A couple of months ago rumors were ripe that Bitmit was shutting down due to upcoming law changes. However, the website is still functioning well and offering its services. The company is offering its services unabatedly. The first of its kind website that offers services like Amazon and eBay have become popular among Bitcoin lovers.
Changes in Escrow System
Nearly a year ago the company had changed the policy to an escrow force for new sellers. Now the company claims that all offers on Bitmit are with escrow and that works very well. The change was meant to rule out issues the company had with scammers who sold without escrow & naive buyers.
Now, Bitmit promises that there are no fraudulent transactions with the escrow system at place. The company says that there is no single order on which the funds of an escrow transaction have not been released to the seller or buyer.
According to some users Bitmit provides even easier transactions than eBay. They also consider that it is cheaper than eBay and PayPal and can become a right alternative.
Secure Shopping Experience for Customers
Ruling out any kind of scamming in transactions, the company says that there are only two cases it really needed to arbitrate to come to a solution. Thus, there is not much that the company considers scammers are able to do at Bitmit.
Bitmit promises that one of its goals is to offer its users a safe trading environment; however, as the Bitcoin system is widely anonymous users should pay attention that the they fulfill at least one of the following criteria: 1) The seller allows the escrow service, 2) The seller has a positive rating level, 3) The seller has verified his identity
What is Bitmit?
Accepting Bitcoin in payment, Bitmit is an online auction marketplace where diverse and a wide range of items for sale and on auction are available. Thus, instead of paying in Euro or U.S. Dollar, customers pay in the digital, inflation-resistant decentralized currency Bitcoin.
Currently the company deals in clothes, computing equipment, books, personal computers and video games, money and electronics, etc. Users can put prices of goods in various currencies to make transactions easier for customers and sellers.
Here customers can buy and auction, couple price to a fix EUR/USD value. It also provides Escrow service, ID verification system and Rating system.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org