Open Bazaar is an e-commerce platform that promises to help you sell anything with zero fees. Merchants get paid with bitcoin. Find out how it works today in our Open Bazaar review.
What Is Open Bazaar?
Open Bazaar, found online at OpenBazaar.org, is an e-commerce service that uses a peer-to-peer platform to cut out the middleman. The platform promises to offer no fees and no restrictions.
Merchants can launch an online store with Open Bazaar, then customize the store with their own branding. They also enjoy features like live chatting with customers. Shoppers download the Open Bazaar software to browse through a selection of goods and services from around the world.
To be clear, Open Bazaar isn’t a company or an organization: it’s free, open-source software.
Overall, Open Bazaar claims you can “sell anything” using their service. Today, you can browse through the Open Bazaar network and find small businesses in 30+ countries around the world – including the United States, Brazil, India, Italy, Thailand, and Slovakia.
The businesses offer short-term rentals, music, games, videos, clothes, art, jewelry, handmade goods, hard-to-find products, and local food and beverages, among other items.
To start using Open Bazaar, you’ll need to download the desktop software. The software is available for free through OpenBazaar.org.
Benefits Of Open Bazaar
Some of the benefits of Open Bazaar include:
- No Transaction Fees
- No Monthly Fees
- No Listing Fees
- No Bank or Credit Card Required
- Live Chat with Customers
- Customize your Store
- Enjoy a P2P Platform with No Middleman
How Does Open Bazaar Work?
Open Bazaar is a peer-to-peer application that offers e-commerce services with no fees and no restrictions.
The platform works by connecting people directly via a peer-to-peer network. Data is distributed across the network instead of being stored in a central database – just like how blockchains and cryptocurrencies work.
Nobody controls the Open Bazaar network. Each user contributes to the network equally and is responsible for their own store and private data.
You can pay for Open Bazaar goods and services using 50+ cryptocurrencies, including bitcoin and all popular altcoins. Sellers always receive payment in bitcoin, however.
Who Created Open Bazaar?
Open Bazaar was launched through a hackathon contest in Toronto in April 2014. The software was originally called Dark Market, and was designed to fill the void left by the seizure of the popular darknet marketplace Silk Road.
For the project, original developer Amir Taaki led a small team of programmers to build a proof of concept for a decentralized marketplace. That marketplace would have no central organization controlling it. Dark Market won the hackathon, but Amir and his team decided not to continue with the project.
Another developer, Brian Hoffman, liked the idea of a decentralized marketplace but didn’t like the idea of focusing on darknet markets. Brian forked the project and renamed it Open Bazaar.
Soon after, people around the world reached out to Brian to help develop the open source software. The project was well-received by the bitcoin community.
In 2015, the group of developers organized into a company called OB1. OB1 received $1 million in venture capital investment from Union Square Ventures and Andreessen Horowitz. The funding was used to hire developers to build a better version of the software from the ground up.
By April 2016, the full version of the Open Bazaar software was released for the first time.
In fall 2016, OB1 received a second round of investments totaling $3 million. The funding was used to further expand the development team and start work on the second major version of the software.
You can view a list of Open Bazaar’s contributors on their website.
Open Bazaar Conclusion
Open Bazaar is a popular bitcoin marketplace accessible through desktop software. The software was created with the goal of creating a peer-to-peer marketplace free of transaction charges and other inefficiencies.
The open source project has received funding from big venture capital agencies, including Andreesen Horowitz and Union Square Ventures.
Today, anyone can download the software through OpenBazaar.org. You can pay using 50+ cryptocurrencies (including bitcoin and all popular altcoins). Sellers always receive payment in bitcoin.
Overall, Open Bazaar is a popular place to spend cryptocurrencies on goods and services from around the world. It’s helping bitcoin become more accepted and popular worldwide, and it’s an important member of the online bitcoin community.