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Sign up today, it’s free, simple and easy - monetize your blog or add a new payment option to your webstore.
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Create your own WebSite and monetize it using Bitcoin Cash
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Bitcoin Cash is SUPERIOR to Bitcoin (Payments). Elon Musk agrees
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What is https://noise.cash and why is it giving it’s users $100,000 a month to use it?
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The Bitcoin Cash Podcast #11: Elon Musk considering BCH? NFTs and SLP tokens
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Did you know: there are 6 development teams innovating on the scaling front. Bitcoin Cash is likely the most decentralized cryptocurrency.
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BitcoinCash.site: A Marketing & Business Onboarding Hub for Bitcoin Cash!
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Mike Komaransky of Bitcoin Cash’s Full “Road to Mass Adoption” Clip
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The Dawn of Bitcoin Cash DeFi: AnyHedge and DeToken
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2020. Dec. 25. 19:34
We have arrived to the end of an era.
BitBargain launched in 2012, during Christmas. I was the only vendor for the first two days: my first trade was selling 10 BTC for £85 (yes, £8.5 per one bitcoin).
Bitnumus, Pucilowski and a few other vendors soon joined in. Until that point, they had been OTC trading on #bitcoin-otc and selling bitcoins for cash via Localbitcoins.com, which back then did not have online transfers yet - they were all about cash. Within a few weeks of BitBargain’s launch, they too implemented offers for online trading. After a programme on the BBC talked about crypto and showed BitBargain, our platform took off and became successful.
The intention of this post is to take a trip down memory lane, look back at the challenges, the successes, explain why BitBargain is closing down instead of becoming a regulated UK entity and offer hints on what the future will look like.
2012 was a very different time. Mt.Gox was THE exchange in town where you could send £1000’s without ID verification and get bitcoin in return, usually the same day. BitBargain did not ask for ID either (but you did get your coins in 5 minutes as opposed to several hours on Mt.Gox). You couldn’t ID verify on BitBargain even if you wanted to. Getting your bank account suspended for buying or selling crypto was unheard of in our circles.
It didn’t take very long for this system to be exploited by criminals and noticed by banks. I remember trying to deposit money into Mt.Gox and getting an error on HSBC saying the account was unable to receive funds. It’s no wonder they were the first big target of fraudsters. This problem had very quickly reached BitBargain vendors also.
We found out the hard way that allowing just anyone with no reputation, trading history or identification to buy £1000’s worth of bitcoins was a bad idea. We had also found out the hard way that banks just pour fuel on the fire instead of helping out. For that first trade gone wrong, a vendor’s bank account was frozen for months along with all of his other assets that had nothing to do with the trade. Without crypto, he would not have been able to pay his rent. I was later put in a similar situation when HSBC had blocked my personal and business accounts. Their reason stated through an unofficial channel was that I sent and received 1 GBP payments which were for verifying bank accounts and for some reason they thought it would be better to close my account than to send an email, text me or call me to say it was a problem for them.
Ever since that reality check and the understanding that fraudsters presented a significant danger to the business with banks just making the situation worse, we have adapted. When phone verification wasn’t enough, ID verification was added. When passports weren’t enough, selfies were required. When cash deposits became hot potato, we stopped offering that payment method.
I remember being on a family trip in Italy when reports of fraud came in for accounts which verified using Polish IDs and ended up sending money from a different account. At the first place to sit down with WiFi, I kicked the fraudster off a trade in progress. That same day selfies were introduced (holiday coding, yay!) and not much later we started attaching remitter names to the trades to be able to track fraud and notice in time if someone was using a third party bank account or violating policies by creating new accounts. We got rid of cash deposits altogether.
Thanks to these steps taken, fraud rate has been hovering near 0% since 2013, even in 2020. The unique counter-fraud measures combined with the cooperation of sellers resulted in something special, providing vendors with a safe platform that was unlike Localbitcoins or any other marketplace at the time. Shutting down fraudsters took a concentrated effort and it worked, not only in the short term.
The banking side was a bit more problematic. Not just on the bitcoin front. I remember an article about this guy who wanted to buy a car in cash and so he went to his bank to take out cash, just a few thousand pounds. The bank would not give him his own money until he showed them the advert for the car. These same banks suspended the bank accounts of their clients for simply using the word ‘BITCOIN’ in the reference. These same banks rejected transfers to a list of bank accounts owned by reputable exchanges abroad. These same banks sided with fraudsters even when it would have taken two minutes of investigation to find out without a shadow of doubt where the responsibility lied. These same banks suspended business bank accounts that had no fraud or any type of issues, just for suspicion of bitcoin trading. These same banks went as far as to put out a false fraud alert on vendors to prevent them from opening a bank account elsewhere.
