How to buy BitDAO (BIT)

How to buy BitDAO (BIT)

If you’re interested in purchasing BitDAO (BIT), this helpful step-by-step guide will show you how. We’ll walk you through the process so you can learn how to buy BitDAO (BIT) with ease. Whether you’re new to cryptocurrency or just looking to expand your portfolio, this guide can provide you with the information you need to get started. So why not give it a try and learn BitDAO (BIT) today?

Step 1: Create an account on an exchange that supports BitDAO (BIT)

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

1

 Bybit

Create Bybit Account

Fees (Maker/Taker)                   0.1%*-0.1%*

Cryptocurrencies
Available for Trade                              400
+

Sign-up bonus
 $30,000 sign-up bonus*

Available in
Europe, Asia, Oceania, Africa

2

 MEXC

Create MEXC Account

Fees (Maker/Taker)                    0.2%*-0.2%*

Cryptocurrencies
Available for Trade                             1500
+

Sign-up bonus
 10% reduced trading fees & up to $170 in USDT vouchers*

Available in
North America, South America, Europe, Asia, Oceania, Africa

3

 Gate.io

Create Gate.io Account

Fees (Maker/Taker)                    0.2%*-0.2%*

Cryptocurrencies
Available for Trade                           
1000+

Sign-up bonus
 Up to $100 in USDT vouchers*

Available in
Europe, Asia, Oceania, Africa

When you’re signing up for a cryptocurrency exchange, you’ll typically need to provide some basic information. This might include your email address, password, and full name. Depending on the exchange, you may also be asked for additional details like your phone number or address.

It’s worth noting that some exchanges have more stringent requirements, such as a “Know Your Customer” (KYC) procedure. This is typically the case with licensed and regulated exchanges. KYC procedures help ensure that exchanges comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. If you’re required to complete a KYC procedure, you’ll typically be asked to provide additional information, such as a government-issued ID or proof of address.

Step 2: Deposit funds into your account

When buying BitDAO (BIT) on a cryptocurrency exchange, many of them allow you to use fiat currencies like EUR, USD, and AUD to make your purchase directly. To do this, you’ll need to fund your account with one of several deposit methods, including credit and debit cards, e-wallets, and direct bank transfers. If this is not an option on the cryptocurrency exchange that you have chosen, then simply move onto the next step in this guide.

It’s important to note that different payment methods may have varying fees associated with them. For example, credit card payments may have higher fees than other options. To avoid paying unnecessary costs, it’s a good idea to research the fees for each payment method before funding your account.

Step 3: Buy BitDAO (BIT)

Buying BitDAO (BIT) on a cryptocurrency exchange is a simple process. Look for the search bar or navigation menu and search for BitDAO (BIT) or BitDAO (BIT) trading pairs. Next, find the section that allows you to buy BitDAO (BIT). Enter the amount of cryptocurrency you want to spend or the amount of fiat currency you want to use to buy BitDAO (BIT). The exchange will calculate the equivalent amount of BitDAO (BIT) based on the current market rate.

Before confirming your purchase, always double-check the transaction details, such as the amount of BitDAO (BIT) you’ll receive and the total cost of the purchase. Additionally, some exchanges offer a proprietary software wallet to store your BitDAO (BIT), but you can also create your own software wallet or purchase a hardware wallet for the highest level of protection.

If you’re looking for more detailed instructions on buying cryptocurrency, our “Absolute Beginner’s Guide to Cryptocurrency Investing” can take you through the process step-by-step. This guide also covers how to send and receive cryptocurrency.

If you’re brand new to the world of cryptocurrency, don’t worry! We offer beginner, intermediate, and advanced level articles to help you get up to speed with everything you need to know. These articles cover a wide range of topics, so whether you’re just starting out or looking to expand your knowledge, we’ve got you covered. With our resources, you can confidently navigate the cryptocurrency space and make informed investment decisions.

What is BitDAO (BIT)?

BitDAO is a pioneering force in the decentralized economy, designed to empower builders and innovators in the blockchain space. As an open platform, it welcomes proposals that can be voted upon by its $BIT token holders. This democratic approach to decision-making promotes a sense of ownership and engagement among the community, fostering an environment of collaboration and innovation.

