A bit of alright

14.12.18

Online transactions are becoming the “go-to” way for people to buy products, and property is following suit. Bjorn Alsos, Operations Manager at BitBay, tells Luke Thomas why the online marketplace is becoming a safer and more efficient way to trade.

WHAT EXACTLY IS BITBAY?

BitBay is the world’s first decentralised marketplace. It eliminates the middle man in any acquisition, allowing users to make secure transactions in any currency – crypto or traditional - without paying extra fees. Virtually anything can be bought or sold using the platform and it’s completely free. Deals are secured using deposits to ward off fraud.

BitBay has a traditional online auction service similar to eBay but with greater ease of use and more security. It also offers a reverse auction feature where buyers can list items they are looking for and sellers can compete to underbid one another.

HOW COULD BITBAY BE USED FOR PROPERTY ACQUISITIONS?

So far only one property deal has been completed on BitBay, but it was a high value property – five acres of land located in the US which was sold overseas – and the transaction went through without a hitch. Buying and selling property can involve very high fees to middle men, so BitBay is the ideal tool to eliminate those for both buying and selling parties.

HOW COULD BITBAY HELP PROPERTY INVESTORS?

BitBay can provide investors with a secure platform to buy and sell real estate. It utilises a smart contract system where both parties place a timed deposit of the same value onto BitBay. If one party doesn’t hold up their end of the agreement, then their deposit is locked and they cannot retrieve it until payment is cleared. Ultimately, BitBay can make buying and selling property more secure.

BITBAY ALLOWS USERS TO DEAL IN ALMOST ANY CURRENCY, BUT CRYPTO CURRENCY SEEMS TO FEATURE QUITE HEAVILY. WHY DO YOU THINK THAT IS?

The range of currency that can be used on BitBay is vast – we support most traditional currencies and a host of crypto currencies.

A lot of our users use crypto currency. It’s more secure – it can’t be counterfeited – and it’s faster and more accessible. It’s the quickest way to complete international transactions and virtually anyone with a computer and an internet connection can use it.

WHAT’S COMING UP NEXT FROM BITBAY?

Stablecoins are the ‘go-to’ currency right now – the desire to minimise price volatility is strong. We’ll soon be launching Dynamic Peg, a truly unique system of adaptive price control that creates a thriving environment of profitability for investors, and reliability for users.

It won’t lock the value of the currency, but it will stabilise it to help investors avoid future price spikes when doing business. We’re really excited about what it can potentially do for the online market place.

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