Bitgree Marketplace: The Decentralized Way to Buy and Sell with Bitcoin Cash
Bitgree Marketplace is an innovative platform that allows users to buy and sell products using Bitcoin Cash (BCH). It is designed to provide a decentralized, peer-to-peer shopping experience that is secure, private, and user-friendly. Bitgree aims to make it easy for anyone to use Bitcoin Cash for everyday purchases, without the need for a centralized exchange or a bank account.
One of the key features of Bitgree Marketplace is the Wish system. With this feature, users can create a wish by browsing the Bitgree website for the products they want to buy.
Once they find what they're looking for, they can add the product to the wish basket and specify the price they're willing to pay for it, including shipping costs. If a user cannot find the product they want on Bitgree, they can simply paste the product's URL from a supported external store into the search bar, and the product will be imported into Bitgree.
Another important feature of Bitgree Marketplace is the ability to make proposals. Once a wish is created, other users can make a proposal to purchase the product on behalf of the wish creator.
The proposal can be made at any price, and if it is accepted by the wish creator, the user who made the proposal can purchase the product on an external store. The product will be sent directly to the wish creator's address, and the user who made the proposal will receive Bitcoin Cash in return.
To ensure a secure and transparent transaction process, Bitgree Marketplace uses a multisignature escrow system. When a wish accepts a proposal, the user must transfer the purchase amount to a multisignature BCH escrow. To unlock the escrow funds, two of three signatures are needed.
The escrow signers are the wish's user, the proposal's user, and Bitgree. If the wish ends normally, the escrow funds will be unlocked with the signatures of both users.
In case of a dispute, both users will expose their version to Bitgree, which will make a decision based on the evidence presented. The winner of the dispute will receive the escrow funds, unlocked through Bitgree's signature along with the winner's signature.
Another benefit of using Bitgree Marketplace is the ability to buy products from stores that don't yet accept Bitcoin Cash. Through third-party partnerships, Bitgree allows users to purchase items using BCH at supported external stores such as Amazon.com and Amazon.es. This decentralized process allows users to buy things or get Bitcoin Cash without using an exchange.
Summarizing some important FAQs about Bitgree Marketplace:
As previously mentioned, Bitgree is a new project that has just launched on its beta version. It is a service that allows users to create and fulfill wishes to buy products on the marketplace or external stores using Bitcoin Cash.
One of the most important aspects of Bitgree is that it is non-custodial. This means that the user's wallet is generated in their web browser, and Bitgree does not have access to their private keys.
The escrows used in purchase agreements are also non-custodial and use 2-3 multisignature contracts where the signers are the wish's user, the proposal's user, and Bitgree.
If a user loses their password, they will lose access to their Bitgree account and their wallet. To avoid this, users must make a backup of their seed words, which can be used to import their wallet into an external wallet like Electron Cash if necessary.
Currently, Bitgree supports Amazon.com and Amazon.es, but they are working to add more stores in the near future. Bitgree only supports Bitcoin Cash (BCH) as a currency, and they charge a 1% fee for each outgoing transaction from an escrow's balance.
If there is a problem during the purchase agreement, both users can open a dispute at any time. Bitgree will make a decision based on the evidence provided and unlock the funds from the escrow, which will be sent to the winner of the dispute.
After a purchase, if a user wants to return a product, they must contact the user who made the purchase to manage the return through the external store. Bitgree is working on offering a better service in terms of returns.
If a product fails and has a warranty, users can use the warranty if it is offered directly by the manufacturer. If the warranty is offered by the external store, the user who made the purchase must be contacted to manage the warranty. Bitgree is also working on providing better service in terms of product warranties.
Bottom line, Bitgree Marketplace is an innovative non-custodial platform that simplifies the process of buying and selling products using Bitcoin Cash. With its Wish and proposal features, multisignature escrow system, and external store options, Bitgree provides a secure, transparent, and decentralized shopping experience for anyone looking to use cryptocurrency for everyday purchases.
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