The minds behind BAT (Basic Attention Token) are some of the same ones that brought us Mozilla Firefox and Netscape Navigator. Those two famous web browsers made the internet more accessible and easier to use in the late 90s and early 2000s. Their new project uses the blockchain to disrupt the way advertising works on the web.
Read on to find out how to buy Basic Attention (BAT) tokens.
What is Basic Attention Token?
BAT is the token that powers a new web browser called Brave. From the makers of Firefox and Netscape, Brave’s main goal is to fix one of the web’s most irritating problems: omnipresent ads.
The cryptocurrency at the heart of Brave is BAT– an ERC20 token that runs on top of Ethereum. BAT provides not only a more transparent way for companies to spread the word about their goods and services, but also a less annoying way for web surfers to consume those ads. An upcoming feature called Brave Ads will issue BAT payouts to anyone who views and/or interacts with its sponsors. Participation in Brave Ads is optional and a built-in ad blocker screens out any ads that aren’t part of the BAT ad network.
Brave co-founder Brendan Eich was a CEO at Mozilla before he decided to strike off on his own with Brave. During the early 2000s, he was Netscape’s Chief Architect. Brave’s Chief Scientist Ben Livshits also worked at Netscape in the early 2000s.
Brave is already out, but its core feature– Brave Ads– is still in development. However, Brave is already eight times faster than Google Chrome and Safari. Learn more at the link below.
The Most Convenient Ways to Buy BAT
If you’re a total beginner and you’ve never bought or traded cryptocurrency before, you may want to consider using Changelly, Coinbase or Abra to buy BAT. Their fees are a bit more expensive compared to advanced exchanges, but they are also much easier to use.
Changelly is a cryptocurrency purchasing service that accepts US dollars and other government-issued currencies. It also supports credit card purchases.
The best thing about Changelly is that it’s extremely easy to use. All you have to do is follow the instructions in the wizard, which guides you through the entire process.
For example, if you have USD and you want to buy BAT, just click the You Send menu and select USD. Then, select the You Get menu and pick BAT. Next, you type in the amount of BAT you want to buy. The minimum purchase amount is $100.
Step two of the process involves entering your BAT wallet address.
Every Brave browser has a built-in Brave wallet. To find your Brave wallet address, open the Brave browser, then click Your Wallet and select Add Funds. Select the address, then copy and paste it into Changelly.
After you paste in your BAT wallet address, Changelly will ask you to confirm that the information you provided is correct.
In the last step of the wizard, you enter in your credit card information. Once you fill in the form, Changelly will take it from there and complete the rest of the order. After the order is fulfilled, the BAT you bought will appear in your BAT wallet.
The main downside of Changelly is that it’s expensive. Each transaction incurs a 0.5% transaction fee. On top of that, if you use a credit card, you’ll pay an additional 10% fee. For more information about how Changelly works, read our complete Changelly review at the link below.
Coinbase is one of the largest crypto exchanges in the US. One reason why it’s so popular is that it’s more beginner friendly than exchanges that cater to professional traders. Convenience features like automated verification, live chat support, a “quick trade” wizard and support for government-issued currencies make it easy to get started.
That convenience comes at a high cost. All digital currency transactions incur a 0.5% fee. In addition, the exchange applies a variable “Coinbase fee.” This fee changes depending on the type of order you place and the currency you want to exchange.
If your main goal is to buy BAT in the hope that its price goes up, Abra is not a bad choice. It’s a fast, easy-to-use app that lets you buy and trade various cryptocurrencies on your smartphone.
One potential disadvantage of Abra is that it doesn’t have native support for BAT.
BAT is one of Abra’s synthetic currencies. This means that when you buy BAT on Abra, you’re not actually buying BAT. Instead, you’re just buying a smart contract that entitles you whatever amount of BAT you purchased. If you only want to buy and keep BAT, this aspect of Abra isn’t a disadvantage. All you have to do is make your purchase and then hold your position. However, if you want to actually use your BAT with the Brave browser, Abra isn’t for you. Abra’s synthetic currencies get automatically converted into one of Abra’s native cryptocurrencies upon withdrawal.
On the other hand, Abra is cheaper to use than Changelly. Rather than charge a straight commission fee, Abra builds a small spread fee into each transaction as well as a variable fee to cover mining costs. These fees make Abra more expensive to use than an advanced exchange, but slightly cheaper than Changelly.
Another perk: there are no deposit or withdrawal fees. Supported payment methods vary by country, but can include ACH bank transfers, bank wire transfers or American Express credit cards. Abra only charges a 4% fee when you use an AMEX card to buy cryptos.
Advanced Exchanges with Low Fees
If you’ve traded cryptos or stocks before or intend to become a frequent crypto trader, you may want to consider using Coinbase Pro, Bittrex, Binance, Poloniex, Cobinhood, HitBTC or Huobi. All of them support BAT and they all have lower fees compared to the beginner-oriented exchanges listed above.
