OpenBazaar, an open-source market that allows buyers and sellers of goods to directly create shops and sell goods without fees, restrictions or accounts, is looking to layer multiple cryptocurrencies into its wallet in the interest of offering lower transaction fees. The online market already allows users to pay for purchases in multiple cryptocurrencies via an integration with the ShapeShift.io exchange.
With rising bitcoin fees, Mike Wolf, design lead at OpenBazaar, has proposed supporting multiple cryptocurrencies, noting there are details to be worked out.
"Bitcoin fees are getting high," Wolf tweeted. "Should @OpenBazaar support multiple cryptocurrencies?" The tweet directed readers to a Youtube video in which he presented an idea for how multiple currencies could layer into the OpenBazaar wallet.
"We have not thought about all of the functional aspects of it yet," Wolf said in the video. The team is looking for feedback as to whether the concept has value. "Let us know what coins you think are most useful," he said. "We'll definitely read through them."
Wolf also posted a survey on Twitter asking people to vote on whether OpenBazaar should support multiple currencies. With 443 votes cast and six days left, 87% wanted to see OpenBazaar accept multiple currencies.
"Relying 100% on bitcoin might not be realistic in the near future," Wolf said. "From the Open Bazaar perspective, we really want to keep fees as low as possible."
