A Brief Look at Money and an Introduction to Itcoinbay.com

A Brief Look at Money and an Introduction to Itcoinbay.com

A Brief Look at Money and an Introduction to Itcoinbay.com

We humans have always used a form of currency as a medium of exchange. Among the first currencies used was salt. Salt, being somewhat difficult to transfer, was then replaced with precious metals—gold and silver were developed into coins that were much easier to carry and exchange than a ‘pound of salt.’ It was then discovered by some crafty ‘bankers’ that people preferred paper money to the bulky coins so the ‘bankers’ held the precious metals on deposit for people and provided the people with notes which represented a certain amount of precious metals held on deposit. It didn’t take long for the ‘bankers’ to realize that almost no one ever wanted to exchange the notes for precious metals and thus began the era of fractional reserve banking. Fractional reserve banking is the practice of circulating notes that represent more value than is actually held on deposit. With little or no protest, the transition to total fiat currencies was inevitable and the war was won without a shot being fired; and that is what most of us use as a medium of exchange to this day. Fiat currencies are the basis for all modern forms of payment—checks, credit cards, debit cards, etc. Up to this time, no matter which currency has been used, the end-result has always been control over the masses by a small group of people.


Now we find ourselves at what many are calling a revolution in money—Bitcoin and the Blockchain. The mechanism itself of the Blockchain takes control from the few and disperses it to the many. All that is needed is some backbone by the many and the few will eventually be assimilated back into monetary reality with the rest of us. The mechanics of Bitcoin can be difficult to understand and how to acquire and possess it can be equally challenging for the beginner and even when one understands it, exchanging what most of us consider real money—fiat currency—for bitcoin may cause some hesitation. That is why we have built Itcoinbay.com.


Itcoinbay.com is “The Bitcoin Marketplace.” On our site, people can buy and sell with bitcoin exclusively. If you don’t yet have bitcoin, but you have something of value to sell, join our marketplace and list your items with us and become a part of the money revolution and enjoy with the rest of us the fantastic rise in the value of bitcoin that has recently taken place and continues at an accelerating rate. The site is equally useful for bitcoin HODLers, especially in light of the recent dramatic spike in bitcoin value. There will no doubt be many ‘pennies on the dollar’ deals for bitcoin HODLers. Itcoinbay.com offers not only a marketplace, but also an opportunity to help build a world not under the monetary controls of banks.


How does Itcoinbay.com function without credit cards and bank accounts or fourth party payment systems to protect its members since there is no central authority and reversing a charge is not fundamentally possible with Bitcoin?

  • We have developed a system that we call BITREF. BITREF is an acronym for Blockchain Irreversible Transaction Risk Escrow Fund. This is explained in detail on our site, but essentially this is a bitcoin deposit for buyers and sellers on our site. For a buyer-only member, this deposit is refundable upon request. For a seller member, or what we consider a full member, this deposit is non-refundable but there are NO LISTING FEES.
  • How does the site work? When an auction sells, the buyer sends the proper amount of bitcoin to Itcoinbay.com. We immediately send the seller 10% of this amount plus shipping fees if applicable. The seller then sends the item to the buyer and provides us with tracking information. Once the buyer has received the item, a three-day period starts. The buyer can reject the item within this three-day period if it is deemed different from the item’s description or photos, or communicate acceptance of the item. No communication from the buyer within three days will be understood to indicate the buyer’s acceptance of the item. At this point, we will send the seller the remaining 90% of the sale price minus our 2.9% commission and the transaction will be considered closed by all parties. The buyer and seller need to communicate with each other concerning guarantees or return policies that go beyond the three-day BITREF period.


BITREF and our Site Rules, which are a part of our Terms and Conditions, are of course explained in detail on our site and you are always welcome to contact us with questions or for more information.


As an added bonus and thank you to those that join our site as sellers, we are holding a contest and will have a drawing after the one hundredth seller member joins our site. You can see the contest page on our site for details, but the prizes are as follows:

The Grand Prize is a drone—a DJI Phantom 4 Pro+ Quadcopter (a really nice drone), the Second Place Prize is .1 bitcoin (this is twenty times the current BITREF payment) and the Third Place Prize is .02 bitcoin (this is four times the current BITREF payment). Our recently introduced consolation prizes, Trezor hardware wallets, make winners of the first ten seller members chosen. *


Become an Itcoinbay.com seller and you not only become a part of “The Bitcoin Marketplace” and the money revolution but you are automatically entered in our drawing if you are one of the first one hundred to join. Unless a member purchases more chances by paying a multiple of BITREF, everyone will have a 1 out of 10 chance at winning one of the prizes. Names will be drawn randomly, the first name drawn will be our Grand Prize winner, the second name drawn will win the Second Place Prize and so on. We will broadcast our drawing online and so by entering you grant us permission to publicly announce your name (and or e-mail address—please contact us if you do not wish for your e-mail address to be published).

Create a new opportunity for yourself, invite your friends and family to do the same, and do not miss a chance to win one of our ten great prizes!


We understand that bitcoin is a new technology and that you may have many questions concerning it and for that reason we have many useful links and resources on our site that should provide anyone with all the information that is needed. Again, we will be more than happy to help you and or answer any questions you may have so either e-mail us or give us a call.


We look forward to meeting you at Itcoinbay.com and helping you to earn bitcoin for yourself and we very much look forward to awarding our prizes to ten of you as well.

* Since the price of bitcoin has recently risen so dramatically, the Grand Prize winner will have the option of choosing between the drone and .1 bitcoin and the Second Place Prize winner will receive the prize not chosen by the Grand Prize winner.

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