Today, we’re going to talk about BitBay Market, an ambitious project designed to take the online marketplace concepts to the next level with the help of cryptocurrency and blockchain technology. Based on its proprietary crypto token, BitBay (BAY), the BitBay Decentralized Marketplace hopes to be the future of free markets with unbreakable smart contracts and the new decentralized peg.
The cryptocurrency industry is struggling with high volatility and instability
In December 2017 and early-January 2018, the cryptocurrencies market hit its all-time maximum with Bitcoin (BTC), for example, surpassing the $20,000 mark. At that moment, news portals, crypto enthusiasts, and investors emerged in the new “crypto rush.”
However, when the market dropped significantly in late-January, everybody became skeptic regarding the cryptocurrencies market which showed colossal volatility. And that’s a sentiment that won’t vanish by itself any time soon.
Cryptocurrency companies and programmers are struggling since then to come up with better technologies to lower the volatility in the market and increase its stability. In short, they work on maturing the cryptocurrencies market. That’s where BitBay comes into play with its unique features that we’ll debate in the next section.
Now, pay attention not to confuse BitBay Market with the BitBay cryptocurrency exchange because they are two different things.
BitBay Market – Features
The BitBay Market aims to increase stability in the crypto-verse and lower volatility. Besides, it also boasts some features that make frauds and money laundering impossible.
Main BitBay Decentralized Marketplace features include:
- Decentralized Anonymous Markets – allows the creation of entirely decentralized markets in total anonymity;
- Unbreakable Smart Contracts – direct agreements between the two parties without a middleman or escrow fees;
- Double Deposit Escrow – both parties in a transaction deposit equal amounts to seal a deal, making frauds impossible;
- Cash for Coins – you can exchange crypto-to-fiat or fiat-to-crypto directly peer-to-peer;
- Decentralized Voting – a trustless voting system with a donation and staking options;
- Multisignature wallets – different cryptographic passwords to keep your account safe;
- Tor and Proxy options – ensures the privacy and anonymity of BitBay clients;
Above all these, BitBay Market and BitBay (BAY) token run on the first and only decentralized peg.
BitBay Market will introduce the first and only decentralized peg
David Zimbeck, the head programmer of BitBay, developed the world’s first and only decentralized peg. This solution, refined and thoroughly tested by Zimbeck over the past few years, aims to manage supply to control the price of a cryptocurrency effectively.
Thus, this innovation is not only applicable to BitBay Decentralized Marketplace and BitBay (BAY) crypto token, but it could be adopted by other cryptocurrencies, as well.
In short, BitBay’s decentralized peg creates a financial ecosystem where every currency can survive any market conditions as its popularity wouldn’t influence its price but by its supply and the holders backing it up, regardless how many they are.
About BitBay (BAY) crypto token
According to CoinMarketCap, BitBay (BAY) crypto token is the 205th cryptocurrency in the world by market capitalization with little than $18 million.
At the moment of this writing, BitBay (BAY) trades at $0.017726 after it shed about 5% in the last 24 hours. However, we all should keep an eye on this cryptocurrency because if the BitBay Market project reaches its goals, the adoption of BitBay (BAY) token would skyrocket and so will its price.
For the moment, you can buy/sell BitBay (BAY) on some popular cryptocurrency exchange platforms, including UpBit, Bittrex, Cryptopia, and XchangeMe.