BitBay (BAY) is one of the companies and accompanying cryptocurrencies that we feel is and has been the most overlooked in the market over the last 12 months and more. That is a big statement but it is not one we make lightly. And over the last few weeks, our expectations for BAY have been validated – to a degree.
The coin currently trades for just shy of $0.37 apiece, up from $0.07 apiece on December 6. This gives the overall BAY ecosystem a market capitalization of $368 million and, over the last 24 hours, we saw volume hit more than $18 million – meaning a little over 25% of the total outstanding coins changed hands.
And for BitBay, and BAY, this is far from unusual. Indeed, changing hands is the primary use case for BAY, as compared to some of the more speculative assets or the more functional ones in this market.
So what is BAY and why do we like it so much?
BitBay is a decentralized transaction marketplace that is set up in a similar fashion to what we might refer to as its namesake – eBay. However, there are a number of key and pivotal differences which ensure that, other than the fact that people are buying and selling across the company’s platform and that the final three letters of the platforms name match those of eBay, the ecosystems are entirely different.
It’s built using smart contracts, meaning much of the bureaucracy and the process complexities associated with buying and selling goods and services across pretty much any other platform (be that virtual or real world) are removed.
The company has used what it calls a double deposit escrow system so as to pretty much entirely remove the incentive from either buyer or seller to act maliciously when conducting a transaction. Basically, both users contribute deposit ahead of the transaction and if one or the other act maliciously, both deposits are burnt, meaning both parties lose money.
The platform also allows for custom smart contract templates which means a seller can structure the transaction pretty much exactly how he or she wishes, with pretty much any currency available for use, any deal structure (auction, barter, exchange, or something) available, and many more options that basically blow all of the other online exchange platforms out of the water in terms of seller functionality.
So why is this one running now?
Well, the platform is reaching a critical mass of users and is about to release a brand-new client GUI this quarter. Alongside this GUI, we will see the release of a mobile wallet and the release of the final smart contract templates, which should facilitate increased quality of seller experience (and, in turn, translate to user growth).
Additionally, next quarter, the company is set to implement what’s called a dynamic peg, which essentially allows for pegging of BAY to USD (or another fiat) at the time of a deal closing so as to ensure that the buyer and seller don’t have to be concerned with fluctuating rates while the deal matures to completion.
This is a big deal as it will likely translate to a much higher proportion of transactions being carried out in BAY (as well as the increased BAY deposit count that comes with an increased user base), which, in turn, will translate to an increase in demand and (by proxy) an increase in price of the underlying asset.
That’s why we’re excited about this one and that’s why we think there’s a lot of run room left on current prices – this company is just getting started and we expect it to grow far and fast during 2018.
We will be updating our subscribers as soon as we know more. For the latest on BAY, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of BitBay
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ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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