Quick Overview of our Basic Attention Token Review:
The basic idea behind Basic Attention Token is that it is the internal token of Brave, which is a fast, open-source and privacy-focused browser that offers an innovative reward system for browser users and publishers according to the unit of user attention that they attract.
What Is a Basic Attention (BAT) Token?
The Basic Attention Token (BAT) was created by the co-founder of Mozilla and Firefox, Brendan Eich, in an effort to improve the security, fairness, and efficiency of digital advertising through the use of blockchain technology.
It is the native token of the Brave web browser and is built on top of Ethereum. BAT’s white paper is dated January 7, 2018. As of 2020, the project is still being developed, although a beta version of the Brave browser is available for download.
As blockchain and digital currencies continue to proliferate, companies have sought new ways to apply this innovative technology to older problems and issues, such as web browsing and web-based advertising.
BAT Token Value
According to its white paper, the Basic Attention Token launch aimed to raise a total of $24 million USD. According to Coincodex, “The Basic Attention Token reached its highest price on January 9, 2018, when it was trading at its all-time high of $ 0.999568. It has a circulating supply of 1.36 billion BAT with a total supply of 1.50 billion BAT.”
The exchange rate for BAT is set at 6,400 BAT per ETH, meaning that as the price of Ethereum climbs or falls.
Is Basic attention token limited?
As more users opt for Brave’s browsing experience, more advertisers will want to join the BAT ecosystem and so will need to purchase the Basic Attention Token. … Also, the BAT token supply is limited, meaning payments in small denominations can be made well into the future.
How much bat do you earn using brave?
Let’s say you’ll use the browser for 12 hours per day. You’ll earn 5 ads * 12 hours * . 1 bat * 30 days = 180 bats. Divide that by 5 and you’ll get $36 per month more or less.
How do you get free basic attention tokens?
Basic Attention Token shares 70% of their ad revenues with their users. Simply download the Brave browser, enable “Brave Ads” within the browser and get notified about ads to earn free BAT while surfing the web. You can also earn BAT by claiming random token grants worth 25-40 BAT.
Is it safe to invest in BAT?
BAT is a risky asset that can provide a good return on investment in the long run, according to Wallet Investor and DigitalCoin. Market sentiment, investor participation and BAT’s widespread adoption increase its potential to become a popular speculative and long-term investment asset.
How can BAT be earned while browsing?
The Brave Browser blocks all images and most of the script ads by default and as users start using the browser, they are provided with free tokens every month. Part of the tokens that developers hold on the “User Growth Centre” are to help engage new users.
When users open their Brave browser, they can activate the option to receive rewards for watching advertisements using BAT.
Basic Attention Token Mining
Basic Attention Token (BAT) cannot be mined as it is not like Bitcoin, Ethereum, or any other cryptocurrencies. BAT is a utility token that is a value of exchange inside the Brave Browser and measures attention per second.
The token is seen as a tool for measurement, as a reward, and the tracking and sale of the attention of users. BAT is used as follows
It is by advertisers to pay publishers by buying their tokens and exchanging them with “real” money.
Users are rewarded with BAT when they view adds and they can use BAT on the Brave platform to buy services or to get value-added content offered by the Brave browser.
Key Features and Takeaways of Basic Attention Token
Basic Attention Token is one of the leading cryptocurrency projects and coins on the market, forming part of the top 100 in the world. Basic Attention Token has the following key takeaways and features:
- The basic idea behind Basic Attention Token is that it is the internal token of Brave, which is a fast, open-source and privacy-focused browser that offers an innovative reward system for browser users and publishers according to the unit of user attention that they attract.
- BAT aims to become the token representing a decentralised and transparent digital ad exchange which is built, and based, on blockchain.
- Users who use the Basic Attention Token do not have to be concerned about their personal data being stored or sold to third-parties. Users cannot be identified or tracked from one website to the next without their knowledge, and users can change their security as well as privacy settings either per site, or browser-wide.
- Basic Attention Token also has a revenue-sharing system that offers publishers with the perfect solutions, defeating the challenges faced with pressure associated with optimised clicks, content quality, and more.
- Basic Attention Token has a development team consisting of professionals who have experience across various industries.
- There are also several strategic partners including Uphold, DuckDuckGo, and more. Recently, Basic Attention Token has also entered a partnership with the Dow Jones Media Group to deliver premium content to new audiences around the world, while also testing the use of blockchain technology in digital publishing.
