According to the project team, BitBay is the world’s first peer-to-peer, decentralized contracting platform. Since 2014, everything from household items to real estate have been bought and sold using BitBay’s marketplace, all without any third-party involvement.
BitBay also includes a protocol-level value protection feature, called the Dynamic Peg. With this flexible system of liquidity control, BAY serves as both a medium of exchange, and a store of value for investors.
The Dynamic Peg is decentralized, non asset-backed, and most notably, a democratic system. It is meant to reduce volatility, without anchoring the price to any one point.
What is BitBay?
BitBay is a free, decentralized marketplace for buying and selling goods and services on the blockchain. You can connect directly with peers and transact without the need for a middleman like Amazon, eBay, or Craigslist. Transactions are secure and anonymous. They’re also guaranteed by escrow.
The project aims to be the new standard for eCommerce, allowing individuals to trade one-to-one at scale. As a result, BitBay claims it will revolutionize global trade. It’s seemingly a great solution for other niche applications as well, where groups of people aren’t served by existing marketplaces.
In the beginning, BitBay got off to a rocky start. In 2014, the original founders raised capital in bad faith and quickly abandoned the project after fundraising, leaving the lead developer holding the bag. It seemed like BitBay was finished, but the developer continued working on the project out of a sense of duty to the original investors, without access to the capital raised in the fundraising round.
Since those early, uncertain days, development has come a long way. The platform officially launched in 2015 and has seen active updates over the past several years. Users have successfully transacted across industries, including one user who sold five acres of land on BitBay.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.