Coinbase Pro– formerly known as GDAX– is owned by the same company that runs Coinbase. One of the most attractive benefits of Coinbase Pro is that it does not charge any commission fees whatsoever for maker trades. Taker trades start at 0.3% and high-volume traders receive additional discounts.
Another advanced perk that Coinbase Pro offers is API access. This lets you set up trading bots, which can place trades on your behalf. In addition, Coinbase Pro accepts USD deposits– just like its more beginner-friendly sister site Coinbase.
The main downside of Coinbase Pro is that it doesn’t support many coins compared to other advanced exchanges. In addition, Coinbase Pro doesn’t support margin trading.
Bittrex is an advanced exchange that’s similar to Coinbase Pro, only its commission fee schedule isn’t quite as attractive. All trades incur a flat 0.25% commission fee. There are no discounts for high volume traders.
On the plus side, Bittrex supports more cryptocurrencies than Coinbase Pro. Currently, Bittrex offers 286 different cryptocurrency markets. Coinbase Pro only offers 25. In addition, Bittrex recently added support for USD deposits. There aren’t as many withdraw and deposit options, though. Currently, Bittrex only supports wire transfers. ACH deposits are not yet available.
Malta-based Binance is one of the world’s largest cryptocurrency exchanges. Though Binance doesn’t support USD or any other government-issued currency, this apparent disadvantage has several upsides. One of the main benefits: lower fees. Crypto exchanges like Bittrex and Coinbase Pro have to comply with more regulations because they allow their users to deposit government-issued currencies. These compliance costs get passed along to traders. All trades on Binance incur a low 0.1% commission fee and traders that use Binance’s BNB token to trade can get even lower rates. Another benefit: Binance currently offers 391 different trading markets.
The main disadvantage of Binance is that it’s somewhat of a hassle to use unless you already own cryptocurrency. If you want to use your fiat money to buy BAT, you’ll have to use a third party crypto exchange service or an exchange that supports fiat to make the initial conversion.
Like Binance, Poloniex doesn’t support government-issued currencies. This is why it can afford to begin its fee schedule at 0.1%. High volume traders can enjoy commission rates as low as 0%. Another benefit is the fact that Poloniex has a public API. If you know how to code, you can use this feature to create your own trading bots.
Though Poloniex doesn’t support as many coins as Binance does, it has a key feature that Binance currently lacks: peer-to-peer margin trading. This feature lets you earn money by lending your funds to other traders. You can also borrow money to leverage your own trades. Unfortunately for American traders, Poloniex will stop letting its US-based customers take part in its margin service.
Like Abra, Cobinhood offers commission-free trading to all its users. Instead of charging traders for using its marketplace, Cobinhood makes money through its underwriting service. Another source of revenue is the fees that it places on margin trades.
Due to regulatory red tape, US-based Cobinhood users can’t use its margin trading feature yet. Japanese and Taiwanese traders can’t borrow money for trading, either. They can, however, enjoy support for BAT and commission-free trading.
HitBTC is unique in that it not only offers low commission fees, but also commission rebates. In other words, HitBTC actually pays traders to place certain types of trades. Margin trading is available through HitBTC’s partner Weltrade. Another perk: the exchange currently supports 801 cryptocurrency markets.
The main downside of HitBTC is that it doesn’t support any type of fiat currency. In addition, HitBTC is one of only a handful of top exchanges with anonymous leaders. Another downside is that HitBTC’s withdrawal fees are higher than competing exchanges.
Huobi is an interesting exchange that’s popular in Asia. Features like 3x margin trading and 0% fees for market makers attract the professional crowd. In addition, Huobi is one of the only crypto exchanges that offers an ETF (Exchange Traded Fund). Buying into the fund provides a low maintenance way to invest in a wide variety of popular cryptocoins.
Like HitBTC and others, Huobi doesn’t support any type of government-issued currency. Another disadvantage that Huobi has in common with HitBTC is high withdrawal fees.
What’s the Best Way to Buy Basic Attention Token?
The answer to the above question depends on your trading habits and strategies.
For beginner traders
If all you want to do is buy a small amount of BAT and hold onto it in the hopes that its price will rise, Changelly makes a lot of sense. Changelly’s fees are high, but if you only plan on buying a few hundred dollars’ worth of BAT, those fees won’t affect you much. Another beginner-friendly option is Coinbase, which also has high fees but is almost as easy to use. Abra is also a good option for HODLers, although the fact that Abra doesn’t have native support for BAT yet is a bit of a downside.
For advanced traders
If you’re looking for features like API access, support for a wide range of cryptos and margin trading, Poloniex is an excellent choice. But if you’re looking for an easy way to convert you fiat funds, Coinbase Pro might be the better option. Another advantage that Coinbase Pro has over Poloniex is that its market is around five times as big as Poloniex’s. Higher volume means faster and therefore more accurate trades– a perk that may have strong appeal if you’re a crypto day trader.