I understand that some of these drastic measures were in response to rampant fraud, but they were inadequate and often came from incompetence, sometimes even clear malice. The expression “to throw the baby out with the water” comes to mind. The banks did much harm to not just the crypto community, but many legitimate clients of theirs. Banks expected us to do the impossible to counter fraud, but most online banking would not show the sort code and account number of the sender. Two banks even went as far as allowing the sender to set ANY remitter name they liked. Things like these made our job next to impossible. But we still survived.
Despite the hardships, most buyers rarely ever noticed much of it. Come to BitBargain, follow the instructions, buy your £100 worth of crypto, withdraw. It was that simple. There were several key reasons for BitBargain trades being so fast and smooth and problem-free.
- only the most relevant instructions were presented to the buyers along the way as they came closer and closer to the actual trade- we have a very extensive seller howto which is probably useful reading material for all P2P/OTC vendors everywhere, not just BitBargain- we had a strict seller test to ensure that all vendors knew the policies, understood how to communicate efficiently and handle tough situations- the “going online” method - sellers had to be active and respond within minutes, otherwise they would get signed off- SMS notifications to my phone and me jumping out the bed whenever there was a situation in which I could offer assistance- the ability for buyers to ping the vendor with a text message if there was no response- a reliable central ID verification to relieve vendors of the heavy work- taking the time to communicate with buyers and sellers to explain what was going on and why- removing buyers and sellers swiftly if they acted in bad faith or seemed consistently unable to follow instructions
It wouldn’t be right to speak only about the successes. Some things didn’t go exactly to plan. One such example was the minprice() feature. The idea was that vendors could use this function in their price formula to make sure they were competitive and didn’t offer coins at a price that was too high compared to other vendors. I expected this feature to push the prices down a little to a level where it still made it profitable for vendors to sell, but buyers wouldn’t have to pay much more than if they used competing marketplaces. Sure enough, it went the opposite way - encouraging a price cartel. Of course I didn’t mind vendors taking an extra, as buyers didn’t mind paying the markup for the quick and reliable service. But when you align your prices inside a closed system and ignore the rest of the world, eventually you distance yourself from reality and you chase away buyers. So this feature was removed in the end. Instead, I made a quicker seller test: getting more vendors to join increased competition and drove prices lower. The memory of minprice() will always remain with me as a stereotype of a solution that sounds good on the surface but ironically achieves the opposite of what it was meant to do.
After around 2014, things became less eventful. And that’s a good thing. I have the vendors to thank for that. They have been the backbone of BitBargain, they were the ones doing all the trading. They were the ones who had to get out to obtain bank accounts whenever one was closed without a good reason. They were the ones holding bags of coins and being subjected to price drops. They were under constant stress of having to compete with other vendors. They were the ones who had to deal with fraud attempts and the occasional drunk buyer. The regular vendors on BitBargain are all great people, mostly introverted, intelligent, helpful, fair, reasonable. They were a pleasure to work with.
There are so many great stories and so many people I should have talked about (R.I.P. aldur1) who were essential to BitBargain becoming a success. But I understand most of you are reading this curious to find out what is happening, why it is happening and what the future holds. So let’s get into that instead.
The counter-fraud measures we employed along with monitoring and sensible trading limits have covered not just the fraud aspect but also helped to avoid money laundering and comply with all kinds of regulations. When there was actual crime committed, we were there to help out the authorities (unlike the other way around, when a vendor was defrauded through a stolen bank account).
We would get a data disclosure request document by email from a police officer which included the type of crime being committed, the name of the person and some information about how they are connected to BitBargain. And they got the information they wanted: I would do the lookups, fill out the form, visit the post office and mail the physical letter. There were no crime syndicates using BitBargain to launder money, we were not a btc-e type operation, all the vendors and myself had incentives to keep the marketplace clean. And we did. I even had police pass my name around as someone they could turn to for help. I’ve heard other crypto marketplaces were just as helpful.
However, in addition to the reasonable requests we got, there were also some cases that worried me. Here are some anecdotes that are necessary to be aware of as we go forward to the regulation side and my decision to no longer have my crypto business in the UK.
- In one case, the investigator demanded a user’s details after clicking through 3 different levels of clusters on WalletExplorer.com. He was ignorant about what shared wallets were or how they worked. Luckily after a few emails I managed to explain where he went wrong and pointed him in the right direction without revealing any customer information. He thanked me and I hope he found the culprit in the end.
