OneWallet launches bitcoin e-commerce site with eBay-like functionality

Australia-based OneWallet has launched its bitcoin-based e-commerce platform, in time for the holiday shopping season. In facilitating e-commerce between 3rd parties, the

Australia-based OneWallet has launched its bitcoin-based e-commerce platform, in time for the holiday shopping season.

In facilitating e-commerce between 3rd parties, the site says to provide eBay-like functionality including buyer protection and auctions.

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In addition, it seeks to compete with eBay in offering low selling fees (2%), in addition to the acceptance of bitcoin, which eliminates complications around foreign currency conversions.

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Buyers can pay with either the site’s hosted bitcoin wallet or their own.

687 products for sale are currently listed on the site. It is reportedly affiliated with CoinsForTech, an electronics store that has reportedly processed over $500,000 worth in bitcoin-based salesin 56 countries.

Despite the site being based in Australia, users are not necessarily subject to the country’s bitcoin tax guidelines, which are subject to change. Sales tax, if applicable, would be based on the respective countries of the buyer and/or seller. According to the current state of tax guidelines for Australia, selling a product for bitcoins is like a barter transaction: there is no sales tax, but the revenue does count for income tax.

As seen with Bitcoin Black Friday, this time of year can give a boost to bitcoin usage through its promotion in e-commerce. Interestingly, today is the one-year anniversary of bitcoin’s all-time high, although it is doubtful that demand for shopping was a major contributor to its rise.

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