Bitrated.com is a website that excites us about the possibilities of using Bitcoin to further decentralize our economy and empower individual consumers and merchants to complete transactions more efficiently. Bitrated provides a network of Bitcoin transaction arbitrators who settle disputes and complete transactions (or deny them) to provide security and insurance to people doing business with Bitcoin.
The concept is simple: Bitcoin has the ability to require multiple signatures to complete a transaction, which makes arbitration possible. The way it works is that each transaction requires two signatures to be completed. If both parties agree that the transaction is valid, they both sign and everyone moves on. If one person disagrees with the transaction, then the Arbitrator is notified and they then have the ability to provide (or deny) the second signature needed to push the transaction through.
For more extensive details on how it works, visit the Bitrated FAQs.
Networks like Bitrated.com are very important to the growth of decentralized currency. The ability to require multiple signatures to authorize a Bitcoin transaction is a crucial feature and Bitrated.com make that feature usable for anyone.