FAQ’s

Why the heck do I have to pay to buy and sell on this site?

As our version of the old saying goes “It takes bitcoin to make bitcoin.” Now we have to ask: Did you read the membership page and the Site Rules? Assuming no, let us explain it again here: we want to assure that the people buying and selling actually have the capacity to use bitcoin. Also, we are trying to avoid the possibility of phantom buyers and sellers, so it is a protection mechanism for everyone involved.

And what about this BITREF BS?

Think of it as a private club. We have developed some rules to protect not only ourselves, but our patrons as well. If you can think of a better system not involving banks, credit cards, other parties and or exchanges (which by the way is where most of the crypto-theft that we are constantly hearing about occurs), please do tell us. Or you can always go and start your own website. We considered looking into smart contracts but we here at Itcoinbay.com really prefer keeping everything as simple as possible.

What does purchasing a Seller or Buyer membership entitle me to?

It allows you to list auctions and or bid on auctions. At present it also automatically enters you into our “New Member Contest” if you are among the first one hundred to purchase a membership. We have recently added a referral system as well which allows you to earn .001 bitcoin for every new Seller you refer to us.

If I don't like the site can I get a refund of my .01 BTC Seller BITREF?

Are politicians and bankers capable of not lying? Answer: Almost never! Seriously, if you are unhappy with your membership you can always write to us at admin@itcoinbay.com and we will examine your reasons for requesting a refund and if we determine that the circumstances are worthy of consideration, it is within the realm of possibility. But in general, this fee is not refundable.

If I don't like the site can I get a refund of my .01 BTC Buyer BITREF?

You most certainly can. You can leave the deposit with us as for as long or as short a timespan as is desired. Want to make a one-time purchase? We will simply deduct this from your purchase or bill you for the difference depending of course on the cost of your purchase.

What can I do on the site if I don't purchase a membership?

Well you can’t list your item(s) for sale and you can’t bid on any of our auctions, but you can purchase items from our store if you have some bitcoin and you can use our many links to familiarize yourself with Bitcoin and you can also read our blog or even contribute to it if your offering is approved.

How much are the Seller and Buyer fees?

As of March 13, 2018, the Seller fee is .01 BTC and the Buyer fee is .005 BTC. We try to refrain from referring to the dollar amount for obvious reasons (attempting to shift humanity away from fiat currencies and the bureaucratic monstrosities that metastasize around them) but we do try to keep our fee in the same ballpark, so as the price of bitcoin rises (or falls) we may adjust this. For example, we recently raised the Seller fee from .005 BTC as the price of bitcoin has seemed to stabilize around the $10,000 mark.

But why is it that eBay and other similar sites don't charge a Seller or Buyer fee?

eBay and other similar sites use fiat currencies and require bank account and or credit card information, none of which we are involved with here at Itcoinbay.com. This is a bitcoin only site and therefore as we have exhaustively attempted to explain (this assumes some work on the part of the visitor–that is reading) why we require a payment of bitcoin before a member is deemed to be completed and able to utilize our site. It is for your own protection primarily. In the age of $1000 cell phones, $5+ coffee and Washington, D.C., we don’t feel at all apprehensive about this fee. If you are comfortable with fiat currencies and the accompanying hidden chains that bind, go patronize eBay.

Your Question(s) Not Asked?

We haven’t covered everything? Email your question(s) to admin@itcoinbay.com.

What happens in the event of a dramatic bitcoin price change?

It depends of course on your philosophy, but we here at Itcoinbay.com are permaHODLers. During 2017 the price of bitcoin rose steadily in a one-step backward, two-steps forward manner. In 2018 however, bitcoin has obviously backed off the historic highs of late 2017. We do not offer advice, but we are of the opinion that price fluctuations serve as even greater opportunities for both buyers and sellers. We believe that the overall direction of bitcoin will be up and if that is the case a price drop, which we believe to be only temporary, could serve to help a seller move his or her product at present with the knowledge that the price will almost inevitably rebound and then increase.

But what if a bitcoin price spike makes my item too expensive?

We recommend using the “Best Offer” feature for this very reason. Although, if a significant price spike occurs and your item has no bids you can contact us and we can consider adjusting the price. We also recommend not using auto-renewal which would allow you to change your price and relist your item after the auction expires.

Can I cancel an auction if the price of bitcoin falls dramatically?

We strongly discourage this, but if your item has no bids we will cancel your auction at your request. However, please check out our Site Rules and understand that if you are constantly asking us to cancel auctions you may be subject to our “three strikes and you’re out” policy.

The price of bitcoin has dropped dramatically since I paid the Seller|Buyer fee, can I get an adjustment?

For Sellers, the short answer to this is no and the long answer is hell no. We could go on but what’s the point? For Buyers, the answer is possibly yes if you are willing to go to the trouble of cancelling and repurchasing.

Why is there so much volatility in bitcoin's price?

Please e-mail Satoshi Nakamoto and let us know what you learn.

Your Question(s) Not Asked?

We haven’t covered everything? Email your question(s) to admin@itcoinbay.com.

How do I enter the contest?

Be one of the first one hundred people to become an Itcoinbay.com Seller.

I don't want to buy or sell with bitcoin, so can I enter the contest without purchasing Seller privileges?

Surely you can’t be serious? No, you cannot enter the contest without meeting this requirement.

When does the contest end and when are the prizes awarded?

The contest ends after the one hundredth member has paid the Seller’s fee and the drawing will occur within seven days of this event.

But on what date does the contest end?

There is no set date for the contest to conclude, it will occur simply after the site has one hundred Sellers and the date of the contest conclusion will coincide with the date that this occurs.

Will there be more contests after this one?

We may choose to repeat this contest as a thank you to our Sellers.

What happens if I am the one hundred and first Seller?

You will get entered into round two if we have one. We might possibly repeat the same contest but for the first two hundred members. There could even be a round three, and so on. If so, we will hold this contest in increments of one hundred members. Your chances of winning become diluted of course as each group of one hundred members are completed so enter now to increase your chance of winning.