BitDAO claims to be “the world’s largest DAO-directed treasury”. With backing from some of the biggest players in the DeFi industry including Peter Thiel, BitDAO has grown hugely since its inception. To help you buy BIT tokens safely online, we’ve put together an easy step by step guide to buying BIT tokens online.
What is BitDAO?
BitDAO (BIT) is a decentralized treasury protocol with a focus on promoting Decentralized Finance. It is a large Decentralized Autonomous Organization (DAO) that aims to create a token economy through token swaps and co-development efforts. As a DAO, all decisions are made by holders of BitDAOs token – BIT. The project is designed to accumulate a treasury of the top crypto currency tokens.
BitDAO has a strong financial backing including Bybit and Peter Thiel. The project has no central management team and any community member can submit a proposal or suggest changes. The entire community can then vote on these proposals and decide the direction of the project.
If you’re interested in buying BIT coins online you’ll need to use a cryptocurrency exchange. This is an online platform for trading digital assets like cryptocurrencies and NFTs. Some exchanges like CryptoWallet or Coinbase allow you to buy tokens using a credit or debit card.
Others are “crypto-only” exchanges – also known as altcoin exchanges. These platforms only support trading cryptocurrencies for other cryptocurrencies. You’ll need to buy tokens using fiat money on a different exchange and then transfer your tokens to these exchanges to trade.
BitDAO is currently only available on these altcoin exchanges. You’ll need to buy a cryptocurrency like Bitcoin (BTC) or Ethereum (ETH) using fiat money on an exchange like Binance or CryptoWallet. Then you can use an altcoin exchange to trade your tokens for BIT tokens.
Don’t worry! We’ve put together an easy guide to walk you through the process of buying BIT tokens online using CryptoWallet.
With CryptoWallet, buying crypto tokens is made simple with our mobile app. You can purchase tokens using a credit or debit card while our crypto card lets you spend your tokens in retailers worldwide.
Step 1: Register on Fiat-to-Crypto Exchange
To get started, you’ll need to create a CryptoWallet account and set up your cryptocurrency wallet:
- To register, click here. To set up an account you’ll need to provide personal information and proof of identity.
- You’ll be taken through the steps of setting up your own crypto wallet on the CryptoWallet exchange. You’ll receive a seed phrase which you’ll need in the unlikely case of losing access to your account. It’s safest to write this recovery phrase down on paper rather than storing it on an online device. Then you should store this document somewhere secure.
- Once your registration is complete, you’ll be able to add fiat money to your account. Then you can start trading cryptocurrencies!
Step 2: Buy BTC with Fiat Money
Now that your crypto wallet is created you can add fiat currency to it. Using a bank card or wire transfer you can easily add funds to your wallet. Once your funds have been transferred to your wallet and cleared, you can buy crypto tokens.
Head to our cryptocurrency exchange to choose the coin you wish to buy. Choose the amount of Bitcoin you want to buy and confirm the price.
Your BTC tokens will be transferred to your wallet after you click the Select button. It may take a few seconds for the order to be finalized and shown in your wallet.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have BTC tokens you’re ready to trade them for BIT tokens. There are several altcoin exchanges that support trading these two tokens including BitMart, Gate.io, AEX, Uniswap and MEXC. Each exchange may have different prices for trading pairs of tokens so it’s important to shop around for the best deal.
To trade your tokens on these exchanges you’ll need to move your tokens to a wallet that supports BTC and BIT tokens. Many crypto traders use a convenient software wallet such as MetaMask (a browser extension that is also available as a mobile app) or TrustWallet (a mobile app) for trading altcoins like BitDAO.
There may be other wallet options available but, as always, you should do thorough research to ensure that the wallet is secure and reliable. Once you’ve chosen a wallet option and set up your altcoin wallet, you can transfer your BTC tokens to it using your wallet keys.
