BitPremier, a bitcoin marketplace founded in 2013 which provides unique, high-end luxury items and opportunities to buyers in the Bitcoin community has announced they will be closing their site, effective immediately.
BitPremier was backed by the NYC-based Digital Currency Group.
The BitPremier team told clients last night:
After four years serving the Bitcoin community, we have made the decision to move on to other ventures. Thank you for your trust and confidence, and for offering up exciting luxury items and experiences for us to show off to Bitcoiners around the world. We hope that every Bitcoiner now aspires to someday purchase that Ferrari or Rolex with bitcoins!”
Hopefully, we added some fun and intrigue to your Bitcoin journeys.
How the service worked:
- New listings are submitted through a seller portal to be reviewed, verified, and edited by BitPremier. If approved, the item posted to new listings. Posting an item for listing is free.
- Potential buyers can contact the seller of an item or indicate a bid on an item by using the “Submit Anonymous Interest” link on the item.
- BitPremier acted as the intermediary in the transaction. Both parties remain anonymous until the terms of the transaction finalized.
- Once transaction terms are finalized between buyer and seller, the buyer received a unique Bitcoin escrow account address from BitPremier.
- BitPremier held the bitcoins in escrow until the buyer confirms delivery of the item and the carrier reported the item as delivered. When both parties confirm a final transaction has been completed, BitPremier released bitcoins from escrow to the seller.
- BitPremier’s transaction fee was 5.0% deducted from the sale proceeds before they were sent to the seller.
- The seller could elect to receive proceeds in either bitcoins or USD, the latter of which BitPremier expedited through an exchange.