bidorbuy Partners with BitX to Introduce Bitcoin

bitcoin on bidorbuy(10 March 2016) South African online marketplace today announced the addition of bitcoin as a payment method through their partnership with Luno, formerly BitX, a leading global bitcoin platform.

The partnership makes it easy for the thousands of bidorbuy sellers to accept seamless, fast and cheap payments from millions of international bitcoin users.

"We believe it is important to provide our buyers and sellers with a choice of payment methods", says Jaco Jonker, bidorbuy CEO. "Bitcoins are convenient and easy to use and although relatively new, the virtual currency has a lot of growth potential. Our partnership with Luno is an integral part of our efforts to always offer the latest, innovative solutions to our users."

Luno CEO Marcus Swanepoel added: "We are excited to support bidorbuy's aim to make their service accessible to more African and international customers and to be on the leading edge of innovation. This integration is also a big milestone in terms of opening up the wider bitcoin ecosystem in Africa, and should have a strong positive effect on the broader industry."

During checkout, buyers on bidorbuy can select the bitcoin payment method, alongside other payment methods enabled by the seller. Luno then provides the buyer with a unique bitcoin wallet address and the real-time exchange rate, which is guaranteed for 10 minutes.

The buyer and seller both get immediate notification of a successful payment and the funds instantly get converted from bitcoin to rands, which the seller then receives in their bidorbuy account.

The products on bidorbuy will still be listed in rands and sellers will receive the appropriate rand amount, regardless of the existing bitcoin exchange rate.

Sellers enjoy numerous advantages in enabling bitcoin payments:

  • Low processing fees compared to other payment mechanisms
  • Transactions are guaranteed and not subject to costly chargebacks
  • It is one of the fastest ways to make payments
  • It is international, with Bitcoin available to buyers in most markets

"Bitcoin has the potential to grow and become a truly universal digital currency as more and more people become aware of it, get accustomed to it and start using it", said Jonker. "This partnership between Luno and bidorbuy plays an important part in popularising and spreading bitcoin in South Africa and on the African continent".

bidorbuy logo     

Update: please note that BitX has been rebranded as Luno at the beginning of 2017.

About bidorbuy

bidorbuy is South Africa's largest online marketplace. Established in 1999, the company has created a safe and convenient way for people to buy and sell goods online. As a virtual trading place that brings buyers and sellers together and allows them to buy and sell virtually anything at a fixed price or in an exciting auction format, bidorbuy has created a thriving online marketplace.