If you have any interest to buy Bidao (BID), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of Bidao (BID).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
- Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transferring Your Cryptos to an Altcoin Exchange Crex24
Let me now guide you on how to buy Bidao (BID) using your investment from Binance.
You have to know that not every crypto can be traded in Binance we need to transfer our coins to an exchange that Bidao (BID) can be traded.
So let me show you how to use Crex24 which is a famous exchange to trade altcoins. You have to use the link below to register your new account.
If you have completed similar processes as we’ve done before with Binance we are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
Once you have created your new trading account setup at one of the exchanges that trades Bidao (BID), you will need to transfer your BTC from Binance to that specific exchange.
You will have to do this via your wallet system. Deposit BTC to crex24 Click to “Account” from the menu on the left.
You will write “BTC” into search box and press deposit button. Now copy the given “Deposit Address” This process may be a little bit difficult but don’t worry, it is easier than a bank transfer.
If you have copied your unique BTC wallet address go back to Binance. Nex, move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”.
Look for BTC in the list and click on “Withdraw” on the right hand side. Then, you paste the deposit address you just copied from the other exchange and select BTC as the transfer network.
Type the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Next you have to click the Submit button to begin with the withdrawal process. To continue with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That is all you need to do, now you should wait for a few seconds so that the blockchain to confirm your transaction.
Step 5: Trading Bidao (BID)
You have now to go back to Bitmax to buy Bidao (BID) with the Bitcoins you sent.
Move your mouse over to trading and then click “standard” found under cash trading.
Make sure to choose “BTC” In the left column, pair it and in the search bar type in “BID”.
If you have already moved your coin click on it and now you will see a price chart of BID/BTC in the middle of the page.
Next, select the “Market” tab as that is the most straight-forward type of buying orders.
You can either choose to type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
If you have confirmed everything, click “Buy BID”. Now you own your BID.
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever Bidao gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store Bidao securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your Bidao for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy Bidao with cash?
The answer is No. Because there is no way you can directly buy Bidao with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy Bidao while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase Bidao or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
What Is Bidao (BID)?
Bidao is a multi-chain decentralized finance (DeFi) platform and stablecoin. It is the first trustless stablecoin pegged to the U.S. dollar (USD) using the Binance Chain platform. One of the main features of Bidao is that it allows various different cryptocurrencies to be used as collateral for BID stablecoins — including TRON (TRX), Ontology (ONT) and Dash (DASH).
This new stablecoin solution introduced by Bidao is completely integrated with the Binance blockchain, helping it benefit from the speed, reliability and efficiency offered by the platform. Bidao aims to achieve greater transaction speed than traditional ERC-20 tokens as well as long-term scalability thanks to the ease with which Bidao sidechains can be deployed, and the efficiency of the smart contracts offered by Binance Chain. The goal is to incorporate other blockchains in the near future.
Using Binance Chain as the settlement layer has various benefits over other platforms like Ethereum, including dramatically faster settlement times and reduced fees. Bidao users will need BNB in addition to a supported collateral asset to generate BAI stablecoins. These stablecoins are pegged 1:1 with the US dollar.
Users must over-collateralize to borrow BAI tokens (the stablecoins of the BAI ecosystem), and the Bidao team implemented a stability mechanism that employs several techniques to ensure the stablecoin maintains its peg at 1 USD.
Who Are the Founders of Bidao (BID)?
Bastian Aigner and Long Zhang co-founded Bidao in 2018. Aigner is an AI and Internet of Things (IoT) developer who also co-founded Crococoding — a successful platform used to design websites. Zhang, on the other hand, studied applied and computational math and statistics at Duke University, and also holds the role of research executive at the Duke Blockchain Lab.
The Bidao team also includes Brian Condenanza, the chief technology officer (CTO) and University of Oxford alumni, and Caroline Kurpiers, Bidao’s chief marketing officer (CMO) with an extensive consulting and research background.
The Bidao team’s main goal is to create a blockchain-agnostic ecosystem designed explicitly for DeFi applications. On top of this, the Bidao team looks to create the first open-access stablecoin that is truly easy to use, due to the range of collateral assets supported by the platform.
What Makes Bidao (BID) Unique?
One of the main unique features of Bidao is its trustless setup, which is specifically designed for DeFi applications. The ecosystem uses a three-way architecture with BID as the staking and governance coin, BAI as the stablecoin with a 1:1 peg to the U.S. dollar and finally BNB as the main collateral token.
Unlike other traditional platforms, Bidao uses a new and improved blockchain architecture built on Binance Chain to provide a faster, low-cost alternative to Ethereum-based solutions like Tether (USDT) and TrueUSD (TUSD).
BID tokens can be “powerstaked,” which refers to the practice of keeping the tokens held in a private wallet without transferring them. By doing so, BID holders can help support the Bidao network, and also earn staking rewards at the same time — this is currently set to 3% APR per year.
BAI’s stability mechanism also differs from most competing stablecoin solutions, since it uses a fluctuating stability fee system to drive up demand for BAI when its price falls below its peg, or increase the supply of BAI by making BAI collateralized debt positions (CDPs) more attractive to borrowers if it rises above the peg.
Get to grips with stablecoins at CoinMarketCap Alexandria.
Learn about Tether (USDT) — the most popular dollar-backed stablecoin.
Read about Wrapped Bitcoin (WBTC) — a BTC-pegged asset for Ethereum.
Stay on top of the market with the CoinMarketCap blog!.
How Many Bidao (BID) Coins Are There in Circulation?
Bidao currently has a supply of 4,000,000,000 BID tokens. Out of this, at least 1.8 billion tokens were sold in its September 2020 token sale — raising $18 million. Any unsold tokens allocated to the Bidao token sale are due to be burned. As of October 2020, the exact tokenomics for the BID token haven’t yet been released.
The Bidao token first began trading in September 2020, following a successful token sale. The total supply of Bidao tokens is expected to grow at a flat inflation rate of 3% per year, with these newly minted tokens being distributed to BID stakers.
How Is the Bidao Network Secured?
The BID token is also used as the network governance token, which grants holders voting rights and the potential to submit governance proposals — which can change how the network functions if voted in by the majority.
Where Can You Buy Bidao (BID)?
BID initially launched on exchanges in September 2020, and can now be traded on a handful of platforms including centralized exchanges like Poloniex, Hoo and LBank, as well as the decentralized exchange (DEX) Uniswap V2. As of October 2020, there are no available BID to fiat trading pairs. To learn how to buy other cryptocurrencies with fiat, click here.