This Basic Attention Token (BAT) review has revealed that Basic Attention Token also known as BAT is a payment system which rewards publishers for content and users for the attention that they give it.
Choose your quick section of our Basic Attention Token review below.
A Quick Overview of our Basic Attention Token Review:
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What is Basic Attention Token?
Basic Attention Token (BAT) is a payment system which rewards publishers for content and users for the attention that they give it. At the same time, BAT also provides advertisers with more in return for their ads and it seeks to become the new token representing the advertising industry.
Key Features and Takeaways of Basic Attention Token
Basic Attention Token is one of the leading cryptocurrency projects and coins on the market, forming part of the top 100 in the world. Basic Attention Token has the following key takeaways and features:
- The basic idea behind Basic Attention Token is that it is the internal token of Brave, which is a fast, open-source and privacy-focused browser that offers an innovative reward system for browser users and publishers according to the unit of user attention that they attract.
- BAT aims to become the token representing a decentralised and transparent digital ad exchange which is built, and based, on blockchain.
- Users who use the Basic Attention Token do not have to be concerned about their personal data being stored or sold to third-parties. Users cannot be identified or tracked from one website to the next without their knowledge, and users can change their security as well as privacy settings either per site, or browser-wide.
- Basic Attention Token also has a revenue-sharing system that offers publishers with the perfect solutions, defeating the challenges faced with pressure associated with optimised clicks, content quality, and more.
- Basic Attention Token has a development team consisting of professionals who have experience across various industries.
- There are also several strategic partners including Uphold, DuckDuckGo, and more. Recently, Basic Attention Token has also entered a partnership with the Dow Jones Media Group to deliver premium content to new audiences around the world, while also testing the use of blockchain technology in digital publishing.
- The Basic Attention Token operates in the Brave browser and it works on the idea of zero-knowledge proofs, allowing the data of consumers to remain on their device without being passed onto Brave or any other parties.
- In addition, Basic Attention Token currently runs both automated and anonymous micro-donation systems for publishers known as Brave Payments. Plans for this are to migrate such payments from Bitcoin micropayments to BAT microdonations, which will extend further into advertising.
Basic Attention Token Mining
Basic Attention Token (BAT) cannot be mined as it is not like Bitcoin, Ethereum, or any other cryptocurrencies. BAT is a utility token that is a value of exchange inside the Brave Browser and measures attention per second.
The token is seen as a tool for measurement, as a reward, and the tracking and sale of the attention of users. BAT is used as follows
- It is by advertisers to pay publishers by buying their tokens and exchanging them with “real” money.
- Users are rewarded with BAT when they view adds and they can use BAT on the Brave platform to buy services or to get value-added content offered by the Brave browser.
How can BAT be earned while browsing?
The Brave Browser blocks all images and most of the script ads by default and as users start using the browser, they are provided with free tokens every month. Part of the tokens that developers hold on the “User Growth Centre” are to help engage new users.
When users open their Brave browser, they can activate the option to receive rewards for watching advertisements using BAT.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| Brave Attention Token aims to displace intermediary ad exchanges which are responsible for polluting ad experiences | Basic Attention Token relies heavily on the adoption of the Brave browser, which may face competition from Google Chrome, Safari, Firefox, and others in use |
| Brave Attention Token has a highly experienced and dedicated team of developers | Advertisers may be subjected to challenges with converting users into paying customers |
| Brave browser provides faster speed and complete data and information protection | |
| Brave is already working with 10 million monthly users | |
| Brave monitors user attention in real-time while it also maintains anonymity and the privacy of its users | |
| There is a large demand for what Brave and Basic Attention Token offer to both users and publishers | |
Transaction Fees
| 💰 Type of Fee | ℹ️ Information |
|---|---|
| Trading Fees | From 0 BAT |
| Withdrawal Fees | 9.2 BAT |
Should you buy Basic Attention Token?
Basic Attention Token has created a significant new order in the use of digital advertising. It has also changed the way through which ad content will be displayed across the web pages of users. By disrupting this dominant space, the developers behind BAT can effectively eliminate intermediaries and subsequently streamline the use of ads, allowing for publishers to be rewarded directly for the ads that they deliver.
Basic Attention Token investments are unique in the sense that investors need not worry about ad blocking software to achieve ultimate privacy. The basic aim of the platform is to create an ideal marketplace for advertisement in addition to the use of the BAT coin as the main exchange utility coin.
Basic Attention Token and the Brave browser have drawn in a significant number of users since its launch, and with information privacy and data becoming a great concern these days, BAT and Brave are set to become increasingly popular if they keep to their objective and business model.
How to buy Basic Attention Token (BAT)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Basic Attention Token/BAT and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
BAT can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading BAT.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading BAT, select the option from the “Trade” Menu. Enter “BAT” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select BAT_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair BAT/USDT.
Here, you will see that you have the option to buy or sell BAT either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy BAT through via Limit Order
To buy BAT and create a limit order for it, you can enter the amount of BAT you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell BAT through via Limit Order
To sell BAT, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, BAT that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
Frequently Asked Questions
When was Basic Attention Token first launched?
Basic Attention Token was launched in 2017.
Who founded Basic Attention Token?
The co-founder of Mozilla and Firefox, Brendan Eich, created Basic Attention Token.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Basic Attention Token’s ICO and how much did it raise?
BAT’s ICO was held in May 2017 and raised more than 156 000 ETH which was worth 494 million ZAR at the time.
Is Basic Attention Token legit?
Yes, Basic Attention Token is legit.
What is Basic Attention Token’s total supply?
There is a maximum supply of 1.5 million BAT tokens.
What is the purpose of Basic Attention Token?
BAT is a digital advertising token that was created on the Ethereum blockchain and it was created to provide an exchange marketplace that can connect advertisers, publishers, and users in a decentralised manner.
On which blockchain is Basic Attention Token based?
BAT is based on Ethereum.
Does Basic Attention Token work with smart contracts?
Basic Attention Token is based on the Ethereum blockchain and uses smart contract technology.
Does Basic Attention Token have potential to become more valuable?
Yes, it has the potential to become quite valuable especially when considering the increasing demand for a more secure, anonymous browsing experience.
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