Introducing CoinStand: The Amazon for Bitcoin & Other Cryptocurrencies
Earlier this week, a company named CoinStand released the beta version of their online marketplace to various testers and crypto-enthusiasts. The service claims to allow users to purchase numerous items across many different categories using only crypto-currency. At the time of writing, Bitcoin (BTC) and Paycoin (XPY) are the two accepted forms of payment for products.
Many of the current beta testers seem to be community members of the popular (soon to be discontinued and/or updated to another forum) crypto-forum HashTalk.
At the time of writing, CoinStand is giving a $20/coin valuation to every Paycoin used to purchase goods from the CoinStand store. This means that if you use Paycoin, you could end up spending a lot less money on your purchase – as of now, each Paycoin is about $0.78. (click here for current price)
On HashTalk, some beta users are explaining how they converted their Bitcoin to Paycoin using a service named FastXPY, and spent their Paycoin at CoinStand which in-turn saved them around 85%-95% on their purchase.
Besides the low purchase price for items, many users are also reporting the items they ordered are arriving at their doors fairly quick. Here is a video we found from an early tester that received their order just a short time after they placed it. We have tried to track down tracking information to confirm other deliveries, but no beta testers were willing to give this publication their tracking number citing privacy concerns.
The CoinStand website also claims to offer “24/7 support”, “hassle-free returns”, and says “most products feature two-day shipping”.
As of now, the CoinStand beta is exclusive to a limited set of users until various bugs and improvements are completed to the service and website. There is also a $1000 beta spending limit in place for current beta users that renews at an unspecified interval.
You can signup to get an invite to the beta or early public access on CoinStand’s website.
If you would like to browse the products CoinStand offers, try this trick:
1: Visit www.CoinStand.com
2: Change the URL from “http://coinstand.com/#/home“ to “http://coinstand.com/#/search/c/Electronics”
Alternatively, checkout our gallery of screenshots from the CoinStand store:
As you can see, CoinStand offers a pretty decent selection of items at reasonable prices. It is exciting to see another jump in innovation that keeps pushing the crypto world closer to seamlessly interacting with the current technology and processes in place now.
We will keep an eye on CoinStand and monitor their progress, and hopefully will be able to verify the legitimacy of this service with our own testing. Until then, be sure to let us know about your experience with CoinStand if you have access to the service.
Update: HashTalk user DirtFighter created a thread where he is documenting his experience with CoinStand – you can read it here.
Full Disclosure: dorkTech does not have access to the CoinStand beta, and has not used their service. At this time we cannot verify the service works as advertised. Always use common sense and good judgement while participating in anything in the crypto field.
© 2015, Payton Peterson. All rights reserved.