A marketplace where you can buy and sell different products using cryptocurrency, a decentralized marketplace.
Well I want to dive deep into the application and look at how it works. Find out if I would also buy something on openbazaar. So let’s find out.
Transcript of the video:
It’s a free online marketplace with no platform fees, no restrictions, and you can earn crypto currency by setting products on that. Now when you first start, you have to download this app onto your computer. It is a available, it’s available for windows, Mac and Linux mobile application available codes get hit, but I’ll cover that in another video though. As soon as you’ve got it downloaded, you can expect an open to open up the package and store it onto your computer. So I haven’t even opened it up yet. This is a completely new review. Have never used this application before. I want to see how it is as a new user starting out with an application, how easy it is to use that if the user interfaces a friendly to new users. Let’s find out. Let’s find out.
Click on get started. I have to create a name overview. Terms of agreement or because network for trading goods and sepsis, they recommend to peoples, you’re not going to currencies without any central organization controlling the platform. Make sure you are in accordance with an arrest, blah, blah blah, blah.
By using OpenBazaar, you’re responsible for your own actions on openbazaar network. So there’s probably an h refunding and stuff going on like that. So let’s click on agree and continue as again optional add on the list matrix and our professor, I can click on this ever. We find many other stores sending products, he can trade different cryptocurrencies here and books. Okay. So my first gripe is that it’s a bit slow to the open of different products. I don’t know if it’s my computer.
All right, so we’ve got the books category open in here.
You’ve got, we can buy some gift cards. $5 barnes and noble gift card a hundred dollar barnes and nobles gift cards, which you can probably buy with Bitcoin, Bitcoin cash litecoin, Zcash.
Other different books that probably eBooks.
I’m not going to question the, yeah, if these are legal books that you can buy, if they’re from a publisher, my guess would be it’s not, it’s just someone that is selling a PDF that they found or a book that he found very interesting.
So you can buy some books on here. It’s a bit gray market. If you, if you ask me, I’m not 100% sure.
So very simple from go to this person don’t need ladies go to store on a see setting many different Marvel comics or new Marvel comics. That’s a physical, right? They sending a physical item for a few dollars. All right, so maybe I’ll take back what I just said about the gray zone.
I think if you’re, if they’re the person is sending physical items, then yeah, that’s totally legit. But if he is selling PDFs, eBooks, then in my opinion, spear for gray zone. And since I’m not 100% sure that it’s publisher added money goes to the person that wrote the book. But even if he’s sending secondhand books here, the money’s, I was not going to the person that wrote the book. All right, so let’s see. You’ve got hand made stuff that looks interesting or electronics. Let’s click on electronics ups that I’ve been brought on aliexpress and it is sold on on OpenBazaar. Oh, you’ve got, again, you’ve got some this looks like something that is, that would be dropshipped from aliexpress or something like that anywhere in the world. And you of course, free shipping. I think free shipping is basically the giveaway that it’s a product that is dropshipped, but yeah, it’s available I think and the person gets Bitcoin in return or another.
Cryptocurrency in return for selling these products and you’ve got many gift cards probably going to be a way that you could use to do a launder money.
If you don’t want to go for a bank and get some of them, get some get gift cards and spend some cryptocurrency without withdrawing this cryptocurrency for an exchange. You could buy some gift cards and then buy different products that have grain for an exchange. Not that it’s something that I’m suggesting that you do, but for real many people do it like that. Because the thing is when you buy gift cards, very often the exchange rate is terrible. It’s like suffering 20%. What else? We’ve got games and handmade,
I, I guess it’s also many stuff from coming from aliexpress. I wouldn’t be surprised. Oh, maybe I recognize some stuff. So I guess that products like jewelry and so on that is obviously not handmade or not made in a factory at guessing. Like for any press, some things, this looks actually maybe made by hand bike. Those experts ever physically, ever veins from Aliexpress in my opinion. I liked the idea, in my opinion, it’s a bit too slow for my taste, like licking on different categories. IX, two seconds, two to change your category at least. And second, my estimates are correct and that’s pretty special. I think way too slow for other uses as well. I wonder how you can fund your account if let’s see. Let’s, all right. Let’s say I want to buy at ease credit for yo-yos and I’d to pay $8 and 99 cents in it, kind of like crime. How can I do that? All right, let’s just click on buy now and under. See how easy it is to buy this product. I can select the cryptocurrency amount and I’d like to use, that’s right with litecoin and you’ve got different payment times.
