How to Buy
5 steps to buy on BYDFi
Open BYDFi account for free
Sign up for BYDFi with your email/mobile number and create a strong password to protect your account
Keep your account safe
Enable Google Authentication (2FA), set anti-phishing code, and trading password to add an extra layer of protection to your account.
Verify account
Enter your personal information and upload a photo of your valid ID cardVerify your personal identity
Add payment method
Once your BYDFi account is verified, add credit/debit card or bank account
Buy
There are various payment methods available to purchase BID on BYDFi. We'll guide you through it
Choose how to purchase BID on BYDFi
Buying coins on BYDFi is easy and convenient. Explore different ways to buy
- 1
Buy with credit/debit card
This is the easiest way for new users to buy (BID). Connect your credit/debit card to your account, enter the amount, and wait for the transaction to complete
- 2
Buy through third-party channels
BYDFi supports a variety of leading third-party payment services. Visit ourThird-party payment pageCheck out the payment methods available in your area
- 3
Buy on BYDFi's Spot market
BYDFi's Spot market offers 700+ Coin pairs, making it the most popular buying platform. Buying methods are as follows:1. Buy stablecoins through BYDFi, third-party Coin buying channels. Additionally, you can transfer crypto assets from other wallets or exchanges to the BYDFi platform. Please make sure to choose the correct blockchain network, once you deposit your funds to the wrong address it cannot be reversed.2. Transfer your crypto to BYDFi account. Find the trading pair you want to trade on BYDFi's spot market. Place an order to exchange your currency to
Note: BYDFi offers a variety of order types to buy in the spot market, such as market orders to buy immediately and limit orders to buy at a specific price. For more information about BYDFi order types, click here3. After a successful trade, you can view the available in your account
How to store ?
The best way to store will vary depending on your needs and preferences. Check out the pros and cons to find the best way to store
Store BID in your BYDFi account
Storing assets on BYDFi will give you quick access to trading products such as spot and contract trading, savings, lending, and more. BYDFi acts as the custodian of your crypto assets, saving you the hassle of keeping your private keys. Make sure to set strong passwords and upgrade your security settings to prevent malicious actions from accessing your assets
Deposit your BID to the wallet
「No key, can't withdraw」If security is your biggest concern, you can withdraw to a decentralized wallet, so you can easily manage your key. You can use any type of wallet, including smart wallets, Web3 wallets or paper wallets. Note that this option may not be convenient if you want to frequently trade or use your assets. Be sure to store your private key in a secure location as loss of the key could result in the permanent loss of .
How you can use with BYDFi
Hold
Store in your BYDFi account.
Trade
Trade in spot and futures markets.
Why is BYDFi the best platform to buy ?
Safe and reliable
Millions of global crypto users trust us. Our multi-tier & multi-cluster system architecture and insurance fund protect your account.
High liquidity
BYDFi has highly liquid buy and sell orders for all listed cryptocurrencies, providing a liquid trading experience with tight spreads
Gem cryptocurrency platform
Supporting over 500 cryptocurrencies, BYDFi is the best platform to find your next Gem. You can buy BID on BYDFi and use it to exchange other crypto assets.
Friendly interface
Thanks to its simple interface and superior technology, buying on BYDFi is quick and convenient. Buy Coin on BYDFi to receive BID
Trade
Answers
What Is Bidao (BID)?
Bidao is a decentralized finance (DeFi) platform and stablecoin that operates on multiple chains. It is the first trustless stablecoin pegged to the U.S. dollar (USD) using the Binance Chain platform. Bidao allows various cryptocurrencies like TRON, Ontology, and Dash to be used as collateral for BID stablecoins. The platform is integrated with the Binance blockchain, offering faster transaction speed and scalability. BNB is required along with supported collateral assets to generate BAI stablecoins, which are pegged 1:1 with the USD.
Bidao employs a stability mechanism to maintain the peg of BAI stablecoins at 1 USD. Users must over-collateralize to borrow BAI tokens.
Who Are the Founders of Bidao (BID)?
Bidao was co-founded by Bastian Aigner and Long Zhang in 2018. Aigner is an AI and IoT developer, and Zhang has a background in applied and computational math and statistics. The team also includes Brian Condenanza, the chief technology officer (CTO), and Caroline Kurpiers, the chief marketing officer (CMO). Bidao aims to create a blockchain-agnostic ecosystem for DeFi applications and an open-access stablecoin that supports a range of collateral assets.
What Makes Bidao (BID) Unique?
Bidao stands out with its trustless setup designed for DeFi applications. It utilizes a three-way architecture with BID as the staking and governance coin, BAI as the stablecoin pegged to the USD, and BNB as the main collateral token. Built on Binance Chain, Bidao offers a faster and low-cost alternative to Ethereum-based solutions. BID holders can earn staking rewards by powerstaking their tokens. BAI's stability mechanism uses a fluctuating stability fee system to maintain its peg.
How Many Bidao (BID) Coins Are There in Circulation?
Currently, there are 4,000,000,000 BID tokens in circulation. At least 1.8 billion tokens were sold in the September 2020 token sale, raising $18 million. Unsold tokens allocated to the sale will be burned. The exact tokenomics for BID are yet to be released. The total supply of BID tokens is expected to have a flat inflation rate of 3% per year, with newly minted tokens distributed to BID stakers.
How Is the Bidao Network Secured?
The Bidao blockchain utilizes the proof-of-stake (PoS) consensus algorithm for security. Users stake their BID tokens to help secure the network. BID is also the network governance token, granting holders voting rights and the ability to submit governance proposals.
Where Can You Buy Bidao (BID)?
BID can be traded on centralized exchanges like Poloniex, Hoo, and LBank, as well as the decentralized exchange Uniswap V2. As of October 2020, there are no available BID to fiat trading pairs.
