Use of bitcoin on Auction Websites?

April 19, 2021

Bitcoin is most convenient payment method than other payment methods. You can use bitcoin for global payment because you can use it globally except in some countries. The second reason is decentralization, which means no third-party involvement for bitcoin payment or any transactions, whether it is buying or selling.

In this digital world, people use online payment methods for purchasing or selling goods and services. This digitalization is very helpful for the merchants or business people because they can accept BTC, and if they want to buy goods from other merchants outside their country can send BTC to them. In this digitalization, people prefer physical goods, but most people buy online services or online virtual products.

Many payment methods provide the solution for global payment like PayPal and other payment methods, but the limitation of these methods is they charge high fees for a single transaction. As bitcoin is a decentralized platform, it charges the minimum amount of prices, and in some cases, it charges no fees. Some websites like wealth matrix accept bitcoin as a primary payment method, but some websites like do not accept BTC as a payment method.

Selling Goods on Auction sites.

The most popular place to sell goods by accepting BTC as a preferred payment method is Auction houses and Auction websites. This article will discuss how you can sell goods and services on an auction website because accepting bitcoin as the primary payment method is a convenient way for selling goods and services.

External auction websites that use BTC as a preferred payment method, but developers were working on creating auction websites that would not include the third party. Many websites accept BTC as a payment method for selling goods and services or buying goods and services. There are the following auctions websites given below:-

  1. Reddit BitMarket
  2. Notify
  3. Tripleclicks
  4. Unit

These are some auction websites, but there are a lot of auction websites that accept BTC as a payment method.

Notorious Websites for Illegal Goods selling

Various marketplaces accept bitcoin as a payment method but did you heard about the notorious websites for illegal goods? These two websites that accept BTC for illicit goods and services are Silk Road and Silk Road 2.0.

Experimenting with BTC

A few years ago, an auction website started and experimented with BTC as a payment method. eBay is providing to connect buyers and sellers worldwide, but these auction websites are entirely different from eBay. Auctions website is not all about connecting buyer and seller worldwide but controlling the selling and buying illegal goods and services. These sites came with a reputation and feedback system for the trust purpose, and as you know, you will not trust a website without reading their reviews since people are more aware of this digitalization world.

Secure platforms

These auction websites are too secure, and there is no chance of fraud from any party, whether a buyer or seller. There are some centralized payment methods like PayPal and eBay. Still, unlike these payment methods, auction websites use BTC as a payment method for each transaction. The most significant fact that isolates these auction websites from other centralized payment methods is that bitcoin payments are non-reversible and protect both buyer and seller.

There is a platform called escrow that is like a freelancing platform. The escrow platform will hold your bitcoin and release bitcoin after assurance from your side after that, and you can pay the seller. When the employer creates milestones, the working of freelancing platforms will be store in the freelancer platform. When the project is confirmed completed by the employee correctly, the employer releases the payment by clicking on the release payment button.

To illustrate it, suppose you want to purchase an item from the seller on an auction website, and first, you will add your BTC to the escrow platform. It will hold your BTC until you have received the item; when the order or items reaches your side, you can tell the escrow to release payment to the seller, and the escrow will release the payment to the seller. It is the most secure method for buying and selling goods from auction sites using Bitcoin as a preferred payment method.


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