OpenBazaar Explores Altcoin Payments

OpenBazaar Explores Altcoin Payments

OpenBazaar, an open-source market that allows sellers and buyers interact without any fees, plans to include multiple cryptocurrencies in its wallet.

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OpenBazaar, an open-source market that allows sellers and buyers interact without any fees, plans to include multiple cryptocurrencies in its wallet.

OpenBazaar allows users to pay for purchases in different currencies via an integration with its Shapeshift.io exchange.

Mike Wolf, design lead at OpenBazaar has proposed supporting multiple cryptocurrencies as bitcoin fees are rising.

“Relying 100% on bitcoin might not be realistic in the near future.”, Wolf said in an interview with cryptocoinnews.com.

“From the Open Bazaar perspective, we really want to keep fees as low as possible.”, he explained further.

Wolf tweeted that Bitcoin fees are getting high and directed readers to a Youtube video (https://www.youtube.com/watch?v=283e7BWtPsA), where he presented the idea of including multiple currencies into the OpenBazaar wallet. “Should @OpenBazaar support multiple cryptocurrencies?”, asked Wolf on Twitter.

The video showed a vendor called Ski Shop that accepts Bitcoin, Litecoin and Zcash, while also proposing other cryptocurrencies like Ethereum, Dash and Monero.

In another tweet, Wolf asked Litecoin developers to help him with the integration.

Litecoin responded by offering a support. More specifically, Charlie Lee, the creator of Litecoin and director of engineering at Coinbase said that he would arrange to have a developer work with OpenBazaar on the project.

Lee has advocated SegWit to activate on Bitcoin and Litecoin. SegWit`s main benefit is transation malleability, as Lee commented.

“My bet is that the convenience and the cheaper tolls on Litecoin highway will convince cars to cross over and use Litecoin.”, Lee wrote as quoted by cryptocoinnews.com.

He said that Litecoin has a potential to help Bitcoin break through its block scaling deadlock with the help of SegWit.

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