Bay Coins has launched the first Bitcoin mobile marketplace app for both Android and iOS users to buy and sell the crypto currency using location services.
Bitcoin Bazaar Local enables users to find other Bitcoin consumers in their area using mobile phone location tracking to trade in person using cash.
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"Buying or selling with cash is still the easiest way to acquire the currency," said Shahani Weerawarana, CTO of Bay Coins.
Bank details and other financial information need not be supplied but payment methods such as PayPal or bank transfers can be used instead of meeting in person.
Bitcoin Bazaar transactions are handled between the parties alone with built-in escrow to act as a third-party contractual broker for added protection. Dispute resolution solutions are also built-in. No fiat currency is used in the app.
Ads can be placed or buyers and sellers can be found online. Weerawarana said: "In the past, finding someone near you to transact with wasn’t easy with mobile devices. With Bitcoin Bazaar, anyone can buy or sell Bitcoin in person easily."
Bay Coins was founded by MIT graduate Bitcoin enthusiasts "to bring bitcoin trading experience to mobile devices", a spokesperson said.
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