- Sometimes we would get emails from police which included in the CC field a long list of crypto businesses, domestic and foreign, addressing us and others at the same time without having any idea if we are involved in the case or not. I guess I can understand this as a last-resort option, but I’m still not convinced that it is appropriate.
- There is such a thing as “too much information” - once, the police disclosed not just the basic details of the person they were looking for, but they for some reason included a plaintext password in the report which belonged to the user. That is very irresponsible in my book.
- The FBI has a habit of posting illegal items on marketplaces and wait for criminals to bite the hook. You could argue that some listings come very close to entrapment. In at least two cases, it trickled down to me having to deal with it. A notable case that made news is the story of Kuntal Patel.
- I’ve met in person a UK trader who was using Localbitcoins. He was a lorry driver and occasionally sold bitcoins. One small trade he did in the wrong place at the wrong time with the wrong person resulted in the authorities charging him with a crime, seizing his assets, searching his home and when the case started falling apart, they put pressure on him and used tactics that no government should. When we last talked a long time ago, he was about to take them to court. I don’t know if it’s even possible to do.
- In one case, the NCA demanded information about a bulk list of transactions that had nothing to do with BitBargain. The policy is that we don’t reveal if a user exists or not, unless there is reasonable suspicion that they committed a crime. Simply revealing that they are a user on the platform could be twisted into getting a court order. So I responded that I am not at liberty to disclose the identity of any users based on the request. This did not go down well with them, so they said they would get a court order to force me into compliance. I said okay. I haven’t heard from them since. My guess is that they put on this bluff and sent the same request to several bitcoin companies. Or they were just going based off bad blockchain analysis information.
- Most of the requests we did not comply with originated from blockchain analysis based information. Blockchain analysis is essentially a best guess of a proprietary algorithm which scans the blockchain, the web, the dark web and all kinds of data sources, then tries to connect different addresses, group them into clusters, make a guess as to what entity owns the cluster, then present information about where those wallets sent coins and where they received coins from. Busting down the front door of someone based on such approximations is highly inappropriate and unreasonable in my opinion, though it is an accepted practice in the United States for example. It is important to mention that some of the BA based requests asked for information we did not have. This means that the specific tool they used incorrectly claimed that a transaction or address belonged to us.
Those in power want as much control over crypto as they have over your personal bank account. Some of them want this with good intentions without much consideration about balancing their power against constitutional rights of the people, others need it only to stay in power. They demanded a solution. Predictably, the industry jumped right on it and came up with something that would pass. And it’s good business. Some of these companies ask for tens of thousands of dollars a year to give you access to their database and tools. And they’re not all bad. Most of the time you can figure out the name of the exchange by simply providing a transaction ID. You can check out an exchange and see how much coin is going to dark web suspects. Overall, it’s a good tool to have, but at the end of the day it’s still just a best guess by a computer software.
Even when blockchain analysis spits out the the correct guess, as we have seen the authorities may combine it with other results or other pieces of information and come to a wrong conclusion because they just do not know how to interpret it all. And just because you win the case in court, your life can still be ruined in the process.
But my main issue isn’t even a small number of innocent people’s doors being kicked down erroneously. Blockchain analysis will affect all exchanges and crypto businesses in the coming years. It will not be used just to track down criminals or kick hardcore darknet market users to keep their wallet clean.
In the beginning, nobody did any blockchain analysis. It did not exist. In the next stage, some businesses started using it. But it wasn’t mandatory and you had to receive coins from a well known darknet market to get a high score on blockchain analysis to potentially get in trouble. Now you’re considered suspicious if you used a marketplace and not an exchange. Coinjoin counts as high risk. Gambling is high risk. As you use entities that are paranoid about keeping their coins clean and adhering to all the regulations, your risk scores will continue to increase and without you even knowing why, your deposits will become rejected, you may be asked to supply documents or lose the coins, your account may become suspended without you having any clue what you did wrong. And quite possibly you didn’t do anything wrong. But that won’t matter.
The goal post, the risk score threshold will keep moving along this trend until the point where you will be afraid of using your personal wallet, donating to someone online, receiving bitcoins from anywhere except for regulated exchanges. At that point, crypto will be akin to a regular bank account. You won’t have a bitcoin wallet, you will have accounts to websites. If you think I’m exaggerating, here is an article from just a week ago: https://www.coindesk.com/self-hosted-bitcoin-wallets-become-front-line-in-fight-over-crypto-regulations
And so we have arrived to regulations. In Hungarian, there is a saying: “to fall off the other side of the horse” - loosely meaning “to go to the other extreme”. Given what went down with Mt.Gox, I understand why some felt the need to regulate exchanges. But in my very personal opinion, we’ve gone overboard. I disagree with the following:
- having to ask ID from everyone, even if they only want to buy £200 worth of coins - storing their documents and personal information for years- giving access to authorities to query any transaction and customer info instantly (this is also in the roadmap)- being forced to use expensive and unreliable blockchain analysis services, eventually stop providing service to everyone who isn’t depositing from another regulated exchange (I expect we will come very close to this eventually)- paper-pushing, form filling, sending documents that look authentic but cannot be reasonably verified by the crypto businesses, not really preventing money laundering or fraud, just removing responsibility, but not really removing responsibility, meanwhile making users jump through useless hoops that drive many of them away from crypto for good- masses of innocent people being interrogated at a police station about what transaction X was, 14 months ago (once we were requested by the police to provide information on something from over 3 years prior)- having to hire separate compliance people and a legal team even just for having a custodial wallet- regulating crypto-to-crypto conversions which do not involve fiat- putting up all kinds of delays, road blocks, challenges and keep increasing these as regulations progress in a stricter direction
Before 5MLD in around 2016, I think the balance was pretty good. We kept criminals away, ID was required for vendors, regular traders and high amounts. We prevented smurf accounts. We cooperated with police requests, we used blockchain analysis in some cases and kept the cluster clean. Many have learned from Mt.Gox’s bad example, exchanges have gotten much more stable and I don’t think regulations were the most significant driving force behind this improvement. Yes, regulations are important to draw in corporate money and to keep big businesses from failing big. But forcing regulation on anyone just hosting a custodial wallet and not allowing even a few people to put their trust in a startup service is not how it should be.
Back in January of 2019 when in compliance with 5MLD I put all accounts on mandatory ID verification, it did not feel right at all. It raised the question “how far am I willing to go?” - the answer is, not much further. The FCA (Financial Conduct Authority) are now in charge of crypto in the UK and they forbid all UK businesses from offering a custodial wallet or trading bitcoins without getting prior approval. Thus, BitBargain is closing down, redirecting buyers and sellers to a chatroom and allowing them to verify each other easily. At least chatrooms are not regulated (yet). The chatroom’s address is BitResident.com by the way, some vendors are already there, waiting to see how this pans out. If you are a vendor, you are more than welcome to join. There is no registration, just sign in with your BitBargain account before opening the page.
While I do not agree with the specifics of the regulation, I genuinely wish the best to those crypto businesses that still wish to continue their journey within the borders of the United Kingdom. That is certainly the correct business decision. After most UK vendors disappear, the remaining ones will no doubt see a large volume of trading. Even from the buyers’ perspective, any crypto business is better than nothing. I have compiled a list of vendors, marketplaces and exchanges to share some love and drive some traffic to them. The list is available in the #suggestions channel over at BitResident.com.
I wanted to go into some other subjects involving trends in the United Kingdom that are not tied to crypto, but they may be divisive, so I will skip on those. My only suggestion for everyone is to read Orwell’s 1984 and Huxley’s Brave New World again, then compare fiction to the reality around you.
Personally, I will be busy with a couple of things: technical solutions for a regulated UK business (I’ve made a nifty and flexible wallet system to handle ledgers, deposits, withdrawals), maintaining order and entertaining guests on BitResident.com (hopefully it won’t be empty) and some other undisclosed projects. I highly recommend at least idling around in the community for another few months as there is a possible reward involved to those who are active. On top of being part of a great crypto community of course.
Again, I want to sincerely thank everyone who has used BitBargain in the past, whether for buying or selling. My life would not have been the same and I am very thankful to have gotten to know all you wonderful people. I wish for all of you good health, true freedom and heavy bags of coins that just keep going up in value.
2020. Dec. 22. 01:41
A beta version of our crypto trading community is now open. There is no registration: if you are signed in to your BitBargain account, simply visit bitresident.com and you will be able to chat in the #crypto-chat, #support and #trading channels. Everybody’s username matches their BitBargain username, only traders can open private chats with you.
