Coingig.com is a brand new Amazon-style Bitcoin marketplace, launched last month by Ken Metral. Its clean interface makes it pleasant to use, and its infant inventory of about only 450 products boasts an impressive variety for its size – everything from fertile chicken eggs to the site’s most expensive item, a 14.25CT Emerald selling for 514.7318 Bitcoin, or about $67,775 at the current exchange rate. It also has products I never knew existed, like AA USB Rechargeable Batteries (2 for 0.1139 BTC/$15) and portable “tobacco” vaporizers (0.3805 BTC/$50). I even found a really cool Reddit TimeScale Watch, but at 0.5814 BTC ($75) it was out of my price range.
Coingig uses an online store model whereby sellers setup online “shops” for their digital and physical goods. Prices are set by sellers in dollars, and the Bitcoin price automatically updates every two minutes according to the most current Mt. Gox exchange rate.
Once an order is placed, the buyer has 24 hours to send payment to a Bitcoin address belonging to Coingig. The transaction can be cancelled by either party during this 24 hour period if, for example, the price of Bitcoin destabilizes significantly. If the seller ships out the product before the 24 hour period, the Buyer is bound to the purchase. Once the payment receives initial confirmation from the blockchain, Coingig instructs the seller to ship the item. Payment is later transferred to the seller when the seller provides a tracking code.