Billed as the future of online advertising, Basic Attention Token is an Ethereum-based token that can be exchanged between publishers, advertisers and users.
Where to buy Basic Attention Token
Read on to find out about Basic Attention Token and how it works or jump ahead to our step-by-step buyers guide if you’re ready to start investing.
What is Basic Attention Token?
Basic Attention Token (BAT) is the native token of the BAT platform, a project that aims to monetise user attention and eliminate needless advertising expenditure. The Basic Attention Token serves as a unit of exchange in an ad exchange marketplace that rewards users for giving attention to ads and grants publishers a chunk of the ad revenue.
How does Basic Attention Token work?
The BAT platform is built around the Brave browser, which blocks ads, third-party trackers and cookies. Instead of holding a user profile – like Google – it monitors your browsing and uses local advertisement matching to show you tailored adverts without compromising your privacy.
It’s claimed that the BAT platform can enhance user experience by improving load time while decreasing data and energy consumption, increase ad revenue for publishers and improve targeting for advertisers.
The Basic Attention Token is the platform’s native token and therefore serves the fuel for this ambitious attempt to rethink online advertising.
How to buy Basic Attention Token online – step-by-step guide
Step 1. Get a suitable wallet
There are loads of BAT-compatible wallets to choose from, so we’ve listed our top three to narrow down your search:
- Ledger Nano X: One of the safest options for storing your BAT is the Nano X hardware wallet from Ledger. It’s not the cheapest wallet out there, but if you’re serious about security, it’s one of the best.
- MyEtherWallet: If you’re not looking to spend money on a wallet, web-based MyEtherWallet (MEW) is a great option for Ethereum-based tokens like BAT.
- Brave Wallet: The official Brave wallet can be added to the Brave browser as an extension. A good solution if you’re interested in the BAT project – it will allow you to process BAT rewards – but note that you’ll need an Uphold account to withdraw BAT funds.
Step 2. Find a Basic Attention Token exchange
The next step to securing your BAT is to find an exchange. There are plenty to choose from, so to narrow your search and save you some time, we’ve picked out a couple of our favourite places to buy Basic Attention Token:
- Changelly: If you’re looking a quick and easy way to buy BAT, then head on over to Changelly for some of the best prices and one of the most user-friendly interfaces around.
- Coinswitch: Coinswitch is essentially an exchange marketplace that compares rates then allows you to buy without signing up to the multiple accounts. Simply go to the website, find BAT in the dropdown and away you go. Coinswitch will help you track down a fiat currency to BAT exchange if you’d rather not trade with other cryptocoins.
Step 3. Withdraw your Basic Attention Token
In the interests of securing your tokens, it’s a good idea to move your currency out of the exchange and into your wallet as soon as possible. To withdraw your BAT to your wallet you need to generate an address then paste it in the relevant field of your exchange account.
How to trade Basic Attention Token – step-by-step guide
You needn’t worry about getting a suitable wallet if you’re only interested in trading BAT – trading involves taking a position on a currency rather than acquiring it. This means you can potentially make a profit from BAT without the hassle and security risk of owning it.
Step 1. Find a broker
Finding a broker is easy if you know where to find them and what you’re after. However, it’s well worth having a look around and doing some research before you commit to one as they all offer different perks and levels of support.
We tend to go for more established brokers such as Plus500 or eToro as they have been around for a while and are easy to get to grips with.
Step 2. Deposit money
Once you’ve chosen a broker, you’ll need to put some cash down as a deposit. The process is fairly straightforward and minimum deposit requirements are usually pretty low, so you can start with a relatively small bankroll.
Step 3. Decide how you’d like to trade
There are two main ways to trade cryptocurrencies: spread betting or CFDs (contracts for difference). While there are some differences, both methods require you to take a position on whether you think the price of your chosen cryptocurrency will rise or fall over a set period of time. If you’re just starting out, it might be worth doing some research on spreads and CFDs before you jump in.
Step 4. Start trading
Once you’ve put down a deposit, you’ll no doubt be raring to go, but we recommend you set up a demo account with your broker before you start trading for real. It’s easy to win and lose money very quickly when trading, so it makes sense to get a feel for the platform you’ve chosen as well as the ebb and flow of the cryptocurrency market.
In essence, all you need to do is take a position on whether the price of your cryptocurrency will increase or decrease. If you think it will increase take a long position (buy) and if you think it will decrease, take a short position (sell).
You may opt to take advantage of leveraged betting, which is a feature of most trading platforms. Leverage enables you to put down a fraction of your trade’s total value as a type of deposit called a ‘margin’. However, this is a high-risk strategy, so it’s probably not for beginners. Experienced traders understand this, and use stop loss orders to mitigate risk.
- BAT offers a compelling vision for the future of online advertising
- Platform offers users genuine cost saving which could boost the chances of more widespread adoption
- Millions of users already using the token
- ICO was controversial and led some to question the project’s decentralisation
- The token is very much tied to the BAT project
- Brave browser has a tough task trying to compete with the likes of Google and Apple