What is Bitrated?
Bitrated is a web-based platform built on top of the Bitcoin network that offers arbitration and dispute resolution services for Bitcoin payments, transactions, and contracts. It aims to provide protection and recourse for Bitcoin users without relying on traditional legal systems.
Here's how Bitrated works: Users select a third party that they both trust, called an agent, to escrow Bitcoin payments or enforce contracts. Agents can be individuals like lawyers or organizations. If there's ever a dispute between the two parties, the agent reviews evidence and makes a decision to resolve it.
Some key benefits of Bitrated include:
- No need to handover control of funds to a centralized authority - assets remain secured by the Bitcoin network
- Globally available, not restricted by jurisdiction
- Transparent reputation system for agents
- Control over selecting your agent
Overall, Bitrated aims to build trust in P2P e-commerce by giving Bitcoin users a method for arbitration and dispute resolution without centralized management of funds.