Bitmit has gained a huge and fully deserved popularity during the last couple of years. If the reader doubts it just imagine a fair market with lots of sellers and buyers preserving the features and options of eBay and offering only legal stuff in comparison with the black markets leader Silk Road. For those better acquainted with it the eBay similar graphical identity pops up immediately.
The service had its ups and downs during its two year experience on the market, but trends and statistics say that the development surely cab be evaluated as positive and progressive. The BTC using principle on this service is following. The sellers list the prices for his goods and products in bitcoin or in preferred local currency. The page automatically calculates the fiat currency price in BTC and shows to the potential customer. If the client wants to understand how much it costs in his native, local currency the service exchanges it to the necessary and adequate value taking in account the provided shipping address.
Everything else is very similar to other market places. There is a rating system for the sellers, a strict verification of ID to register for sellers and buyers, goods can be sold at once or go through an auction. The service Bitmit of course has fees. Every deal processed gives 1,9% from the sum to the webpage. Still there are no fees for shipping costs.
The categories are nothing special except the one called “money”. It does not offer only collectables, numismatics and precious metal coins, but works also as a simple exchange service to obtain coins for beginners.
The biggest problem of this exchange process is the calculation of the rate, the course between the fiat and crypto currency. The value is calculated over the last 24 hours and does not reflect the current situation of the market, a BTC can be over- or underrated. The change in the script now allows taking in account only the last hours, which is more adequate and objective.
The first global problem has entered the support and administration center of the Bitmit Company in the autumn of 2012. The service was terminated and the reason was the upcoming changes in laws and regulations in Hong-Kong, where the service is practically located and registered. The website offered itself to be bought, but in two days the matters have settled without further explanations from the spokesperson of the service.
In 2013 new gossip arouse that the Bitmit was already sold to a new owner. Many maintenance days occurred afterwards, the page was down for support for lengthy periods. The Twitter account remained unused and no one source of information was provided to the users.
Taking up of contacts with previous and current users has proven that there are not much unsatisfied customers. The administration of the service offers a very polite, fast and knowing support, the rankings of the sellers as well as all the deals are checked and followed by administration to minimize conflicts and problems between the buyer and the seller.
It seems that in the upcoming future will bring positive tendencies and the service might gain more if it changes its graphical identity to a more individual.