It doesn’t have to be hard to sell your items for bitcoin on the internet, with the cheap costs of blockchain electronic payments. This post aims to give some starting tips and the latest resources for beginners new to selling online in the crypto marketplace.
How Does Selling with Bitcoin Work?
Selling items with bitcoin is the same as if you were selling items for cash, PayPal, or other forms on sites such as Ethair, Craigslist, or eBay. You post a listing describing what you are selling and interested buyers will place an offer or bid.
Safest Way to Sell with Bitcoin (Hint: Escrow service)
It is usual that one side would have to go first taking the risk when trading bitcoins for an item. The safest bet would be to use 3rd party escrow service. With this in mind, such service may take a percentage of earnings or charge for listing/use of their service. Overall it helps protect buyers and sellers from scammers as an indifferent 3rd party handles the funds and resolves disputes. Moreover, most buyers and sellers will usually insist on using escrow services when dealing with new people.
How does Escrow service work?
Escrow service has usually a straightforward flow:
- Buyer deposits the required amount to a location instructed by the 3rd party escrow service.
- Seller gets notified by the escrow service that the funds have been deposited.
- Seller ships or delivers the item to the buyer.
- Buyer receives the item, inspects it and confirms with escrow service that everything is in order
- Escrow service releases the funds to the seller.
Should any problems occur during this transition period, the buyer or seller can initiate a dispute (e.g. buyer claims item has never arrived, not as described or damaged), escrow service will step in to resolve this dispute. In the case of sellers, it is recommended that they always make full documented proof of items sold, showing they have provided as originally described.
- Take photographs of the item condition prior to shipping or delivering them.
- Make sure to have a photography or video evidence of the item packaged for delivery.
- Always use a shipping service with a tracking number, and if possible, request a signature on delivery.
Where to Sell Your Stuff for Bitcoin Online
Ethair Market
you may buy or sell items using escrow service, and it is not only limited to bitcoin but extends to multiple cryptocurrencies while supporting traditional cash. With auction and fixed price options, you have a plethora of choices to select from.
- Platform fees for using escrow service are at a maximum of 8% (With 25% reimbursed in the form of “points”)
- There are no listing fees and no limitation on how many items you may upload.
- KYC with Stripe is mandatory, reducing the fraud rates.
Bitcointalk Market
On Bitcointalk Market you may find the most recent escrow where you may find users that will act as escrow agents on your behalf and take a certain percentage fee as profit.
Using this service is at your own risk!
3. Multisig wallets (IBCGroup
Rather than being escrow services, these are multisig technology services. Multisig signatures option is utilized with which funds may be transferred. A platform like Bitrated allows buyers and sellers with the help of a trusted agent acting as an arbiter to perform the exchange of goods for cryptocurrency. Arbiters will charge a certain fee for their service, and if both parties agree on a transaction their service won’t be required.