Head to your chosen exchange and select the trading pair BTC/BIT. You’ll need to connect your wallet or use your keys to trade your tokens. Select the amount of BTC you wish to trade and confirm the price you’re willing to pay. Your BTC tokens will be traded for BIT tokens in your wallet.
Last Step: Store BitDAO Securely
There are several ways to store your cryptocurrency tokens and it’s vital you choose an option that is secure and suits your needs. There is a huge range of wallets on the market, however, many of these are scams or unreliable. To help you choose, we’ve taken a look at some of the best wallets available.
First let’s look at what a cryptocurrency wallet is. A wallet consists of two keys – a public and a private key. A public key lets you receive tokens while a private key is used to send tokens. There are two types of wallets. A “hot” or software wallet that is connected to the internet and a “cold” or hardware wallet which is a physical offline device.
Cold wallets are the most secure option available as they are not connected to the internet. This protects them from being hacked or accessed by third parties.
They can be inconvenient to use however as they must be connected to another device to send and receive tokens. They are usually much more expensive than software wallets. Ledger and Trezor are the two most reputable hardware wallet manufacturers. They make a range of cold wallets that support BitDao.
Hot wallets store your keys online and are much more convenient to access and use. Many exchanges offer a software wallet for ease of trading. You can access them using your phone or through your browser.
However, this makes software wallets more susceptible to hacking. Some leading exchanges have dealt with this by assuring all funds held within their wallets. With CryptoWallet all your funds are backed up by BitGo, an industry leader in digital asset protection.
BitDAO is currently not supported on these exchanges so you’ll need to use a separate altcoin wallet for storing your tokens. TrustWallet and MetaMask are popular choices for storing altcoins like BIT.
Many crypto investors store the bulk of their holdings in an assured wallet like CryptoWallet. They then employ an altcoin wallet like MetaMask for storing and trading altcoins like BitDAO. This means the majority of their funds are safe and secure in their protected wallet.
We feel that CryptoWallet is an ideal choice for a protected wallet. It allows you to store and trade the five leading cryptocurrencies by market cap (BTC, ETH, USDT, XRP and LTC). BitGo will guarantee all your crypto holdings, giving you peace of mind that your assets are secure.
Other Useful Tools for Trading BitDAO
CoinMarketCap has information on nearly every cryptocurrency, including information such as coin price history, whitepapers, community sites, price charts, market data, and much more. If you’re unfamiliar with a token, CoinMarketCap is a great place to start. You’ll also be able to see where you can buy or sell the coin on the markets tab of the coin’s page.
TradingView is a popular charting tool that aggregates data from various crypto exchanges such as Coinbase, Binance and Bitfinex. You can compare their real time trading prices and interact with the TradingView community to discuss trading strategies and tips. It comes as a useful mobile app and the basic free plan offers a range of charting services.
Glassnode is a blockchain analysis app. It provides information on miner data, on-chain activity, wallet holdings, active addresses and other market insights. It may not be a tool for beginners but can be useful to those interested in the highly technical side of blockchain and crypto investing.
Can I buy BitDAO with cash?
There is no direct way to buy BitDAO with cash. The easiest way to buy BIT tokens is to buy BTC tokens using cash and then exchange them for BIT tokens using an altcoin exchange.
Are there any quick ways to buy BitDAO in Europe?
The quickest way to buy BitDAO in Europe is to use a credit or debit card to buy BTC tokens from a regulated exchange like CryptoWallet or Coinbase. Then you can exchange your tokens for BitDAO on an altcoin exchange. The CryptoWallet mobile app makes it even quicker to buy cryptocurrencies.
Are there any alternative platforms to buy BitDAO or Bitcoin with credit cards?
Although many platforms claim to support buying BitDAO or Bitcoin using a credit card, it’s important to do your own research (DYOR). This is because many of these sites are unregulated or scams designed to steal your funds. When buying crypto using a credit card online, always use a regulated website like CryptoWallet for security.