The Problem with Centralized Services
When you use a centralized service to buy or sell products, you have to agree to follow their rules. In many cases, this includes limiting the amount of items you can list, forcing you to use payment platforms such as PayPal or credit cards that take a percentage of every transaction, and requiring you to provide your personal information that can later be hacked and stolen by identity thieves.
BitBay is the solution
The BitBay platform is set to completely decentralize the way merchant services and online auctions are done through the internet. BitBay will provide much of the world with a first taste of how crucial it is to utilize the blockchain technology when doing business between two parties. Never again will there be a lost contract, invoice, receipt, will, notary, or any other binding agreement. It’s all there, searchable, and completely transparent, and because it is decentralized, it can’t be shut down because of a server failure, or a company going bust. The BitBay market will always be there.
BitBay will feature its in-wallet marketplace much like Freelancer, LocalBitcoins and BarterOnly which will utilize it’s own cryptocurrency (BitBay). BitBay users will be able to buy or sell products, art, skills, talents, or any other valued commodity.
The BitBay project weaves together Smart Contracts, Multi-Sig technology, and a reputation system all tied into a serverless marketplace built on top of Bitmessage so we don’t bloat the blockchain. The power of such a marketplace has no boundaries. This is the revolution of free trade.
Bitmessage also serves as a free email address for users so they don’t even need to sync their email with the client to use it. Perfect for people behind a firewall or with restricted internet. Bitmessage is as anonymous as Tor! Users may also add their email to the software to manage contracts and get notifications. The emails are encrypted so users can keep their information safe.
Eliminate High Transaction Fees
When you use BitBay’s software to interact with other buyers and sellers online, there’s no centralized third party to act as the middleman for your transactions. That means you don’t have to pay high fees, a percentage of your sales, or any other unnecessary or unfair “costs of doing business”.
With BitBay, nobody ever takes a cut of your money. The entire transaction is between you and the person with whom you are doing business. BitBay is completely FREE software, there are no fees. Compare this to fees of 5%, 8% or even 11% or more depending on which mainstream centralized marketplace service you use.
BitBay saves you money on every transaction by eliminating the payment processing fees and other unfair charges some websites require you to pay. That makes BitBay the perfect choice for merchants trying to grow their businesses, especially those operating on extremely low margins.
By allowing merchants to reduce their costs and increase their competitiveness, BitBay levels the playing field and helps emerging markets develop in a more natural way.