Craigslist just made it easier for you to sell your sofa for bitcoin

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Craigslist

  • Craigslist just added a new button where sellers can indicate that they’ll take cryptocurrencies as payment.
  • The notoriously minimalist site won’t process the payments. Buyers and sellers still have to exchange payment for goods at the point of sale.
  • Cryptocurrencies are widely believed to be a good way to exchange money in cases where you don’t know or trust the person who’s buying from you, since it is guaranteed payment unlike a check, which can bounce.

Craigslist is making it easier than ever for customers to accept cryptocurrency when selling used goods on the online marketplace.

The notoriously minimalist website added a new button which lets sellers indicate if they accept cryptocurrencies such as bitcoin and ether in exchange for the thing they’re trying to sell. Craigslist displays the new check box, first noticed by a Reddit user on Thursday, when sellers are creating a new listing. The box is in the “posting details” section of the listing form, near other standard fields such as “contact information.”

Craigslist doesn’t offer an on site payment option. Encouraging sellers to use cryptocurrencies could resolve a key concern they often face – finding a method of payment they can trust.

Checks can bounce, for example. And while cash is often the currency of choice on Craigslist for purchases of smaller items, it can be unwieldy or impractical for higher value items such as cars or televisions.

It’s this exact issue – the issue of trust – which makes bitcoin and other blockchain-based technologies useful. Bitcoin and other cryptocurrencies allow for the direct, nearly instantaneous, and guaranteed transfer of money from one person to another.

Read more about blockchain, the technology powering bitcoin, here.