Basic Attention Token, or BAT, is the token that powers a new blockchain-based digital advertising platform designed to fairly reward users for their attention, while providing advertisers with a better return on their ad spend.
To learn more about this project, check out our deep dive of Basic Attention Token.
This experience is delivered through the Brave Browser, where users can watch privacy-preserving adverts and receive BAT rewards for doing so. On the other hand, advertisers can deliver targeted ads to maximize engagement and cut down losses due to ad fraud and abuse.
The Basic Attention Token itself is the unit of reward in this advertising ecosystem, and is exchanged between advertisers, publishers and users. Advertisers pay for their advertising campaigns in BAT tokens. Out of this budget, a small portion is distributed to advertisers, while 70% is distributed to users — whereas the intermediaries that typically drive up advertising costs are cut out of the equation to improve cost-efficiency.
Basic Attention Token launched in 2017 following one of the fastest sell-out initial coin offerings (ICOs) of all time, with the platform raising a total of $35 million in under a minute. Since then, it has rolled out its attention-based advertising experience to users in most countries through its Brave Rewards program.
As of November 2020, the United States, the United Kingdom and Canada had the most active advertising campaigns.
Brave has introduced BAT for decentralized advertising transactions, connecting advertisers, publishers, and users by compensating user attention. The BAT payment system aims to provide better user protection and advertising conversion while increasing publisher revenue. This solution regards BAT and related technologies as part of the network standard, addressing critical issues such as monetization of publisher content and user privacy protection.
How to Buy BAT
1. How to Buy BAT on Exchanges
Step 1: Choose a reputable exchange platform
Select a trustworthy platform from numerous exchanges to make your purchase. Some trusted platforms include Coinbase, Binance, OKX, among others.
Step 2: Register an account
Create an account on the chosen exchange platform. You may need to provide personal information (such as phone number, email) to complete the registration process.
Step 3: Complete identity verification
For security reasons, some platforms may require you to undergo identity verification. Follow the platform's instructions, providing necessary identity information (such as country/ID number) and undergo facial recognition if prompted. Once your identity is confirmed, you'll receive notification.
Step 4: Link your bank or payment method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing BAT.
Step 5: Purchase BAT
Find the option to buy coins on the exchange platform, select the C2C buying process, then input the amount of cryptocurrency you wish to purchase. Typically, you'll choose to buy USDT first and then proceed with the purchase method. Simply place your order, make payment to the seller, and you'll receive the cryptocurrency. Once the payment is completed, you can use your exchange assets to buy BAT.
Step 6: Store your BAT
After purchase, you can choose to store BAT in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Tips
To protect your exchange account and BAT assets, it's essential to use strong passwords and enable two-factor authentication.
How to Buy BAT via Over-the-Counter (OTC) Trading
Over-the-counter (OTC) BAT trading occurs directly between buyers and sellers, bypassing exchanges or other intermediaries. Here are the general steps for OTC BAT trading:
Step 1: Find an OTC trading channel
Start by finding a reliable OTC trading platform or service provider. These platforms typically offer online marketplaces or ways to connect with brokers for trading.
Step 2: Register an account
Sign up for an account on the chosen OTC trading platform. You may need to provide some personal information (phone/email) to complete the registration process.
Step 3: Complete identity verification
For security purposes, some platforms may require you to undergo identity verification. Follow the platform's instructions to provide necessary identity information (nationality/ID) and undergo facial recognition or other verification steps.
Step 4: Browse the trading list
After logging into your account, browse through the platform's trading list to find BAT trades that interest you. You can choose trades based on the trader's reputation rating, trade volume, price, and payment methods.
Step 5: Select a trading partner
Once you find a suitable trade, click to enter the trading page and carefully review the trader's terms and conditions. Ensure you understand and agree to the trader's requirements, such as trade amount, payment method, trade time, etc.
Step 6: Negotiate trade details
After reaching an agreement with the trader, you can negotiate trade details such as trade amount, payment method, trade time, and location.
Step 7: Make payment
According to the agreement reached with the trader, use the chosen payment method to pay the BAT purchase amount to the seller.
Step 8: Confirm receipt
Once the trader confirms receiving your payment, they will release BAT to the BAT address you provided. You can check your BAT wallet balance after the trade to confirm its success.
3. How to Buy BAT through Decentralized Exchanges (DEX)
Buying BAT on decentralized exchanges (DEX) differs from purchasing other cryptocurrencies on centralized exchanges. Here are the general steps for buying BAT on DEX:
Step 1: Choose a BAT-supporting wallet
Create a new wallet supporting BAT assets, then select a decentralized exchange that supports BAT.
Step 2: Connect your wallet
Before using the DEX, you need to connect a wallet supporting the BAT blockchain. You can connect your wallet to the selected DEX via browser extension or mobile application.
Step 3: Deposit funds
In your wallet, select deposit and choose the asset you want to deposit (such as stablecoins). Follow the wallet prompts to complete the deposit process.
Step 4: Find the trading pair
Search or browse for the BAT trading pair on the DEX. Typically, you can find a search box or a list of trading pairs on the exchange's homepage or trading interface.
Step 5: Place an order
Once you find the BAT trading pair, you can choose between market or limit orders and input the quantity you want to purchase. Ensure you input the correct price and quantity in the order, then confirm the order.
Step 6: Wait for the trade to execute
Your order will be submitted to the BAT blockchain and wait for confirmation and execution by miners. Once the order is executed, you will receive the purchased BAT, which you can view in your wallet balance.
Step 7: Withdraw funds
After completing the trade, you can choose to withdraw the purchased BAT to your wallet for safer storage of your digital assets.
4. Official Channels for BAT Project Team or Community
Sometimes, the BAT project team or community may launch official channels for direct BAT purchases. This may include private placements, presales, or other forms of direct sales.