Baitcoin made headlines after being launched by influencer and record label CEO Antz to create NFTs that can be used as unique tickets for gigs. While buying BAIT tokens can seem confusing with so many options available, we’ve created a simple guide to help you purchase BAIT safely online.
What is BAIT?
Baitcoin is an NFT-focused liquidity protocol developed on the Binance Smart Chain. BAIT is a BEP-20 token, which means it’s built to the Binance Smart Chain (BSC) standard (similar to ERC-20 tokens on Ethereum). It is used as a utility token within the Baitcoin network.
Baitcoin was launched in May 2021 by Anthony Robb (Antz) a social media influencer involved in the music industry. Baitcoin has an extensive roadmap that includes a crypto exchange using liquidity pools.
One of their main projects is creating NFTs for the music industry that can be used as tickets to gigs that can be verified easily on the blockchain. Every ticket sold will be minted as an NFT creating a unique non-fungible ticket.
Baitcoin is designed to tackle the problems of fake ticket sales for concerts and provide artists with another form of monetization. This includes special NFTs for each concert that the artist could sell to the highest bidder.
How to Buy BAIT
To buy BAIT tokens you’ll have to use a cryptocurrency exchange – this is a platform where users can trade different cryptocurrency tokens. You can use fiat money (like dollars or euros) to purchase crypto on some of the popular exchanges like Gemini, Coinbase or CryptoWallet.
However, BAIT crypto tokens are only available on altcoin exchanges like PancakeSwap which are crypto-only meaning you’ll have to trade a different cryptocurrency for BAIT tokens. So you’ll have to buy a cryptocurrency like Ethereum (ETH) or Bitcoin (BTC) using fiat money and then trade it for BAIT tokens on an altcoin exchange.
Don’t worry though! We’ve put together an easy step-by-step guide to help you purchase BAIT coins online. We believe the simplest option is to use CryptoWallet to buy BTC tokens on our exchange and then transfer your tokens to an altcoin exchange. We’ve made this even more convenient with our mobile app that lets you trade cryptocurrencies no matter where you are.
Step 1: Register on Fiat-to-Crypto Exchange
Your first step is to get set-up on a Fiat-to-Crypto exchange like CryptoWallet. With CryptoWallet you have the option of using our mobile app or website to buy any of the five biggest cryptocurrencies by marketplace capitalization (BTC, ETH, XRP, LTC, USDT). This can be done using a credit or debit card in just a few minutes.
To register on CryptoWallet:
- Click New Account on the top of the CryptoWallet website to register your new account – you’ll have to verify your identity at this stage.
- Once registered you’ll be taken through the process of setting up your new cryptocurrency wallet and you can choose a seed phrase that will let you gain access to your tokens if needed. Make sure to write this seed phrase down on paper rather than storing it on an electronic device to keep it safe!
When you’ve completed the verification process you can start buying BTC tokens right away!
Step 2: Buy BTC with fiat money
Now you’re ready to buy BTC tokens using our mobile app or webpage!
The next step is to transfer fiat money to your new wallet. You can easily transfer funds into your wallet using a credit or debit card on CryptoWallet.
Once your funds are cleared and in your wallet, you can trade your fiat currency for BTC tokens. Head over to our cryptocurrency exchange and choose the amount of BTC tokens you want to buy and confirm the price that you are willing to pay.
Click select and your BTC tokens will be added to your wallet! It may take a few minutes for your transaction to settle on the blockchain and appear in your wallet.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have BTC tokens you’re ready to trade them for BAIT coins. You’ll need to head over to an altcoin exchange like HotBit, Bilaxy or MXC that supports BTC and BAIT. Every altcoin exchange will have different prices for trading pairs of tokens so it’s vital to do thorough research to find the best price for a BTC-BAIT trade.
You’ll need to set up a wallet on one of these crypto-only exchanges or use a wallet that supports BTC and BAIT tokens. Trust Wallet is a popular android wallet available on Google Play that supports both BTC and BAIT.
Once you have set up your new wallet you can transfer your BTC tokens to this wallet and trade them for BAIT tokens on your chosen exchange.
Last Step: Store BAIT Securely
Storing your crypto tokens securely is the most important step. It’s essential that you choose a stable and secure wallet that stops anybody else from having access to it. As many altcoins are not supported on many of the well-established wallets, some hackers have designed fake wallets in order to scam the holder out of their finances. To help you choose the right wallet for you, we’ve looked at some of the most secure wallets for storing your crypto tokens.
A cryptocurrency wallet is designed to store your tokens and consists of two keys which you will need to access and use your funds. A personal key (which is similar to a password) is used to send money and a public key (like an email address) is used to receive money. There are two types – a hardware (“cold”) wallet or a software (“hot”) wallet.
Hot Wallets vs. Cold Wallets
With a cold wallet, your keys are stored offline in a physical device which makes it the most secure option available. Ledger makes a range of different hardware wallets that you can store BAIT tokens in and are a well-known and trusted hardware wallet company. Cold wallets may be the most secure option however they can be inconvenient to use as you must link it to an online device to access and use your funds.
Hot wallets are much easier to use as all your information is stored online and you can access your funds at any time. However, being constantly online means they are more susceptible to hacks or malicious activity.
Many popular trading platforms have tackled this problem by assuring all funds held in wallets for safety. Any funds you hold in your CryptoWallet wallet are backed up by BitGo, a leading digital asset custodian – so your tokens will always be secure.
For security and convenience, many users have opted to hold the majority of their crypto funds in a protected wallet and use a secondary wallet for buying and selling altcoins like BAIT.
We believe CryptoWallet is a great choice for this as it supports the five largest cryptocurrencies and is backed up by BitGo. It also lets you use our mobile app to trade tokens on the go and our crypto card can be used in stores worldwide. This makes CryptoWallet the ideal wallet for storing your tokens until you want to trade in altcoins.
Can I buy BAIT with cash?
There is currently no option to buy BAIT tokens using cash. Many websites may claim to let you purchase BAIT using a credit/debit card or even by bank transfer but these are most likely scams designed to steal your credit card information or funds. It’s vital to take caution before buying crypto tokens using cash online.
BAIT tokens are only available for trading on crypto-only exchanges.
Are there any quick ways to buy BAIT in Europe?
The fastest and most secure way to buy BAIT in Europe is to buy BTC tokens using fiat money and then trade BTC tokens for BAIT. You can quickly buy BTC tokens on our CryptoWallet mobile app. These can then be traded on an altcoin exchange for BAIT tokens.
Are there any alternative platforms to buy BAIT or Bitcoin with credit cards?
While many platforms may claim to support buying BAIT or Bitcoin with credit cards, we would always recommend you do your own research (DYOR) thoroughly before buying tokens on any platform. Many platforms are unreliable or can be scams designed to steal your credit card information or tokens.
It’s safest to buy BTC tokens using a trustworthy exchange like CryptoWallet where all your funds are assured.