The Bitify platform is an open marketplace to trade Bitcoin and Litecoin. It is traditionally an auction site for cryptocurrency. The Australian registered platform is the largest marketplace and auction site for Bitcoin trading.
Why Use Bitify?
Merchants trading Bitcoin and Litecoin are able to list bundles on the site for free. Buyers can express their interest on the platform and submit a bit for items
You can take advantage of the Bitify 30-day buyer's protection and in-house automated
escrow account too.
While only two cryptocurrencies are available on the platform, there is room for more to be added in the foreseeable future. However, if you are a trader of Bitcoin
and Litecoin, then Bifity is the site to visit.
Any goods and service can be sold on the auction site with the exception of drugs, weapons, and certain pornography. These details are available in the terms
and conditions section of the site.
How Do I Get Verified On Bitify?
There are a few simple verification steps to start trading and bidding on Bitify. Head to your profile page and click on Account Verification to start the verification process. You will need at least two forms of official photo ID in order to be added to the platform.
If your account verification process is successful, then the site will update your user profile to reflect that change. On top of a profile upgrade, you will also find that your postings will have a verified icon associated with them.
Proof of Name and Date of Birth
You will need a passport, driving license, or some other form of a government-issued ID.
Proof of Address
These forms of proof need to be fairly recent, about no more than 3 months old. There are more than a few possible avenues of proof.
A utility bill or a bank statement are fairly common forms of proof for your address. Additionally, you could also use an insurance policy, tax assessment, or a council tax bill.
Why Is Verification Important?
It is a more comfortable situation for the site’s user base to trade with verified users. There is an added layer of security and convenience associated with transacting with a verified member.
Despite the verification process, the site encourages all users to make purchases through an escrow account. The site does not take responsibility for merchants that employ adverse actions in a trade. For example, some merchants may sell products that are defective or of poor quality.
The benefit to using escrow during a transaction is to protect your funds during a trade with an unknown seller. Bitify will not reimburse your funds unless you hold an escrow account.
How Are Cryptocurrencies Valued?
The site’s main two forms of purchasing power come from Bitcoin and Litecoin. Bitify uses BitcoinAverage to fairly value Bitcoin during an exchange between buyers and sellers. Additionally, Bitify uses BTC-e‘s 24h average price to fairly value Litecoin during an exchange between buyers and sellers.
Other Key Points to Consider
The first consideration is that you will need to register on Bitify in order to trade, whether as a buyer or a seller.
The second consideration is that Bitify does not provide hosted wallets to its user base. As soon as funds leave an escrow account, they are no longer under Bitify’s control. They are sent to whatever address has been given by the buyer
The third key point is that you cannot use Bitify to find a product and then purchase it off the site. This goes against the terms of service of the trading site. Offers to buy and sell away from the Bitify site are expected to be reported to the platform’s representatives. Failing to follow the site’s guidelines can lead to suspension of your account.
A fourth key point, a return on an escrow fund can take anywhere from 48 hours to
30 days. If a transaction is canceled or the merchant’s account is suspended then more evidence is needed before coming to a conclusion.
What Happens If A Buyer Does Not Release Escrow For You?
In some cases, you may need to submit an escrow release form. These requests must meet certain requirements first.
In these requirements, you need to have a sale older than four days, you need to provide proof of a shipped item, you need the item to be a physical entity. In the end, it is up to Bitify to entertain an escrow request, which may be rejected if either you or your item are high risk.
Escrow is a requirement for all sellers, but the buyer is free to decide whether to use it or not. However, it is highly recommended for buyers to use escrow because it is the safer option. The site may be easier to understand and navigate when all items are considered to have an option for escrow.
Are Your Cryptocurrency Tokens Safe?
Here is where an escrow account can come in handy. Tokens are passed to an offline
wallet where they are transferred to a cold wallet until the item is confirmed by the buyer. For context, a cold wallet is a place where investors store digital assets for long-term investment.
Does Bitify Have Any Fees?
Putting up items for bid on Bitify is completely free. However, charges do incur on items sold. Fees are calculated and deducted based on the final selling price once a sale goes through.
Any fees are deducted in Bitify’s offline digital wallet before the platform passes the remaining amount to the seller.
Merchants pay a 4.5% flat deduction rate on items that are sold on the site. Neither the price nor the category makes any difference to this flat rate.
There is an additional charge on merchants if they select to feature their items on the site. Items under $10 are charged $0.5, items between $10 and $20 are charged $1, and items more than $20 are charged 2.5% of the price.
No charge is placed on the merchant if the item does not get sold.
Buyers incur a small fee if they use escrow on checking out. However, no charge is placed on the buyer if the transaction is canceled by the seller.
The benefit is the safety and security provided by escrow, which protects buyer funds.
Bitify offers one of the cheapest escrow services on the market where a 2.5% fee is applied to items that are sold. Escrow fees are applied before checking out with an item.
Asking For A Refund?
You need to have used escrow in order to be eligible for refunds from Bitify. An escrow refund may be applicable in the event that you never received your item, that you received the wrong item, or that your item was damaged.
The onus is on the buyer to prove that all the evidence is available and to prove reason to request a refund.
Buyers are either refunded manually when the seller cancels a sale or if an escrow refund has been requested.
How Much Time Do I Have to Pay?
Auction items that are sold need to be paid within 48 hours. If you are unable to pay
then notify the seller or Bitify immediately. Failing to do so will result in adverse action, which includes account suspensions.
Deleting a Posted Item on Bitify?
You can delete items through the Active Listings menu on an iPhone or a computer. Cancel a sale if you aim to delete a specific purchase.
Final Thoughts On Bitify
This is a powerful community platform, which is used for either buying or selling in
an auction setting that uses Bitcoin and Litecoin. There are a number of popular investment items on Bitify, and the platform seems to emphasize safety and quality.
It is also the largest auction community that emphasizes the use of cryptocurrency and blockchain technology in real-world applications. Bitify offers a community and service based on Bitcoin and Litecoin as an applicable currency. There are also effective security features in trading through escrow, which keeps a lot of your funds secure on the Bitify platform.