Bitcoin is a digital currency that consumers can use to purchase products or make trades like a traditional stock. To trade products with bitcoin, users can use an online marketplace, an online storefront, or find an independent seller to facilitate the transaction.
An online marketplace is often the most common since it allows consumers to buy and sell various products. The best marketplaces are the ones that offer security features, low fees, are easy to use, and quick to set up.
Here are our top picks for the best places to buy and sell products with bitcoin.
CryptoExchange offers a crypto marketplace for users to browse through property, timepieces, exotic cars, and domains for luxury goods and services. The platform is easy to use and contains three main sections: an exchange, marketplace, and escrow service. With multiple features, the platform does have advantages for first-time cryptocurrency users. The main one to note is that buyers may purchase their cryptocurrency and their product in one convenient location. Since the items are all big-ticket items, users can add on escrow services to help facilitate the transaction. With an escrow service provider, the buyer and seller will make all transactions through a middleman.
For example, in a vehicle purchase, the buyer would send the funds to the escrow provider. The escrow would verify the funds are in their holding and inform the seller to send the product to the buyer. The buyer can then accept the product, and the seller will receive payment. Fees for using this service are charged in proportion to the transaction cost and are relatively inexpensive when considering the cost of the product.
Users with an offering in one of CryptoExchange’s main product categories can take advantage of the platform’s Amazon-like features. Like other selling platforms, sellers can create an account with a username and password to manage offerings. On each new posting, the list price and other relevant details can be included and uploaded. The platform will then verify you are the owner of your offering before listing it for buyers to view.
OpenBazaar is an online marketplace that sells anything and everything. Users will need to download the app on their computer to use the platform, using either a Windows, Mac, or Linux application. Like any other platform, users must agree to a set of terms and agreements stating they are responsible for their actions on the platform. After agreeing, users can browse through a variety of products, from eBooks to Marvel comics. When it comes time to make your payment, users can select buy now. The platform will then prompt users to select their preferred payment method.
Users can also select between direct payment, sending funds directly to the seller or use an escrow service to help facilitate the transaction. The main drawback of this platform is that it operates with trust circles, which can be hard to guarantee with an irreversible cryptocurrency.
The platform also allows users to post any product to sell. That said, like any other online marketplace, with so much variety, your product may easily be lost in the mix if it is not easily differentiated. To create your listing, you must go under the proper category (products or services) and provide some details, including keywords about your product. An image is also recommended, along with relevance tags to help boost your product’s searchability.
3. Crypto Emporium
Creators of Crypto Emporium branded their platform as an international crypto-only marketplace. The platform allows users to transact with bitcoin, Tether, Dogecoin, Litecoin, and several other popular currencies. The site is simple to navigate and greets users with a grouping of their most commonly purchased products. Among them are real estate, t-shirts with a bitcoin logo, and electronics, speaking to the platform’s variety of products.
Users can browse through the platform without an account; however, becoming a registered user has its benefits. Among them is access to earn rewards points on purchases and receive offers and other special promotions.
To become a seller, users must pay a small fee to use the platform. There are two plans that a seller may choose from, including the basic and premium plan. A basic plan is 0.000592 BTC and allows for listing ten different products with 25 active listings. The fee is only paid one time and guarantees lifetime access to the platform. In comparison, the premium plan allows sellers to provide 1000 different products and maintain 1000 active listings at the cost of 0.001184 BTC a month. For large sellers, the added cost might be well worth it.
Alternatively, users may connect with an interested buyer on a local marketplace or Facebook. Although not specific to bitcoin, consumers are free to make inquiries to sellers who may be interested in accepting the digital currency. They may also choose to list the product on one of these marketplaces, specifying that they will only accept bitcoin as payment. The only caveat is that blockchain technology ensures digital currencies are permanent. Therefore, when you are transacting with someone you do not know, using a third-party payment processor can help alleviate some of the uncertainty that comes along with this method.
Although these are only a few places where users can buy and sell products with bitcoin, they are a great place to get started. Our only caution is to remember to read these reviews before listing your product to ensure the platform is both secure and legitimate.