How and Where to Buy Bidao (BID) – An Easy Step by Step Guide

About BID

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.

Relevant Pages

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 Bidao blockchain uses the proof-of-stake (PoS) consensus algorithm as a security measure. This setup requires users to stake their BID tokens to help secure the network.

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.

Currently, BID is being ranked 2491 on Coinmarketcap and has recently surged a hefty 35.06% at the time of writing.

BID has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy BID.

Step 1: Register on Coinbase

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC) or Ethereum (ETH). We will use Coinbase here as it is one of the largest crypto exchanges that accept fiat deposits. Use the link below to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.

Show Details Steps ▾

Type your email and click 'Get started'. Make sure you provide your real name as Coinbase will need it for account verification. Choose a strong password so that your account isn't vulnerable to hackers.

You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.

Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, Coinbase is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.

Step 2: Buy coins with fiat money

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You will be charged higher fees when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees, such as iDeal in some European countries.

Now you are all set, click the 'Trade' button at the top left, choose the coin you want to buy and confirm your transaction...and congrats! You've just made your first crypto purchase.

Step 3: Transfer your cryptos to an Altcoin Exchange

But we are not done yet, since BID is an altcoin we need to transfer our coins to an exchange that BID can be traded, here we will use Poloniex as our exchange. Poloniex is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.

Poloniex is a centralized cryptocurrency exchange for both experienced and amateur cryptocurrency traders. It offers a range of crypto markets, advanced trade types, as well as margin trading and crypto lending, which makes it a convenient place for traders from all walks of life. Poloniex is a good and very popular exchange that offers very low trading fees, good customer support, easy registration process, multiple cryptocurrencies, and has other amazing features. As Poloniex is a US cryptocurrency exchange, US-investors may of course trade there. But US-investors should in any event do their own independent assessment of any problems arising from their state residency. In particular, investors from the state of New York are often restricted from trading at many cryptocurrency exchanges.

After going through a similar process as we've done before with Coinbase, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.

Step 4: Deposit BTC to exchange

Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.

If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'BTC address', this is a unique public address of your Bitcoin wallet at Poloniex and you can receive Bitcoin by giving this address to the person to send you the funds. Since we are now transferring our previously bought bitcoin on Coinbase to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.

Now head back to Coinbase, go to Portfolio page and click on Bitcoin on your asset list, then click on 'Send' on the right.

Under the Recipient field, paste the wallet address in your clipboard, for security consideration you should always check if both address are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.

Click 'Send' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Poloniex!

Now go back to Poloniex and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.

You should receive a confirmation notification from Poloniex once your deposit has arrived. And you are now finally ready to purchase BID!

Step 5: Trade BID

Go back to Poloniex, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.

In the right column there is a search bar, now make sure "BTC" is selected as we are trading BTC to altcoin pair. Click on it and type in "BID", you should see BID/BTC, select that pair and you should see a price chart of BID/BTC in the middle of the page.

Below there is a box with a green button that says "Buy BID", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. 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. When you have confirmed everything, click "Buy BID". Voila! You have finally bought BID!

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BID gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Gate.io

Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here and we recommend US traders to sign up on this exchange. The exchange is available both in English and Chinese (the latter being very helpful for Chinese investors). Gate.io’s main selling factor is their wide selection of trading pairs. You can find most of the new altcoins here. Gate.io also demonstrates an impressive trading volume. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million on a daily basis. The top 10 trading pairs on Gate.io in terms of trading volume usually have USDT (Tether) as one part of the pair. So, to summarize the foregoing, Gate.io’s vast number of trading pairs and its extraordinary liquidity are both very impressive aspects of this exchange.

Binance

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world. Unfortunately, Binance does not allow US investors so we recommend you to sign up on other exchanges we recommend on this page.

Last Step: Store BID securely in hardware wallets

Ledger Nano S

Ledger Nano S

  • Easy to set up and friendly interface
  • Can be used on desktops and laptops
  • Lightweight and Portable
  • Support most blockchains and wide range of (ERC-20) tokens
  • Multiple languages available
  • Built by a well-established company found in 2014 with great chip security
  • Affordable price
Ledger Nano X

Ledger Nano X

  • More powerful secure element chip (ST33) than Ledger Nano S
  • Can be used on desktop or laptop, or even smartphone and tablet through Bluetooth integration
  • Lightweight and Portable with built-in rechargeable battery
  • Larger screen
  • More storage space than Ledger Nano S
  • Support most blockchains and wide range of (ERC-20) tokens
  • Multiple languages available
  • Built by a well-established company found in 2014 with great chip security
  • Affordable price

If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your BID for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.

Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.

