Buy Stuff On Bitcoin Marketplaces
You can get some good deals when buying items for Bitcoin directly from other people. As long as you take certain precautions, buying on an online marketplace can be a great way to spend your bitcoins.
How Does It Work?
Buying on a marketplace for bitcoins is just like buying stuff on Craigslist or Ebay using national currency. Sellers post advertisements on the marketplace describing their item(s), and buyers contact the seller or place bids on the listed items.
If the items you’re buying are downloadable or small enough to be shipped, you never have to meet the seller in person. If you’re looking to buy a larger item (car, real estate, etc.), you’ll probably have to schedule an appointment to meet the seller and finalize the deal.
Who Goes First?
Should you send the bitcoins first? Or should the seller ship the item to you first? As a Bitcoin buyer, you are especially vulnerable to fraud because Bitcoin transactions are irreversible, and if you get ripped off, there’s probably no way to get your money back.
That’s why you should you only make purchases from sellers with a good reputation, and use escrow when making the payment. Escrow will hold the funds until you release them, and offer some recourse if the seller doesn’t deliver what was promised.
Using Escrow
Using a 3rd party escrow service may cost a small percentage fee of the total transaction, but it helps protect both buyers and sellers from scammers. The escrow service, being a reputable and indifferent 3rd party, handles the funds and resolves any disputes that may arise. Most buyers and sellers insist on using an escrow service for deals with new individuals. It works like this:</ p>
- The buyer deposits the amount of bitcoins for the item with a reputable 3rd party escrow service. This proves they have the funds to make the purchase.
- The escrow service notifies the seller that the bitcoins have been deposited in full. At this point the escrow service usually takes their fee (which may be paid by the seller, the buyer, or a fifty-fifty split by both).
- The seller ships or hands over the items to the buyer.
- Once the buyer receives the items and inspects them, they contact the escrow service to release the bitcoins to the seller.
- The escrow service sends the bitcoins to the seller. Done deal.
If there are any disputes (i.e. the buyer claims the goods they received were damaged, not as described, or never even arrived), it is up to the escrow service to resolve it. As a buyer, you should keep records of the seller’s advertisement and the stated condition of the goods. Then take photographs of any received goods so they can be provided as evidence to the escrow service.
A List of Bitcoin Marketplaces
Below is a list of every reputable Bitcoin marketplace and online classifieds site where you can buy stuff with Bitcoin.
| Glyde | “Simply buy and sell your games, iPads, iPhones, and more” |
|---|---|
| Description | Glyde is a marketplace for people selling and buying used smartphones, tablets, video games, and other gadgets. Sellers can choose to have their earnings withdrawn in Bitcoin, to a bank account, or via paper check. However, buyers cannot make purchases using Bitcoin, only with a credit card. When selling an item, Glyde suggests a median price for the item, and limits the maximum and minimum amount you can ask for it. |
| Auction System | |
| Escrow System | |
| User Feedback System | |
| Fees |
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| Other Notes |
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| Cryptothrift | “Bitcoin and Litecoin Marketplace and Auction Site” |
|---|---|
| Description | Cryptothrift is the Ebay of Bitcoin. The site features both auction and “Buy It Now” type sales, and supports payments in both Bitcoin and Litecoin. |
| Auction System | |
| Escrow System | |
| User Feedback System | |
| Fees |
|
| Other Notes |
|
| Bitcoin Classifieds | “The Biggest Bitcoin Classified Advertising Site” |
|---|---|
| Description | Bitcoin Classifieds is kind of like the Craigslist of Bitcoin. It’s free to create an account and list an ad. The site claims not to police or review posted listings, though its terms state that items of illegal nature (drugs, porn, etc.) are not allowed. |
| Auction System | |
| Escrow System | |
| User Feedback System | |
| Fees | None. |
| Other Notes |
|
| Bitcointalk Market | Bitcointalk forum’s marketplace |
|---|---|
| Description | The Bitcointalk Market is a subforum of the Bitcointalk forum that lists a wide variety of goods, services, and investments. Buyer beware though: this subforum has been rife with scams in the past, it’s best to always use escrow when making a purchase. |
| Auction System | |
| Escrow System | |
| User Feedback System | |
| Fees | None |
| Other Notes |
|
| reddit.com/r/BitMarket subreddit | “… for buying and selling virtually anything with Bitcoin.” |
|---|---|
| Description | BitMarket is a subreddit where users can post both items for sale and items they’d like to buy. The barrier to entry to list is high though: your reddit user account must be 100+ days old and have 100+ combined comment karma. |
| Auction System | |
| Escrow System | |
| User Feedback System | |
| Fees | None |
| Other Notes |
|
| BitPremier | “The Bitcoin Luxury Marketplace” |
|---|---|
| Description | BitPremier is a marketplace for fancy goods with very high prices. Since it’s mainly a place for Bitcoin rich folks to shop, their inventory is very limited. |
| Auction System | |
| Escrow System | |
| User Feedback System | |
| Fees |
|
| Other Notes | Items are manually reviewed by the BitPremier team, and are limited to the following:
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99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.
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