Let’s start off with a custom contract where you wish to sell something on the marketplace:
- On the “Home” tab of the client click on the “Custom Contract” box.
- This will transfer you over to the “Make Offer” tab and smaller window will pop up as well giving you the option to “Automatically accept first valid offer” and/or “Allow counteroffers/bids”. Check the appropriate boxes you prefer and click “Accept”.
- Enter a description of your item for sale in the “Description” box.
- If you wish to include an image upload your file (the client supports .jpg, .jpeg, .png,and .bmp files).
- The “Send Contract To:” box has many different purposes. It is quite an amazing feature.
- You can enter an email address to send the contract to – which would only allow the email receiver to see the contract!
- You can enter a bitbay address to send the contract to – another, private contract option!
- You can enter a personal bitmessage address to send the contract to – again, private contract!
- You can enter an existing bitmessage market address channel.
- Or you can enter a new bitmessage market address channel. To generate the new bitmessage market address:
- Click on the “Market” tab and then click on the “Add/Join Market” box.
- This will open a window that asks you to name the new market you wish to create.
- It might take a couple minutes for the market to generate (remember bitmessage networking lacks speed but is highly secure)
- Then in the same “Market” tab window, you will click on the scroll down box next to the search engine in the top right of the window.
- This will open a drop down menu that shows all the available markets to choose from.
- Find your market name you just created and click on it.
- Then simply click on the “Post offer” box below.
- This will bring you back to the “Make offer” tab window. And you should notice that a new bitmessage channel has populated into the “Send Contract To:”field.
- The “Amount” box enter the amount of bitbay coins you wish to sell the item for. To the right of that box is setting that allows you to either post a contract to either hopefully buy an item (default) or to sell an item. Adjust this setting to “The other party pays this amount (I’m the seller)” – since we are selling an item in this example.
- The Fee box adjuster can help regulate how fast transactions process into the blockchain. This is set at a default amount. To understand more about the fee box refer to the Help tab Documentation article. Keep in mind Ebay charges around 10% per transaction while Bitbay charges fractions of a penny – yet this helps prevent spam and support the blockchain.
- In the next box “You Deposit” – you will finally begin to see the inner workings of the double deposit, trustless, escrow protocol. In this box you have many options to consider
- You could set a lower than asking price deposit if your not worried about buyers on the item you are selling,
- Set an equal deposit to match the risk of the item you are selling
- Or set a higher deposit because you simply want to add extra protection on the item you are selling.
- In the next box labeled “ They deposit”, you will enter the amount of deposit you require that the buyer must input in order for the contract to begin negotiation and completion.
- The final box is simply the duration of the contract, either in hours or days.
- Once finished, click on the “Create Contract” box.
Congratulations, you just created your first contract into the marketplace. The contract usually take a few minutes before it propogates into the marketplace or “Market” tab.
Enjoy the beginnings of the future of commerce!
Remember: If you have further questions, don’t forget to click on the “?” box in the “Make Offer” tab window or refer to the “Help” tab and click on the “Documentation” article.