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The Basic Attention Token (BAT) is basically a blockchain-based protocol that traces media consumers’ time and attention on websites using its web browser, Brave. It is built on Ethereum, where its goal is to proficiently share the advertising money among the advertisers, publishers, and readers of online marketing content and advertisements. The sole purpose of BAT is to let readers experience lesser ads tailored to their likes and interests, along with ensuring that their data privacy is not breached.
Let’s start with the basic introduction of the Basic Attention Token (BAT) coin and a step-by-step process for buying BAT tokens in India.
To check the BAT cryptocurrency price in India, click here.
Basic Attention Token (BAT): A Brief Introduction
The Basic Attention Asset (BAT) is a blockchain-based token that tracks consumer attention and time spent on website media content using the Brave browser. Most cryptocurrencies are concentrated on the blockchain, DeFi (Decentralized Finance), data storage, management, and transaction. Still, there aren’t many market participants that pay attention to effective online marketing and digital advertising.
The Brave Browser uses the BAT coin, a unique currency, to power a blockchain-enabled digital advertising ecosystem that allows users to see advertisements while maintaining their privacy and earning BAT rewards. This enables fair incentives to consumers for their attention, along with providing advertisers to obtain a higher return on their investment, with the added advantages of tailored advertising for maximum engagement and fewer losses due to fraud.
In the Brave ecosystem, the BAT coin serves as a reward unit that is distributed between users, marketers, artists, and publishers. Advertisers can fund their advertising efforts with BAT tokens as a kind of payment, in which around 70% of these tokens are then given back to users.
How Does BAT Work?
All the BAT transactions that take place get settled on Ethereum, a public blockchain that enables developers to build and deploy unique cryptocurrencies and apps.
Brave Browser
The Brave web browser, created by the team behind the token, is used by BAT. Brave is a liberated browser that promises to load web pages three to six times quicker than competitors’ products because it only displays ads to users who have chosen to watch them.
Users of the Brave browser can enroll in the Brave Rewards program, which enables them to contribute BAT to content providers whose work they wish to support or to get payment in BAT in exchange for seeing advertisements.
In the Brave browser, the trackers and advertisements are blocked by default. Ads are only activated if the user agrees to them. After that, users that see native advertisements from reliable partners are rewarded with BAT by Brave.
Micropayments Ledger by Brave
Brave micropayments ledger is all about keeping track of the movement of BAT.
The Brave Micropayments Ledger is designed to enable smart contracts between marketers, publishers, and readers to transfer payments.
For its blockchain, Brave is looking at using zero-knowledge proofs to provide anonymity to stakeholders in online media transactions.
How to Buy BAT Tokens in India?
By following a few simple steps, you can buy BAT tokens in India via WazirX, India’s most trusted and widely used cryptocurrency exchange.
Now, you can buy BAT tokens using P2P trade. To learn more about it, click here.
Step 1 – Sign-Up on WazirX
To start trading the BAT token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.
Step 2 – Fill in the required details.
To sign up, add your email address and create a strong password.
To log in, add your email address and password.
Step 3 – Verify your email account and set up your account security.
The following step is to verify your email address. After signing up, you’ll receive a verification link on your email address by which you’ve just created your account.
On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 4 – Select your country and complete the KYC.
After selecting the appropriate country, complete the KYC process.
Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.
List of things you need to submit to complete your KYC:
- Your full name as it appears on your Aadhaar or any other ID proof
- Your birth date as stated on your Aadhaar or any other ID proof
- Your address as it appears on your Aadhaar any other ID proof
- A scanned copy of the document
- A selfie of yours to finish the procedure
Just as you submit the above list of documents, you are done creating your account. It’ll be verified within 24-48 hours.
Step 5 – Add funds to your WazirX account.
After linking your bank account to your WazirX account, you can deposit funds to the WazirX wallet and start with your first trading on the app.
Step 6 – Buy BAT on WazirX
You can purchase BAT tokens using P2P trade through WazirX. Check the BAT to INR rate from here. After logging in to your WazirX account, you can select INR from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.
Before placing your first order, check the Basic Attention Token (BAT) price in India.
Click “Buy BAT” after entering the amount and checking the total INR amount to be paid. The screen will look like this:
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the BAT coins you purchased in your WazirX wallet.
Frequently Asked Questions
What Is Crypto?
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed. There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
