Bitcoin Standard Hash Rate Token (BTCST) brings Bitcoin into the world of DeFi. While Bitcoin is limited to being purely a digital currency, BTCST combines the security of Bitcoin with the smart contract capability of the Binance Smart Chain. We’ve put together an easy step by step guide to help you buy BTCST tokens online safely.
What is BTCST?
Bitcoin Standard Hash Rate Token (BTCST) is a cryptocurrency project designed to bring Bitcoin (BTC) to the world of DeFi. It uses the same Proof-of-Work consensus mechanism as Bitcoin. However, BTCST is smart contract enabled which means holders can use dApps and access a range of DeFi services.
BTCST token holders can also stake their tokens on the BTCST dApp. Staking BTCST tokens earns users BTC in return. It is a leveraged token that is collateralized to Bitcoin mining power. A leveraged token is a derivative that gives you exposure to a cryptocurrency like Bitcoin.
BTCST is a BEP-20 token, which means it’s built to the Binance Smart Chain standard (similar to ERC-20 tokens on Ethereum).
You’ll need to use a cryptocurrency exchange to purchase BTCST tokens. A cryptocurrency exchange is a platform where users can trade various cryptocurrency tokens. You may buy crypto with fiat money (such as dollars or euros) on popular exchanges like Gemini, Coinbase, or CryptoWallet. However not every exchange accepts fiat money. Some trade only in cryptocurrencies and you’ll need to hold a token like Bitcoin to trade for BTCST tokens.
If this sounds complicated – don’t be alarmed! We’ve put together a simple step-by-step tutorial to guide you in purchasing BTCST coins online. We believe that the simplest solution is to use CryptoWallet to purchase BTC tokens on our exchange and then transfer your tokens to an altcoin exchange. We’ve made it even easier with our mobile app, which allows you to trade cryptocurrencies no matter where you are.
Step 1: Register on Fiat-to-Crypto Exchange
The first step is to sign up for a Fiat-to-Crypto exchange, such as CryptoWallet. You can use CryptoWallet’s mobile app or website to buy any of the top five cryptocurrencies based on market capitalization (BTC, ETH, XRP, LTC, USDT) with a credit/debit card.
To sign up for CryptoWallet:
- Go to the top of the CryptoWallet website and click New Account; you’ll need to provide proof of identification at this point.
- Once registered, you’ll be guided through the process of creating your own cryptocurrency wallet and given a seed phrase that will allow you to regain access to your tokens if needed. To keep this seed phrase safe, write it down on paper rather than keeping it on an electronic device.
- After completing the verification procedure, you can instantly start buying BTC tokens!
Now you’re ready to buy BTC tokens using our mobile app or webpage!
Step 2: Buy BTC with fiat money
The next step is to add fiat money to your new crypto wallet. On CryptoWallet, you can conveniently transfer funds into your wallet using a credit or debit card.
Once your money has been processed and deposited into your wallet, you can exchange your fiat money for BTC tokens. Go to our cryptocurrency exchange, choose the number of BTC tokens you wish to purchase, and confirm the price you are ready to pay.
When you click Select, your BTC tokens will be added to your wallet! Your transaction may take a few minutes to settle on the blockchain and show in your wallet.
Step 3: Transfer BTC to an Altcoin Exchange
Now that you have BTC tokens, you can exchange them for BTCST coins. You’ll need to go to an exchange that supports BTC and BTCST, such as Binance or Gate.io. Every exchange will have different prices for trading pairs of tokens, so it is important to do your research to get the best price for a BTC-BTCST trade.
You’ll need to create a wallet on one of these crypto-only exchanges or use a wallet that accepts BTC and BTCST coins. Trust Wallet is a popular Android wallet that supports both BTC and BTCST and is available on Google Play. MetaMask is an in-browser wallet that is also available on Android and iOS.
Once your new wallet is set up, you can transfer your BTC tokens to this wallet and trade them for BTCST tokens on your chosen exchange.
Last Step: Store BTCST Securely
The most important step is to store your tokens securely in a trustworthy wallet. It’s vital that the wallet you choose will prevent anyone from gaining access to your information or funds.
Since many cryptocurrencies are not supported by many well-known wallets, some hackers have created phony wallets in order to defraud the holder of their funds. We looked at some of the most safe wallets for keeping your crypto tokens to help you find the perfect wallet for you.
A cryptocurrency wallet is used to store your tokens and is made up of two keys that you will need to access and utilize your cash. To send money, a private key (similar to a password) is used, and to receive money, a public key (similar to an email address) is required. There are two kinds of wallets: hardware (“cold”) wallets and software (“hot”) wallets.
Hot Wallet vs. Cold Wallet
A cold wallet stores your keys offline in a physical device, making it the most secure solution available. Ledger is a well-known and reputable hardware wallet firm that produces a variety of hardware wallets in which you may store BTCST tokens. Cold wallets are the most secure option, but they are inconvenient to use since they must be connected to an online device in order to access and spend your assets.
Hot wallets are far more convenient to use because all of your information is saved online and you can access your cash at any time. However, because they are always connected to the internet, they are more vulnerable to hacking or criminal behavior.
Many prominent trading platforms have addressed this issue by assuring all funds held in their custodial wallets. Any assets in your CryptoWallet wallet are backed up by BitGo, a respected digital asset custodian, ensuring that your tokens are always secure.
Many users have chosen to keep the majority of their crypto cash in a secure wallet and use a separate wallet to buy and sell altcoins such as BTCST for the sake of convenience and security.
We think CryptoWallet is the perfect solution for this because it supports the five most popular cryptocurrencies and is guaranteed by BitGo. It also allows you to use our mobile app to trade tokens on the go, and our crypto card can be used in retailers all around the world. As a result, CryptoWallet is an excellent wallet for holding your tokens until you are ready to trade in altcoins.
Other Useful Tools for Trading BTCST
BTCST tokens can also be traded on Decentralized Exchanges (DEXs) on the Binance Smart Chain. These are exchanges that do not need a trade broker to trade crypto tokens. Pancake Swap and BiSwap are examples of DEXs where you can trade BEP-20 tokens including BTCST. You will need Binance Smart Chain tokens, BNB or another BEP-20 token to trade.
Many crypto traders also utilize a VPN service for added anonymity during crypto trades. There are a wide range of VPNs out there and thorough research is important. A VPN can be a valuable tool for online crypto trading.
Can I buy BTCST with cash?
There is currently no option to buy BTCST tokens using cash. Many websites may claim to let you purchase BTCST 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.
BTCST tokens are only available for trading on crypto-only exchanges.
Are there any quick ways to buy BTCST in Europe?
The quickest and most secure way to acquire BTCST in Europe is to purchase BTC tokens with fiat money and then exchange them for BTCST. Our CryptoWallet mobile app allows you to easily purchase BTC tokens. You can then trade your BTC for BTCST tokens on an altcoin exchange.
Are there any alternative platforms to buy BTCST or Bitcoin with credit cards?
While many platforms may claim to support buying BTCST 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.