The system is based on escrow where Corkket holds the funds until both parties are satisfied with the deal.“We believe in making person-to-person local commerce easy, safe, and fast for everyday people,” said Beale, adding:“As longtime bitcoin enthusiasts, we know bitcoin is ideally suited as a payment method for privacy and security-conscious users.”Each bitcoin transaction has a custom-generated address and upon receiving funds, Corkket emails a QR code to the buyer, who prints it out and exchanges it for the goods being purchased. The seller then scans the QR code and gets paid.As well as protecting sellers from chargebacks or disputed payments, it also means people don’t have to visit complete strangers’ homes carrying credit cards or large amounts of cash.“The inspiration came mainly from Craigslist’s lack of inspiration. But just as important, we wanted to give the bitcoin community a way to participate in local commerce.”Tang even refers to himself on Corkket’s Twitter page as a ‘Bitcoin Zealot’.Users can also transact with US dollars, though Corkket appears to be promoting bitcoin’s use foremost. The site also tries to keep business as close and local as possible – once you tell it your physical location, Corkket looks for deals first in your own building, then your block, and lastly your city – so it may end up saving you time and money on transport too.Image credit: M R / Shutterstock.comDisclaimer: This article should not be viewed as an endorsement of any of the companies mentioned. Please do your own extensive research before considering investing any funds in these products.eBaylifestyleNew YorkUSAOriginal author: Jon Southurst