If you have any interest to buy Bifrost (BNC) (BNC), 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 (BNC) (BNC).
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 Gateio
Now let me show you how to purchase Bifrost (BNC) (BNC) using your investment from Binance.
But, not every crypto be traded in Binance we need to transfer our coins to an exchange that Bifrost (BNC) (BNC) can be traded.
So, let me guide you to gate.io which is a famous exchange to trade altcoins. 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: Depositng BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades Bifrost (BNC) (BNC), you will need to transfer your BTC from Binance to that specific exchange.
You have to do this using a wallet system. Then, deposit BTC to gateio Click “Deposit” from the top right menu. You need to look for the search box, type “BTC” and click deposit button and copy the given “Deposit Address”.
The process may be difficult but don’t worry, it is easier than a bank transfer. Once you copy 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)”.
Look for BTC in the list and click on “Withdraw” on the right hand side. Then, paste the deposit address you just copied from the other exchange and select BTC as the transfer network.
Next, type the amount that you want to withdraw (you may click the Max button if you want to withdraw all). Then, you click on 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 Bifrost (BNC) (BNC)
Now, you need to go back to Bitmax to buy Bifrost (BNC) (BNC) with the Bitcoins you sent.
Then move your mouse over to trading and then click standard under cash trading. Next, in the left column make sure to select “BTC” pair and in the search bar type in “BNC”.
After you have moved your coin click on it and now you will see a price table of BNC/BTC in the middle of the page. Select the “Market” tab as that is the easiest way of buying orders.
Or 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.
Once you have confirmed everything, click “Buy BNC”. Now you own your BNC!
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 (BNC) 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 (BNC) 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 (BNC) 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 (BNC) with cash?
The answer is No. Because there is no way you can directly buy Bifrost (BNC) 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 (BNC) 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 (BNC) 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 (BNC)?
Bifrost (BNC) is a Polkadot-based parachain designed to provide liquidity and staking without nominating delays. A decentralized finance (DeFi) project in the Polkadot ecosystem, Bifrost allows users to deposit their staking tokens and mint vTokens (Staking Derivatives Voucher Token) to obtain staking liquidity, as well as receive staking rewards when a token is locked by a smart contract. With Bifrost, you can convert a proof-of-stake (PoS) token into a vToken; for example, DOT can be converted into vDOT.
Bifrost’s development began in Q3 2019. According to the developers, the project aims to solve issues such as ensuring staking liquidity without compromising the original structure of chain governance and lowering the staking threshold in a decentralized way.
Among the organizations that have backed Bifrost are Hypersphere Ventures, NGC Ventures, Longhash Ventures, WEB3, SNZ Holding, Consensus Lab, Digital Renaissance, Liebi, Youbi Capital and Digital Finance Group.
Bifrost is also a member of the Substrate Builders Program and Web3 Bootcamp.
Who Are the Founders of Bifrost?
Lurpis Wang is the CEO and co-founder of Bifrost. He has a degree from the Huazhong University of Science and Technology. Wang has worked at Weibo Corporation and Ping ++. He has also founded Liebi Pool, a DeFi project on the IOST network.
In 2019, Wang assembled a team with Maarten Henskens, Bonnie Nie, Ross McDonald, Dawns Xu and launched Bifrost.
What Makes Bifrost (BNC) Unique?
Bifrost is designed to provide liquidity to 80% of PoS networks by allowing users to convert PoS cryptocurrencies to vTokens via transmission bridges. This can be done at any time, with an option to receive additional income and liquidity from the bets.
vTokens can be used to optimize transactions in various scenarios including DeFi, decentralized applications (DApps), and decentralized (DEXs) and centralized (CEXs) exchanges. According to Bifrost’s developers, vTokens allow users to hedge the risks of locked positions and double DeFi and staking rewards.
Bifrost maintains high transparency of all behaviors on its parachain, allows business parameters to be regulated via democratic governance, offers cross-chain support via Polkadot relay, provides vToken rewards regardless of which validator a user is staking with and is 100% backed for staking.
How will ETH 2.0 affect DeFi? Find out with CMC Alexandria.
Stay up-to-date with the latest crypto news on the CoinMarketCap blog.
How Many Bifrost (BNC) Coins Are There in Circulation?
BNC is Bifrost’s native token. The project’s main goal is to turn Bifrost into a fully decentralized network with a stimulated liquid market and to expand the market for staking vTokens; 45% of the reserved tokens are allocated towards achieving this goal.
The total supply of BNC is 80,000,000 tokens.
Of those, Ecosystem: 50%
Founders and Team: 20%
Seed Round: 10%
Private Round: 5%
Mint Drop: 2%
How Is the Bifrost Network Secured?
Bifrost is a Polkadot parachain project. Polkadot uses the relay chain plus parachain framework. Parachains don’t have to provide security and can use Polkadot’s security instead. Polkadot also provides secure communication between networks. With the help of the relay chain, the cross-chain transmission of messages can be carried out without any additional trust mechanisms in a concept known as “shared security.”
To enhance the parachain’s security and incentivize proper validator behavior, Bifrost employs Polkadot’s Slash mechanism and nominated proof-of-stake (NPoS) rules in a native solution called “Slash risk prevention and control mechanism.”
Where Can You Buy Bifrost (BNC)?
BNC tokens have been distributed via the parachain lease offering (PLO) method, held at the Kusama platform. No public sale events are planned for the token.
Learn how to buy Bitcoin and other cryptocurrencies with our comprehensive guide.