- The Basic Attention Token operates in the Brave browser and it works on the idea of zero-knowledge proofs, allowing the data of consumers to remain on their device without being passed onto Brave or any other parties.
In addition, Basic Attention Token currently runs both automated and anonymous micro-donation systems for publishers known as Brave Payments. Plans for this are to migrate such payments from Bitcoin micropayments to BAT microdonations, which will extend further into advertising.
How to Buy Basic Attention Token
Follow the below step by step guide to buy basic attention token.
Open an Online Account.
You’ll need to open an account with an online broker to start trading BAT. Since the cryptocurrency was launched in 2017, there are a limited number of brokers that let you buy and sell BAT. You can sign up for an account on the website of your preferred broker.
Before signing up, be sure to verify that the payment methods are safe and secure on the platform. Some brokers can charge you a small fee as a commission for each trade made on the platform.
Here’s a rundown of the best online brokers to help you trade BAT.
Buy an eWallet (optional).
You’ll need to set up a digital wallet to start trading cryptocurrencies. This wallet is a software application that can store your private and public keys. Your electronic wallet can directly interact with various blockchain platforms and lets you send and receive digital currency.
There are several types of digital wallets you can choose from.
Desktop wallet. The wallet application is downloaded to your PC or laptop. It is only accessible from a single computer with internet connectivity.
Web wallet. Web wallets operate over the cloud. They are accessible to their owners on any digital device including laptops, smartphones and tablets.
Mobile wallet. Mobile wallets are an application designed for your smartphones. You can manage your digital assets and trade cryptocurrencies on-the-go with a mobile wallet.
Hardware wallet. A hardware wallet is a physical device used to store your private keys. Unlike web wallets, hardware wallets can be stored offline for improved security.
Paper wallet. A paper wallet is a physical print of your private and public keys. After the transfer of funds, you can have the public and private keys sent to your address for safekeeping.
Make Your Purchase.
Online brokers have made digital transactions fast and easy. Before you begin to trade cryptocurrencies, you must deposit money into your trading account. Cryptocurrency brokers generally accept payment methods through credit cards and bank transfers.
Go through the list of cryptocurrencies offered by online brokers before making a trade. BAT can be bought and sold on several brokers such as Coinbase, Kraken and Binance. You can consider comparing the price and commission fee of BAT on different platforms before executing the trade.
BAT Price Prediction 2021
As this 1 year is preceded by a revolutionary phase in online advertising, the prospects look quite bullish, taking the BAT token value to reach 2.50 USD for sure. This should be a good forecast attraction for traders and individual investors to pour their money into BAT kitty.
BAT Price Prediction 2022
The bulls will continue to ride the momentum, and with market sentiment becoming bright, investors can look forward to a brighter horizon this year, too, with BAT pegged at $3 by the end of 2022.
BAT Price Prediction 2023
Fluctuating between $3.50 and $4.3, BAT coin price may beat its own records, and results would reflect even in various industries linked to advertising and media. The global outlook towards cryptocurrencies would undergo a total transformation with the BAT future price shooting to $4.9 for sure end of 2023.
BAT Price Prediction 2024-2025
Over the next 4 to 5 years, the crypto world will develop and progress like anything. As far as the future of BAT coin is concerned, the currency might be a profitable investment, and per the market predictions, the price of the Basic Attention token might hit 7 USD by the end of 2025.
Is Basic Attention Token (BAT) a good investment?
Indeed. Mainly because it targets the actual users using the token and more so as BAT shall be utilized to pass advantage to content creators and publishers through tips by loyal fans and internet users. Here, a salient feature is that users shall earn BAT for watching ads, a visual treat enjoyed by virtually all.
Is BAT a good investment? BAT is a risky asset that can provide a good return on investment in the long run, according to Wallet Investor and DigitalCoin. Market sentiment, investor participation and BAT’s widespread adoption increase its potential to become a popular speculative and long-term investment asset.
BAT crypto pros and cons
Here are the Pro and Cons of Basic Attention Tokens.
The idea of decentralizing the digital ad ecosystem is indeed intriguing. BAT wants to eliminate a vast number of intermediaries who add no value to the users, advertisers or publishers. The system removes the need for verification and third-party tracking entirely, instead, utilizing its in-device machine learning to serve users with relevant ads based on content-targeting.
Fewer middlemen, as a result, means more revenue for publishers, better customer privacy, faster loading time for users, efficient delivery of ads, and less fraud for advertisers.
