Frequently asked questions and various info
How is Butanuki different from other Swiss or European DCA services?
Many of our competitors currently rely on the "light KYC" available in Swiss regulations, which speeds up the onboarding process for new users.
Of course, a faster verification process is very attractive. but "light KYC" does not mean "no KYC at all". Even with a "light KYC", users are not anonymous. For example, they can be identified by their IBAN. Their transactions and BTC addresses are also linked to their identity.
We therefore believe the "light KYC" naming can be dangerously confusing, as it gives a false sense of privacy to users. This is why we chose to go the "normal" KYC route, because we do understand the need for privacy, but we realise "light KYC" is not the solution.
We believe users should learn about protecting their privacy, and not rely on an exchange or broker to do it for them, as it will never be the case.
Note: There are a few legal options available for users who really want absolutely no KYC. For example buying peer-to-peer directly from an individual an amount within the limits of their jurisdiction. This needs to be fully peer-to-peer, and any service provider requiring users registration could track their transactions, ie hurting their privacy again.
2) Existing data recycling
We do realise KYC verification is an intrusive and annoying procedure, which is why we are partnering with established exchanges and brokers to rely on their existing data rather than adding our own. We started working with Bity, one of the oldest Bitcoin brokers established in Switzerland since 2014. Swiss and European users who already have a verified account with Bity do not need to go through another verification process to use Butanuki. Of course, we don't have access to their KYC information.
3) Minimal info
To further protect privacy, we only ask for an email address for login. We do not need to know users' name or any other personal information.
4) Your own wallet
More importantly, we do NOT handle users' BTC, nor their fiat, ever. Transactions never go through Butanuki, either way.
Also, we want people to use their own wallet, not ours, ever. We wanted that they can stack directly to a hardware wallet hidden in a safe place (and use Satpile watch-only wallet to check balances and incoming deposits), or to a fully FOSS wallet like BlueWallet so that required trust to us is minimal.
5) Swiss made and hosted
Our hosting is 100% in Switzerland. This includes server statistics and logs (we don't use Google Analytics or cookies) and we use our own mail server (hosted in Switzerland) for all communications and login. Everything is Swiss based, with the only exceptions of protection from attacks by Cloudflare DNS and a reCaptcha on the login page.
6) Competitive pricing
Our fee is the same (or even cheaper). At the moment, we're running an "early bird" promo with 0.9% fee on all orders created until the end of the January, for the lifetime of the order (as long as it is valid, ie one saving per month minimum). But even without this promo, our base fee is 1.5% which is lower than most of our competitors base fee (or same as their fee with various discounts applied).
Our fee is actually pretty much the same as making an order on Bity directly, so why should someone use Butanuki rather than going directly with Bity?
We offer is automatic recurrent buys on users behalf so they don't need to do it themselves, and at the same price as if they did it themselves. In other words: if you trust your emotions not to FOMO, and not to miss your weekly or monthly buys, feel free to make manual transactions directly on Bity of course. But for the same price you now have a simple automatic tool that does it for you.
7) Additional features
We offer a few functionalities we thought could be useful: such as multiple "piggy banks" each one containing multiple orders. This means you can use one Butanuki account for multiple goals, amounts, people, and frequencies (eg. family members, kids college funds, your own retirement, "BTFD", etc.)
In general, we love that there is such a diverse and healthy competition, and alternative options so users can choose from a wider range of features.
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