The Inclusive Future of Payment Types in OpenBazaar

The Inclusive Future of Cryptocurrency, Bitcoin, Altcoin and other Payment Types in OpenBazaar

 

OpenBazaar is committed to making global peer-to-peer decentralized ecommerce happen.

We believe in making trade free for everyone, everywhere. Achieving this mission will only happen if we’re adaptable and willing to honestly assess whether or not the technologies we use are helping us to fulfill our mission, or holding us back.

For payment technology, OpenBazaar currently uses Bitcoin for transactions within the marketplace. Bitcoin is the most recognized, most secure, and most used cryptocurrency available today. It allows OpenBazaar to exist without the need to rely on third parties. There are many other cryptocurrencies available as well but the OpenBazaar protocol and software is being built by a small group of individuals and we have chosen to keep our scope reasonable by focusing purely on Bitcoin.

However, for various reasons, we do believe OpenBazaar should be able to support multiple types of payment methods.

It’s possible that Bitcoin may not always be the king of cryptocurrencies. Other cryptocurrencies may surpass it, or they might be more suited for the types of transactions that OpenBazaar users need.

There is a considerable amount of excitement from other coin communities to support their projects through OpenBazaar. We’re optimistic about what they have to offer as we think decentralized payment choices should be diverse and ultimately in the hands of users.

We will do everything we can to support the flexibility needed to enable this functionality in a way that doesn’t sacrifice any of the core tenets of our project. This includes additional documentation on how other currencies can be integrated by coin developers. We will continue to have discussions with the community on how best to create a strong user experience with multiple wallets and coins.

Want to get more involved?

If you are interested in what the development process of integrating your favorite coin into the OpenBazaar network would involve, click here for more information: github.com/OpenBazaar/openbazaar-go/blob/master/docs/altcoins.md

If you’re interested in staying up to date with new developments related to altcoin integrations, please email our Community Manager, Jenn Cloud, at jenn[at]ob1.io and for general updates related to OpenBazaar please subscribe to the OB1 newsletter at ob1.io