Bitcoin Forum

I think that we should have a global virtual marketplace for cryptocurrencies without any intermediaries. This would lower the costs of transactions and decentralize the market. What do you think? Is that possible? What are the benefits?

You mean a marketplace for goods?

I mean, a decentralised marketplace has been something that a lot of people have been looking at recently, but honestly, I still don't think that this type of marketplace will necessarily be able to be practically implemented in the near future.

In one way or another, intermediaries are still needed at this stage to resolve conflicts between counterparties. What if goods and services don't get delivered? That's why right now I think decentralisastion of the monetary supply makes more sense than decentralising the process of purchasing goods, at least in practical terms.

Decentralised exchanges are also possible, but then again, not a lot of volume is being generated on these platforms right now as there isn't really any cross-currency transactions available.

The term decentralization in goods and services means that these goods and shops are not confined to a specific area or subject to certain laws as is happening now "many countries are subject to economic sanctions for illogical reasons."

Markets cannot be decentralized without supervision or subject to authority to settle disputes, but funds can be paid without the need for a credible third party.

cryptocurrencies can open up new markets "in Africa " for cheap products and give people financial freedom. But when we talk about trade exchanges, these currencies are not important because regulatory forces are needed before that.

In short, cryptos will benefit from exploring new markets but will not help eliminate the problem of trust.

It's only possible at the highest level of decentralization which is very difficult to achieve because there almost always has to be someone behind every platform. There are as of yet no exchanges that come close to true decentralization and I doubt there ever will be.

Like OpenBazaar? It already exists, but it hasn't gotten any significant attention from the merchants that's why there literally is no volume whatsoever for their platform. Also, trust is still an important factor that people look at when buying things online, that's why they want to ensure that someone can be held liable if their purchases turned out to be bad or not matching their expectations, otherwise they will look for other places to spend their money.

If exchanges is what you're after, there aren't any promising decentralized exchanges for cryptocurrency elsewhere, or I am not looking enough to find one that fits the bill.

There had been lots of attempt to create a marketplace, some even did an ICO for this project. None of them were successful as of now due to the fact that both parties can scam each.


Nothing serious happening about openbazaar, I did create an account on it 2 years ago It looks very new up to now. I can't even find a merchant near my area.

in my opinion, what is needed now is a marketplace that has a place in the real world. This of course can change the crypto point of view. Maybe the marketplace will be like an ATM machine, making it easier for us to access when we need it. Current transaction costs will be difficult to avoid from low-cost to free because after all there are parties who need costs as maintenance of the system

You are saying there will be no intermediaries, but the marketplace itself will most likely be this third party that will also get some revenue out of it. It's a bit hard to understand what you mean here. Are you talking about a global exchange of some sort that will be decentralized? Well, there are some projects of decentralized exchanges, but I am not sure how they work and whether they make sense. The most decentralized thing to do is to send cryptos to others and receive some cryptos from them directly through blockchains. However, this requires knowing those people and probably the usage of wallet companies which kind of are intermediaries already.

The question itself is self contradictory. Global marketplace and decentralization doesn't really go along. There has to be a platform which needs to be run by an authority to maintain the daily operations. Otherwise, it will become the heaven for scammers!

We already have a lot of exchanges in the market where the fees are quite low which won't pinch your pocket! Also we have platforms like localbitcoins and paxful for crypto to fiat transactions. These are not decentralized but does the required job smoothly!

Agree here. And the question also is, if ever there will be, will it not create doubts in the part of the traders if the platform is totally free and decentralized? If some problem occur, misunderstanding or even a very slight mistake happens, it will be like groping into the dark and one must be ready to say goodbye to his good. 

I agree, there has to be someone liable and responsible behind every platform so that end users can trust it.

Decentralized exchanges partially solve this issue. But most traders and investors prefer centralized exchanges. I think it is temporary

Of course, a virtual market is needed. This is the future direction of development. More free money is suitable for circulation around the world. If a government-manipulated coin circulation will have the same consequences as the US dollar, they can freely weaken the economic ability of trading partners through the US dollar. .

That is true if the market place is not regulated properly many fraudulent and scam transaction for goods will happen and even with regulators there will still be this kin of activities that might happen. Also there is also a problem about what kinds of good the market place will offer because if people will just put goods in it there might be a chance that some items that are not appropriate or needs proper license to be sold in it.

I think there are several that are already trying to make this happen. But none yet that is noticeable enough that people can actually use in order to substitute a central marketplace. Also, I believe that decentralizing the market, and decentralizing the middleman (or just completely eliminating it) are two different things.

To be honest, I don't think that such a middleman-less marketplace is needed right now. There are p2p sites for advertising, like Craigslist, but I wouldn't say that constitutes a "marketplace".

What matters most is the cryptocurrencies themselves staying without a central entity, which is something that we're seeing people are shifting away from. If the crypto itself and the money creation process, and the transaction settlement process isn't decentralized, then there isn't really any point in trying to decentralize marketplaces.

