OneWallet, a new internet auction site, has been up and running for around 2 weeks, has received tremendous response, and has over 600+ listings already. It has features similar to the highly popular eBay, such as auctions which involve bidding and also, direct sales A vastr majority of the merchants are from the United states and Asia, but mainly from Hong Kong, China and Singapore.

Additionally, it also acts as a digital bitcoin wallet  even though you are not spending your Bitcoins on the website to buy anything. The Bitcoin payment processing works very smoothly and it has received a lot of interest. You may also use your own external wallet to make payments apart from the built in wallet feature.

The site, which has a neat and tidy design has been working in a partnership with the highly popular website CoinsForTech.com which has a commendable audience and has processed over half a million worth of orders. CoinsForTech.com spans over 56 countries and it accepts not just Bitcoin, but also Litecoin and Dogecoin. Also, OneWallet accepts only Bitcoin at the moment.

The website, founded by Lee Marburg charges a fee of 2% of the final price for merchants but it is still worth it. He stated that the main aim of the website was to create a beginner friendly Bitcoin wallet and to provide an avenue for buying and selling of goods with Bitcoins.

Customers are protected when they purchase anything from a merchant who has a “business verified” badge next to his username. If any scam accusation is made against a verified seller, the company investigates the purchase and refunds the USD equivalent if they find out that it was a scam.

In the future, there are plans to implement merchant remuneration through their local currencies and the company is already in talks with a few payment processors. Also, on the security front, there will be an implementation of invoicing features and multisig. Also, they have two factor authentication only for withdrawals and soon, they will be implementing logins through Google two factor Authentication (2FA) or via Authy.

This article was written by the admin of Techist.net, a tech blog.