Last updated on March 17th, 2015 at 03:01 pm
A new Bitcoin-only marketplace equipped with a digital wallet was launched this week in Australia. OneWallet.io was created by the Queensland-based CoinsForTech, an electronics online store where the exclusive payment method is also digital money.
The new Bitcoin shopping portal has already signed up more than 600 products and is currently shipping worldwide. The prices are extremely competitive, but the platform also guarantees a high level of buyer protection for all its products, which include clothing, fragrances, watches or even mining equipment, among other electronics.
“By using Bitcoin as the medium, we are significantly lowering the cost of trading internationally. Our marketplace allows for buyers and sellers across the world to transact without worrying about exorbitant currency conversion costs or lengthy transaction times”, the platform’s founder, Lee Marburg, said in a press release quoted by CoinTelegraph.
According to Marburg, the development of OneWallet.io was inspired by eBay’s successful business model. However, the platform intends to improve the way online purchases are currently made and that can only be done by using a global payment method like Bitcoin.
Our marketplace allows for buyers and sellers across the world to transact without worrying about exorbitant currency conversion costs or lengthy transaction times. Soon you will have instant, unrivalled access to merchants all over the world no matter their geographic location or what their local currency may be.
The new Bitcoin online marketplace allows merchants to either list or auction their products without charging any fees. Later on, if the product is sold, the platform will charge a 2% commission to the seller.
But how does the integration of a digital wallet work in this case? Anytime a user registers with the marketplace, the system generates a wallet. However, using this wallet is not mandatory, only a suggestion. The company says the feature is particularly useful for Bitcoin rookies because it can be safely operated without a lot of technical knowledge. The goal is to “provide a relatively hands-off method for beginners to become involved in Bitcoin”.
OneWallet.io’s merchants will be closely watched by the company, which will make sure that all sellers fulfill their promises. The platform also guarantees it will pay for refunds if the merchants fail to do so. Overall, the company wants to provide a safe experience for everyone, with a focus on the users now taking the first steps in the Bitcoin world.
Images source: OneWallet.io