Openbazaar Enables Decentralized Peer-To-Peer Trading of 44 Cryptocurrencies
Cryptocurrencies can now be traded on the peer-to-peer online marketplace Openbazaar in addition to physical goods, digital goods, and services. Initially, 44 cryptocurrencies are supported but the development team plans to add more over time. There is no fee for trading cryptocurrencies and no need to register with any service.
Crypto Trading on Openbazaar
Peer-to-peer e-commerce platform Openbazaar’s development team, OB1, announced this week that fully decentralized, fee-free cryptocurrency trading is now available on the platform with the release of Openbazaar version 2.20. The platform previously had three types of listings: physical goods, digital goods, and services. “We’re now adding a fourth: cryptocurrency,” the team emphasized, elaborating about the new software version:
The biggest new feature is the ability to buy and sell cryptocurrencies. Vendors are now able to use a special new listing type to sell cryptocurrencies on Openbazaar. They can choose from 44 different cryptocurrencies right now and more will be added over time.
The main benefits of using Openbazaar to trade crypto, as detailed in the announcement, is that there are “no fees, no need to register with any service, and no threat of an exchange getting hacked,” so users “aren’t forced to reveal any identifying information.”
“We’ve released this new feature with the goal of listening to the community about how they believe cryptocurrency trading on Openbazaar can be improved. We plan to rapidly iterate as we receive feedback from users,” the OB1 team conveyed. They also shared that since the launch of the crypto trading option, “we’ve seen users on the Openbazaar network from more than 60 different countries.”
Not an Exchange, No Order Book
However, the platform is “completely peer-to-peer” so “this is not an exchange,” Openbazaar developers admitted, adding that “the new feature only allows people to trade cryptocurrencies directly with each other at market prices.” It does not “include an order book with the ability to choose a target price for buying or selling,” the OB1 team clarified.
Currently, the platform uses 3 different cryptocurrency payment types: Direct, Offline, and Moderated. “If a buyer trusts a seller they can just send their coins directly to them in a direct payment,” the developers described. For sellers who are offline at the time of payment, the Offline option allows them to claim their coins when they return. The Moderated option can be used when buyers do not know or trust the vendors.
For crypto trading, the team reiterated:
“Payment must be settled in whichever coin they [vendors] have chosen for their Openbazaar store, either bitcoin, bitcoin cash, or zcash.”
What do you think of Openbazaar’s crypto trading option? Will you trade cryptocurrencies on Openbazaar? Let us know in the comments section below.
Images courtesy of Shutterstock and Openbazaar.
Need to calculate your bitcoin holdings? Check our tools section.
The post Openbazaar Enables Decentralized Peer-To-Peer Trading of 44 Cryptocurrencies appeared first on Bitcoin News.
You may be interested
Chinese Mining Hardware Manufacturers to Fall Under US Tariff Increasesbtcethereumadmin - October 18, 2018
Major Chinese mining hardware manufacturers could fall under new U.S. tariffs on Chinese-manufactured goods, reaching as high as 25 percent.…
Canadian Firm to Build Blockchain-Based Supply Chain Platform for Cannabis Industrybtcethereumadmin - October 18, 2018
Diversified crypto and blockchain firm DMG Blockchain will develop a blockchain-powered platform to manage supply chains in the Canadian marijuana…
Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, October 17btcethereumadmin - October 18, 2018
While institutional investors take their time to enter the market, is it worthwhile to buy and hold or is there…