Cryptocurrency

What is BitBay (BAY) And More About It

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BitBay is a free,  transparent and decentralized market space which is used for dealing in goods and services along with crypto assets. BitBay assures that the platform offers fast withdrawals and deposits with secured transactions and optimized trading instruments.

If one looks at the journey of BitBay so far, it started with a very rocky beginning; its founders took the fundraised money and ran away with all responsibility left on the shoulders of the developer David Zimbeck. Zimbek took the project ahead for the sake of the crypto investors. The BitBay team is now 25 members strong.

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What are the benefits of BitBay?
BitBay Technology

BitBay utilizes smart contracts to guarantee legitimate delivery and movement of held products or services, utilizing escrow for trustless and secure trades/transactions. For this, it uses a Double Deposit Escrow framework. This framework guarantees that transactions in its market space are decentralized (in and out). Both the purchaser and the seller along these lines have a stake in the accomplishment of the trade.

If the product or service is delivered to the buyer in good conditions and the amount of that is fully paid, then the escrow sum is delivered to both of the parties after their flag of a completed transaction. If there’s an issue in the completion of the cycle, the groups are compelled to go to a sensible goal as the two escrows are released after the debate has been settled. This discourages tricksters since they wouldn’t recover their escrow.

BitBay also has a unique metric system which enables clients to understand whether the opposite party in the potential transaction is reliable or not. A party with low goodwill/reputation or no transaction/trading history would have to put more assets in escrow than somebody with higher goodwill, to be able to earn the trust in the system.

BitBay makes many strategies to keep the price of the BAY flat or neutral. One of those strategies is to use the concept of dynamic pegging, where the company itself decides the supply of tokens in the market. This also adds to the utility of the coin. For secure transactions on the platform, BitBay follows two-factor verification.

Buying and storing BitBay tokens

The most effective method of buying BAY coins is to buy them from the five crypto exchanges where it has been made available. These exchanges include Bittrex, Cryptopi ad Litebit along with Upbit and CryptoBridge. They also deal n Bitcoin. LiteBit is the key crypto exchange to acknowledge any fiat cash in return for the BitBay coins – it acknowledges Euro. It is anyway recommended to store crypto money in its own native wallet as cryptos are commonly more secure here. BitBay Qt Wallet also helps in storing BAY coins.

What is the eventual fate of BitBay?

BitBay’s ICO was launched in November 2014, where it raised more than 1300 BTC. It has a circulating supply of about 1.012 billion BAY units, with a market capitalization of around USD 24.022 million.

Since the beginning of its launch, which is around four years ago, BitBay has experienced a lot. Beginning in November 2014 with a value of $0.00105 per BAY coin, the value plunged to at least $0.00009 in February 2015.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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