How to sell stuff for bitcoin


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Do you have some personal items you want to get rid of? Do you want to make some bitcoins? Then, I will explain you here how to achieve both.

How does this work?

Selling stuff online to get bitcoins is very similar to selling stuff for cash on Ebay or Craigslist. All you have to do is post an ad online describing the product, and buyers will contact you or just place bids. In case the products you are selling are downloadable or pretty small (to be shipped), you don’t need to reveal your identity or meet the buyer. If you’re selling a big product like a car, a house, etc, you’ll need to meet the buyer in person, in order to, seal the deal.

Who starts it?

As the seller, you need to make the terms. You can ask the buyer to send the payment, in bitcoins, first, but you need to have a good reputation, as a good seller, to proceed this way. In case you’re a new seller, and ask for payment first, you won’t get any interested buyers. Something you need to understand is that bitcoin transactions are not reversible, thus there’s no buyer protection available against dishonest sellers who don’t send the product once the bitcoins has been sent.

Building the bitcoin seller’s reputation.

The best way to build your reputation as a seller, is to sell your goods in sites that have a feedback system. First do some deals with already established buyers. This will help you get some sales at the beginning, where you offer to send the products first, and let buyers send the bitcoins once they get the products. In case you’re going to ship the products first, make sure the buyer has a very respectable reputation, that way you’ll reduce the chances of losing money. It can happen that the buyer will never send the bitcoins once they get the products.

Use an escrow service.

For new buyers and sellers, the best way to start is by using an escrow service. You’ll have to pay a small fee, but it protects the transaction from scammers. The 3rd party escrow site handles the funds and also resolves the disputes. It’s a common practice for buyers and sellers to insist on using a and escrow service for new persons. Here I describe the way it works:

  1. The buyer deposit the bitcoins for the product in an escrow service site. By doing this, the buyer proves the funds to get the product exists.
  2. The escrow service notifies the seller that the bitcoins has been deposited. At this moment the escrow service takes the fee. The fee will be covered by the buyer, the seller or both.
  3. The seller ships the item to the buyer.
  4. When the product is received by the buyer, the buyer contact the escrow service so they can release the bitcoins to the seller.
  5. The escrow service pays the bitcoins to the seller and the transaction ends.

In case of disputes, for example, the buyer says the items are damaged or not as described or never received, the escrow service resolves the issue. The seller has to document the product, before the transaction, to prove the items where sent as described. Some examples:

  1. Picture or video of the goods, before shipping.
  2. Picture or video of the seller packaging the product for mail deliver.
  3. Tracking number of the package or signature upon delivery or deliver receipt.

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