Reasons to stick around:It’s a safe meeting place for over 100,000 BitBargain crypto usersYou may get a better price here than the exchanges or marketplacesThere is no trading fee, it’s all self-serve, all over the counterThere is already a network of trust built up that you can verify and rely onDiscuss news, events related to bitcoin, ethereum and altcoinsLearn about new ways to buy and sell cryptoLearn about wallets and securityShare your experience in investments and services, hear from othersIt’s good to have a fallback when platforms are being closed down or enforce strict rulesRewards are given to traders actively using the platform to exchange assetsSometimes we will do airdrops and other lucrative surprises
The only thing we ask is that you refrain from dragging users away from the community to external platforms as we are in the process of building it up. Trading should be done in private chats, without pushing your trading partner to leave the platform. However, you can request an introduction to your crypto trading website. If it’s worthy, we will be happy to add it to the list of suggestions in the #support chat. We expect that most users will prefer to conduct trades on a new web platform and will try out the suggested links. But we hope some sellers and buyers will keep trading going.
Try it out here: https://bitresident.com/
2020. Dec. 01. 04:30
You may have seen the notice: BitBargain will cease operations and close by 2021. This post is a quick summary of dates you need to know about if you have funds stored or intend to use BitBargain for as long as possible.
A further post will follow, explaining the closure, regulatory changes in the UK and how to proceed in the next year.
The dates are:Dec. 1 – A notification is posted on the site to remind users about the closure and that funds should be removed (an email will also be sent to those who store money on BitBargain)Dec. 24 – BitBargain’s 8th birthdayDec. 25 – Last day of tradingDec. 26 – Trading, deposits stopped, withdrawals still workJan. 9 – Ability to withdraw ceases
2020. Aug. 27. 23:42
Bitcoin Cash Node is about to become the leading mining node implementation in Bitcoin Cash. It’s a new era in Bitcoin Cash. https://bitcoincashnode.orgFor more information about Bitcoin Cash visit: https://bch.info
2020. Jul. 18. 20:49
This publication is intended for owners of crypto platforms who would like to take over some of our user base and provide them with a new home so that they can continue to trade with the ease and safety that they have gotten used to.
BitBargain was launched in 2012 and has provided a smooth trading experience to the UK market for over 8 years. The barrier to entry was high for sellers, good communication was necessary. Buyers were properly verified, fraud was prevented in most cases, problems were squashed quickly, high maintenance users were removed from the platform.
In 2021 BitBargain will close shop (due to the new regulations) and will let other businesses take over. We hope to provide our users with a smooth transition to other platforms with minimal effort, in a way that they can keep their reputation rather than having to start everything from scratch.
Starting some time before BitBargain halts (probably in November or December of 2020) we will nudge users to try out other, similar platforms. They will have a button for most compatible platforms which have implemented TTP. When the user clicks this button, they are transferred to the target site where they create a new account quickly and have their BitBargain information imported. We named this Trust Transfer Procedure (TTP for short).
To get to the point: we are giving you, competitors something that you probably didn’t expect: free advertisement and a one-click method for our users to sign up with you (or import their reputation if they already have an account). What we ask for in return: treat BitBargain users well, import as much of their trading history and statistics as possible and use it in a meaningful way on your platform, to their benefift. Read on to learn about the specifics.
We have had over 100,000 registered users, thousands were active weekly and some of them have done thousands of trades. As a trader, you may not buy or sell as much coin (or agree to a trade) with someone who is completely new versus someone who has been trading for years, trading significant amounts without an issue. That is why peer-to-peer marketplaces and other crypto platforms will likely prefer to import this type of information and display it to trading partners. If you implement TTP on your end properly, by 2021 you may suddenly see an influx of quality users showing up on your platform, increasing your volume.
Under the hood, TTP works like this:- Our user starts the process on BitBargain- We send you a request to check if you support TTP, we establish a unique token for TTP- We send you prefill data (username, email address, phone number, name, DoB)- We redirect the user to you- You ask the user to sign in or sign up, then have them agree to the import process on your end also- You redirect the user back to us, attaching an authorization code- We send you the user’s information along with the authorization code- You apply as much of the info package as possible- We redirect the user back to you, where you welcome them and display details about what information has been imported
The technical specification for TTP can be found here:
The document also includes a sample PHP script that you can use to quickly try out this feature.
Please contact us before implementing this on your end. Just give us a heads up and let us know if we can help in any way.
2020. May. 08. 21:49
Someone has just taken over a Youtube channel and started doing a Live broadcast using a Richard Branson interview and adding misleading text. Victims are promised they get 2x their money back if they only send a certain amount to an address.
Remember: there is no such thing as a free lunch. There are no give-aways where you have to send money first.
The channel was renamed to “Richard Branson” to try to give legitimacy but the profile picture hasn’t changed. Perhaps it was changed but takes a long time to propagate and is cached for now.
