If you have any interest to buy Bifrost (BFC) (BFC), 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 Bifrost (BFC) (BFC).
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 Upbit
Now let us see how to buy Bifrost (BFC) (BFC) using your investment from Binance.
But remember not every crypto can be traded in Binance you need to transfer our coins to an exchange that Bifrost (BFC) (BFC) can be traded. Therefore, let me now guide you to UPbit which is a Famous exchange to trade altcoins. Just use the link below to register your new account.
Once you have completed similar processes as we’ve done before with Binance you are now ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
If you have already created your new trading account setup at one of the exchanges that trades Bifrost (BFC) (BFC), next, you will need to transfer your BTC from Binance to that specific exchange. That is done using a wallet system. Therefore, to deposit BTC to upbit, just click “Wallets” on the top left menu. Then go to the search box, type “BTC” top on the currency list.
After you have done that, click deposit button and copy the given “Deposit Address” However, you might face a little challenge doing this part might seem a little bit complex but don’t worry, it is simpler than using a bank transfer.
After you have copied your unique BTC wallet address go back to Binance. Then, 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)”. Next, look for BTC in the list and click on “Withdraw” on the right hand side. You will then be required to paste the deposit address you just copied from the other exchange and select BTC as the transfer network.
Then, type the amount that you want to withdraw (you may click the Max button if you want to withdraw all). You will then click on the Submit button to start the withdrawal process. Also, to continue with the withdrawal, Binance may request for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s all you will be required to do, the wait shortly for the blockchain to confirm your transaction.
Step 5: Trading Bifrost (BFC) (BFC)
Now you need to go back to Bitmax to purchase Bifrost (BFC) (BFC) with the Bitcoins you sent.
Then, just move your mouse over to trading and then click “standard” under cash trading. Also, in the left column make sure to choose “BTC” pair and in the search bar type in “BFC”. After you have moved your coin click on it and now you will see a price table of BFC/BTC at the center of the page. Next, select the “Market” buttonas that is the simplest way of buying orders.
Then you can either 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.
After confirming everything, click “Buy BFC”. Now you own your BFC!
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 Bifrost (BFC) 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 Bifrost (BFC) 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 Bifrost (BFC) 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 Bifrost (BFC) with cash?
The answer is No. Because there is no way you can directly buy Bifrost (BFC) 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 Bifrost (BFC) 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 Bifrost (BFC) 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 Bifrost (BFC)?
Bifrost is a multichain middleware platform that enables developers to create Decentralized Applications (DApps) on top of multiple protocols. Not restrained to a single blockchain, Bifrost creates a new environment where developers can combine the best protocols to develop substantially more scalable and flexible DApps.
With Bifrost, developers can write smart contracts for multiple blockchain protocols in an unified environment. They simply select the target blockchain for each part of the code, then Bifrost will transpile, compile, and deploy the code into the target blockchains at once. Developers can also easily operate their DApps and even switch the target blockchain as new and better protocols become available.
Bifrost has multiple components that allow for a seamless connection among all blockchains:
- Recipe: A language application that defines the programming language of Bifrost and generates smart contract codes with guaranteed code-level flexibility.
- Linker: A system that connects the user and Bifrost components, ensuring the seamless operation on top of multiple blockchains.
- Builder: An Integrated Development Environment (IDE) that offers a customized environment to use the comprehensive suite of features of Bifrost.
- Gourmet: An automated testing environment for Bifrost service and smart contract development, updating with the latest technologies for blockchain.
- Scan: A dashboard that provides you with a full view of the internal process of Bifrost and shows your blockchain interconnectivity in diagram.
What Makes Bifrost Unique?
- Flexibility: To maximize the potential of the blockchain technology, a superior flexibility that allows users to select and combine blockchains is needed. Bifrost focuses on this flexibility, enabling developers to extract the most from blockchains.
- Scalability: Bifrost operates with multiple blockchains without any additional abstraction layers, so you can use the features of each blockchain directly. Its flexibility enables you to apply different blockchains best suited to your needs.
- Interoperability: The value of interoperable blockchain service grows as the blockchain industry grows. On Bifrost, you can build services with countless possibilities for combinations and interoperability, from the start.
