At Bitreserve, we aim to drive convenience up and costs down for our members. Why? Because we can.
An article from the Wall Street Journal this summer reported that US banks collected nearly $32 billion dollars in overdraft fees in 2013. Much of this revenue was attributed to “high-to-low” check processing practices, which increases the likelihood for bounced checks and the subsequent fees paid by the customer. These practices disturb us, but more importantly, motivate us to compete in today’s opaque financial system that is, clearly, ripe for disruption.
When we launched in late October, a discussion on Reddit emerged with regards to our fees. A user brought to our attention that for very small transactions or micro-transactions our conversion rates were “deceptive”. We’re proud of our competitive rates so we examined further and found that the Bitcoin Network Fee — a flat fee that gets paid to the network to send your bitcoin to the exchange, so we can convert BTC to fiat (and vice versa) — was relatively expensive for very small transfers. Large or small, we felt this fee should be paid by us so it’s not a deterrent for our members to participate in and experience the power of digital money.
It has always been and will remain our goal to reduce the cost of holding and moving money wherever we can and this Reddit user presented us with an opportunity to do just that. As such, we have removed the Bitcoin Network Fee for all currency conversions within our system. We feel this is the best way to make smaller transactions and micro-transactions economical. And of course, it’s the right thing to do.
Adding on to this lesson, our goal is to build a network of verified members, thereby creating a safer and more rewarding environment to access and move money around the world as easily and instantly as email. Letting this be an example, our members will continue to play an important role in shaping our product and improving it for the future. Signup or login and complete the verification process by submitting a photo ID and becoming a full-fledged member. Members gain access to even more benefits:
- Access to new features and company news before the rest of the world.
- Opportunities to participate in beta releases and feedback sessions.
- Invitations to exclusive member events and release parties around the world.
- Cash and swag giveaways in support of new features and currencies.
- Priority Member Support. Ask us a question any time.
We appreciate all of your support and feedback — the good, bad and the ugly. If it’s in our power to improve our system we will certainly listen and work to make Bitreserve the fastest, easiest, safest and cheapest service for your needs. If you have a suggestion on a verified member benefit, please email [email protected].