how to buy bitdao

BitDAO is a platform for Web3 builders, developers, and visionaries. As BitDAO became popular in the global Web3 community, it managed to support hundreds of organizations and companies. Due to the popularity of BitDAO, many users have started asking questions like “how to buy BitDAO (BIT)” and “where to buy BitDAO.”

Do you want to buy BIT and join the BitDAO collective? In that case, you should read this article thoroughly. We’ll cover the fundamental steps of buying BIT, as well as some essential topics about the token.

BitDAO (BIT) Buying Guide

Step 1: Find An Exchange That Supports BIT

To start buying BIT, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support BIT.

Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.

  • 1000+ Cryptocurrencies Available for Trade
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  • 1500+ Cryptocurrencies Available for Trade
  • Fees (Maker/Taker) : 0.2%*-0.2%*
  • 10% reduced trading fees & up to $170 in USDT vouchers*
  • Available in North America, South America, Europe, Asia, Oceania, Africa

Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification. 

You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.

Step 2: Deposit Funds to Your Exchange Account

Before buying BIT, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.

Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.

Step 3: How to Buy BIT Officially?

Learning how to buy BIT is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the BIT ticker. You can also look directly for BIT trading pairs to save time. Afterwards, just enter the amount of the BIT tokens that you want to buy.

You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.

Everything You Have to Know About BitDAO (BIT)

BitDAO (BIT) is a Web3-focused decentralized autonomous organization designed to combine and curate hundreds of DeFi and cryptocurrency projects. The BitDAO collective also intends to attract developers and organizations to partake in a global Web3 development initiative.

These are some of the interesting features of BitDAO:

  • Multi-phase governance with actionable steps
  • Dynamic treasury growth
  • BitDAO’s fast-scaling ecosystem with connection to other projects
  • Secured liquidity locks
  • Continuous research and development
  • Staking rewards for token holders
  • NFT markets
  • Convenient token swaps

BitDAO is currently partnered with reputable firms and organizations. Every token holder or BitDAO member can also build a project that can be linked to the community.

How Does BIT Work?

BIT, the native token of BitDAO, can be used for transaction fees, service payments, and token swapping. Users can also take their BITs to earn more incentives over a predetermined period of time. In the future, BitDAO will launch more services that will extend the utilization of BIT further.  

What Makes BitDAO (BIT) Unique?

BitDAO (BIT) is unique because its growth is directly affected by community governance, treasury improvements, and token exchange. This simply means that everyone in the BitDAO community has a significant contribution to the platform, paving the way to real Web3 decentralization.

Another unique thing about BitDAO is its extensive feature-rich roadmap that intends to launch products driven by on-chain and off-chain governance. These products will allow more people to join the BitDAO community.

Who Are the Founders of BitDAO (BIT)?

Technically, BitDAO has no founders. It is a collective that consists of BIT holders, project builders, and cryptocurrency experts believing in the thriving Web3 reality. BitDAO is currently supported by dozens of entities like Founders Fund, Pantera, Spartan, and Bybit.

What Are the Use Cases of BitDAO (BIT)?

Currently, BIT has numerous use cases related to collaboration, asset utilization, and dynamic governance. Understanding BIT’s use cases will help you determine if the token is aligned with your cryptocurrency preferences.

Here are the common use cases of BIT:

  • Speculative trading
  • Investment
  • Fees and payments
  • Rewards
  • Staking
  • Governance
  • Multi-chain services
  • Main asset for collaboration

Who Builds on BitDAO (BIT)?

BitDAO (BIT) is meant for Web3 enthusiasts, project builders, developers, and investors who believe in the importance of having a global decentralized crypto-collective. BIT holders in the BitDAO ecosystem can collaborate on numerous projects and approve or decline proposals accordingly. In other words, every member of the BitDAO platform has a specific role to fulfill.

Official website: https://www.bitdao.io/

Essential Points of the BitDAO (BIT) Whitepaper

The BitDAO Litepaper highlighted the top programs, features, and capabilities of the BitDAO ecosystem. Plus, the paper also covered the tokenomics of BIT.

These are the strong points of the BitDAO (BIT) Whitepaper:

  • BitDAO treasury growth strategies
  • BitDAO governance specifics
  • BitDAO governance phases
  • Delegation and voting
  • Detailed BIT tokenomics
  • BitDAO partners and social information

The Best Cryptocurrency Wallet for BIT

After knowing how to buy BIT, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.

You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.

On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.

What Factors Affect My Choice of Crypto Wallet for BIT?

At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.

Check out the important factors affecting your choice of BIT wallet:

  • Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade BIT right away.
  • Not all wallets support a wide range of cryptocurrencies. The best crypto wallets will let you trade hundreds of cryptocurrencies without limitations.
  • When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
  • Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
  • Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.

Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors

Now that you already know how to buy BIT, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.

When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.

Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.

If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes. 

General Market Overview for BitDAO (BIT)

Do you want to learn more about BitDAO (BIT) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!

Additionally, here are some important topics in our blog:

  • Trading speculation about BitDAO (BIT)
  • The current market prices of cryptos
  • Detailed price charts with comprehensive histories
  • Whitepaper summaries of cryptos
  • Founder profiles and their related works
  • Up-to-date cryptocurrency news and developments

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