So, you mean we need to have a peer to peer marketplace for crypto currencies without any third parties being involved? Well, everything is fine but trust is going to be a huge issue. No one will be willing to initiate the transaction first. People will try to scam each other since the marketplace will be decentralized. Once you get scammed, there will be nothing you can do at all. We can have a global market, but unfortunately we will be needing a third party that will act as a middle man to help making transactions between users.

This is the product that the world needs in the future. This will not be a problem. Some projects in the future need to survive in a more liberal way, and global cryptocurrencies will be used by international companies. This is definitely the future.

I think there are already existing like this. You already said the benefits for this type of marketplace and that's no/low fee but there are some concerns that you should consider for this type of marketplace. If there's no one that will manage to regulate it, like they said the most concern for this are the rotation of scams. They are free to move on this marketplace and probably can get a lot of victims that will never see justice for what they do.

Virtual market place means? We have this forum where we can contact them directly for buying any goods and lots of websites to contact anyone for trading so we are already have it right?

But even when we have decentralized cryptos we are not making any thing useful for now other than speculating it.

There are some places like that, first of all the darknet was all about that. There were places like silkroad that basically created a virtual market place that you can pay with bitcoin.

Since, it was on darknet and it was with bitcoin it all turned into drug dealers paradise but that wasn't the only thing that was sold there. After all of that was over there was a decentralized marketplace (I forgot the name) that you downloaded to your computer and everyone who had that became the marketplace, just like bitcoin network.

You could sell anything there from virtual goods to regular goods, I once saw a very very cheap cigar collection and I was really tempted but couldn't trust neither the seller nor was I sure if it would be a problem at the border. There is also bitify or something which is online and basically ebay for bitcoin, it has everything you ask for as well.

Decentralized marketplaces and exchanges still haven't taken off.  Private companies have more incentive to advertise their platforms because of the profit motive.

Hopefully overtime decentralization will become bigger because a lot of the bigger exchanges have ended up losing customer funds and refusing to issue refunds.

A platform is always needed to have a virtual marketplace, and the platform's creator will want a fee to keep the platform running smoothly and updated (exchanges). Think about it as they are offering you a service to make your experience in Crypto world more enjoyable and safer, and you are paying for this. The intermediary (the platform) in a market involving millions of people is a necessity.

What are you talking about here? Do you mean a marketplace where people can buy and sell anything with Bitcoin? If that’s what you actually mean then there is one already called OpenBazaar, and you can check it out. If that’s not what you mean then I don’t get what you mean, so you mind explaining much better so we can understand. Thank you.

Only few people knew about open bazaar and even those who already knew years ago have not even been there. I registered there years ago but up to now there is nothing there to see. What OP may have been looking for is probably an amazon kinds of marketplace or like the silkroad. Not really easy to create when scammers are always on the look out for victims to be.

Right now many marketplace already accepting cryptocurrency. Beside that many project about this and its already work. Its true that cryptocurrency make cost more lower because we dont use third party like banks

maybe in the future there will be a very sophisticated virtual market, it is possible, if you see very fast technological advancements, there will be digital commerce that includes all types of products, and all types of crypto currencies, and all will be global, because of market changes every time it changes, and we all must always be optimistic about the progress of bitcoin in the future.

I think we do not need anymore of "virtual" anything. We need a local brick and mortar shops that take bitcoin more than anything else. Japan for example is working on making crypto payments easier so that crypto adoption could rise in the country, that is a great leadership from one of the most high tech countries in the world. Lets hope more countries follow them and there would be steps taken to ensure the crypto adoption increasing.

There is a lot of money to be made from the taxes of crypto usage and countries should be taking advantage of them. There are still a lot of third world countries who do not even regulate crypto currencies. Decentralized virtual marketplaces are not the priorty right now and can be waited years before they become an important subject to any of us.

Based on the statistics many users of crypto currency are aware of Crypto currency some of them are still FUD but because of a big chances to get a huge income they are continue support even not too much secured  so I guess we need to have a global merket place for crypto currency.

What you mean by virtual marketplace ? A marketplace which is existing only for internet usage ? Or buying and selling from your home but not having a business place or shop ?

Basically we all need a marketplace which will be accepting bitcoin or any altcoins payments and sending us goods without any problems. In other words, we just need amazon kind of market giants to accept crypto payments. Nothing else. We are not having any such big marketplace is existing but through gift-cards you are already doing that.

A marketplace does not need to be a decentralized one but in my opinion a marketplace should accept crypto currency payment that is a lot more important than being a decentralized one. I believe anyone can sell from amazon then why we need something new ? I guess we may ask for bitcoin payments in ebuy which is a kind of controlled decentralized place where anyone could buy or sell.

Cryptocurrency is an a digital currency that has no virtual representation and at that having a virtual market place for it is an unnecessary development due to the fact that it transactions does not require any physical input and it is done basically on the blockchain network which is a digital bank. On like gold and other commodities that have physical value which is traded on virtual market.

Exactly. The market in many countries is accepting the cryptocurrency but if there is a global virtual market, it might add more to the efficiency of the cryptocurrency and might bring more ease and reliability.