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BitDeal: Otk Bitcoin Market with a Feedback System

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It happens sometimes you just need some bitcoins quickly. Rather than making a wire transfer to an exchange and waiting for it to be cleared, not to mention passing through the entire identity verification process, you would probably prefer to exchange it over the counter.

In this case the problem is the trust. How to trust the seller, or, on the other side, how to trust the buyer? An Italian developer is trying to cope with this eternal problem from a new point of view. His creature was released a few days ago and it is already fully functional: BitDeal.

How does BitDeal work? The first thing you need to understand is that BitDeal is not an online wallet, they are not handling your bitcoins, they just provide an over-the-counter environment, thus there are no security concerns. In brief, a seller fits into the market a BID (offer) of Bitcoin with amount, currency (fixed or variable in real time with the various exchange), time duration of the Bid and what methods of payment are accepted for that Bid. The other side is the buyer (buyer) who can accept the Bid of the seller. Once you accept the buyer will receive the details for the payment according to the payment he selected from among those made available to the seller. From here comes the “TIMER BID” a time set by the seller within which the buyer must complete the payment. If the timer expires the Bid accepted bid will be reported as unpaid and therefore will not enter the system. If instead the buyer concludes the payment, the seller only in this case will leave feedback to buyers. In turn, the buyer once the feedback received, the latter may issue also for the seller.

Once both sides (first buyer and seller then) have left their feedback, the Bid will be marked as a transaction concluded and will officially enter the system with its related feedback. The system will analyze the transaction on the blockchain. The ratings have a 100% certainty because there is a cross-check of data between time, money and address all the blockchain. An example? The amounts of the Bid must be the same as those on blockchain, as the same applies to the address provided by the buyer to receive Bitcoin and the time of transfer must be between the bid timer and time of acceptance of the Bid. The following video explain in short the whole concept:

To allow greater security for trade at the beginning, given the small number or lack of feedback, you can confirm your account Bitcointalk, Facebook and Twitter and connect them to Bitdeal.org. The buyer and the seller have at their disposal the first recording 10 credits and 10 credits buyer seller. Which means that the buyer will accept 10 Bid and the seller enter the market 10 Bid. You can buy new credits in the section whenever you wish.

The ultimate goal of bitdeal.org is to help the community of sellers and buyers to meet under a single roof whose strong point is, in few words, that powerful system of feedback.

BitDeal logo banner image

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