Topic: Bitcoin's killer app: Online Auctions and Escrow Service? (Read 595 times)
Auctions need a healthy population of bidders to succeed, and that won't happen if the rules tilt too favorably toward sellers.
There actually used to be an auction site with escrow called bitmit.net, but it shut down abruptly. A google search gave me https://cryptothrift.com/. Never tried this one though, so I can't really vouch for it.
Sellers and buyers would definitely be attracted to good crypto auction site. Expecially if it doesn't gouge people the way Ebay does
Sellers and buyers would definitely be attracted to good crypto auction site. Expecially if it doesn't gouge people the way Ebay does
It seems to me that a bitcoin-based auction site would be a killer app for bitcoin.
Obviously, eBay/PalPal currently has this market locked down. However, I think that the eBay/PayPal system is designed to be over-protective of the consumer, I think it is ludicrous that a buyer can claw back a payment from a seller a year later. With a payment system that soft, it's a wonder that any seller sells at eBay.
How hard would it be for a bitcoin-based auction site to start eating into eBay's business? Such a site would not be able to compete with eBay/PayPal's level of consumer protection, but could provide an escrow service and build a sterling reputation of being a fair arbiter of disputes - but ends with All Sales Final when escrow is released.
Would sellers be attracted to such a site, and would buyers follow?
Obviously, eBay/PalPal currently has this market locked down. However, I think that the eBay/PayPal system is designed to be over-protective of the consumer, I think it is ludicrous that a buyer can claw back a payment from a seller a year later. With a payment system that soft, it's a wonder that any seller sells at eBay.
How hard would it be for a bitcoin-based auction site to start eating into eBay's business? Such a site would not be able to compete with eBay/PayPal's level of consumer protection, but could provide an escrow service and build a sterling reputation of being a fair arbiter of disputes - but ends with All Sales Final when escrow is released.
Would sellers be attracted to such a site, and would buyers follow?
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