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July 05, 2013, 07:30:36 PM |
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TorATM has been running for a while but has recently opened up public sign-ups. It uses a relational trust system and rating similar to the one implemented here recently.
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After a year of work and a closed beta period TorATM is ready for launch. TorATM is meant to solve two major problems.
1. Provide a venue where anyone with a twenty dollar bill and access to Tor can buy bitcoins.
2. Provide a way for bitcoin users to quickly sell their bitcoins for cash anonymously with a 0% fee.
TorATM is a commodity market where the commodity is twenty dollar bank notes. It could be compared to the "Money" section of Bitmit combined with MtGox. You place ask or bid orders to exchange whole twenty dollar bills for bitcoins.
The basic workflow of an order is as follows;
1. Orders are automatically matched to the best current price, in either a single transaction or multiple transactions.
2. Once matched to a seller, the buyer has up to two days to review the seller's rating and stats and approve the transaction by submitting their encrypted address to the seller.
3. The seller then has up to two days to unencrypt the address, mail the package, and mark the order as shipped.
4. The buyer will have 14 days after the order is shipped to rate the transaction and write a review. During this time period, the buyer has the opportunity to initiate a dispute process if there is a problem with the order
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I'll answer whatever questions I can.
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