The scam address has received one transaction so far, of 0.3 BTC value. That is a lot to pay for a lesson this simple.
2019. Nov. 22. 12:48
The Electron Cash wallet for Bitcoin Cash has CashShuffle.CashShuffle makes it hard to track your coins by shuffling them together with other users.CashShuffle works for small (0.0001 BCH) and large sums (1000 BCH) and costs only a fraction of a penny to use.Here’s an example: https://explorer.bitcoin.com/bch/tx/60dfbe9c7dc95a1080254f31aebb58428c59a92b3c7558e1e4f130fb4ab5c6ce
2019. Nov. 17. 12:42
The secure, fast and private Brave Browser has been released in version 1.0.
Brave blocks advertisements and provides an option to receive rewards for receiving promotional offers. It’s based on Google Chrome with additional security and privacy features and a built-in crypto wallet.
The Brave team believes that we are not a product.
Brave is using the Basic Attention Token on the Ethereum blockchain to reward users; and for users to tip their favorite content creators.
2019. Nov. 16. 17:19Cryptophyl – Buy, Sell and Trade SLP Tokens and more:
A UK based SLP token exchange offering token trading with UI, REST API, airdrops, token buys with credit and debit cards.
2019. Oct. 30. 13:40Bitmain Files for IPO in the United States, According to China Media Giant
2019. Oct. 13. 12:48
2019. Oct. 13. 08:04Bitcoin Cash Standards | Overview of Standards in Bitcoin Cash
2019. Sep. 16. 22:39
2019. Sep. 09. 23:30
2019. Sep. 03. 13:51
Creating SLP NFT (non-fungible simpleledger tokens) Demo
2019. Aug. 30. 08:05
2019. Aug. 23. 12:40
2019. Aug. 19. 13:31
2019. Aug. 18. 21:22
Spice Token SLP - A Simple Introduction!spicetokens.com
2019. Aug. 12. 03:46
- Several disks in our server have been corrupted that formed a RAID array that we were not able to reconstruct. They held the database. - There were different kinds of backups, the ‘last resort’ one with balances and basic account information worked properly. - The trading and wallet history are gone unless the data can be recovered from the disks. This will take time to find out. - The site went down for a few days while we restored account information, balances and other essentials into a fresh database. - Trading and withdrawals are now back, but with limited features. - Due to upcoming EU and UK regulations as well as recent actions by authorities akin to mass surveillance, a decision has been made not to continue hosting a crypto business in its current form in the UK. - After pressure from sellers and buyers, a decision was made to restore trading in a limited form, for an indefinite period of time. - No commission is taken by BitBargain in the remaining time of operations. - It is our pleasure to promote BitBargain sellers’ profiles on other platforms and establish a connection between crypto friendly and like-minded people. - There is now a Telegram group you can join for P2P trading and crypto related discussions. And a new Connect feature to make your reputation on BitBargain portable. - By the time January comes, hopefully you’ll have joined our Telegram group and visit BitBargain to find out about new ways to buy and sell your crypto-currency. - After trading is gone from the platform, we hope that at least a small part of the community will remain to take part in building projects or improving cryto related matters.
- You can connect with a buyer/seller, leave each other feedback and ratings.
- Your profile trading stats are hidden by default. Enable them in the settings at https://bitbargain.co.uk/user/settings
- There is a peer-to-peer trading group and tutorials on how to trade there. See https://bitbargain.co.uk/buy-bitcoins-p2p - There is a page that will have fresh content to help with finding the best place to buy crypto. See https://bitbargain.co.uk/buy-bitcoins-p2p
Features that are gone
- The ticket system (please send email for support requests)
- Trading and wallet history
- Cloud Sell (the limits rely on recent trading data - we don’t have that)
- Bitrating is frozen in its state shortly before the crash (it also relies on counting trades)
- Sender names (they were in the trading table)
- Depositing for buyers (in the remaining time we no longer take sellers or verify new bank accounts anyway)
- Alerts (it was not very popular or well known, anyway)
- There could be bugs, please report any issues or unexpected error messages
- Buy/sell stats on the profiles are now historic data and not updating
- It would be a shame to see all the trading histories, verifications and trust in general being abandoned, to serve no purpose.
- Using your BitBargain account, you can prove to someone that you own that profile and possibly help in doing peer-to-peer trading.
- It can also be useful if you want to sign up with a crypto-related site that accepts a vouch of trust from a trusted platform.
