people want to start investing in Bitcoin but get no further than the time-consuming and stressful process of signing up to an exchange,” said Obi Nwosu, founder and managing director of Coinfloor U.K. “This has long been Bitcoin’s Achilles’ heel because it gives people the false impression that investing is complex and confusing, and this more than any other factor has delayed widespread adoption.”
“The Coinfloor App was designed to remove this last remaining barrier. It not only makes the entire signup process faster and easier by an order of magnitude: we have also incorporated functions like dashboards and one-click social sharing that helps us turn any user into an evangelist for Bitcoin, helping them explain the benefits of Bitcoin to friends and family and showing them easy it is to get started.”
As the bull run continues, inflation keeps rising, and interest in bitcoin goes through the roof, this will be a big game changer when it comes to onboarding new Bitcoin users.