What is BitBay (BAY)?
Future of BAY Cryptocurrency and know how to buy BAY

#1 – What is BitBay?

BitBay: The Basics

  1. BitBay is a free decentralized marketplace for buying and selling goods and services as well as trading various currencies on the blockchain.
  2. Aiming to revolutionize e-commerce, BitBay promises fast withdrawals and deposits, secure transactions and enhanced trading tools on the platform.

BitBay Development

  1. BitBay got off to a rocky start, with the initial founders pocketing the money after fundraising and leaving it in the hands of developer David Zimbeck who felt the need to continue the project for the investors.
  2. The BitBay website lists a team of nearly 25 members, including their Core Management, Community Managers, Developers, the Marketing team and Designers.
  3. David Zimbeck, BitBay’s lead Developer has nearly 2 decades of experience in Software Development as well as the Management sector, having been the CEO of companies like Outsourcing, DigiStar Films, BitHalo and Davtonia, Inc. before BitBay.
  4. Project Manager Shorn Keld has nearly 10 years of experience in the fields of Management and Consulting. Prior to BitBay, he worked as the Director of Ortomedia Ltd. and a Project Manager at SourceBroker S.L, among other jobs.
  5. Strategic Recruitment Partner Aletha Kellond has worked in Recruitment in various firms for the past 15 years, with prior experience in Bench IT London, Coal Intelligent Technology, etc.
  6. Other members include Applications Manager Craig Claussen, Operations Manager Bjorn Also, Art Director Bruno Guimaraes and others.

 

#2 – What are the advantages of BitBay?

BitBay Technology

  1. BitBay uses smart contracts to ensure proper delivery of purchased goods or services, using escrow for trustless and secure transactions.
  2. BitBay uses a Double Deposit Escrow system to ensure that transactions in its marketplace are truly decentralized. Both the buyer and the seller thus have a stake in the success of the transaction.
  3. If the product reaches the buyer in good condition and the amount has been paid in full, the escrow amount is released to both parties after their signal of a successful transaction.
  4. If there’s a dispute, the parties are forced to come to a reasonable resolution as both escrows are only released after the dispute is resolved. This dissuades scammers because they wouldn’t get their escrow back.
  5. BitBay also has a reputation metric which helps users to understand how much to trust the opposite party. A party with a low reputation or no transaction history may have to put more funds in escrow than someone with a higher reputation.
  6. BitBay uses the concept of dynamic pegging, i.e., changing the supply to keep the value of the BAY coins relatively flat, to make it easier to buy physical goods using the coins.
  7. For secure transactions on the platform, BitBay enables two-factor authentication as well as a multisignature wallet.

 

#3 – How to buy and store BitBay tokens (BAY)?

How to buy BAY

BitBay coins are available for exchange in 5 platforms as of August 2018, which is a bit disappointing considering the cryptocurrency has been around for nearly 4 years. The exchanges include Bittrex, Upbit, Cryptopia, CryptoBridge and LiteBit, most of which accept Bitcoin.

LiteBit is the only exchange as of August 2018 which accepts any fiat currency in exchange for the BitBay coins – it accepts Euro.

  1. These are just platforms where you can buy or sell BAY tokens, but help is often needed to decide which one to buy from. This is where CoinSwitch, one of the best cryptocurrency exchanges assists, by displaying the prices at the exchanges it’s sold in, all at one place. It supports more than 300 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your BAY token, and CoinSwitch will help you decide the best one for you!
  2. What’s more - with CoinSwitch, you need not rely on wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

BAY Storage

  1. It is always best to store any cryptocurrency in its own native wallets if available, as they are generally more secure than third-party wallets.
  2. BitBay Client is its desktop wallet through which you can store, send as well as stake your BitBay coins. It also includes a decentralized marketplace and top-of-the-line security, and is compatible with Windows, Linux and Mac OS desktops.
  3. BitBay Qt Wallet is another desktop wallet which stores BAY coins, compatible with Windows, Linux as well as Mac Operating Systems.
  4. BitBay also has a mobile wallet app, compatible only with Android smartphones and available on Google Play.