The cornerstone of BitDAO’s operations is its governance structure, which relies on the input and voting power of $BIT token holders. These stakeholders have the ability to submit soft proposals on the BitDAO forum and official proposals via the BitDAO Governance Module (Snapshot). By holding $BIT tokens, individuals can participate in important decisions, such as the launch of new initiatives, allocation of treasury resources, and implementation of corrective actions. This decentralized model ensures that the platform remains transparent, adaptable, and driven by the interests of its community members.

Resource management plays a crucial role in BitDAO’s ecosystem, as it determines how the platform can support and sustain its various projects. The BitDAO treasury expands through various channels, such as net inflows from BIT-powered products like Mantle—an Ethereum Rollup—and the appreciation of assets held within the treasury or off-chain. Additionally, contributions from Bybit help bolster the treasury’s growth. These resources are then allocated to fund the development of BIT-powered products, support specialized initiatives (e.g., Game7 and EduDAO), provide liquidity, and facilitate token swaps with other organizations. This allocation process ensures that BitDAO continues to thrive and drive growth within the decentralized economy.

At its core, BitDAO operates on a set of fundamental principles that differentiate it from traditional companies. Rather than having a management team or employees, BitDAO is a collective of builders and stakeholders who hold $BIT tokens and share the common goal of ensuring the project’s success. This unique structure enables anyone to propose partnerships and protocol upgrades, subject to the approval or rejection by $BIT token holders through voting. It is important to note that holding $BIT tokens allows stakeholders to submit and vote on proposals, but does not grant them the power to impose their will on others. Instead, proposals should be framed as requests for funding and support, emphasizing collaboration and shared decision-making.

Understanding the BIT Token and Its Tokenomics

The BIT Token, a vital component of the BitDAO ecosystem, serves as the foundation for the platform’s governance and decision-making processes. Launched on July 15th, 2021, the token has a maximum supply of 10 billion tokens with no inflation. The token address for the BIT Token is 0x1A4b46696b2bB4794Eb3D4c26f1c55F9170fa4C5.

As with many cryptocurrencies, there are transfer restrictions associated with the BIT Token, particularly for U.S. persons. The token cannot be offered, sold, or transferred within the United States or to U.S. persons unless it complies with exemptions or transactions that do not require registration under the U.S. Securities Act of 1933, as amended.

The distribution and vesting of BIT tokens can be categorized into five key segments: Private Sale, Launch Partner Rewards, BitDAO Treasury, Bybit Flexible, and Bybit Locked. Private Sale tokens constituted 5% of the total supply, with a three-month cliff period followed by linear vesting over 12 months. Launch Partner Rewards accounted for 5% of the total supply, with 2.6% specifically allocated for SushiSwap. The BitDAO Treasury holds 30% of the total supply, and these tokens can be used for swaps, grants, and milestone rewards after a DAO proposal and vote. Bybit Flexible and Bybit Locked tokens make up 15% and 45% of the total supply, respectively.

Bybit, a significant contributor to the BitDAO treasury, has pledged to support the project by holding a large percentage of BIT tokens at launch. These tokens can be used for various purposes, including establishing R&D centers, supporting Bybit business growth, and rewarding Bybit or BitDAO-affiliated R&D center employees and stakeholders.

The vesting schedule for Bybit Locked tokens is designed to gradually release tokens over a period of 24 months, starting 12 months after the launch of the BIT Token. The target number of BIT tokens remaining in Bybit Locked can be tracked on a month-by-month basis. By July 16th, 2024, all Bybit Locked tokens will have completed their vesting.

BitDAO development updates in 2023

In 2023, BitDAO (BIT) underwent several significant developments that have contributed to its growth and evolution in the decentralized finance (DeFi) space:

  • $200 Million Ecosystem Fund Proposal: BitDAO proposed a significant $200 million ecosystem fund, aimed at bolstering the BitDAO community and its projects. This move contributed to a surge in the BIT token’s value, highlighting the community’s confidence in the proposal and its potential impact on the BitDAO ecosystem​​.

  • Launch of Mantle – Ethereum Layer-2 Network: BitDAO announced the launch of Mantle, a modular Ethereum Layer-2 (L2) network. Mantle is designed to reduce transaction fees and speed up transaction times on the Ethereum network. This development is a crucial step in enhancing BitDAO’s infrastructure and its appeal in the broader DeFi landscape​​​​.