It’s interesting that BAT allows advertisers to incentivize users to watch ads with $BAT. As described in their white paper,‘advertisers send a payment in token along with ads to users in a locked state, which will be unlocked once users view the ad, [with compensation up to 70%]. From a user’s perspective, these features will likely drive mass adoption.
A Working Product
Brave browser is a working product which has experienced tremendous growth since its launch in January 2016. It reached its first milestone of 250,000 monthly users after 1 year. Since then, it has scaled exponentially to over 3 million monthly active users. It has experienced 1200% growth for 20 months.
Also, the team has recently started beta testing for BAT Ads. The outcome of this trial will determine the future growth of the project, which allows its vision to turn into reality when the platform starts generating revenue.
The difference between Brave and other web browsers is its privacy feature. The Brave Ledger system uses the ANONIZE algorithm (Zero-knowledge proof) to keep user browsing data private. The goal is to maintain the transparency of the transaction while keeping the user’s identity anonymous.
In addition, Brave recently integrated Tor – a software enabling anonymous communication into its new private tab (beta). This feature provides better protection for users, not only on devices, but also over the network against network surveillance and trackers.
This key selling point will potentially drive mass adoption as users increasingly demand online privacy.
At this stage, BAT has partnered with some of the big names including digital money platform Uphold, internet search engine DuckDuckGo, media groups like the Dow Jones Media Group, Townsquare. They also launched a referral program for Youtube and Twitch, as well as, allowing content creators to earn revenue through Brave.
Despite a limited number of players in the decentralized ad market, BAT still faces fierce competition from mighty firms such as Google and Facebook, who technically dominate the online ad landscape with a proclaimed market share of over 73%. These current platforms are very popular among publishers and advertisers due to their large pool of users.
Also, Facebook and Google ads are native and in line with their search results and newsfeed. BAT, on the other hand, currently only offers display ads which limit its competition to Google Adsense. Therefore, asking advertisers to adopt BAT as an alternative will likely to be challenging.
Moreover, BAT’s popularity relies mainly on Brave’s adoption (at this stage). It is a daunting task to compete head-to-head with well-established browsers like Google Chrome, Internet Explorer, Safari or even Eich’s former company, Firefox. Therefore, it is critical for the team to not only drive mass adoption for Brave, but also increase utility for BAT in other browsers, platforms, and apps.
To drive mass adoption of Brave, BAT uses referral programs across different platforms such as Youtube, Twitch, etc. However, these programs have their downsides. Historically speaking, the infamous Pay to Surf model launched in the late 1990s was not successful.
Despite its potential to drive adoption, the incentive might bring ill-intentioned users who are driven to earn quick cash by manipulating their views rather than having a genuine interest in purchasing or using the product. Consequently, it attracts a pool of low-quality users who churn rather quickly, thus, resulting in low conversions for advertisers. This is a big concern that holds advertisers back from using Brave.
However, BAT is trying to develop an anti-fraud mechanism by:
- rate-limiting the number of ads served per individual browser/user
- serving ads directly on the browser, allowing it to measure the interaction as a neutral party
- using KYC/AML for withdrawals
Another adoption issue is BAT’s wallet. At this time, BAT’s wallet is a single-directional wallet, meaning it can only receive external funds which cannot be withdrawn.‘Its sole purpose currently is to anonymously and securely contribute to publishers of websites of user’s choice’. As a result, users have to use a third-party wallet like Uphold to convert fiat to BAT and vice versa for withdrawals.
This extra step might put users off since it requires a long process of verifying the account (KYC/AML), paying associated fees and meeting transactions limits. As a result, it may limit the adoption from regular internet users who want to add funds for services through Brave.
As stated in its white paper, ‘in the early stage, the flow of BAT token will be regulated by Brave’. Because of this and the previous point, BAT seems pretty centralized. However, we understand that KYC/AML is part of the regulation with which Brave/BAT must comply.
Ethereum Scalability Issues
Since BAT runs on the Ethereum network, it also faces scalability issues and would likely benefit from an Ethereum scalability solution such as Plasma. Currently, BAT tackles this issue through batching by combining multiple transactions into one large contribution to minimize network congestion and fees.
It works in the case of publishers, who only receive their contribution in a batch every month. However, as the network grows, the demand for instant transactions may increase. Therefore, this concern is something that the BAT team should keep in mind for the future.
Is BAT legit
Note: BAT can be purchased on Binance – one of the most reliable cryptocurrency exchange platforms.
So far so good. This is what members on reddit say about Bat.