BitBay BAY

$0.0194
Market Cap $ 19.654 MM (#226)
24h Volume $ 75.234 K
Chg. 24h: 9.09%
Algo. score 3.0/5  (#551)
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BitBay project purpose and description

BitBay clarity of purpose

BitBay purpose and aspects

Both 'buyer' and 'seller' make a deposit to seal an equal commitment, making frauds impossible

BitBay additional differentiation against competition

Two different cryptographic passwords to make your wallet virtually unhackable

What is BitBay?

BitBay is a decentralized marketplace. This is the first ever decentralized marketplace in the world, bringing the benefits of blockchain technology to an industry that has been known to be very chaotic in the past.

One of the biggest challenges in any marketplace is the role of middlemen. While there are some services that middlemen render which are useful, these services are often accompanied by exorbitant costs, and it is because of this reason that BitBay is a welcome innovation.

BitBay allows users and merchants to buy and sell goods and services easily, in a secure environment and anonymously. It is a free-to-use suite with a lot of applications that can be run on different platforms. This allows BitBay to change the e-commerce sphere as we have always known it.

What is the problem that BitBay Solves?

The traditional e-commerce marketplaces are often shrouded in a lot of mystery. There are lots of people who have tried to conduct business in such markets and never had a good experience. As a result, they have vowed never to trade online again.

Many are those whose accounts have been suspended or deactivated as a result of fraudulent activities. Some people might be frauds, but others are innocent users whose accounts got compromised, and as a result, they lost everything.

The traditional markets are also subject to a lot of fees, fees that are eventually passed on to the users. Most of the time, these fees arise as a result of the role of middlemen in the transactions. This is a problem that eventually makes the trading experience sour.

Security has always been another concern that users have to grapple with when they are trading online. Other than the security of their accounts, there is also the challenge of merchants who do not sell what they say they sell. You pay for something online, but when it arrives, it is not what you paid for.

As a result of this, some platforms like eBay have in the past tried to come up with customer protection services. In this regard, if the customer is not satisfied with what they receive, they can lodge complaints and have the experts at eBay look into it.

Inherently, the e-commerce platform as we know it today is okay. It is working just fine. However, there are a few rotten apples here and there that mess up the entire lot. Therefore, given the promise that blockchain technology has yielded over the years, the entry of BitBay into the e-commerce industry is a welcome move, one that has been long overdue.

How does BitBay Solve the problem?

Professional Support

To make BitBay a marketplace where people coexist and conduct business with one another peacefully, BitBay has a professional support team on hand to respond to any concerns that users might have. In any market, there will always arise concerns here and there. BitBay has a dedicated team of professionals on hand to make sure that everyone participating in this marketplace is able to enjoy a safe, fair and better trading environment.

Fast

One of the concerns that have dogged so many blockchain platforms since the introduction of Bitcoin is speed. A lot of these platforms are very slow, especially when it comes to confirmation of transactions. Bitcoin is inherently a slow network, and this has led to a lot of platforms and projects coming up with an aim of patching some of the Bitcoin flaws, and making a name for themselves in the process.

BitBay understands the level and nature of urgency that exists in matters concerning money. For this reason, you can look forward to fast withdrawals and deposits. You can deposit money into your BitBay account through your credit card or wire bank transfer. There are lots of other internationally accepted express transfer and withdrawal options that you can consider, which make work easy for you.

Secure Transactions

Security is always a concern in an environment where buying and selling of goods and services are involved. The same applies to BitBay as would any other e-commerce platform. BitBay uses two-factor authentication. Therefore, the last thing you will need to worry about is someone illegally getting access to your login credentials.

Control

One area where BitBay excels is that it allows users to stay in control all the time. You are operating in a free market where there are no restrictions. Therefore, you can adjust your controls depending on your immediate needs. You can also monitor all operations and activity on the BitBay platform by using the advanced options, which will send you confirmations and notifications that are important to you as and when they happen.

Trading Tools

There are several tools that are built into the BitBay platform that make your work easier. These tools allow you access to a completed list of offers that have been issued on the marketplace. You will also have access to the exchange rates as they change over time. These are presented on professional charts, and you can have access to them even on your mobile device.

What makes BitBay better than the competitors?

BitBay is a decentralized marketplace. This means that it is challenging the traditional marketplaces that we are used to. The following are some of the reasons why BitBay is better than the competitors.

Smart Contracts

Smart contracts are coded agreements that are written to execute certain functions on their own. The smart contracts have been touted to be at the forefront in the advancement of blockchain platforms, especially through the transition from protocols where financial transactions are carried out, to all-purpose utility platforms.

Decentralization

A decentralized marketplace has a lot of benefits, most of which the traditional markets do not have. There are no chargebacks, arbiters, or fees charged in this market. Users are also able to conduct their business on an international front with anyone, without worrying about the normal bottlenecks that they experience in the conventional marketplaces.

