Following a stellar week for Bitcoin, Craigslist has decided to officially allow cryptocurrency payments to be made for goods and services offered through the site. Previously, users were warned to be wary of potential scams when accepting digital currency from buyers but were not outright prevented from doing so.
Now, there is a checkbox to allow ad listings to specifically note that cryptocurrency payments are acceptable. Search filters also include the ability to sort by listings that specifically allow cryptocurrency to be used for purchase.
When dealing with cryptocurrencies, it should be noted that transactions are not able to be revoked once they are confirmed on their respective blockchains. It is inevitable that novice users will be scammed by fraudulent sellers, unaware of how to properly use their digital funds. Even when meeting somebody in person, it is still possible to be scammed if a buyer performs what is known as double spending.
A transaction must be confirmed by miners or peers on a network for it to be processed and put into a blockchain. If a person with malicious intent sends the same set of currency to two different wallets, only one of them will end up receiving the currency. Although being on the receiving end of a double spend action is unlikely, it is certainly something to be wary of.
The largest advantage here goes to sellers looking to accept a new form of payment. There is very little risk involved once a transaction is confirmed by several peers and no chance of counterfeit cryptocurrency being passed off as genuine when using a well-established blockchain platform.