OpenBazaar Elevates Bitcoin Philosophy to the Next Level

OpenBazaar is now officially open and operating. This initiative aims to connect buyers and sellers directly, without any middlemen. Much like Bitcoin, which enabled the first fee-free currency transactions, directly between two parties without the need of an intermediary, OpenBazaar seeks to take this philosophy further, allowing merchants and buyers to connect directly through its online platform. This is a service that OpenBazaar will offer free from charge, relying on bitcoin as the sole currency for trade, at least in the meantime.

OpenBazaar Enables Unrestricted Trade

OpenBazaar is actually not a company, which means that it is not necessarily a profit seeking entity. It rightly chose to brand itself as a decentralized organization in order to enable truly free trade, without any restrictions. This should have a positive effect on the price of goods traded, and it should make it a great tool for small independent entrepreneurs to offer their goods and services to buyers all around the world, if they are willing to take bitcoin payments.

Unlike the Online Retail Giants

The nature of this project challenges online retail giants, as it constitutes an additional step towards the fulfillment of a truly open and fair world economy in which there are no limits on trade. Some of the advantages of this project go beyond the empowerment of the artisanal producers, small businesses and entrepreneurs. The open market actually has the power to inspire a wide range of people who have been constrained by the system for being small producers.

The fact that services can also be bought and sold on the platform makes the project even more interesting. Unlike Fiver and other such platforms, OpenBazaar is governed solely by the rules of demand and supply. This is a huge equalizer for independent consultants, artists and others who can now offer their services across borders and get paid with bitcoin.

Final Thoughts

Nothing sums the character of this project up like the words of one of its co-founders, Brian Hoffman: “Trade was meant to be free. This idea inspired us to spend the last two years building OpenBazaar. Starting today, anyone in the world with access to an internet connection can use Bitcoin and OpenBazaar to exchange goods and services freely. We can’t wait to see how people will use this tool.” Given the implications for developing countries, populations that live in remote areas and budding entrepreneurs looking for buyers for their newest developments. We will also be following how people use this tool closely.

Click here to go to check OpenBazaar out.