Other useful tools for trading BID

Encrypted Secure Connection

NordVPN

Because of the very nature of cryptocurrency – decentralised, it means that users are 100% responsible for handling their assets securely. While using hardware wallet allows you to store your cryptos in a safe place, using an encrypted VPN connection while you trade makes it harder for hackers to intercept or eavesdrop your sensitive information. Especially when you are trading on the go or in a public Wifi connection. NordVPN is one of the best paid (note: never use any free VPN services as they may sniff your data in return of free service) VPN services out there and it has been around for almost a decade. It offers military-grade encrypted connection and you can also opt-in to block malicious websites and ads with their CyberSec feature. You can choose to connect to 5000+ servers in 60+ countries base on your current location, which ensures you to always have a smooth and secure connection wherever you are. There is no bandwidth or data limits that means you can also use the service in your everyday routines such as streaming videos or downloading large files. Plus it is among the cheapest VPN services out there (only $3.49 per month).

Surfshark

Surfshark is a much cheaper alternative if you are looking for a secure VPN connection. Although it’s a relatively new company, it has already 3200+ servers distributed in 65 countries. Apart from VPN it also has some other cool features including CleanWeb™, which actively blocks ads, trackers, malware and phishing attempts while you are surfing on your browser. Currently, Surfshark does not have any device limit so you can basically use it on as many devices as you want and even share the service with your friends and family. Use the signup link below to get an 81% discount(that’s a lot!!) at $2.49/month!

CryptoTrader.Tax

As you gain more experience in trading cryptos it gets more difficult when it comes to tracking your capital gains from all those trades, especially when you have multiple accounts across various trading platforms. CryptoTrader.Tax takes away the pain of preparing your bitcoin and crypto taxes for your tax season. It automates the entire tax filing process and you will be sure you won’t miss any important information required. Simply register, fill in your personal info, and import all of your historical cryptocurrency transactions into the platform. It integrates seamlessly with all major cryptocurrency exchanges and platforms to make this process even quicker by connecting your existing exchange accounts to the platform. Once your transactions are imported, you can generate your tax reports within a few clicks. CryptoTrader.Tax is free to use and you can simply get started right away. You will only need to pay if you want to generate your tax reports.

Crypto Ultimatum

Crypto Ultimatum is a detailed training system that shows you how to go from no money to making a fortune with Crypto Currencies. The system that was used took $100 and turned this into $1006. But the system works so well they then took this $1006 and turned it into the huge amount of $257,000 with Bitcoin and Crypto Currencies!

The great thing about the training is you don’t need technical skills. In fact, you don’t even need a great deal of money and can start with much less than $100 if you wish. It reveals all the secret techniques and gives you the ability to make money when you are a complete novice. It even explains some of the scams so you can avoid them. It goes into detail about where you go to do all this trading and how you can make money in a little as 24 hours. You can develop into someone who buys and sells smaller types of “altcoins” too.

BitMEX

BitMEX is one of the largest crypto derivatives trading platforms that offers leveraged contracts that are bought and sold in Bitcoin. With the volatile nature of the cryptocurrency market, you can gain even more profit with leveraged trades. BitMEX offers even a maximum of 100x margin meaning you can multiply your profit for a hundred times. Signing up on BitMEX is easy and you are not required to go through any KYC process. Within a few minutes, your account will be ready and you can start trading by depositing BTC straight into your wallet on BitMEX. Do keep in mind that derivatives trading is highly risky and your loss can potentially be a hundred times also if you made the wrong move!

Frequently Asked Questions

Can I buy BID with cash?

There is no direct way to buy BID with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.

Buy Bitcoin from local sellers

LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.

Are there any quick ways to buy BID in Europe?

Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Coinmama.

Popular online banks in Europe are Bunq, N26 and Revolut.

Are there any alternative platforms to buy BID or Bitcoin with credit cards?

Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.

Latest News for BID

Bidao®2 months ago
We are excited that @KomodoPlatform is joining the Bidao ecosystem 🎉 Let's reDEFIne finance together 😃 https://t.co/03LGNLOqf3
Bidao®2 months ago
🔥The first BID Token burning event just happened 🔥 3 more Token burning events are coming 🔥 Read more:… https://t.co/p8ijiZO4K5
Bidao®3 months ago
Welcome @NEMofficial to the Bidao #Defi ecosystem 🥳Bidao will implement NEM as a collateral asset ✅ Bidao is the ga… https://t.co/JGTZMNVc27
Bidao®3 months ago
RT @Poloniex: 📢Don't miss out on our Bidao Trading Competition🚀 ✅ Trade 70,000 $BID before October 23rd at 20:59 UTC ✅ And win from a tota…
Bidao®3 months ago
🗣️ ANNOUNCEMENT: We are excited to announce that $BID is now officially listed on @Poloniex 🎉 https://t.co/Xtke9pAkfF

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