Advanced Security

Each BitBay account has two keys. For this reason, it is impossible to hack the accounts. This gets even more difficult in a situation where the account holder used different locations for their keys. Each key will have a unique password, elevating the level of security as we know it.

Escrow

Clients are able to enjoy using the double deposit escrow service. This escrow service does not require the help of a mediator or any other outside source. The seller and the buyer both agree to deposit a specified sum as collateral in the client’s escrow, to be held until the transaction is complete and both parties are satisfied.

Email Payments

It is very easy to send money to people, even if they do not have a BitBay account or an associated wallet. All you need is their email account. You can also use BitBay to send tips, and if you are worried about security, you can assign a password to your payments.

Pegging

One of the challenges facing digital currencies is that their prices are extremely volatile. We have experienced this in the past with the likes of Bitcoin, that can rise or slump by a significant margin overnight. To protect users from this, the value of Bay is pegged to the US dollar.

How can BitBay be categorized?

On BitBay, users are able to engage one another in trading, just as they would when trading in a normal marketplace, just that there are several advancements that make this one of the safest, most affordable marketplaces.

What’s BitBay’s vision on security?

The internet and the blockchain is a very beautiful place. However, there are certain elements that conspire to make the experience of innocent users a nightmare. Wherever currency in different forms is involved, there will always be some people working hard to make sure that things get messy. With BitBay, there is special attention on the security element, to make sure that this is a very secure platform for all transactions. The following are some of the security features that have been built into this project.

Steganography

In order to make keys very difficult to find, BitBay allows users to hide them in images. More often, hackers look for terms like wallet.dat to find your keys. This is the obvious and common file format for cryptocurrency wallets.

By hiding keys inside a photo, it becomes very difficult for a hacker to even know where to start searching. Most people have thousands, if not millions of photos on their devices.

A hacker would be put to task, searching for, and decoding all photos on your device for them to find the key. Other than that, you can also hide and reveal files in different images to make it easier for you to share secure information to your recipients.

Hack-proof Wallet

Each BitBay account uses two separate keys. Virtually, this makes the accounts impossible to hack, especially when you are using two different locations. You can sign transactions at once from two different locations. This process has been automated in the software. This also assigns every key a unique password. To hack your account, someone would need to find both of these keys and their passwords.

Encryption

All communication on BitBay is encrypted. Whether you are using normal email or Bitmessage, all the information shared on BitBay is private. No one is able to intercept your messages, and use this for blackmail or any other scam. Information can only be decrypted by using the private and public keys that the clients hold.

Decentralization

BitBay is built on the principle of a decentralized blockchain. Because of this, it is not easy for someone to hack you. There is no central server that can be exploited for attacks.

Anonymity

One of the perks of using BitBay is anonymity. No one has personal information about you or your account. Private smart contracts can be shared directly through the email address or Bitmessage of your counterparty. This has helped to do away with the problem of spoofing that has always been a challenge over the years.

Smart Contracts

All the transactions on BitBay are protected by smart contracts. Smart contracts are codes that are written in such a manner that they can only perform the functions for which they are written, and execute them in the exact manner of the instructions behind them. This, therefore, makes sure that any attempts at fraud would be worthless. If someone managed an attempt, he or she would suffer the same damages that they try to inflict on you.

Cold Staking

Users have to unlock their wallets to allow them to stake coins. However, if you are connected through an API, this creates a problem because the password might be held in memory by the device. BitBay uses two-step spending, which allows users to stake by using two different computers. This is a step that has helped to make user accounts almost impossible to hack.

Keyloggers

Keyloggers have been used in the past to try and gain privileged information and credentials about user accounts. To deal with this, BitBay has built in a virtual keyboard feature that allows users to key in their login details without typing or clicking using the normal keyboard.

Other than that, this feature also allows users to type and click on the keys at the same time. This is an important feature especially for those who store a lot of funds in their accounts. Unless someone is monitoring and recording all movements, mouse loggers are also no match for this protocol.

Bitmessage

Through Bitmessage, the BitBay market currently enjoys the same level of unprecedented security that you would find in a Tor ecosystem. Messages are generated and delivered through random users, which make it impossible to determine the original curator.

The BitBay market, therefore, becomes a channel where users can only listen to what’s going on. The people who have the decryption keys are the only ones who can gain access to orders within the market. There is also no way someone can prove that you have a decryption key. With this in mind, your account and your personal data are completely secured.

Examples of BitBay use cases/applications

BitBay Halo

This is a BitBay client that allows users to stake, store and share the $BAY currency. It helps users get the most out of their decentralized marketplace experience.

Resources

https://coincheckup.com/coins/BitBay

http://bitbay.market/

https://www.thebitbay.org/

https://blog.bitbay.market https://drive.google.com/file/d/0B1CQhm1knxm4RW1iVmd0RTBnbFk/view

https://forum.bitbay.market/t/bitbay-whitepapers/51

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