- Visit a seller’s profile, click the Connect button.
- The person who owns the profile accepts or rejects the connection request. - If accepted, both parties can post a rating and feedback.
More coming up
- Crypto tutorials (trading, wallets, safety, altcoins)
- News articles - stay in the know
- Crypto treasure hunts, riddles (coins to win)
- Platform reviews, finding the cheapest, quickest coins
- Community projects
2019. Jun. 29. 15:05
R.I.P Banking System by Ludo - Located in Paris, France
2018. Nov. 12. 22:31
We haven’t updated the seller application page for a long time. It was more than overdue.
The bitcoin seller application page used to be full of warnings and disclaimers, neglecting to mention some of the advantages of becoming a BitBargain seller.
What BitBargain offersA platform that adapts to new challenges and listens to users’ suggestions Quick support without middle-men, a focus on resolving issues An ID verification and rating system you can rely on Low competition by other sellers (high barrier to entry) Education of buyers to make trading efficient and save you time Strong visibility to many reliable, trusted buyers Counter-fraud procedures that really work Text message notification of admins in case of any issues Information sharing with other sellers
As a seller, you are able to:Trade a good volume without much risk or having to deal with verification procedures yourself Buy coins instantly through Cloud Sell offers at market price or below Set fine grained controls to filter who you trade with Dispute any trades, restrict any buyer’s account when necessary Send a reminder text message to unresponsive buyers with a click Receive tips to increase your volume or trade more efficiently Learn more about safe trading which you can also apply elsewhere Sell coins with 0% commission to buyers referred by you Get support via chat in real-time
If you just want to sell your coins quickly at or near market price without having to take the test or study safety procedures, try our Cloud Sell feature.
Otherwise you can apply to sell bitcoins in the United Kingdom at:
2018. Nov. 09. 10:43
There is a Bitcoin Cash hard fork expected on the 15th of November 2018.
There is much uncertainty about replay protection, which implementation miners will support, and similar critical points.
We do not plan on having one more BCH supported on the platform should there turn out to be multiple working blockchains. That outcome is unlikely, though.
All users are advised to withdraw BCH until the 13th of November. For our full policy regarding the BCH fork, please visit https://bitbargain.co.uk/bch-fork-201811
2018. Oct. 08. 11:52
#Bitcoin will do to banks what email did to postal industry. (via Crypto by Ashutosh Nirwan - Dribbble)
2018. Apr. 16. 16:40
One surprise that new sellers on BitBargain face early on in their peer to peer trading experience is the hidden force of collective will originating from other active sellers. The will to try to be at the top of the list at /buy, even if it means asking the bottom unit price for the same coin.
As soon as the unsuspecting seller would create an offer and beat everyone else by a pound thus making it to the top of the list, within seconds the other offers match or even undercut theirs. This is done using bots. Little scripts running all day, updating the unit price on the other seller’s offers.
This article will explain the issue with undercutting, the problems with regulating it and the proposed solution.
The first important thing to remember is: using bots for updating the price is not a problem in itself. BitBargain offers an API to help you manage your offers, update the prices or pause offers.
A bit of history is necessary to understand the pricing wars.
BitBargain used to offer a special price formula function called MINPRICE() which you could use to match against the lowest price in the /buy list based on some supplied parameters (verifications, minimum, maximum, price, bottom price etc). In theory it sounds like a great way for the sellers to stay competitive and for buyers get the lowest possible prices. In practice, it resulted in the /buy page appearing to be full of the same offer by different sellers, typically way over the market’s asking price.
What happened was: sellers configured their offers to ask for the maximum price possible unless there was competition to match. This worked as long as only a few were doing it. But as more sellers adopted the same algorithm there was noone to race with, the prices simply stayed high.
Two things about automation…
1) It is very hard to write the perfect algorithm that considers all the important angles and it becomes next to impossible when you also want to stay competitive with BB sellers while considering those other factors. Most likely you will end up with a mediocre algorithm that kind-of gets it right sometimes.
2) You get used to it. Quickly. You rarely even check the price before accepting the trades. You don’t check if it’s too high compared to other marketplaces, you just accept whatever the computer said. Enthusiasm to get the formula right was strong in the beginning, but after some trading you don’t bother to make changes to it anymore.
A side effect of price wars is that your bots may be preventing a potential customer from starting the trade. Every time they click “Start trade” after ticking all the checkboxes, they are thrown back to the same page to tell them the price is now different. Don’t change the price too often. Once every few minutes should be fine.
