Initial setup is definitely not as fast as we'd like it to be given that we have to do identity verification, both for fraud prevention and AML compliance. Once you've gone through that setup, the interaction is near-instant, and the Bitcoins go directly into your wallet.
Both Zap and the Sparkswap app are open source, which should reduce some of the trust you have to place in them.
The trust issue with fiat is difficult to get around, with both Sparkswap and any other service that interacts with the traditional financial system. By removing custody of at least the Bitcoin side of the transaction, we think we're taking a step in the right direction.
Overall your feedback is well-taken - there is certainly more we can do to reduce the number of steps and different pieces of software / service providers that users need to interact with to use Sparkswap.
Comments
Initial setup is definitely not as fast as we'd like it to be given that we have to do identity verification, both for fraud prevention and AML compliance. Once you've gone through that setup, the interaction is near-instant, and the Bitcoins go directly into your wallet.
Both Zap and the Sparkswap app are open source, which should reduce some of the trust you have to place in them.
The trust issue with fiat is difficult to get around, with both Sparkswap and any other service that interacts with the traditional financial system. By removing custody of at least the Bitcoin side of the transaction, we think we're taking a step in the right direction.
Overall your feedback is well-taken - there is certainly more we can do to reduce the number of steps and different pieces of software / service providers that users need to interact with to use Sparkswap.