- Community News
- ToRReZ adds on site wallets
By /u/mrblonde in /d/torrezmarket here:
Since the day one, we got enormous amount of questions or even requests to enable on site wallets. We were trying to avoid that but let’s face it - with on site wallets or with Direct Payment system - funds will be held on escrow so there is not much difference here.
The most important thing is that we are not giving up our Direct Payment system. Our new on site wallet is fully optional:
- You do not have to enable it at all and keep using the site the same way you used to
- You can enable it and not use it
- You can enable it but still use Direct Payment system while shopping
- Vendors can enable it but can still use Autowithdrawal function (funds from escrow will be sent straight to the vendor’s address)
We believe this upgrade will help many buyers and vendors. Buyers can just top up their wallet once and do the shopping (instead of paying separate for every single order). Vendors, especially ones that sell cheap stuff, can now collect sales funds on the wallet instead of paying miner’s fee for every single transfer.
Also on site wallet should be helpful to the vendors with “trust issues” which did not want to provide any Master Public Key, therefore they were not able to create any listings.
Our on site wallet is simple to use. Just enable it, set your PIN number (try not to forget it) and you are good to go. Deposits are credited quite fast, withdrawals are cheap (small, fixed fee instead of percentage one) and almost instant (almost, as we queue them and they might take up to 2-3 minutes to process). We never batch the withdrawals transactions.
Important note for existing vendors: if you want to receive funds to on site wallets, make sure you have Autowithdrawal option disabled in your cryptocurrency settings, otherwise your funds will be still transferred directly to the address taken from the key or address (depending on the coin).
If you forget your PIN, you can change it with your mnemonic only. The change request will be “frozen” for 12h. This way you can still cancel the PIN change if it was not requested by yourself. Also withdrawals will be frozen for another 12h after the PIN gets changed.
What else has been done in this update? We have significantly improved our ddos system. We are in “new reality” when ddos attacks are common thing so we have to live with them and keep the market up. There were also small several visual / functional updates, mostly requested by our community.
We hope you will enjoy this update. We are already working on the next one :]
ToRReZ Market Team