How to Buy Basic Attention Token (BAT)
Beginner’s Guide
What Is Basic Attention Token (BAT)?
Basic Attention Token, or BAT, is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention, while providing advertisers with a better return on their ad spend.
To learn more about this project, check out our deep dive of Basic Attention Token.
This experience is delivered through the Brave Browser, where users can watch privacy-preserving adverts and receive BAT rewards for doing so. On the other hand, advertisers can deliver targeted ads to maximize engagement and cut down losses due to ad fraud and abuse.
The Basic Attention Token itself is the unit of reward in this advertising ecosystem, and is exchanged between advertisers, publishers and users. Advertisers pay for their advertising campaigns in BAT tokens. Out of this budget, a small portion is distributed to advertisers, while 70% is distributed to users — whereas the intermediaries that typically drive up advertising costs are cut out of the equation to improve cost-efficiency.Basic Attention Token launched in 2017 following one of the fastest sell-out initial coin offerings (ICOs) of all time, with the platform raising a total of $35 million in under a minute. Since then, it has rolled out its attention-based advertising experience to users in most countries through its Brave Rewards program. As of November 2020, the United States, the United Kingdom and Canada had the most active advertising campaigns.
How to Buy Basic Attention Token Summary
- Get a Basic Attention Token wallet (e.g. Ledger, Trezor ,Guardia, Exodus , AtomicWallet)
- Find an exchange that sells Basic Attention Token (e.g. Binance, Kucoin, Crypto, GATE, MEXC)
- Deposit money and make the trade
- Withdraw the Basic Attention Token to your wallet
Buying Basic Attention Token in 3 Simple Steps
Step 1 – Get a BAT wallet
Basic Attention Token Hardware Wallets
Basic Attention Token (BAT) can be stored in various types of wallets, including hardware wallets. Hardware wallets are considered the most secure type of cryptocurrency wallet because they store your private keys offline, making it harder for hackers to access your funds.
There are several hardware wallets that support BAT, including:
Ledger Nano S: This is a popular hardware wallet that supports over 1,500 cryptocurrencies, including BAT. It has a small screen and two physical buttons that are used to confirm transactions. The Ledger Nano S is compatible with Windows, Mac, and Linux operating systems.
Ledger Nano X: This is a newer version of the Ledger Nano S, with some additional features like Bluetooth connectivity and increased storage capacity. It also supports BAT and other cryptocurrencies.
Trezor: This is another popular hardware wallet that supports BAT. It has a simple and easy-to-use interface and is compatible with Windows, Mac, and Linux operating systems.
KeepKey: This is a hardware wallet that is designed for users who want a larger screen. It supports BAT and several other cryptocurrencies, and is compatible with Windows, Mac, and Linux operating systems.
When using a hardware wallet, it’s important to ensure that you purchase it from a trusted source and follow the manufacturer’s instructions for setup and use. It’s also important to keep your recovery seed phrase safe, as this is the only way to recover your funds if your hardware wallet is lost or stolen.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Basic Attention Token Software Wallets
Basic Attention Token (BAT) can be stored in various types of wallets, including software wallets. Software wallets are digital wallets that are installed on your computer or mobile device and are generally more convenient and accessible than hardware wallets. However, they are considered less secure than hardware wallets because they store your private keys online.
There are several software wallets that support BAT, including:
Brave Browser Wallet: This is a built-in wallet for the Brave browser, which is the web browser developed by the team behind BAT. The Brave Browser Wallet allows you to store, send, and receive BAT within the browser. It is available on desktop and mobile devices.
MyEtherWallet (MEW): MEW is a popular web-based wallet that supports ERC-20 tokens, including BAT. MEW allows you to store your private keys locally and also provides integration with hardware wallets for added security.
Exodus Wallet: This is a desktop wallet that supports several cryptocurrencies, including BAT. It has a user-friendly interface and provides easy-to-use features like portfolio tracking and exchange integration.
Trust Wallet: This is a mobile wallet that supports various cryptocurrencies, including BAT. It is available for iOS and Android devices and provides easy-to-use features like fingerprint authentication and exchange integration.
When using a software wallet, it’s important to ensure that you download it from a trusted source and keep your private keys safe. You should also enable two-factor authentication (2FA) for added security. Additionally, it’s a good idea to keep a backup of your wallet, such as writing down your recovery seed phrase and storing it in a secure location.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Basic Attention Token software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Basic Attention Token Exchange
Buy Basic Attention Token through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Basic Attention Token through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Buy Basic Attention Token through Crypto.com
- Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos.The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.