 

#4 – What is the future of BitBay?

Also Read: Complete Analysis of BitBay | Live BitBay (BAY) Price Charts And Predictions

Market Cap and Global Acceptance

  1. BitBay’s ICO took place in November 2014, raising more than 1300 BTC through the sale.
  2. It has a circulating supply of about 1.012 billion BAY coins, with a market cap of around $24.022 million USD and an individual price of about $ 0.0237 USD, as of August 2018.

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Aug 01, 2018

0.03431

0.03594

0.03295

0.03408

2,99,653

3,47,29,360

Jul 01, 2018

0.02268

0.02405

0.02164

0.02347

36,928

2,29,52,050

Jun 01, 2018

0.03957

0.04129

0.03849

0.03963

90,679

4,00,52,800

May 01, 2018

0.07128

0.07218

0.06526

0.06922

16,61,620

7,21,23,616

Apr 01, 2018

0.0367

0.03882

0.03263

0.03542

3,74,649

3,70,69,952

Mar 01, 2018

0.07147

0.0917

0.06536

0.07703

58,42,090

7,21,86,760

Feb 01, 2018

0.11285

0.1164

0.08035

0.08863

17,24,900

11,39,24,536

Jan 01, 2018

0.17513

0.18921

0.16066

0.17601

75,26,720

17,66,53,616

Dec 01, 2017

0.04838

0.05653

0.04485

0.05653

20,96,640

4,87,61,888

Nov 01, 2017

0.02436

0.02466

0.02225

0.0232

83,651

2,45,52,610

Oct 01, 2017

0.03376

0.03578

0.02992

0.03094

5,89,515

3,40,20,688

May 01, 2017

0.01011

0.01067

0.00919

0.01007

1,65,640

1,01,85,600

Nov 01, 2016

0.00053

0.00069

0.00053

0.00065

2,041

5,34,010

May 01, 2016

0.00043

0.00049

0.00043

0.00046

228

4,27,626

Nov 01, 2015

0.00022

0.00024

0.00021

0.00023

204

2,23,265

May 01, 2015

0.00022

0.00024

0.00016

0.00016

4,610

2,19,670

Nov 16, 2014

0.00103

0.00105

0.00103

0.00105

35,871

10,32,480

Trends so far

  1. In the four years of its existence, BitBay has undergone its share of ups and downs, with its maximum value being almost 5000 times its minimum, despite not going above $0.5 in value!
  2. Starting out in November 2014 with a value of $0.00105 per BAY coin, the price dipped to a minimum of $0.00009 in February 2015. Its maximum value was about $0.37 in January 2018 and as of August 2018, it trades around $0.0237.
  3. Unlike other older cryptocurrencies of its age which have faded and lost popularity and value over the years, BitBay has managed to retain a high ranking in terms of market cap among cryptocurrencies worldwide. It holds the 208th position in global market cap rankings.
  4. BitBay has managed to hold its ground pretty well in the four years of its existence despite its rough beginning. The relatively high global ranking is pretty encouraging, and due to its features like security, no need for verification and fast transactions, it seems to have a bright future ahead of it.

 

#5 – What makes BitBay different from other cryptocurrencies?

  1. BitBay combines the functions of a cryptocurrency exchange and a decentralized marketplace into one platform.
  2. BitBay has an additional feature of a debit card, to withdraw money as well as make purchases at stores and restaurants.
  3. Another thing that makes BitBay a unique cryptocurrency is the way it bounced back up after its rough start in 2014, wherein the founders intended it as a pump-and-dump, but the developer continued on without the original funds to make it successful.

 

#6 – Should you invest in BAY?

  1. BitBay coins’ (BAY) high ranking in terms of market cap globally is encouraging to investors.
  2. The idea and implementation by BitBay, of a decentralized marketplace and trading platform is brilliant and shows further promise of expansion.
  3. The rocky beginning of the cryptocurrency and its subsequent comeback as a promising platform indicate that the developers are in it for the long haul and don’t plan on abandoning the platform after all these years. This isn’t something we can say for many other cryptocurrencies.
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