Is BitBay giving eBay a Run for its Money?
Is BitBay the new eBay? The new Amazon? Though it sounds farfetched, many people are debating this theory. Put simply, BitBay is not an upgraded eBay, and most definitely not a better Amazon. BitBay separates itself from these kinds of trading platforms via one key characteristic; destroying the idea of a centralized network.
Imagine an Internet with platforms that allow one-on-one transactions, without corporations refereeing everyone’s affairs. No more fees, mediators, or rules. One person can sell their property online to another. No catch. Nothing extra. This is what separates BitBay from its competitors, and what threatens companies like Amazon and ebay from reaping ridiculous profits from everyday consumers.
Source: http://bitbay.market/about/
Personally, I had my doubts. What if something goes wrong with a trade that I make? What if I buy a used vinyl record player from a complete stranger and he/she takes my money and runs? What if i receive a defective Nintendo Switch after I payed for one that supposedly “runs just fine.”? The answer is complete transparency and advanced security.
BitBay uses a method that is known as Smart Contracts, which is a contract that is enforced without a middleman. To accomplish this, the platform forces people to buy or sell using the BitBay cryptocurrency. When two parties enter into an agreement, an appropriate amount of this coin is locked into a multisignature wallet. Since the BitBay coin is bought using more popular currencies (ex: US dollars), real value is essentially locked into this multisignature wallet. If you and I are satisfied with our transaction once it is complete, we both release the locked value of the BitBay coin. Think of it as a temporary deposit. If I feel like I’m not getting what I signed up for, I can refuse to release my BitBay coin, which presents the risk of both of us losing the value we deposited into the transaction. This creates an incentive for both parties to act professional, and trustworthy.
Source: http://bitbay.market/about/smart-contracts/
We should talk about how undervalued this idea really is. As of right now, the approximate value of one BitBay is worth about $0.034 US dollars. That is pure insanity.
Once this platform really kicks off, I can see the value of Bitbay going from $0.034 to at least $10-$15. Talk about mountain climbing growth! After looking at their website and what BitBay had to offer, I highly encourage everyone to invest and wait, because it is only a matter of time before the value skyrockets, and once it does, you do not want to be the one on the sidelines. Trust me, I’ve been there with PotCoin, and it isn’t pleasant.
Source: https://coinmarketcap.com/currencies/bitbay/
Thank you all for taking the time to read this. I would love to hear your feedback on this issue in the comment section.
-Sam Mountz
Thank you so much for showing interest in BitBay! I am a member of the core team and like to follow up on any attention we receive, we very much appreciate the shout out.
For any readers who would like more information on BitBay, I strongly suggest you head to our Slack, where our core team and developer are typically available for questions: http://bitbay.market/wp-login.php?action=slack-invitation
Bitcointalk ANN thread: https://bitcointalk.org/index.php?topic=890531.0
Again, thanks for the press! We're scaling up and aim to greatly increase brand awareness in the second half of 2017.
Thanks for the reply! If you're up for it, I'd love to do a Q and A piece with you on the future of Bitbay and what consumers can expect.
I would recommend going to the Slack and asking around - one of the core members would certainly be willing to do this! In fact - I might be able to as well if you would like to message me with said questions, it is just that I am also quite busy with my "day job", as it were.
I am also a.member of the core team and Bitbay are currently giving away 100 FREE coins when you download and test the marketplace!! Join the slack for more info.
Good article. I bought some Bay last month and it has made some decent gains. I've also downloaded the client and made a few trades. I can't wait to see what happens with Bay going into 2018.