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BitBay (BAY) Is Reaching Critical Mass – Here’s What’s Next

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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.

BAY Daily Chart

BAY Daily Chart

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

Bitcoin

How Casinos Are Embracing Cryptocurrency

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Digital currencies and blockchain technology have had an immense impact on several industries across the globe. One of the areas where this impact has been very profound is in the gambling sector – which has also been known for embracing the latest technologies. Gaming operators have always been at the frontlines when it comes to trying out new and innovative technologies all in a bid to keep their customers happy and interested.

That said, it was only a matter of time before cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin among many others made their mark in the gambling industry. All of the features that these digital currencies promise are, without a doubt, very desirable features for gamblers across the world.

The result is a mutually beneficial arrangement where digital currencies get the necessary boost to go mainstream while the gaming operators get a front-row seat as the world ushers in the new age of next-generation digital payments. Naturally, there has to be a framework for this and thankfully its already being implemented in both land-based casinos and in online gambling platforms. 

Crypto in Land-Based Casinos

Cryptocurrencies, since their conception, have always been digitized forms of payment. However, nearly everything is digitized nowadays. Still, brick-and-mortar casinos rely greatly on existing systems all…

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Reaching true Bitcoin anonymity through the use of mixers

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There used to be a time when Bitcoin transactions were considered fully-anonymous. Back then, cryptos were only getting started, and Bitcoin was pretty much the only one that was used, apart from a handful of the first altcoins that followed. However, as the crypto industry continued to develop, current blockchain analyzers were created, and it became clear that Bitcoin’s transparency also includes tracking the coins’ movement, even when you are simply withdrawing them from your exchange to your wallet.

This is why it became necessary to use Bitcoin mixers, also known as Bitcoin blenders or Bitcoin tumblers, such as BitMix.biz, in order to reach true anonymity.

What are Bitcoin mixers, and why do you need them?

Bitcoin mixers, as the name suggests, are online services that mix Bitcoins in order to disrupt their traceability.

Let’s say that you have a certain amount of BTC in your wallet on your crypto exchange of choice. With all the exchanges having to follow KYC/AML procedures, that means that you need to verify your identity, so that the exchange — and therefore, the authorities — will know exactly who you are and how much money you earned through trading and investing.

Once you withdraw those coins to your wallet, blockchain analyzers can track the transaction, and so your wallet…

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The Bitcoin Meltdown is Chance to Double Your Bitcoin

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Most of the cryptocurrency holders have never felt a day so bad.

After a blustering day of trading which saw Bitcoin price drop from $7,950 to $3,800, the massacre caused the worst sell-off to set a new 2020 low which not seen since April 2019.

The history of bitcoin only has a day in 2013 to compare a 40% fall, at that time bitcoin once dropped from $266 to $50, that was also a day when despair defeated the belief of bitcoin and almost no one could foresee bitcoin can recover and prices will reach $10,000 in a few years.

“Be fearful when others are greedy and greedy when others are fearful.” This is what Warren Buffett said about stock market and you can see the stock market never dies, it is just rise and fall happen in a different order at different times.

So it is with bitcoin. The bitcoin meltdown is a chance for a few bitcoin traders while the others are running away.

One typical way is to short bitcoin. Futures trading allows traders to make profits out of the future price difference of the derivatives. However, when during horizontal movement of prices, futures trading may gain you fewer profits to cover the possible loss of the margin.

Is there…

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