OpenBazaar A Free Market for all. No Fees. No Restrictions | Decentralized Bitcoin Commerce




OpenBazaar is an open source project to create a decentralized network for peer to peer commerce online—using Bitcoin—that has no fees and no restrictions.
Right now, online commerce means using centralized services. eBay, Amazon, and other big companies have restrictive policies and charge fees for listing and selling goods. They only accept forms of payment that cost both buyers and sellers money, such as credit cards or PayPal. They require personal information, which can lead to it being stolen or even sold to others. Buyers and sellers aren’t always free to exchange goods and services with each other, as companies restrict entire categories of trade.

OpenBazaar is a different approach to online commerce. It puts the power back in the users’ hands. Instead of buyers and sellers going through a centralized service, OpenBazaar connects them directly. Because there is no one in the middle of your transactions there are no fees, no restrictions, no accounts to create, and you only reveal the personal information that you choose.

How does OpenBazaar work?
Let’s say that you are looking to sell your old laptop. Using the OpenBazaar client (a program you download), you create a new product listing on your computer with details just like you would on any ecommerce site.. When you publish that listing, it is sent out to the distributed p2p network of other people using OpenBazaar. Anyone who searches for the keywords you’ve used—laptop, electronics, etc—will find your listing.
If you both agree to a price, the client creates a contract between you both with your digital signatures, and sends it to a third party called a moderator. These moderators are also folks on the OpenBazaar network—could be your neighbor or someone across the world—who the buyer and seller trust in case something goes wrong. The third party witnesses the contract and creates a multisignature Bitcoin account (multisig) that requires two of three people to agree before the Bitcoin can be released.
The buyer then sends the agreed upon amount to the multisig address. You get a notification saying the buyer has sent the funds, and you ship the laptop to them and mark that it has been shipped. The buyer receives it a few days later, and they mark it received, which releases the funds from multisig to you. You got your Bitcoin, the buyer got the laptop; no fees paid, no one stopped your trade, everyone’s happy.

What if something goes wrong?
As we all know, things don’t always go smoothly. What if you’re buying a certain book from a seller, you pay the multisig, and they ship you the wrong one, or it was in poorer condition than advertised, or they don’t even send a product at all?
This is where the third party comes in. Remember that a multisig requires two of three people to agree in order to move the Bitcoin. They control the third key to the multisig, so the funds will not move until either the buyer and seller work out an arrangement themselves, or the third party agrees with either the buyer or seller on how to deal with the transaction and funds in multisig.
These steps may sound complicated, but the details are handled by the client itself. Our goal is for buyers and sellers to have an even better experience using OpenBazaar than the old centralized platforms.

OpenBazaar version 1.0 has been released, and you can download it here If you want to keep up to date on announcements and releases, please subscribe to our subreddit

Feel free to drop into our Slack room. We’re happy to help you get a node running or answer your questions.

You can also donate Bitcoin to this address 3MXYUBLWNETa5HTewZp1xMTt7AW9kbFNqs to help us pay for seed servers, the website, and other projects costs like conferences.

Let’s make trade free, together.

Sam Patterson – OpenBazaar: Free Trade Through Decentralized Commerce | HCPP16

About HCPP16
The concept of authoritative state is gradually becoming obsolete. The rise of sharing economies with reputation models, digital contracts and cryptocurrencies makes the role of central governments useless. In this era, you might share more with random people from other parts of the world than you do with your neighbors.

Come and join us at the 3rd Hackers Congress Paralelní Polis with hundreds of technology enthusiasts, tech-entrepreneurs, activists and cryptoanarchists to celebrate the age of digital freedom and decentralization!

Follow and support HCPP ›
Youtube playlist ›

Want to hear more about Bitcoin and open blockchains?
Follow on Twitter: @BitCoinBoy

If you enjoyed this video or in someway found it helpful please consider a small donation:
Monero:46PBsaa141kGDieS3iRHk3Yt6tbDaowZtMX34hEjmhMwcMPysvRxo8kCssKgb7rppugfZmXzAvSAk3rjHd1egzygPhuFmuU

I created this video with the YouTube Video Editor (

Have any Question or Comment?

4 comments on “OpenBazaar A Free Market for all. No Fees. No Restrictions | Decentralized Bitcoin Commerce

how the hell do they make money? are they a non-profit (dot org)? even if they are, they need funds to run the business, right? where do these funds come from? if a VC funded them, they expect some form of exit at some point. how will they create value for the investors? what is the incentive for them to build this?

Reply

they should launch an ICO and just have it bridged

Reply

I need some help with OB, i'm trying to sell a piece of land and can't figure out the best way to make people feel secure in the transaction, i've tried to find escrowmybits but can't seem to add it to the listing? The item is listed if someone who is a pro could offer some advice it would greatly be apprecieated. 0dcd3d502ee7b709d3935135fb75ea8ac3618940

Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Please share our article in order to get free bitcoins !

Spread the word about bitcoin to maintain our bitcoin generator software free to use for everyone. Please share to one of the following websites.