Friday, June 8, 2012

Bitcoinary Launches Feature-Rich Peer to Peer Bitcoin Exchange

We are all quite familiar with the major Bitcoin exchanges; Mt.Gox, BTC-e, Intersango, VirWox, etc. For people looking for a more direct method of buying and selling Bitcoins, there are limited options, including bitcoin-otc, which can be very intimidating to the average person, and the Bitcointalk.org marketplace forum, an arguably risky place to trade Bitcoins.

Though the major exchanges support trade in nearly 20 different currencies, that represents less than 15% of the currencies being used worldwide, thus keeping Bitcoin out of the hands of the people who probably need it the most.

I don't know how many times I've heard the question asked, "can I buy Bitcoins with PayPal?" While yes, you could, unfortunately no one is going to sell you Bitcoins for PayPal unless you have developed a traceable and positive reputation in the community. Now, with Bitcoinary, it's very easy to do so.

Bitcoinary takes the credibility system from bitcoin-otc and gives it a web-based front-end with a facility for private messaging. People can now trade Bitcoin and build a history, all on one user-friendly site.

Solving the chicken-and-egg problem, users can link in their social credibility so buyers know who they're dealing with even if sellers don't yet have a trade history. Equally important, you can't create multiple Bitcoinary profiles using the same social proof, as once you attach your Facebook, Twitter, or mobile phone number, those connections can't be used again.

Bitcoinary is essentially eliminating the middleman, allowing people to become their own exchange. Quite simply, if you have a computer and access to a local currency, you can become a market maker for that currency. You can do it with gold, cash in an envelope, in person exchanges, rupees, dollars, anything you want. The site itself suggests the possibility of in-person international exchange for travelers, which could become an important niche for Bitcoin.

14 comments:

  1. Too bad that trades are still processed manually. I suspect a peer-to-peer exchange won't take off until trades are executed without user intervention.

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  2. Auto fulfilment is on my list of things to do. But initially I just wanted to get it out there and get feedback.

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  3. Interesting!
    Ian, can you implement linking up with a link to bitcoin-otc, which is visible to the public? That should help people transfer reputation to your system.

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  4. I like it, should help with currencies that are hard to get tx to & from the exchanges atm like Thai Bhat, I see there's already a JPY offer up on the order book, have signed up & will be trading later today

    If one could verify an eBay account that may be good, my best rep is there with over 10 years of well over 1,000 very positive feedbacks

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  5. Just done my first tx there, very neat indeed! Request to be able to change avatar pic as I'd prefer to use my forum one than my Facebook pic if poss please, thanks.

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  6. Thanks guys just read through this. Yes ebay accounts are something I'd like to add in. I also have about 10 years rep.

    I'll look at bitcoin-otc, there may be a simple way to do it. I was thinking of adding website verfication i.e. to prove you own a site or page on a site. It might come under that.

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  7. Will be there also Google+ verification?

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  8. Great service, I created an accound and will use it on my next bitcoin purchase.

    I have also started a public tip jar for Bitcoinary

    https://propster.me/tipjar/0c8niqu

    A public tip jar is a tip jar that is created by fans for something cool. When the tip jar collects $5 it will be delivered to Bitcoinary.

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  9. thanks for posting this info, this is the best most useful blog

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  10. Suggesting in person cash exchanges for people traveling abroad is unsafe and retarded.

    This is clearly another pathetic attempt at justifying and validating the reason why the "bitcoin community" should even exist.

    Stop creating new businesses your just making yourself like unsavvy and foolish.

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  11. @Anon, I posit Craigslist is even more unsafe than Bitcoinary, but that happened to flourish because people are willing to take such risks.

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  12. @GoWest, can we have a post on how miners are going to handle the block reward cut late this year. This thing is on my mind and is preventing me from investing more.

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  13. I've been seeing a lot of topics about Bitcoinary. Is this really effective?

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  14. All I see is people accusing each other of being scammers or of having dual identities. I'm too afraid to give it a shot. This whole bit coin thing seems like a cool idea but totally impractical.

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