Traade buys smartphones for bitcoins

A new service is offering people bitcoins for old smartphones. Traade will pay for phones in the Ecoin and will then recycle them.

The North Carolina-based company is starting with smartphones, but wants to extend its services into other devices, such as personal music players, tablet computers, laptops, and cameras. It will eventually cover “all electronics”, it said.

Users can search for their smartphone model to get a quote from the company, based on its condition. If the user accepts the quote, Traade will send them a prepaid envelope in which the user returns the smartphone. The bitcoins are then credited to the user’s account.

“Once we receive and inspect your device your bitcoins will be transferred directly to your Bitcoin wallet according to the address you provide,” said the company.

Currently, a 16Gb Galaxy SIII will fetch 0.95 bitcoins in good condition, gaining the user roughly $126 at today’s prices. A unit with a cracked screen will only yield 0.24 bitcoins ($31).