Bitcoin Forum

Hi,

We're announcing the launch of a new platform, allowing anyone to swap Bitcoins for cash in their own currency.  It's not an exchange so there are no fees or commissions payable.  The service allows you to find other members to swap with at a price and payment method you agree.

Take a look at https://www.RhinoSwap.com (https://www.RhinoSwap.com).

We want to hear what you think.

RhinoSwap.com

Nice design.

But you are escrowing bitcoins, and operating anonymously?

I'm not ambitious enough to invest in risky new shit.

You should keep public translations to prove services. And what about anonymity and escrow as ^^ said?

Our aim is to put a platform in place that allows individuals to trade Bitcoins between themselves without the fear of not receiving payment.  By virtue of us holding the Bitcoins during the transaction, the buyer can be sure that the Bitcoins exist and  that he/she will receive them after payment.  Similarly, the seller knows that their Bitcoins will be returned if they do not receive payment.

Over time, buyers and sellers will build a transaction profile on the RhinoSwap.com (similar to eBay ratings).  This should provide confidence to enter into transactions using PayPal, Dwolla, etc, if the buyer has a strong rating gained over many transactions.

And thanks for the comments about our design!

We understand that there is always a risk in being one of the first to try out a new service.

We hope the Bitcoin community will want to support a service that aims to circumvent the fees and commissions charged by exchanges, as well as the wire transfer fees involved if you don't have a local exchange.

Holding bitcoins on the site? Please tell us you dont have an unecrypted "backup" wallet on the server. Just kidding; but really

Don't worry, we take security very seriously.  No Bitcoins are stored on our web servers and our database only stores the public addresses required for a transaction.

We are well aware of the security issues faced by services such as RhinoSwap.com and we will always store private keys securely in a separate location from our public servers.

Pretty cool but paypal seems like easily scammable.

We're supporting a variety of payment options including local bank transfer, SWIFT, PayPal, and wire services.

As you say, there are issues with PayPal if you don't know if the buyer is trustworthy.  We are aiming to build this trust by creating a RhinoSwap.com transaction profile (similar to eBay ratings) so that you can see how many transactions a buyer has completed, and how he/she was rated by the seller.

In the meantime, we are recommending that members try to use local bank transfer.  This is safe, fast, and usually free.  By completing the transaction in your local currency you will also avoid and foreign exchange fees.

Please give us a try and keep the feedback coming!

New trades added on https://www.RhinoSwap.com (https://www.RhinoSwap.com).  Sell Bitcoins for US$13 per BTC.  Receive payment direct to UK/Australia bank account or via PayPal.

Does a seller have the option of not accepting certain payment methods, eg. paypal?

Yes, if you are adding a new listing to the site then you select the payment methods you want to accept.  For example, if you are wanting to sell Bitcoins you may only want to accept payment direct to your bank account.

Our thinking is that once a member has completed many transactions they will be trusted and this will open up the possibility of using convenient but more risky payment methods (e.g. eBay).

Let us know if you have any other questions about how the service works.

Thanks for the reply. Just curious though, if there are no fees or commissions, how do you(your service) make money?

We are not looking to make money from the service at this stage.  We want to build a viable platform that allows people to trade in Bitcoins without paying huge fees or having to pay for wire transfers to/from the US exchanges.  As we scale, there are a number of options to cover our operating costs of which a small commission is just one. 

Right now we just want to get feedback on what we are doing right, and what we need to do better.

New listing for any Canadians looking to sell Bitcoins...

23 BTC wanted
$11.90 per BTC
Payment direct to your Canadian bank account

https://www.rhinoswap.com/Sell-Bitcoins/CAD (https://www.rhinoswap.com/Sell-Bitcoins/CAD)