A Quick Guide to Basic Attention Token (BAT)

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Cryptocurrencies have continued to grow in popularity faster since the creation of Bitcoin in 2009. As Blockchain technology delivers ultra-secure and swift online payments in real-time, developers continue to introduce more tokens and altcoins. One of the latest additions to the crypto world is the Basic Attention Token or BAT.

Each type of crypto addresses specific problems or performs different functions for various transactions in the digital space. For example, crypto coins are forms of currency built within the blockchain. On the other hand, tokens are digital assets that authorize smart contracts and represent digital value units. BAT is an example of a token and is the native cryptocurrency of the web browser Brave.

As the number of crypto being developed increases, so do fake coins that provide no value at all. In this way, tokens like BAT increase the legitimacy of crypto in delivering real value and benefit to consumers, online publishers, and advertisers. Overall, having a utility token like BAT can be valuable and help the crypto industry thrive.

Continue reading to learn everything you need to know about the Basic Attention Token.

Basic Attention Token, What is it?

The BAT, defined as Basic Attention Token, is the native token of the web browser Brave. It is a digital advertising medium that utilizes Ethereum blockchain technology to enhance web-based advertising safety and cost-effectiveness. You can gain Basic Attention Token through Brave by agreeing to see advertisements within the browser and obtain BAT rewards.

These BAT rewards enable you to give “digital tips” to your favorite content creators, either one-time or repeatedly. Meanwhile, the user remains anonymous, but the support is felt directly by the publisher through these tips. In this way, the publishers know which content has more information, leading them to produce even better quality content.

Surfing in Brave can also directly support online publishers by ad revenue without exposing yourself to malicious third-party advertisers. Thus, Brave keeps both the users’ and the publishers’ digital privacy secure.

You can also purchase Basic Attention Token from cryptocurrency exchanges and deposit them to any crypto wallet. After purchase, you can donate further to your favored websites as compensation for providing you with great content.

History of Basic Attention Token

You probably surf the internet via web browsers. Brave is a privacy-centered web browser that blocks ads and trackers to provide an anonymous ad-free experience. 

Website publishers drive traffic through their websites by catching user attention. These publishers gain revenue by providing advertisers with a digital ad space for you to engage.

Over time, these advertisers became more malicious by dispatching content trackers unknown to the users. Subsequently, website publishers also became more aggressive in displaying ads to drive more revenue. After that, users then go for content blockers to stop intrusive ads not to disrupt their internet surfing activities. So how do website publishers make money if the users continue to block ads and not click on them?

Brendan Eich, co-author of Mozilla, and Brian Bondy, CTO of Brave Software, Inc., created the BAT protocol in 2021. Together, they aim to answer the damaged condition of the digital advertisement mentioned above.

Advertising earnings have quickly become dominated by Google and Meta and acquire almost 3/4 of all online ad revenue. These giant tech companies stalk unaware users and obscure creators’ website analytics. Likewise, advertisement companies are still at the forefront of digital fraud. On the other hand, BAT wants to provide users, website publishers, and advertisers with a safer digital advertising model. Advertisers can securely track user attention without privacy violations through Brave Ads and rewards.

What makes BAT different from other Cryptocurrencies?

Basic Attention Token is an ERC-20 utility token. Advertisers, publishers, and users can utilize this as a unit of account on the BAT platform. These tokens calculate, trade instantly, and prove user attention securely. Another crypto like Bitcoin can’t facilitate this particular problem-solving method inside their platform.

Also, creating the BAT User Growth Pool remains the most critical part of this token sale. In this way, BAT can entice online consumers to enter the Basic Attention Token ecosystem. In the future, Basic Attention Token might be separated from the ETH platforms. BAT price will then be independent of the volatility of the Ethereum blockchain prices.

Current Value of Basic attention token

As of this writing (March 2022), the current price of the Basic Attention Token is $0.82. BAT hit an all-time high of $1.92 BAT price. It has a market cap of 1.2 billion dollars and ranks 43rd by market cap. In terms of exchange rates, one BAT price is equivalent to 0.00001978 BTC. With Ethereum, BAT has a fixed exchange rate of 6,400 BAT. In addition, it has a circulating supply of 1.5 billion BAT at 100%, with a typical hold time of 35 days.

What can I use BAT for?

Earning BAT is a part of the Brave rewards program by watching advertisements. Brave will convert it into BAT rewards, which you can use as digital tips to publishers using that earned BAT. Advertisers can then evaluate the performance of their ads through user attention value calculated by Brave. 

You can also trade BAT in crypto exchanges. Still, the BAT and Brave browser community does not encourage trading with these utility tokens. According to the BAT team, these are not considered securities and are highly speculative.

If you are still interested in trading BAT, it moves closely with the price of ETH. Remember, always follow the standard investment advice “never risk what you can’t afford to lose.” Do your research before investing in these highly speculative utility tokens.

