OpenBazaar considers P2P crypto trading

In a recent post on the OpenBazaar blog, they proposed the idea of allowing users to trade cryptocurrency on the platform. The post includes a link to an InVision walkthrough demo, of which I’ve included a screenshot above.

Cryptocurrency listing types on OpenBazaar would allow users to buy and sell coins directly with one another. What do you think? Could it work?

The process seems very easy and straightforward. It’s a much more friendly UX than many  of the crypto exchanges I’ve tried (binance, bitfinex, kraken, and a few others) and the listings appear much more like an ecommerce site. When creating a listing, you’re able to set the quantity of tokens which are then priced at a market price. There’s no info about how the market price is sourced or derived.

While it is simpler than some of the decentralized exchanges in existence, I’m not convinced this is a needed addition to OpenBazaar. As it stands now, OpenBazaar is only being used by very early adopters and there are multiple potential barriers to entry, including the requirement to download a separate program, limited listings, and a requirement to use cryptocurrency.

Assuming users have already figured out how to exchange fiat for cryptocurrency, it seems unlikely they need another platform for exchanging currency, especially one with limited trading. If fiat currency could be traded, it would eliminate one step for users, as they could download OpenBazaar, exchange fiat for crypto on the platform, and immediately make a purchase. Perhaps that the longterm plan.

In the short-term, this could help encourage more use of the platform, as most cryptocurrency is primarily used for investing/speculating/trading now rather than as a currency. Once users use the platform for exchanging crypto, there may be an increased likelihood of participating in an exchange on the platform.

Read more at the post Cryptocurrency Listing Type on OpenBazaar – What Do You Think? at OpenBazaar. We’ll keep an eye on this to see where it goes.

Andrew @ EcomLoop
Are you looking to start or grow a standalone ecommerce shop? I help independent businesses achieve success on the Shopify and WooCommerce platforms. As the owner of multiple ecommerce businesses, I've had the opportunity to get experience with nearly every aspect of the ecommerce industry. I started EcomLoop to help other quality independent businesses using my knowledge and experience. To stay on top of new ecommerce developments, I publish The EcomLoop Weekly Loop, a blog and email newsletter with original thoughts and curated links to help independent businesses improve their businesses.