Bitcoin Forum

Bitcoin Auctions (https://bitcoinauctions.net/)

Not certain about selling yet, I'm mostly curious what the community thinks my website is worth. It's the same concept as eBay but everything is done with bitcoins. My total investment into this project is around 57 BTC, I've been working on it about 18 months now, development isn't going as quickly as I'd like, I have another job and I'm also a college student. I pay programmers in India, Russia, and Pakistan to assist me with development. The domain bitcoinauctions.com (https://flippa.com/3507050-bitcoin-denominated-auctions-perfect-on-this-exact-match-four-year-old-domain) recently sold on Flippa for $1700 USD

The site has almost every feature that eBay does

Buy it now
Reserve prices
Escrow system
Multiple item listings
Make an offer

We also have developed a fully working administrative panel where the fee can be adjusted, items can be deleted, and escrow can be returned or released

Admin panel demo:
https://www.youtube.com/watch?v=HxjnoZUcxIc
https://www.youtube.com/watch?v=hPs7twYUVMk
https://www.youtube.com/watch?v=tozCVa3h6bk

We've never really officially launched the website or started an advertising campaign yet, before the site launches we're implementing a new UI, in the process of slicing PSDs currently, here is a preview:
https://www.facebook.com/bitcoinauctions.net/photos

Any thoughts?

First of all i would like to say that is a beautiful site!

I like the simplicity of the design and the colors, too.

Other than that i would like to say  DON'T sell it right now.

If you find the time try to officially launch it, get some members, let it run for a few months.

Considering that the .com one is not online yet, you could get a great part of the pie by building a strong brand name.

If you sell it now there is no way to get back your 57 BTC investment. The domain name could sell for some $$$ or maybe $$$$ but the site itself is not adding so much (no content, unique design? no members). So basically you are just selling the domain.

But if you establish a brand name you can sell it later for much much more.


That's my opinion.

Thank you! I feel that after we get the new UI up and running the website will have an even better appearance


That's my plan, long-term growth  :) I plan on developing apps for Android and iOS in the future, also I need to compete with CryptoThrift  ;)

http://www.imageupload.co.uk/images/2014/09/02/fees.png

As mentioned above you should probably get the site up and going.. Build a brand etc etc.

What do you think of the UI?
https://www.facebook.com/bitcoinauctions.net/photos

Just trying to get several different opinions  ;)

If you're charging 1% for seller's fees, this means that you need to have 5700BTC ($1,491,000) worth of sales just to recover the development costs?

We'll have other sources of revenue also: featured listings, additional images, link sharing, advertising

I agree that this would be worth much more if the site was live, but if bitcoinauctions.com goes live with a similar site, it will be tough to sell this because traffic meant for your site will go there by accident since people often default to .com, and they'll never know they went to the wrong site if it's an auction site.

You may get the best price for this selling to the person/company that bought the bitcoinauctions.com domain.

TT

I attempted to purchase the .com before it went up for auction, but the owner never replied to me. I didn't imagine it would sell for more than a few hundred, really surprised me it sold for almost 2k. I'm still considering possibly purchasing it but I don't think its worth what it sold for.

I'm not sure that somebody else would want to launch another auction site anyways, there's already several:

https://bitcoinauctions.net/
https://cryptothrift.com/
http://www.bitbid.net/
http://bidinbitcoins.com/
https://www.cryptoauction.com/

But the only one that's currently really functioning is CryptoThrift