Got some personal items you want to get rid of? Want to make some quick bitcoins? Then you’ve found the right guide to doing just that, partner!
How Does It Work?
Selling your stuff online for bitcoins is just like selling your stuff for cash/Paypal/etc. on Craigslist or Ebay. You post an advertisement on a website describing the item(s) you’re trying to sell, and potential buyers contact you or place bids.
If the items you’re selling are downloadable or small enough to be shipped, you never have to reveal your identity or meet the buyer in person. If you’re selling a larger item (car, real estate, etc.), you’ll probably have to schedule an appointment to meet the buyer and finalize the deal.
Who Goes First?
Should the buyer send the bitcoins first? Or should the seller ship the item first? As a seller, you get to make your own terms about the sale. You can require that the buyer send the bitcoins first. However, I would not recommend doing this unless you have an established reputation as an honest seller. If you’re an unknown seller, you won’t get any interested buyers. Bitcoin transactions are irreversible, so there isn’t any buyer protection available against sellers who don’t deliver the goods.
Building Your Reputation as a Bitcoin Seller
To help build your reputation, stick to advertising on websites that have a built-in feedback system. Do a few deals with already established buyers. You might do a few initial sales where you offer to send the items first, and allow buyers to send the bitcoins once they’ve received the items. If you’re going to ship your goods first, it’s best to require that the buyer has an established reputation to reduce your chances of loss. There’s always a chance that the buyer may never send the bitcoins after receiving the goods.
Use Escrow
The best policy for new sellers and buyers is to use a 3rd party escrow service. It may cost a small percentage fee, but it helps protect both buyers and sellers from scammers because a reputable and indifferent 3rd party handles the funds and resolves disputes. 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 seller, you should make every attempt to document and prove that the items you’re selling have been provided as originally described. Some examples:
- Photograph or video the goods and their condition prior to shipping or handing them off.
- Photograph or video yourself packaging the goods for mail delivery.
- Get a tracking number for the package, or a signature upon delivery, or a proof-of-delivery receipt.
Take a look some recommended escrow services — each one of them has a good reputation and is generally trusted by the Bitcoin community.
Where to Sell Your Stuff Online
Below is a list of every reputable Bitcoin marketplace and online classifieds site where you can sell your stuff for bitcoins.
| 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 |
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| Other Notes |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| Other Notes | Items are manually reviewed by the BitPremier team, and are limited to the following:
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