Buzz
If you're an investor seeking a platform for trading and dealing in bitcoins, you'll need to turn to exchanges specializing in these cryptocurrencies. The BitBargain overview provides impartial opinions and essential information for readers to grasp the intricacies of this trading platform.
BitBargain Comprehensive Evaluation
Key Information
- Transaction fee: 1% for sellers, free for buyers
- Transaction type: Brokerage
- Office location: London
- Email: [email protected]
- U.S. customers: Not accepted
- National account: No
Advantages and Disadvantages of Bitbargain
Advantages:
- Simple and swift transactions.
- Choose your own broker from a vast network of sellers.
- Payment method via bank transfer in the UK.
Drawback:
- Buyers bear insurance fees.
- Liquidity dependent on the seller network.
The Libertex platform is also catching the interest of many. If you're looking to explore more about the Libertex platform, check out the review article on Libertex to gain deeper insights.
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Due to various factors, the Bitcoin market in the United Kingdom has evolved into a peer-to-peer marketplace where buyers and sellers connect directly to facilitate transactions. BitBargain stands out as one of the largest markets, acting as a broker and escrow to create conditions and ensure transactions.
Users have a variety of payment methods and quick transactions, but they will also incur insurance fees - international bank transfers, exchange rates, and bitbargain transaction fees are factored into the selling price.
Secure Security
BitBargain means to facilitate convenient peer-to-peer Bitcoin transactions and is not used to store coins. Users are provided with a wallet upon registration, and Bitbargain transfers bitcoins to the wallet instantly.
Users can set up two-factor authentication for secure logins. However, this does not protect against server attacks. According to Bitbargain: 'If the website goes down, you will lose access to your bitcoins. If the website is attacked, your bitcoins will be lost forever'.
For this reason, BitBargain charges a 1% transaction fee weekly for the funds they hold. This is not a covert method to attract customer funds; instead, they aim to avoid responsibility for holding customer bitcoins and taxation measures to discourage customers from relying on them to hold bitcoins. Sellers must maintain liquidity on the platform to quickly process orders, and storage fees are waived.
Transaction Volume
BitBargain is the first market in the UK to enable instant transfers and boasts a database of 85,000 users, with nearly 7,000 fully verified. In terms of transaction volume, BitBargain leads localbitcoins in the UK bitcoin market, a testament to the large and active community built over the years.
Bitbargain provides real-time proof of reserves to demonstrate that all customer coins are held, with no fractional reserve strategy employed.
Bitbargain offers real-time proof to demonstrate that all customer coins are held, without a fractional reserve strategy.
Account Opening
After setting up a username and password, most users are allowed to purchase a limited amount of bitcoin without providing additional personal information.
To elevate limits, KYC standard document uploads are required, including government-issued ID, recent bills, bank statements, or other official documents displaying current address and name, along with a photo holding the ID next to a paper stating 'bitbargain'.
How Does BitBargain Operate?
BitBargain provides a framework for direct buying and selling of bitcoin between buyers and sellers. Their system encourages real-time transaction execution - averaging 4 minutes from start to finish. The results of promoting fast transaction activities through the reputation system and a well-designed transaction mechanism hold both buyers and sellers through each step to ensure swift transaction completion.
Bitrating - Bitbargain's Reputation Management System
BitBargain utilizes a reputation system called bitrating for all buyers and sellers. Establishing and maintaining a good bitrating is crucial for buyers, as many sellers will not transact with buyers with poor bitratings. For sellers, bitrating influences placement on the 'buy btc' page and is a crucial factor for buyers in choosing a trading partner.
Bitrating scores range from 0 - 100, indicating the likelihood that a specific buyer or seller will complete a transaction without any issues.
According to Bitbargain, a new registration with a bitrating of 50, or in other words, a 50% chance of completing a transaction without any issues. Bitrating is improved through account verification and successful transactions.
Buying Bitcoin on BitBargain
Bitcoin, Litecoin, and Namecoin are available in the Buy BTC section, accessible from the top navigation bar. Default purchase listings are arranged by sellers and by selling price, as well as reputation. Buyers can filter by the amount they want to purchase and the payment method.
Some payment methods available for sellers include bank transfer in the UK - the most cost-effective transaction method - and various services like Pingit, Paym, and RBS/Natwest PYC, usually adding around 3% to the selling price.
Once the buyer finds their preferred purchase listing, they click the Buy Now button to open a detailed window with price, payment options, and the seller's average transaction time. If everything aligns with the buyer's requirements, they click the 'start the trade now' button to send an internal message to the seller, and the seller has 200 seconds to confirm readiness to proceed with the transaction.
At that point, bitcoins from the seller's account will be transferred to Bitbargain's escrow service, and a box with the seller's detailed information, or any details of agreed-upon payment options, will be displayed for the user.
After sending the funds, the buyer clicks the 'payment sent' button to notify the seller of payment receipt. Once the seller confirms receiving payment on Bitbargain, bitcoins will be released to the buyer's wallet.
Selling Bitcoin on BitBargain
Brokers interested in selling bitcoin on BitBargain must undergo a registration process, including passing the seller's quiz and completing overall Bitbargain account verification.
After logging into the seller's dashboard, essentially, this process is the reverse of buying bitcoin - simply list the price you want to sell, accept payment methods, and then wait for buyers to join.
It's crucial to ensure accurate online or offline marking, as failing to meet the buyer within the 200-second SLA will result in a lower reputation score. After engaging in a transaction, the associated coins will be transferred from your account to escrow. The buyer then has 30 minutes to transfer funds to your account; otherwise, your bitcoin will be reclaimed from the escrow, impacting the buyer's reputation score.
Before selling Bitcoin, players need to thoroughly research the latest Bitcoin prices to have effective strategies. Knowing the latest Bitcoin price will help you achieve higher profits.
Transaction Fee
Sellers are charged a 1% fee, compensating for Bitbargain's market usage and platform escrow service costs. Buyers incur no fees, but the price includes insurance fees set by the seller to cover business expenses.
BitBargain for Mobile Devices
Bitbargain is designed with a relatively simple layout and has been transformed into a mobile app. Transactions can be conducted on mobile devices.
BitBargain Support
Bitbargain offers support through email and instant chat, with feedback messages typically sent back within a few minutes.
BitBargain Overview provides a convenient platform for peer-to-peer bitcoin transactions. A variety of payment options, coupled with a large number of sellers and buyers, results in competitive prices. The BitBargain interface is straightforward and intuitive; buyers can select sellers to complete transactions, unlike Bittylicous.
In general, investing in Bitcoin is a popular method for earning money online today. However, not everyone knows the most effective way to mine Bitcoin. If you haven't figured out your Bitcoin mining strategy, search and explore the best ways to earn Bitcoin on the internet.
Alongside BitBargain exchange, we also present to you CoinCorner, a current Bitcoin trading platform. If interested, feel free to explore the CoinCorner review here.
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