CoinCola – Bitcoin’s New 'EBay'
But now PayPal and eBay are parting ways - so where does that leave people who were looking forward to using Bitcoin on eBay's platform? CoinCola, a new e-Commerce platform, might have the answer.
When the news broke earlier this year about PayPal potentially opening its doors to Bitcoin the speculation that this might soon include eBay as well was rampant, raising hopes that Bitcoin was on its way to the big time.
CoinCola is a Hong Kong based B2C & C2C operated by Hong Kong BIT network Technology Company that offers five different sections for users to use and enjoy.
- Online Stores
- Foreign Trade
- Multi-signature Trading
- Online Wallets
- Arbitration Support
CoinCola wants to introduce the first global cryptocurrency trading platform that will help bring cryptocurrencies like Bitcoin into everyone’s daily life in much the same way as eBay but with greater consumer protections and less fees. The platform uses multisig (multi-signature) security to protect both its buyers and sellers and to help prevent some of the rampant criminal activity on the more popular sites.
Additionally, the new service promises that setting up your business is so easy on CoinCola that nearly anyone can do it in minutes. A few of the advantages of buying and selling on CoinCola include:
- Simple to use with no special requirements to set up a shop
- Free. There is no charge for opening up your new e-shop and anyone, regardless of their location, can access the website and use its services
- Multisig is currently one of the most secure methods available
- No extra payments or transaction fees
The process of setting up and selling on CoinCola is remarkably easy, especially when compared to sites such as eBay. Even selling a single item on eBay can take an hour or more to set up whilesetting up a real store front take even longer. The transaction flow on CoinCola is much easier, however. Simply submit your order, send your payment to the multisig address, the seller sends the terms; buyer confirms delivery, sellers withdrawal BTC. The seller must have at least two of the three keys owned by the buyers, platform and seller to trigger the transaction and it cannot be undone with only one key.
There are currently only a few dozen storefronts on CoinCola but the founders expect that number to grow significantly once the news gets out that there is a secure and flexible Bitcoin e-commerce site now available with multisig security. Moreover, if you do not want to use the site directly, it also features a Bitcoin map to help you locate your local vendors as well, which is an attractive feature for those who prefer to do their shopping offline.
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