Buy Basic Attention Token through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy Basic Attention Token through MEXC
- Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.
Step 3 – Withdraw Your Basic Attention Token (BAT)
Once you decide on an exchange, open an account and buy your Basic Attention Token. Make sure to withdraw the Basic Attention Token from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).
OVERVIEW
Who Are the Founders of Basic Attention Token?
Basic Attention Token has two founders: Brendan Eich and Brian Bondy — two highly distinguished individuals in the internet browsing software industry.
Brendan Eich is the CEO of Brave Software, Inc — the parent firm behind the Brave browser and Basic Attention Token. Prior to his role at Brave, Eich was the founder and CTO of Mozilla and also invented JavaScript in 1995. He also helped launch one of the world’s most popular web browsers in 2004 — Mozilla Firefox.
Likewise, Brian Bondy joins as Brave’s and Basic Attention Token’s CTO. Bondy is a heavily experienced engineer with previous experience working as a senior software engineer at Mozilla, software developer at Corel Corporation and software development lead at Khan Academy. Together, Eich and Bondy have a combined 50+ years of software development experience.
In total, the Basic Attention Token website lists 16 team members, many of whom have a development, engineering or research background.
What Makes Basic Attention Token Unique?
Basic Attention Token (BAT) is a unique cryptocurrency that was developed to address the issues in the digital advertising industry. Here are some of the factors that make BAT unique:
Incentivized ecosystem: BAT is designed to incentivize all participants in the advertising ecosystem, including users, advertisers, and publishers. Users are rewarded for viewing ads, while advertisers pay for verified ad views and publishers receive a portion of the ad revenue.
Privacy-focused: BAT is built on the Ethereum blockchain and uses privacy-preserving technologies like zero-knowledge proofs and differential privacy to protect user privacy. It also allows users to control their data and opt-out of targeted ads.
Speed and efficiency: The use of BAT can improve the speed and efficiency of the advertising process by reducing the number of intermediaries involved and enabling direct communication between advertisers and users.
Seamless integration with Brave browser: BAT is integrated with the Brave browser, which is designed to protect user privacy and security. The Brave browser blocks ads and trackers by default, and users can opt-in to view ads and earn BAT rewards.
Transparent and auditable: The use of blockchain technology enables transparent and auditable transactions, making it easier to verify ad views and payments.
Overall, BAT is unique in its approach to addressing the issues in the digital advertising industry by providing an incentivized ecosystem that benefits all participants, prioritizing user privacy, and improving the efficiency and transparency of the advertising process.
The primary use case for the Basic Attention Token is as a payment token for running advertising campaigns through Brave Ads. As of November 2020, advertisers must commit to a minimum ad spend of $2,500 per month to be able to launch their campaign, but a self-serve platform with potentially lower limits is currently in the pipeline.
Currently, this advertising budget must be paid entirely in Basic Attention Tokens, which advertisers can acquire from a variety of third-party exchange platforms. Out of this, Brave takes a small commission, and the rest is distributed to publishers and users.
One of the main distinguishing features about Basic Attention Token and the Brave Browser ecosystem is the capacity to reward (tip) users who are not yet part of the network — this includes both websites and individual Twitter users. These users can then securely register to the platform to collect any tips they have accumulated.
Both Basic Attention Token and Brave Browser have achieved significant user uptake since their launch. As of October 2020, Brave Browser has a total of 20.5 million active monthly users, whereas the Basic Attention Token is now held by a total of more than 368,000 unique wallets.
How Many Basic Attention Token (BAT) Coins Are There in Circulation?
Basic Attention Token has a maximum total supply of 1.5 billion tokens. This cannot be increased without switching to a new token smart contract.
Almost all of this supply is in current circulation. As a result, Basic Attention Token can be considered almost fully diluted.
In its 2017 ICO, a total of 1 billion BAT tokens were sold to investors, whereas the remaining 200 million tokens were locked in a development pool, and 300 million BAT was reserved for the user growth pool (UGP). As of November 2020, both the development pool and UGP pool addresses are nearly empty.
How Is the Basic Attention Token Network Secured?
Basic Network Token (BAT) is an ERC-20 token. As such, it is built on the Ethereum blockchain. Like any ERC-20 token, BAT is secured by a rigorously tested proof-of-work (POW) consensus algorithm supported by an extensive Ethereum miner network.
This consensus algorithm ensures only valid transactions are confirmed, while the combined work of the Ethereum mining network ensures BAT transactions are essentially irreversible once confirmed.