Openbazaar is also a marketplace for Bitcoin users where they can trade different kinds of stuff in exchange for the cryptocurrency. What makes it different from other online commerce is that they offer a software for users to download in order to trade. Instead of users visiting a website, they will have to install the program in their computer which directly connects to other users. Openbazaar is a peer-to-peer network where no one is in control, but only a community of people engaging directly with each other.
Currently, Openbazaar uses Bitcoin alone and no other cryptocurrency. This makes it a huge support to the cryptocurrency. The software is an open source where anyone is free to download and use. Also, the marketplace does not charge any fees for listing a product. Since no company or organization that runs the trading platform, no one will charge users for fees in listing their products for sale. The terms and conditions will depend on the sellers and buyers alone.
How to use Openbazaar?
Firstly, you need to download and install Openbazaar
- From the homepage, click on the Download button
- Once the file is downloaded, run the file from your Downloads folder to install it.
Here are the steps in installing Open Bazaar:
- 1. Click on Run button
- 2. Then, wait a few moment while the installer is running
- 3. A new window will pop up and you will be asked some few questions such as your preferred language, country, name desired theme and preferred currency.
- 4. You will be able to see a My Page section
- 5. You will then be able to see listings of stuff for sale on the Listings tab
- 6. And also, you will see a list of pages on the Pages tab where you can follow to easily see their listings on your own Listings page. This list of pages is not a complete list of the network but rather a subset which refreshes at any one time.
How to buy stuff at Openbazaar?
- On your Listings page or on a specific page on the Pages tab, you can browse numerous product postings for sale.
- Click on a listing you desire to buy to see the full details of the item such as the price, type, description, reviews and shipping details. If everything is good to you, click on BUY NOW button
- You will then ask if you have a Bitcoin wallet which we will assume you have, so we will click the Yes button
- Then, you will be required to enter a Bitcoin address which will be used whenever a refund will be issued later on and click on Next
- Then, enter the details you want the item to be shipped to such as recipient’s name and address and click Save.
- If the payment type is Direct Payment, you will be provided with a Bitcoin address directly from the seller where you will deposit your payment, but if the payment type is Moderated Payment, you will send your payment into an escrow account and will be released once the transaction is finished.
- It depends on the seller if he/she offers escrow service or not. So in this case, the seller does not but it is recommended to trade with escrow service.
How to sell stuff at Openbazaar?
- Click on Become a Store option
- Enter the details of your store such as name, description, tags, and moderators(optional).
- Once done creating a store, click on Create Listing on the Store tab.
- Enter all the substantial details of the product you are selling. Click Save Changes and your listing will be live and ready for sale.
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