BitBay is a decentralized cryptocurrency marketplace that uses innovative technology like unbreakable smart contracts and a double-deposit escrow system. These enable anonymous users to interact directly with each other to securely buy and sell goods, services, art, skills etc. The platform uses a digital currency named BAY, a proof of stake token.
The platform is innovative, with versatile features and is relatively easy to understand and use. It runs on top of a blockchain decentralized network and, by design, contains no single point of control, failure or security. All crucial functions are decentralized and consensus is driven by users voting and participating in the network. Users do their own KYC with a built-in reputation system.
Crypto Currencies Support
- BitBay (BAY)
- European Union
- Hong Kong
- Most Africa
- Most of Asia
- Most of Eastern European Union
- Most of Latin America
- Most of the Middle East
- New Zealand
- Russian Federation
- United Kingdom of Great Britain and Northern Ireland
- United States of America
- Desktop APP
- Mobile App
Security is a main concern for BitBay. It has encrypted communication, decentralized hosting, two-factor authentication, anti-keylogger (virtual keyboard) and steganography (hiding keys inside images). The double-deposit escrow forces users to work together and keep the dishonest away since they cannot profit from wrongdoing. BitBay also offers timelocks, coin freezing, and TOR message security.
Advanced Security Features:
The BitBay platform was created by developer David Zimbeck and a global team. It is unclear where the company is based since there is no info regarding the address on their website, only a mention of Miami, Florida on the LinkedIn account. Also, there is a discrepancy regarding the legislation under which they operate since at one point they refer to Australian law and at another to Dutch law.
BitBay is a peer-to-peer crypto exchange that functions as a decentralized marketplace allowing users to buy and sell goods and services securely and anonymously. They offer unique features: smart contracts, double-deposit escrow system, reputation system, decentralized voting etc. The platform employs the use of BAY tokens. Few details about the company and contradictions regarding legislation.
BitBay offers trustless contracts so any transaction can be arranged without revealing the identity of any user. The platform is completely free, users can buy and sell anything with no fees. Only BAY coins can be used for trading and they can be bought from external exchanges: Bittrex, CCEX, Cryptopia etc. BitBay also allows auctions: users bidding on items just like in eBay.
Some users complained of poor customer support.