I can select direct payment, send funds directly to the seller. Without a moderator. You could only use this option. We’ve set us rust as you know, we’re for blockchain payments as soon as they’re done. It cannot just reverse a payment. So there is a level of trust that you have to give this seller that they will actually sell the item and not scam you though as possibly one reason why people might not want to spend off money if there’s no escrow service. Escrow service is basically where you give the cryptocurrency to a middleman and when the good is sent and you receive it, this the middle man will give the money to the seller. The risk is then shifted more to the seller side. All right. Let’s say I want to do a direct payment with litecoin. I can click on a, everything looks good that proceed. Yes. And possibly what happens is yes. I’ll get some. What is happening why is it not continuing
I have to choose new address. I want to see if this works until now it’s been pretty straight forward. It’s, it’s still loading is there anything else that I missed.
It can also select a different moderator too. It’d be as a middleman and moderate. They would take a fee. All right, so now I’ve got a QR code and the amount of litecoin, I would need eight for this item. I can call pay this like kind of dressed to my wallet so that I can send this item so I can, sorry, I can send a payment to the seller. And another option would be maybe use my app, with a litecoin wallet and I can scan this QR code and send amount. So this is pretty straightforward though. My review about OpenBazaar, I think it’s a, it’s a good prototype. It seems like it’s working. The, they have a few downsides. So the first downside is the loading speeds. The loading speeds are definitely not fast enough. I don’t know. I would prefer not having an app that I would have to download to my computer. Maybe having it as a website instead of 10 minutes aliexpress and so on. Because I think people don’t want it installed additional software just to be able to buy different products. They want to go onto a website to buy the product. You want to go onto Amazon, they want to grow up to eBay, aliexpress. And all those websites are what sites are not applications. Now of course, if it’s on your phone then an app makes sense. But yeah, or buying stuff on your desktop. I think a website would make much more sense, but it is how it is.
now for the loading speeds of the desktop app. I think it’s really slow. I’m not sure if it’s my computer. I don’t think it’s my computer because I don’t have the oldest computer around and I’m still running the recording software on it.
So maybe that’s those things down. But I think it’s, it’s basically when I selected a category and it looks for all the items in that category, then it just takes ages to find all these items. Probably because it’s a decentralized marketplace that needs to get all this information from different places. Maybe that makes it slower. One other thing that I think is a bit yeah, it’s, it’s, it’s maybe not the best is how the escrow are, are the trust works in this marketplace, the basic, or when you’re using cryptocurrencies to buy things, it’s very difficult to reverse the transaction. It’s basically impossible to reverse the transaction as soon as you sent it to someone else. And unless you use escrow, you will have to have a lot of trust in a seller that is going to provide the services offering. So yeah, there’s, there’s a high amount of trust that is required for using a decentralized marketplace running on cryptocurrencies.
If you look at Amazon or their service is, is basically they’re offering a platform where you can buy products and if you’re not satisfied with this product, you can more or less after a year, even after year you can say you’re not satisfied with this product and they offer you a full refund. And people like this simplicity though I think that’s maybe a hurdle for people using an open marketplace. But otherwise I think OpenBazaar is a fantastic idea. I like that there are more applications, more software that are using or allowing users to pay with cryptocurrency or accept cryptocurrency as a payment. I think that’s fantastic. And as a second hand marketplace, but it’s going to be difficult to get users to switch from that farm such as Amazon or eBay and select a platform like open Bazaar, the, yeah, that was my review of a OpenBazaar.
If you want to try it out, I will link it down below and I might try and buy something sometime and see if it actually works. And the whole process behind buying on, on open the, I’m still not sure about that. If you’ve got any questions, do you want to try out? Then feel free to try it out. And if you’ve got any suggestions on what kind of products you’d like me to review, then add them in the description below. It helps me out a lot if I know what you want to watch. And without further ado, I wish you a fantastic week and I’ll see you in the next video. Bye bye.