When you first hear the word “BitBay”, your mind might naturally conjure up images of the very successful online marketplace….eBay. However, it would be short-sighted to write off BitBay’s groundbreaking new technology as simply “another eBay, but with Bitcoin”.

Surprisingly for many, the origin of BitBay’s name doesn’t stem from eBay at all. It is derived from the olden days when a majority of global trade and commerce took place in the safety of harbors and bays, and goods were transported via shipping routes. Combine these types of bays (places where commerce occurs) with the concept of Bitcoin, the technology that introduced peer-to-peer value transfer worldwide, and you get BitBay.

In other words, BitBay isn’t just an online marketplace that uses cryptocurrency. It’s a giant multi-level ecosystem, which is based around a whole new method of forming agreements. It also offers a secure and private place to make those agreements.

Those who live in today’s society might not remember, but there was a time.... long ago when a firm handshake and steady eye contact could hold two strangers to their word. It was a simple and reliable symbol of trust. At some point, third parties came into the picture, as a means of moderating and ensuring both of those two strangers to fulfill their obligations with each other.

While this system of middleman enforcement has worked, it is by no means perfect. Removing the “handshake and eye contact”, and outsourcing it to a third party came at a great financial and relational cost. Third-party arbitration requires fees from both sides to enforce the agreement, and both sides have to still trust that middleman to honor their word. It ultimately introduced a complicated and expensive element into even the simplest of transactions.

This is why BitBay exists. Over the last decade, our society has quickly shifted into an era of almost completely digital interactions. The original method of trust - a handshake without third-parties - has become a thing of the past. It’s simply impossible to shake someone’s hand and look them in the eye through the internet. We need a system that represents transactional trust on a peer-to-peer level, in a completely virtual medium. And we need it fast.

If you look past all of its bells and whistles, BitBay essentially consists of 3 main features. They are:



“Unbreakable” Smart Contracts

Decentralized Markets

Dynamic Currency Peg

(We’ll discuss all of these in depth below)

When combined together, these 3 features create something VERY special: A virtual medium to create strictly peer-to-peer agreements, either public or private, using a neutral and reliable cryptocurrency to enforce the deal.

No third-parties needed. No fees. No volatility. A firm handshake on the internet, backed with financial incentives. No eye contact needed.

This trifecta holds some MASSIVE implications for business as we know it. First, let’s take a look at each of these 3 main features of BitBay:

