OmniBazaar, Inc. announced today that it has opened its beta test of OmniBazaar, a new entry point for the average person into the world of cryptocurrencies.
The marketplace is trying to compete with fiat marketplaces like eBay, Upwork, or Craigslist. The company believes that practically everyone has some product or service they could sell on a marketplace for local currency.
OmniBazaar allows these same sellers to offer those goods and services in exchange for cryptocurrencies instead of cash.
Anyone with a product or a service to sell can now easily exchange that item for bitcoins, Ether or OmniCoins (the built-in cryptocurrency of the OmniBazaar marketplace).
OmniBazaar claims to provide a simple “gateway” to cryptocurrencies for people who are intimidated by the complexities of opening an account at a cryptocurrency exchange.
They also say it saves users the time and cost of wiring money to an exchange. Anyone with a product or service to sell can list on OmniBazaar in minutes and can have cryptocurrency in their wallet as soon as their item sells.
“We are providing a straightforward way for the average person to participate in the growing popularity of cryptocurrencies. Instead of jumping through hoops to set up an account at a cryptocurrency exchange, people can simply use OmniBazaar to barter for bitcoins.“
Making Transaction Simple and Cheaper
Unlike eBay, Amazon, Upwork and others, OmniBazaar removes the middlemen and bankers from transactions.
Users deal directly with each other, using a free software application on their computer, and pay dramatically lower fees as a result.
With OmniBazaar, online sellers save 90–100% of the fees they would pay Amazon or eBay. Online buyers benefit from lower prices, and escape from “big data” tracking and “push” marketing.
Co-founder and CEO, Richard Crites says “We are doing in e-commerce what Uber did in the taxi industry and AirBnB did in the hotel industry.”
Crypto eCommerce, The Future?
While volatility in Cryptocurrencies such as Bitcoin has diminished in comparison to last year, so has the hype and value of those coins.
Some people believe this will actually help cryptocurrencies become more popular as everyday folks may be more inclined to use them for real-world payment, not just “investments.”
However, Crypto eCommerce in the real-world is still in its infancy and the threat of governmental regulation of Bitcoin and other digital currencies could lead to significant consumer confidence.
Those sellers that wish to participate in experimenting with Crypto eCommerce should do so with caution and should limit their business exposure to a small “test.”