  • $100 Million BIT Token Buyback: The community announced a plan to buy back $100 million worth of BIT tokens. This initiative includes purchasing $2 million in USDT worth of BIT for 50 consecutive days, starting from January 1, 2023. The buyback scheme is intended to bolster the value of BIT tokens and reflects the DAO’s commitment to its own currency​​​​.

  • Significant Donation and Token Burning by ByBit: ByBit, a major supporter of BitDAO, announced a substantial $66 million contribution to the project. Additionally, ByBit has played a key role in the monthly burning of BIT tokens, contributing to the deflationary measures within the BitDAO ecosystem​​​​.

  • Adoption of Ethereum Improvement Proposal (EIP-3074): BitDAO aims to be the first network to adopt EIP-3074, an Ethereum Improvement Proposal that extends smart contract functionality and meta-transactions. This move is set to enhance the technical capabilities of the Mantle network​​​​.

  • Community Growth and Engagement: BitDAO, being one of the largest DAOs, has a significant community that actively participates in governance and decision-making. The community’s response to these developments has been generally positive, showing a strong belief in the project’s core values and its future potential​​​​.

These developments mark a pivotal year for BitDAO, showcasing its commitment to advancing its technological infrastructure, enhancing its governance model, and actively supporting the DeFi ecosystem.

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

Best cryptocurrency wallet for BitDAO (BIT)

Navigating the world of cryptocurrency wallets can be quite an adventure, as there are numerous options available to suit different needs. To find the perfect wallet for you, consider your trading habits and the level of security you require. Generally, there are two main categories of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical).

Each type of wallet comes with its own set of advantages and drawbacks, so there isn’t necessarily a one-size-fits-all solution. As you embark on your journey to find the best crypto wallet for your BitDAO (BIT) tokens, remember to keep an open mind and explore the features that align with your personal preferences and requirements.

When choosing the right wallet for your BitDAO (BIT) tokens, consider the following factors:

  • Trading frequency: Hot wallets are generally more suitable for active traders due to their quick login capabilities, allowing for seamless buying and selling of crypto. Cold wallets, on the other hand, are better suited for those who make less frequent trades.
  • Supported cryptocurrencies: Although not all wallets cater to every cryptocurrency, some of the best ones can trade a vast array of currencies, offering a versatile experience. Make sure the wallet you choose supports BitDAO (BIT).
  • Security concerns: If you’re worried about potential hacking incidents, a physical cold wallet stored in a safe deposit box or a secure location at home provides the highest level of protection. However, if you’re confident in safeguarding your hot wallet, you might prefer its convenience.
  • Associated costs: Investigate the costs of each wallet option. While many hot wallets are free to set up, cold wallets, being hardware devices, will require an upfront investment.
  • Wallet features: While the basic functions of cryptocurrency wallets remain the same, additional features can distinguish one wallet from another. Hot wallets often come with advanced reporting tools, crypto market insights, and currency conversion capabilities. Security features can also be an essential factor when making your decision.

By considering all of these aspects, you’ll be better equipped to select the perfect cryptocurrency wallet for your BitDAO (BIT) tokens.

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

If you’re planning to handle larger amounts of crypto, investing in cold storage can be a wise decision. Two of the most popular cold storage options are the Ledger Nano and the Trezor.

Ledger creates cold storage wallets designed for users who prioritize security. Their wallets are physical devices that connect to your computer, and you can only send cryptocurrency from them when they’re connected. Ledger offers a range of products, including the Ledger Nano S and the Ledger Nano X, which features Bluetooth connectivity.

Trezor, a trailblazer in the hardware wallet industry, combines top-notch security with an intuitive interface and compatibility with various desktop wallets. This blend makes it suitable for both beginners and experienced users. Trezor has earned a great deal of respect within the Bitcoin community over time. They offer two primary models – the Trezor One and the Trezor Model T, which comes with a built-in touchscreen.

Ledger Hardware Wallet
Trezor Hardware Wallet

BitDAO (BIT) Price & Charts

Find the latest BitDAO (BIT) price charts, trade volume, market cap, historical price performance and other vital information to help you with your cryptocurrency trading and investing on CoinMarketCap.
Here you can see the following:
  • Market Capitalization And Daily Trading Volume
  • Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
  • Circulating And Total Supply
  • Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
CoinMarketCap
Last updated Dec 22, 2023

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