- Full Dev Suite: Bifrost provides a full suite of features to develop and operate your product, including an IDE, monitoring function, and client service such as wallets.
What are its use cases?
BFC (Bifrost token) is the currency of Bifrost’s multichain ecosystem. Developers pay BFC for using the multichain middleware to develop and operate their DApps, minimizing the cost of gas fees when using multiple blockchain protocols than when using one blockchain. More specifically, they will be required to stake a certain amount of BFC and the fees will be deducted from it. Once the staked amount reaches below a threshold level, they will be asked to purchase BFC to meet the threshold again.
The first DApp to be powered by Bifrost is the multichain DeFi platform, BiFi. Using Bifrost’s multichain technology, BiFi can connect directly to multiple blockchains like Bitcoin, Tron, and Klaytn, thereby expanding the DeFi ecosystem currently limited to Ethereum. BiFi will have its own token, BIFI, which will be used for governance and also to pay the fees for using multichain DeFi services. As BiFi’s multichain is powered by Bifrost, BiFi will periodically purchase BFC with BIFI and pay it to Bifrost.
The development of Bifrost continues, with more features tailored to DeFi DApp development and serving multichain DeFi developers in the future. When DApp sectors like DID, NFT, and Gaming grow, Bifrost will become the preeminent multichain platform from day one. Future DApp developers will be able to customize the combination of blockchains to build more scalable, interoperable, and flexible DApps, and use BFC to power them.
How Many BFC Coins Are There in Circulation?
A total 4 billion BFC tokens were issued. 256 million BFC tokens are currently in circulation since our Uniswap listing on December 2nd, 2020 at 11 AM UTC. Two rounds of private sales were held in 2018 and 2019, and public sale was held in June 2020.
Of the total supply of BFC tokens, 20% is allocated for each of the following: Bifrost Reserve, Ecosystem, and Team. 4% is distributed to investors and the last 10.4% is used for marketing. BFC tokens for the Reserve, Ecosystem, Team, and Advisors will be distributed over a 5-year span, with a 1 year lock-up and a 4-year vesting period.
Who Are the Founders of Bifrost?
Founded on March 14, 2016, PiLab, a research-oriented software provider, was started by two professors to develop blockchain applications to solve social issues and business problems. In the process, they saw the potential and limitations of blockchain technologies. There were many protocols, all with their own strengths and weaknesses, and no way to combine them. So they created Bifrost, a technology platform that allows developers to easily build on multiple blockchains that truly enables multichain technologies.
As the CEO and co-founder of Bifrost, Dohyun Pak has developed and managed complex derivative products for financial institutions in the U.S. and Korea for over a decade. He received his PhD in financial engineering at the University of Michigan, Ann Arbor. Dohyun currently serves as a professor of mathematical finance at Gachon University.
JongHyup Lee, CTO and co-founder of Bifrost, currently serves as a professor of mathematical finance at Gachon University. After receiving his PhD in computer science at Yonsei University, he presented his research at top-tier conferences as a post-doctoral researcher under Dr. David Brumley at the CyLab at Carnegie Mellon University. He also co-founded PPP, the leading hacking team in the world.
Changhyun Yoo, COO and co-founder of Bifrost, graduated early from Seoul Science High School and went on to study Computer Science at KAIST. He has developed countless financial platforms for leading financial institutions for over a decade. Believing that the future of finance is in blockchain, he co-founded Bifrost, where he steers the diverse talents of the team.
Soso, CMO and co-founder of Bifrost, was previously a medical doctor and currently one of the leading cryptocurrency influencers in Korea. His passion for cryptocurrencies and expertise in blockchain led him to found Block Crafters Capital, a blockchain-focused venture capital, where he supported the growth for more than 30 companies.
Today, Bifrost is a team of 30 with deep and extensive experience in finance and computer science, from quantitative trading and fintech development, to hacking and network security. Their advisors are from leading blockchain and technology organizations, including Coin Plug, Blockwater Management, Block Crafters, and KAIST Engineering.
Where Can I Buy Bifrost (BFC)?
You can buy BFC on Uniswap with trading pair BFC-ETH.
New to cryptocurrency? Read CoinMarketCap’s easy guide to buying Bitcoin or any other token.