December 23, 2013 10:44 PM

Bye Bye BitMit, Hello!

Cointrepreneurs around the world were sad to see close their doors just a few days ago.  The race to build infrastructure to allow Bitcoin to be converted directly to goods and services is very very competitive.  Bitmit did a good job of emulating eBay’s model of auctions and some buyer and seller protection; however, never did take off in the way that Bitcoiners had hoped.  Furthermore, for many altcoin enthusiasts, the fact that Bitmit never got around to accepting Litecoin was also troubling.  Have no fear! is here.

Coinmart is a cryptocurrency marketplace where users can buy or sell services and virutal/physical items. Coinmart offers a platform for both merchants and everyday users to buy and sell items or purchase services. From a merchant selling 100′s of ASIC Miners to a Web Developer offering services and even for a guy selling his 2 year old GPU, Coinmart has got you covered.

Coinmart will connect you to buyers from all across the globe wanting to buy your product.  Think of it like the Amazon for Cryptocurrencies.  As a merchant it will help scale your business without the hassle of maintaining your own website.  As a service provider it will help connect you with countless potential buyers.  As a normal guy it will help you sell; well, just about anything.

Just check out their introductory video:

Coinmart differs from Bitmit in two crucial ways: altcoin support, and services support as well.  Coinmart will support Bitcoin, Litecoin, and Digitalcoin at launch and plans to integrate Peercoin as well.  Bitmit, and eBay for that matter, only allows users/merchants to buy/sell products, not services.  Up until this point, people bidding for services had to go to entirely different websites such as Microlancer.  Now, Coinmart has taken Microlancer, eBay, and Amazon and rolled it all into one.  Coinmart is currently in Beta testing, so their selection is not as large as it will be once they officially launch in February 2014.  Coinmart plans to charge 1.5% on all transactions that go through Coinmart, they also do not plan to charge any normal listing fees or display any ads on their site.  Compared with eBay’s 9% final value fee, Coinmart saves you so much more money: I imagine many Bitcoiners will be selling their items directly for Bitcoins directly in the near future.  Of course, escrow services are provided for buyer and seller safety.

If you feel like Coinmart’s business model and want to get more involved: Coinmart is currently auctioning off 10% of their shares on the digitalcoin forum.  Coinmart’s founder is ShimalH who has been involved with the Cryptocoin community for awhile now.  He is responsible for the recent Digitalcoin Website Redesign; additionally, Coinmart’s development team has done a lot of freelance work including Cryptsy and CoinsforTech.

Here at CryptoCoinsNews we are eager to cover Bitcoin startups, stay tuned for more articles.

This is a sponsored story, if your company is interested in a sponsor article please contact us.

Caleb Chen @bitxbitxbitcoin

Caleb is a graduate of the University of Virginia where he studied Economics, East Asian Studies, and Mathematics. He is currently pursuing his MSc in Digital Currency at the University of Nicosia.

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