Not all sellers are using bots to undercut. Some sellers may align the prices to their own coin purchase rates and other variables that may not be offered by our system. This is perfectly understandable and a valid use of the API. Some sellers just want to use their standard formulas but may still turn on “compete mode” to stay on top, or near it and will match the lowest price. And then some sellers want to be at the very very top of the list and will undercut the offer at the top to get there. We do not believe it makes much of a difference but we recognize that there is indeed a competition and strong intention for all parties to stay on top of the list.
Here are some suggestions to those using bots to change the price:
- Do not try to beat everyone to the top! Name your own price based on how much you value the coin. There are all kinds of offers on the table, their minimum/maximum/verifications could be different from yours. You could be in the middle of the list and make more sales than another seller at the top.
- Missing a variable and using your own formulas? Consider adding a static multiplier to the formulas available here, that way the price can change and be aligned to markets and you rarely have to update it with a bot.
- When using bots, always check the return value of the request. If the rate limit kicks in, a price change you sent may not be applied.
- Always double check the /buy page and make sure your offers are listed the way you want them, at the correct price and in the right configuration.
Based on a quick sampling of price updates, there are a number of sellers whose bots do multiple updates every minute even.To discourage the use of bots that aim to quickly match or undercut other offers, rate limits will be put in place (for both API and on-site updates).
2018. Feb. 18. 21:43
USD funeral… #cryptocurrencies #bitcoin #ethereum #ripple #litecoin
2018. Jan. 31. 08:27
Lightning Network payments are now supported on BitBargain.
Pay any invoice using the balance in your BitBargain wallet. Just click the Lightning tab in your wallet and enjoy.
Paying Lightning Network invoices is instant and free. You can make payments as low as 1 satoshi (0.00000001 BTC).
For example, put a shirt in your cart over at store.blockstream.com:
Then go to the checkout section, request to pay:
Copy/paste the invoice from the box at the webshop into your BitBargain Lightning Wallet and click “Open Invoice”. The details will come up.
The feature is highly experimental as LN software is still heavily under development. Lightning deposits will be made possible once the software has matured.
The network looks like this:
“Where can I try it out?”
Note, nodes often disconnect and so these shops and services may be offline sometimes.
A guide to setting up a Lightning node. The second half of the article displays instantly when you make a payment of $0.01 through the Lightning Network.
A minimalistic and easy to use web wallet that can only send and receive via LN. Unfortunately the backend is often down. But when it’s up, it’s a great tool to have.
BlockStream’s proof-of-concept store where you can buy t-shirts and stickers.
*** More links would be welcome! ***If you have any suggestions, let us know.
2018. Jan. 27. 05:02
We are testing some Lightning Network features. It’s still Beta so don’t expect services built on it and used in production too soon. But do feel free to connect to ln.bitbargain.com and reach out to us if you have any ideas or suggestions.
2018. Jan. 14. 01:22
We are proud to present a new feature on BitBargain which has been requested numerous times especially in the last few months.
Becoming a regular seller on BitBargain takes time and effort.
It requires studying the seller howto and passing the seller test. It requires understanding of the price formula. It requires great communication skills. It requires devoting time and effort to stay online and wait for buyers to show up. Sellers are expected to keep checking their bank statement and mark the payment as soon as possible. Being a seller is not for everyone.
Still, many buyers are interested in easy ways to convert back some of their crypto-currency into fiat money.
This is where Cloud Sell comes into play. With Cloud Sell you can sell your bitcoins for GBP via bank transfer easily. Just enter the amount, choose your markup (from -10% to 0% currently) and we will make sure that sellers are aware of your offer. The quickest seller gets to pick up your coins. Just create an offer, lay back and the money will come to you. By limiting the maximum unit price to 0% above market, we encourage shorter waiting times.
Not all sellers can buy your coins: larger offers are only available to the more trusted and still currently active sellers (they can pick up the 1% of their 60 days volume).
The feature requires that you have a verified bank account. Cloud Sell currently supports: BTC, LTC and BCH.
The fee is 0.5% and you only pay it if your coins are picked up. You can cancel your offers at any time.
Sell your bitcoins for GBP with ease at https://bitbargain.co.uk/cloudsell
2017. Dec. 20. 14:42
We apologise for the inconvenience earlier today.
The hosting provider (ATW) made a mistake while configuring their network and we made the mistake of forgetting to set up the server monitoring via SMS after the move to new servers just a few weeks ago. The combination of these two mistakes has caused BitBargain to be down for hours until a phonecall from a seller (thank you again).
The server is able to reach the internet once again and all services are back online.