Firearms Auction Site Is The First And Only To Incorporate Bitcoin Escrow For Guns

Firearms Auction Site Is The First And Only To Incorporate Bitcoin Escrow For Guns

Buyers no longer have to worry about getting scammed, knowing their funds are safely in escrow.

BitMags.com prides itself as the first and only escrow-enabled Bitcoin firearms auction website where users can buy and sell guns and related items for Bitcoin (BTC). Buyers and sellers are both protected by the escrow system that holds the funds until the transaction has been fully completed. Items must be received "as described" in the auction before funds are released to the seller. Pending shipping time, a typical transaction can easily be completed in 3-5 days from date of purchase, which is considerably faster than the traditional “wait for a cashier’s check, and then ship” approach.

Additionally, all disputes are moderated by the BitMags Admin, whose decision is final. “Buyers no longer have to worry about getting scammed, knowing their funds are safely in escrow”, says the BitMags management team.

Bitcoin’s reputation is largely tarnished to this day by its connection to illegal marketplaces like Silk Road, where one was able to purchase anything from drugs to a hitman. BitMags is trying to change that stigma by allowing Bitcoin users the ability to safely buy and sell guns for bitcoin and promoting the following of all local and federal rules and regulations.

‘Guns for Bitcoin’ is currently a seller’s market, due to the fact that there are very few places to buy firearms for Bitcoin. Buyers far outweigh sellers and are willing to pay a premium to be able to purchase with BTC. This has led to a large opportunity for sellers to begin listing their guns for Bitcoin, while furthering the adoption of the new type of currency.

The company’s success is also partially due to offering free registration and low selling fees that are only charged if the item sells. Currently, BitMags management is seeking more sellers to list their goods and is offering to feature seller’s auctions on the home page and category pages for free.

Readers can learn more about BitMags Escrow – Bitcoin Firearms Auction at: https://www.bitmags.com/


Related News

Feathercoin launches eBay-style auction marketplace

Feathercoin, an altcurrency based on Litecoin, has today announced that it is opening an auction site to facilitate the trade of physical items between individuals paid for by Feathercoins. The site is at an early phase of development but already has 70 auctions ongoing. It also supports a feedback system so sellers can build a reputation, much like eBay. Feathercoin says that the site will soon implement a shopping cart and a range of merchant tools. Peter Bushnell, the founder of Feathercoin, told us that the service had been created to solve the problem of forum users trying to auction....

US man arrested for selling guns on Black Market Reloaded

To anyone feeling emboldened by the proliferation of online black marketplaces in the wake of Silk Road's demise, take heed: a US man has been arrested for selling guns on the Tor-based site Black Market Reloaded. As well as charges for selling firearms without a license, Matthew Crisafi, 38, of New Hampshire, is also being prosecuted for conspiracy to commit money laundering and smuggling goods from the United States. After a hearing in New Hampshire he will be extradited to New Jersey to face the charges in that state. Like illegal goods and services marketplace Silk Road, Black Market....

Blockchain Technology: Making Smart Guns Smarter

Bitcoin.com spoke with Blocksafe CEO Kevin Barnes, whose startup brings blockchain and P2P networking to smart gun technology. This solution has the potential to eliminate unauthorized gun access, track missing firearms, and more importantly, reduce overall violence. Blockchain Meets ‘Smart Gun’ Technology. Kevin Barnes is a military veteran and....

Bitcoin Auction Site Puts Itself Up for Sale After Theft of 15 Bitcoins

Another day, another bitcoin-related story of a hacking intrusion and BTC theft. According to people that have provided documentation to CoinDesk, as well as information posted on the Bitcointalk forum, the auction site Bitmit had 15 BTC stolen, after the server was accessed by an employee of their hosting company without authorization. This theft, along with the effort and responsibility of securing an auction site that has escrow functionality, were the two largest factors in Bitmit announcing that it is being sold. And although 15 BTC does not sound like a large number, at current....

Blocksafe Builds out Gun Safety Blockchain, Will Host Second Crowdsale

Blocksafe, a blockchain-based system that provides secure access, personal monitoring and control of “smart” guns, will use Lisk sidechain technology to build out its blockchain and will issue a new token for use on that chain called “Trigger” (TRIG). Lisk is a public blockchain platform that provides decentralized blockchain apps. Smart guns have embedded computers to enhance safety by preventing anyone other than authorized parties from firing the weapons. Smart Guns Controversial. Smart guns have, nonetheless been controversial within the gun industry. Some gun enthusiasts see such guns....