Decentralized Auctions and Reverse Auctions

Sometimes you don’t need to reinvent the wheel, you just have to improve it.

With BitBay’s easy Buy/Sell Anything template, you can now create your very own auctions and reverse auctions. You can have bidders compete to give you maximum profit for your sale, or you can have sellers compete to sell you any item that you are looking for.

What is a Reverse Auction?

Reverse auctions are exactly what they sound like. In these scenarios, a buyer can list a specific item they desire to purchase, and have sellers bid on selling it to them. This creates a natural competition for sellers to underbid each other, giving the buyer an option to buy the desired item at a lower price.

Our Auction and Reverse Auctions offer a solution that:

  • Doesn’t require a 3rd party or middleman to collect high fees
  • Securely and neutrally enforces both parties to honor their transaction
  • Doesn’t require user’s to give up their own valuable personal information
  • Respects the freedom of people
  • Is 100% decentralized

With BitBay, you will never have to worry about high fees. Using our revolutionary double deposit escrow, both buyer and seller simply lock in a deposit to enforce transaction completion. This completely eliminates the need for a middleman, who always takes their cut. This creates a neutral, secure, and global medium for business to be conducted…completely peer-to-peer and without high fees.