What is the BitBay Platform?
The BitBay coin platform is still under development but after its launch, it will be a complete ecosystem for cryptocurrencies. BitBay implements intelligent contracts and other financial instruments that can change the world. The average user can use the BitBay platform to buy and sell products, for example, through online auctions.
The Advantages of Bitbay
In September 2017, the third version of the platform was launched. Now the processes are running on BitBay 3.0 and the team has grown to 70 people. Their market share is expected to grow with the following benefits:
The company offers completely free accounts with no hidden commissions for managing the account in an active state. There is the possibility of working without an identity verification, as long as you trade in amounts up to €15,000/€15,000.
More than 15 methods of transfer and withdrawal of funds are available. All common cryptocurrencies are supported and the number of currency pairs is dozens. The platform offers a special BitBay card, which every customer can order to withdraw money and even pay in places where it is possible to pay for goods and services using cryptocurrency.
Currencies and Fees
The Bitbay platform supports several fiat currencies. Trading is not limited to the dollar or the euro; it can even work with the Polish zloty. All funds are stored in cold wallets and the wallets are used with multiple signature features.
Commissions are low on the platform, 0.43% is charged for a transaction, and at least 0.25% is set on BitBay for large volumes. If the deposit is made in a fiat currency, the fee is 2-5%, depending on the amount. The larger it is, the lower the fee of the crypto exchange.
The roots of the project go back to 2010 when David Zimbek had an idea from BitHalo, which could be considered as the first concept for intelligent contracts. Zimbek eventually joined the BitBay team as one of the key developers, and his designs were not forgotten. This was why BitBay was the first project that could use smart contracts on the Bitcoin blockchain.
The founders of BitBay were Steven Dai, Robert Ducks, Ryan Wright and Lee of BTER. David Zimbek joined the team later. The four founders cheated on David and disappeared after the ICO with almost the entire amount collected. Zimbeck had to complete the project by leading alone, so the BitBay platform exists mainly because of his dedication and work.
Outlook for the Cryptocurrency BitBay Coin (BAY)
To evaluate the prospects of the project, you need to look at the BitBay”Road Map”, which is on the project page. If you analyze the BitBay roadmap, you will see that the end of 2017 was very energetic and the first quarter of 2018 is projected to be even more eventful.
At the end of 2017, the developers informed their supporters of project advancements. In early 2018, they launched a smartphone purse and smart contracts on the platform.
In short, nothing can compare to this project. The idea behind it will surely be popular, so many believe that at the end of 2018 a BitBay coin will be equal to 2 to 3 dollars.
BitBay’s crypto exchange would never have become popular if it did not have many interesting points. The developers are proud of the following features:
The indestructible contracts exclude fraud on the platform. Trying to cheat one of the parties brings nothing but loss. At the end of the transaction, a certain number of BitBay (BAY) tokens will be frozen on both sides; if the deal fails, those tokens will be destroyed.
Fraud is not profitable; developers call their platform the crypto version of the eBay platform. The difference is that there are no delusions and there will be no fees and chargebacks here.
Everything is as transparent as possible; users can organize auctions, file sharing, etc. without the use of a fiat currency. The functionality of the project is not limited to cryptocurrency trading. As an analogy to online auctions, BitBay offers 100% reliability, but the commissions are much smaller compared to eBay.
The platform offers high transaction speeds and no restrictions on supported payment systems. The double deposit escrow service is the fraud prevention mechanism described above. The intelligent contracts eliminate the intermediary in the transaction. Bitbay offers maximum anonymity for the buyer and the seller.
Where Can You Buy BitBay Coins (BAY)?
BAY coins are now traded on multiple exchanges, but 95.5% of all trading takes place on Bittrex. The price of a BAY coin is $0.128. By purchasing the BitBay coins on Bitrix, you can transfer them to your own web wallet. This can be set up in 30 seconds.
The BitBay platform is a unique, distributed trading platform that allows users to buy and sell goods and services completely, and without commissions.
If you haven’t bought a BAY coin yet, please note that there is more to BitBay than the usual crypto exchange, whose main function is reduced to speculation of cryptocurrencies. BitBay claims to be a cryptographic version of the largest trading platforms.
Coin-Report.net was founded by Thomas Mücke.
With the help of Coin-Report.net magazine, he tries to bring light to the field of crypto-currency.