Developers are continually improving the Basic Attention Token protocol. Some of the future projects include BAT being available to other browsers outside of Brave software. They also envision the probability of developing the BAT protocol to Telegram and WeChat integrations.

Top 5 Platforms for Purchasing and Trading BAT

BAT can be bought and sold just like other cryptocurrencies in crypto exchanges. Here are the top five platforms to purchase and trade BAT:

  1. Binance Crypto
    Established in 2017, Binance is one of the most preferred exchanges by cryptocurrency investors. Binance has stayed at the vanguard of exchange innovation, delivering sophisticated features, interest-earning products, and access to Defi. The advanced user interface might be overwhelming for first-time investors. However, the amount of cryptocurrencies available in this exchange is second to none.
  2. Crypto.com App

Crypto.com is a complete crypto ecosystem with three main avenues: The all-in-one access Crypto.com App; the Crypto.com Wallet as storage; and the Crypto.com exchange for purchasing and trading cryptocurrencies and tokens like BAT. You can also apply for Loans, convert crypto to USD, have savings using Earn, and set up strategies in Invest.

  1. Changelly

Changelly is an exchange that collects the best prices of cryptocurrencies and compiles them on their website. Its intuitive and sleek interface lets you make crypto transactions seamlessly and effortlessly.

  1. KuCoin

KuCoin is a Hong Kong-based crypto exchange. It has a reputation as an early adopter, so buyers can score a deal while coins are still cheap. Fees are also reasonably competitive and lower than many other exchanges, making this a great platform to purchase BAT.

  1. Gemini

Gemini is a simple, elegant, and secure platform to buy BAT. The platform has its own Gemini Credit Card, and Gemini can let you earn up to 8.05% Annual Percentage Yield. You can also purchase and sell Non-Fungible Tokens and have insurance coverage in your cold crypto storage. Gemini maintains a “security-first” mentality across its platform, making your BAT purchases secure.

How do I purchase BAT?

Here’s how to get started in buying Basic Attention Tokens:

  1. Compare cryptocurrency exchanges that support BAT.
    Cryptocurrency exchanges vary by fees, security, and payment methods, so you’ll need to research the excellent fit for you. You don’t need an extensive scope of features if you are a beginner, and you can always switch exchanges later.
  2. Create an account on an exchange.
    Ensure the exchange provides trading for the Basic Attention Token cryptocurrency. Keep the authentication key for your designated crypto wallet available to your crypto exchange of choice.
  3. Fund your account.
    Begin funding your account. Funding options include bank transfer, credit or debit cards, or depositing cryptocurrency from a crypto wallet to buy BAT. Buying crypto directly with a credit card often implicates higher fees. Credit cards usually treat crypto purchases as cash advances, which comes with even more costs.
  4. Buy Basic Attention Token.
    At this point, you can now buy BAT. Select the trading pair that includes BAT and the currency deposited during step three. For example, if you have Bitcoin and want to purchase BAT, you should select the duo called “BTC/BAT.” If you prefer dollars, select “USD/BAT.” Enter a buy order for the preferred quantity of tokens at the desired price. Note that trading crypto can result in crypto taxes due the subsequent year.
  5. Consider moving purchased BAT to hardware crypto wallets.
    After buying BAT tokens, you may consider moving your Basic Attention Tokens off of an exchange. Move them into a hardware wallet that supports ERC-20 tokens like BAT. This strategy of crypto storage delivers extra security. When placed in this cold storage, your BAT should be unreachable by hackers when put into “cold storage.” 

How Does BAT work with Brave?

The Brave web browser is an aggressive blocker of malicious advertisements and trackers. Brave ensures anonymous, protected internet surfing with high speeds. It constantly boosts every site to employ the HTTPS protocol, adding a safety layer when you browse. Brave takes it up a notch by using a system called Attention Value to securely track user attention and timely compensate web publishers via BAT rewards.

The Attention Value algorithm calculates ad-viewing total time and pixel estate on the websites you visit. Spending more time viewing the ads in your content makes the profits go directly to the web publisher. Brave assures publishers a better return from you without intermediaries or third-party advertising.

Is BAT restricted to Brave?

The BAT protocol is only available in Brave browsers. But the team is undoubtedly working to extend the BAT ecosystem outside Brave for future mass adoption. They are still planning to bring the BAT platform into other “attention-based” apps or cross-platform extensions. So using it on another browser is possible, but we’ll have to wait until the BAT protocol is fully developed.

Final Thoughts

The Basic Attention Token platform allows online users, website publishers, and advertising brands to coexist online in a secure, sheltered, and mutually profitable ecosystem. It is still much in its development period, but BAT’s future is promising. Soon, BAT will be the leading cost-effective and reliable channel for advertising. Download Brave to get started!

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