BitBazaar - Darknet Market review - Scammers, be careful

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Markets

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2.0 (1 Votes)

BitBazaar logo

BitBazaar is a relatively new darknet market that had launched in July of 2019. In a very short time, however, BitBazaar gained a strong foothold in the darknet markets space and had become one of the giant markets with a huge user base. The reason for BitBazaar's great success is very likely due to its many brilliant and, at times, innovative features which we intend to uncover most of in this market review.

Interface and Design

When developers first create darknet markets, they often have to choose between appealingness and simplicity, as it can be an evasive task to combine both. However, BitBazaar combines both nicely! The website has a modern blueish look and many dynamic functions, all while still being straightforward and simple.

BitBazaar homepage screenshot

The top bar shows the main sections for the site, which includes the account settings section (this section is only relevant if you create an account, which is not necessary on BitBazzar as we'll uncover later), the BitAsk and BitHow sections, order check section, and the news section. The BitAsk and BitHow sections are sections where users can ask questions and get answered by other users, and write articles/reviews, respectively.

Scrolling down further you'll see a list of featured products. Below those lies the search function, which is very efficient. You can filter search results by category, shipping/destination, transaction type (escrow/FE/half-FE). You can also tweak results sorting. Scrolling down yet further, you'll find the categories sidebar on the left which helps you find your desired product based on its type.

Security

As we briefly noted earlier, you can purchase products on BitBazaar without creating an account at all. However, for the sake of review, we'll begin with the usual process of creating an account. To create an account, users will need to set a username, display name, and a password. The display name is what other users/vendors would see. The username is kept private; this way bad actors would have it harder figuring out a user's password as well as their username. Moreover, users will also need to set a PIN number in order to use it later to confirm withdrawals, account changes, and password recovery. Additionally, users can opt to submit a public PGP key and enable 2FA; this is very recommended!

Now on to the accountless scenario! Instead of creating an account, then depositing funds onto an account's on-site wallet and then placing an order, one can make an accountless order and deposit funds solely for that specific order. After making the order the visitor will be given an invoice key and an invoice password to check their order's status, release funds from escrow, utilize dispute or simply contact the support team for issues with the specific order. The invoice key can be used from the order check section visible on the top bar.

Purchases

BitBazaar provides support for a handful of cryptocurrencies. They are: Bitcoin, Litecoin, Monero, Ethereum, Bitcoin Cash and Dash.

A wide variety of goods can be bought and sold on BitBazaar. There are drugs such as cannabis, opioids, psychedelics and stimulants. Digital goods are also advertised; examples are credit cards, PayPal accounts, and data dumps. Services also have their place on BitBazaar such as counterfeiting money.

BizBazaar homepage screenshot 2

The market has three types of orders: escrow, FE and half-FE. Funds locked in escrow will be released in 14 days for physical goods, whereas funds for digital ones will be released after 2 days from the date of order. Regardless, if users wish to extend the period in case they didn't receive their goods yet, they can do so before the last two days of specified period. FE (Finalize Early) is only allowed for trusted vendors on BitBazaar. The third order type, half-FE, is an innovative addition from BitBazaar. With this order type, half of the order funds goes to escrow while the other half goes straight to the vendor's wallet.

BitBazaar also shines brightly when it comes to transparency. For a given listing, you can see its current open orders, buyers rating, number of disputes, overall orders count, feedback, and last time it was ordered. This greatly aids buyers in making good, informed buying decisions. Similar informative stats can be viewed for any given vendor as well!

Vendors and BitAuctions

If you're planning on becoming a vendor on BitBazaar, the market offers free vendor accounts with the limitation of being able to have only a single listing. This is meant as a way to allow potential vendors to test the waters. Should new vendors want to go deeper into the business, they can pay a vendor bond of either $99 or $199. Both bonds allow unlimited listings, with the only difference being that the higher bond has a pro tag on the account and higher priority. The marekt's commission is 1%.

Yet another innovative feature on BitBazaar is BitAuctions. With BitAuctions, vendors can post a listing and specify an initial price and duration. Then, users will place their bids and once the duration set by the vendor ends, the highest bidder will get the listing with the price of his/her bid.

Conclusion

BitBazaar is a truly innovative market and is favored by a substantial amount of people. With its long list of unique, user-satisfaction-biased features, no wonder it grew so largely in a relatively short time.

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Comments

By: gunman

Rated: 2/5