How BitMit used to work ?

[BitCoinDream]

I have read that BitMit was a good marketplace. I'm unfortunate that it was closed before I use it. Can anyone, who has the experience of using BitMit, please tell me how the product delivery tracking used to work on BitMit ?

[BitCoinDream]

Surprising that none used BitMit over here !!!

[MakeBelieve]

Basically a site which you bid and if you win the money is stored in a escrow and then the seller and buyer communicate and when the product has been received then the escrow is released. It's already been done by another auction site just not as successful as bitmit.

[BitCoinDream]

Basically a site which you bid and if you win the money is stored in a escrow and then the seller and buyer communicate and when the product has been received then the escrow is released. It's already been done by another auction site just not as successful as bitmit.

Thanks for the reply...

1. How BitMit used to track whether the product has been delivered properly to the buyer ?

2. Which site is currently doing it ?

[MakeBelieve]

I can't remember the name exactly but I'm pretty sure its something like cryptothrift and I think they have a built in escrow system and bidding system just like bitmit its a pretty popular alternative now bitmit no longer exists. the way escrow is released is when the buyer marks it has received

[BowieMan]

I have read that BitMit was a good marketplace. I'm unfortunate that it was closed before I use it. Can anyone, who has the experience of using BitMit, please tell me how the product delivery tracking used to work on BitMit ?

What do you mean by product delivery tracking? It was basically an eBay-like site where you could sell or buy/bid things and buy them with Bitcoin. You first send your Bitcoins to an escrowed wallet on the site, and the funds were 'frozen' if you bought something. If you received the goods, you could 'unfreeze' the funds and they would go to the seller. In case of a delivery not arriving, BitMit would have to settle the conflict.

[BitCoinDream]

I have read that BitMit was a good marketplace. I'm unfortunate that it was closed before I use it. Can anyone, who has the experience of using BitMit, please tell me how the product delivery tracking used to work on BitMit ?

What do you mean by product delivery tracking? It was basically an eBay-like site where you could sell or buy/bid things and buy them with Bitcoin. You first send your Bitcoins to an escrowed wallet on the site, and the funds were 'frozen' if you bought something. If you received the goods, you could 'unfreeze' the funds and they would go to the seller. In case of a delivery not arriving, BitMit would have to settle the conflict.

I mean a tracking system that confirms the product delivery independent of buyer/seller.

[1986]

Wasn't bitmit just an online marketplace? Crytpothrift is another good one.

[Kipsy89]

Wasn't bitmit just an online marketplace? Crytpothrift is another good one.

Yeah I guess it was a Bitcoin-eBay, so to say. There were people auctioning off their stuff for bitcoin, but like eBay, too, there were also commercial sellers who wanted to sell their goods, too. Never heard of Cryptothrift, is it good? Thanks, man!

[wenben]

Surprising that none used BitMit over here !!!

No one use it because everyone is hoarding the coin.

[BowieMan]

Surprising that none used BitMit over here !!!

No one use it because everyone is hoarding the coin.

Come on, you know that isn't right. A lot of people are using their coins, just because you don't doesn't mean the rest isn't either. People blame the price drops to companies selling all those coins they get from their customers, and yet you say people aren't spending their coins. Someone's gotta be wrong, here!

[MakeBelieve]

actually bitmit was probably one of the most successful businesses which ran into legal problems (I believe).

[HarmonLi]

actually bitmit was probably one of the most successful businesses which ran into legal problems (I believe).

Did they? I think it was just programmed a bit lacklusterly and the people running it didn't know their stuff too well. It looked half-baked, as well. But it was a functioning site that was effectively an eBay for Bitcoin!

[dadugan]

actually bitmit was probably one of the most successful businesses which ran into legal problems (I believe).

I thought their hotwallet were hacked by the hosting company employee and then decided to close it down.

[BowieMan]

actually bitmit was probably one of the most successful businesses which ran into legal problems (I believe).

I thought their hotwallet were hacked by the hosting company employee and then decided to close it down.

Nah, I gues they gave a notice to all their users that they're about to close down and everyone was still able to withdraw their coins. This ain't another Gox or Bitfunder... It's a rare thing, in Bitcoin world, though

[Sonny]

I have read that BitMit was a good marketplace. I'm unfortunate that it was closed before I use it. Can anyone, who has the experience of using BitMit, please tell me how the product delivery tracking used to work on BitMit ?

What do you mean by product delivery tracking? It was basically an eBay-like site where you could sell or buy/bid things and buy them with Bitcoin. You first send your Bitcoins to an escrowed wallet on the site, and the funds were 'frozen' if you bought something. If you received the goods, you could 'unfreeze' the funds and they would go to the seller. In case of a delivery not arriving, BitMit would have to settle the conflict.

I mean a tracking system that confirms the product delivery independent of buyer/seller.

You mean how the site will verify the situation and handle the escrowed bitcoin, when the seller claims to have sent the product while the buyer claims the opposite?

[Justine]

actually bitmit was probably one of the most successful businesses which ran into legal problems (I believe).

I thought their hotwallet were hacked by the hosting company employee and then decided to close it down.

Nah, I gues they gave a notice to all their users that they're about to close down and everyone was still able to withdraw their coins. This ain't another Gox or Bitfunder... It's a rare thing, in Bitcoin world, though

The shut down was due to coin hacked and they paid out stolen coin out from their own pocket. Do not guess and spread rumor if you don't have the fact.

[dKingston]

It was sad that they have to go. They are one of the most honest bitcoin site. Bitmit ask me to contact one of my customer that still haven't withdraw his bitcoin balance.

[BitCoinDream]

I have read that BitMit was a good marketplace. I'm unfortunate that it was closed before I use it. Can anyone, who has the experience of using BitMit, please tell me how the product delivery tracking used to work on BitMit ?

What do you mean by product delivery tracking? It was basically an eBay-like site where you could sell or buy/bid things and buy them with Bitcoin. You first send your Bitcoins to an escrowed wallet on the site, and the funds were 'frozen' if you bought something. If you received the goods, you could 'unfreeze' the funds and they would go to the seller. In case of a delivery not arriving, BitMit would have to settle the conflict.

I mean a tracking system that confirms the product delivery independent of buyer/seller.

You mean how the site will verify the situation and handle the escrowed bitcoin, when the seller claims to have sent the product while the buyer claims the opposite?

Exactly that is what I want to know, but sadly people are discussing why it was shut down !!! So I'm magnifying your post in the quote to draw attention.

[cookiemonsterwhat]

bitmit needs to come back.

where the heck is another escrow site thats legit lets you list stuff? I had no problems when I sold stuff on bitmit.. so yeah.

I guess I just got lucky, since I only did a few transactions.