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.
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Crypto Trading on Openbazaar
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.
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.
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Source: Bitcoin.com