Most people who are invested and involved in the world of Bitcoin and digital currency want to use their new digital wealth to buy things online or in the real world. And that is a good thing, as Bitcoin would never be able to turn into a stable currency if there were only a handful of people using it for purchases. But what can you buy with Bitcoin? A lot of things, as you will come to realize over the course of this series of guides.
eBay-esque Auctions: CryptoThrift
Online shopping has proven to be a booming business throughout the entire year. While a lot of people purchase goods from major online brands such as Overstock, Amazon, and NewEgg, there is still a vast crowd looking to score some bargains. And what better place to score some bargains than using auction sites such as eBay?
When it comes to spending Bitcoin on goods and services, there are quite a few different auction sites at your disposal. One of the most popular ones is called CryptoThrift, which lets you buy and sell goods [physical or digital] in exchange for Bitcoin or Litecoin. Similar to eBay, Cryptothrift also takes a small fee (2.5%) from every successful sale.
Buyer & Seller Protection
CryptoThrift protects both the buyer and the seller using their platform by implementing an escrow service. For those of you who have never heard of an escrow service, allow me to explain. When you bid on or purchase an item on CryptoThrift, the platform directs you to a payment page, where you are presented with a QR code and an address to send your Bitcoin/Litecoin to.
However, unlike it’s eBay counterpart – which forces you to send the funds directly to the seller – CryptoThrift holds the funds in an escrow wallet. An escrow wallet is a Bitcoin or Litecoin address under the control of the Cryptothrift team, where funds will be stored until you – as a buyer – confirm delivery of the item in the condition described during the sale.
For example, if a seller tells you that you buy a cd from a certain band, and you receive something entirely different, the funds held in escrow will not be sent to the seller but returned to you.
But CryptoThrift’s escrow system also protects the seller in a far more efficient way compared to Paypal’s Seller Protection Policy. As a seller, you will need to confirm every detail about the item and the shipment, which will in turn be verified by the CryptoThrift team. In case a buyer would “forget” to release Escrow funds, money will be coming the seller’s way after a “grace period” [of 30 days].
Not Everything Can Be Found
eBay Has one major advantage over Cryptothrift; there are far more sellers and buyers using eBay compared to a Bitcoin/Litecoin alternative. As a result, you may not be able to find everything you want/need on CryptoThrift, but the catalog is growing steadily. And who knows, maybe it will become bigger than eBay at some point?
Website : https://cryptothrift.com