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It allows you to have a bookshelf of 200 books free, or, for a "lifetime" membership fee, which can be any amount you choose, as low as 10.00, no limit on how many books you can put into the database. Database is search able by author, title, date added, super way to keep track of what I own, allows for notes to self. Site coordinates book information with most commercial bookstores, including ABE, and there is a way to see if any of several popular bookswapping sites want the book you have. There are multiple cross referencing mechanisms for all sorts of book details, there are forums, they use tags and clouds...very feature rich. I like it, use it a lot.
I also use paperbackswap.com almost exclusively for book trading, as Bookmooch has made changes which seem to have decreased the number of good books. PBS claims 3 million books in inventory, over 500,000 individual titles at any one time, and also includes hardcovers. Also runs a cd and dvd swap site. Trading is incredibly easy, very logical layout of site. Book condition standards are high, price per book is around 2.50/2.75. Great way to save tons of money and to share the books you don't want. I spend way too much time there, and have 200 unread books here at home. Addictive.
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