How To Buy Biconomy (BICO)?

A common question you often see on social media from crypto beginners is “Where can I buy Biconomy?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.

Step 1: Create an account on an exchange that supports Biconomy (BICO)

First, you will need to open an account on a cryptocurrency exchange that supports Biconomy (BICO).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Biconomy (BICO) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Biconomy (BICO)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Biconomy (BICO) or Biconomy (BICO) trading pairs. Look for the section that will allow you to buy Biconomy (BICO), and enter the amount of the cryptocurrency that you want to spend for Biconomy (BICO) or the amount of fiat currency that you want to spend towards buying Biconomy (BICO). The exchange will then calculate the equivalent amount of Biconomy (BICO) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Biconomy (BICO) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.

Simplecryptoguide.com

What Is Biconomy (BICO)?

Biconomy provides plug-n-play APIs to make Web 3.0 user-friendly & frictionless.

They are on a mission to make the decentralized web accessible to everyone. They claim to be the missing piece to crypto adoption for onboarding the next billion. With APIs & SDKs to transform any dAapp to become usable for anyone regardless of their crypto knowledge and experience. And with multi-chain relayed infrastructure that processes almost 50K daily transactions for 70+ DApps to ensure all the benefits of web3.0 come with the intuitiveness of web2.0.

Every interaction with a dApp is a blockchain transaction, and blockchain transactions are complicated. Users have to be proficient with crypto wallets, deal with gas, actively manage each transaction, move funds across various chains and much more. Even then, they face a broken experience fraught with long wait times and failed transactions. This is specially daunting for crypto newbies who face a steep learning curve just to get started.

The mainstream user doesn’t want to deal with these blockchain headaches. They expect the Dapp to deal with gas, transaction management, bridges and everything else under the hood. That’s where Biconomy comes in. Biconomy provides a simple & quick way for Dapps to abstract away these complexities from their users.

Biconomy Simplifying Web3.0

With Biconomy, users get a simple multi-chain experience where they connect their wallet to any dApp, instantly access their funds on any chain or L2/rollup and enjoy a completely gasless experience.

Biconomy enables this superior experience though the following features:

• Free gasless transactions
• Instant cross-chain transfers
• Flexible options to pay gas
• Assured successful transaction
• Simple instant onboarding to scaling solutions
• Automatically connect to any L2 & EVM compatible chains
• Cheap and instant cross-chain contract calls

The future of the internet is decentralized, and Biconomy is a critical infrastructure on which it will stand. Biconomy makes web3.0 more usable, interoperable & composable.

Who Are the Founders of BICONOMY?

All three co-founders of Biconomy (Ahmed Al-Balaghi, Sachin Tomar, and Aniket Jindal) gathered together for the first time in early 2019.

Ahmed Al-Balaghi holds the position of CEO. On top of that, he’s Founder and Co-Host of Encrypted Podcast (MENA’s largest podcast dedicated to fintech, blockchain and crypto assets). Al-Balaghi graduated with a degree from the Queen Mary University of London studying Economics and Mathematics. Later, he earned a scholarship to study Mandarin at Fudan University. Prior to Biconomy, Al-Balaghi worked for Viewfin, a leading Chinese blockchain company. He also has experience working with Citibank, Dow Jones, and Ofgem.

Sachin Tomar is CTO of the company. He is a skilled blockchain developer who leads the technical architecture of Biconomy. Tomar studied at Dr. B.R. Ambedkar National Institute of Technology Jalandhar. He has more than eight years of experience in IT, and he also worked with Samsung and Makemytrip.

Last but not least, Aniket Jindal is the COO of Biconomy. Jindal is an Angel investor in the Indian blockchain space. He is a true crypto expert with diverse backgrounds in marketing, investing, and operations.

BICOnomy tokenomics

$BICO is the native work & governance token of the multi-chain relayer infrastructure. It plays a key role in decentralizing the network by acting as the network fees, incentivizing all stakeholders to secure and maintain the network, and participating in the network’s governance.

There are in total 1 billion $BICO tokens in supply.

Biconomy development updates in 2023

Biconomy (BICO) has made several significant advancements in 2023, focusing on enhancing user experiences and expanding its blockchain infrastructure capabilities. Here’s an overview of the most important developments:

• Gasless Transactions and Mexa: Biconomy introduced “Gasless,” a solution that simplifies user interactions with decentralized applications (DApps). This includes “meta transactions” which allow DApp developers to cover gas fees on the backend, freeing users from the complexities of managing gas fees and wallets. Mexa, a key component of this ecosystem, provides various implementation options and is used by numerous DApps to integrate gasless transactions.

• Forward and Hyphen Solutions: Biconomy has introduced Forward and Hyphen as part of its visionary approach. Forward allows users to pay transaction fees with a range of ERC-20 tokens, enhancing the flexibility of DApps. Hyphen facilitates efficient token transfers across different blockchains, supporting cross-chain interoperability and composability.

• Use Cases Across Various Sectors: Biconomy caters to several critical use cases within the blockchain space, such as simplifying DeFi interactions, facilitating cross-chain transfers, enhancing the gaming industry experience, and optimizing NFT marketplace transactions.

• BICO Token Features and Tokenomics: BICO, the native utility token of Biconomy, plays a crucial role in network fees, governance, and stakeholder incentives. As of October 2023, 667 million BICO tokens are in circulation out of a total supply of 1 billion units. BICO token holders can participate in network governance and stake tokens for network security and rewards.

• Staking Mechanism: In June 2023, Biconomy introduced BICO staking, allowing token holders to earn rewards by securing the protocol against shortfall events. Both BICO and BBPT tokens can be staked, with specific mechanics in place for the staking process, rewards, and security measures to protect against shortfall events.

• Innovative Features for DApp Developers: Biconomy has introduced various features to aid DApp developers, including modular smart accounts, paymasters as a service, and bundlers as a service. These features are designed to simplify user experiences and enhance the efficiency of blockchain transactions.

• Educational Initiatives: Biconomy places a strong emphasis on education and knowledge dissemination, evidenced by their initiatives like Biconomy Academy, aimed at building a decentralized ecosystem.

These updates mark significant milestones in Biconomy’s journey, showcasing its commitment to making the Web3 ecosystem as intuitive and accessible as possible, and driving forward the blockchain industry​​​​​​.

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

Best cryptocurrency wallet for Biconomy (BICO)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Biconomy (BICO)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

 

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).