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How to buy Bread (BRD)
Bread is planning to take the leap from a decentralised bitcoin wallet, to a multi-currency financial institution. Find out how you can obtain its BRD coin.
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The BRD coin is in its first few months of trading since its December 2017 initial coin offering (ICO). As a result, acquiring some of your own requires slightly more effort than if you were buying some of the more established cryptocurrencies.
Quick guide: How to buy BRD
- Register for an account with a cryptocurrency exchange like Swyftx.
- Verify your account.
- Go to the deposits section
- Select your preferred payment method and confirm.
- Go to the buy section and select the cryptocurrency you want to buy.
- Enter how much you want to buy, or how much you want to spend.
- Double check the details and confirm your purchase.
This is our quick guide to just one way to buy BRD. Compare some other options in the table below.
Where to buy, sell and trade Bread (BRD) in Australia
Which cryptocurrency pairings are available to trade Bread (BRD)
- Binance Coins (BNB)
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
A step-by-step guide to buying Bread (BRD)
At the time of writing, there are only two exchanges that can facilitate a BRD trade, with neither of them accepting direct fiat currencies such as AUD, USD and GBP. With Binance responsible for more than 90% of the trading volume on BRD, we'll use it as our example to guide you through the simple process of trading it using either bitcoin or Ethereum.
Step 1. Create an account at Binance
Open a new account at Binance. You will be asked to supply your email address and a strong password. Confirm your email address and then set up two-factor authentication. This is crucial as it can help protect your account from unauthorised access.
Step 2. Deposit funds into your account
Before you can buy some BRD coins, you will need to fund your account. At the time of writing, this is not possible using traditional payment methods such as a debit or credit card. However, you can instead deposit using either bitcoin (BTC) or Ethereum (ETH). If you do not currently have either of these, our comprehensive guides below can help:
Once you have obtained your bitcoin or Ether, proceed to click on "Funds", followed by "Deposits and withdrawals". Depending on whether you want to deposit using BTC or ETH, enter this in to the search box and click "DEPOSIT". You should now be presented with your personal Binance wallet address. Copy this to your clipboard and head over to your BTC or ETH wallet. Send the desired amount of coins to the pasted Binance wallet address, and wait for it to appear in your account.
Step 3. Buying BRD
If you have followed the above steps correctly, you should now have a funded Binance account. This means that you are now ready to buy BRD. At the top of the page, click on "EXCHANGE" followed by "BASIC". Look at the right hand side of the page for your base currency and select either BTC or ETH.
Next, enter "BRD" in the search box, and click on the result. You are now presented with the BRD trading screen. You are given two options in determining the value of the trade. You can enter the amount of BRD coins that you want to buy, and the trading box will notify you of how much BTC or ETH you need. The second option is to select an amount in proportion to your account balance. For example if you want to use 50% of your BTC balance, select 50%.
Finally, ensure that the box is set to “MARKET”, as this will ensure your trade is executed immediately using the current market price. Clicking “BUY” will initiate the purchase. Now head over to your “FUNDS” portal, and it should display your newly purchased BRD coins.
How to sell Bread coins (BRD)
Should you want to sell your BRD coins, the process is very similar to the buying guide above, however you will be selling instead. You have the option to sell your BRD coins for any of the cryptocurrency pairings listed above.
Which wallets can I use to hold Bread coin (BRD)?
As BRD is ERC20 compatible, you can store your coins with any wallet that supports the ERC20 format. However, as of February 2018, this is yet to include the Bread wallet, but is planned for implementation as part of the Q1 2018 roadmap targets. Therefore if you are unsure which wallet to go for, click here to view our comprehensive guide.
Once the Bread wallet is able to support its own currency, it would be more logical to store your BRD there to ensure that you receive ongoing rewards in return for being a BRD holder.
How Bread (BRD) works
Established in 2015, the Bread development team created a simple, yet highly innovative bitcoin wallet that is synchronised directly to the blockchain. This acts as an invaluable security enhancement, insofar that it completely alleviates the potential issues of losing your bitcoins that are subsequently being held by a third party wallet provider. The technology is able to achieve this by connecting your mobile device straight to the blockchain – acting as a pruned, server-less node – whilst keeping your private keys on your local device.
- Blockchain: BRD runs on the Ethereum blockchain, which at present, utilises the proof-of-work consensus. There are plans to switch over to the more preferred proof-of-stake model. However as of February 2018 this is yet to be implemented.
- Supply: The total amount of BRD coins will be capped at 160 million.
- Availability: BRD is available to purchase at two exchanges. However, it is still not possible to purchase it directly using fiat currency.
- Notable Backers: Litecoin founder Charlie Lee is a technical advisor to Bread.
Real world applications for Bread (BRD)
BRD usage for anything other than its in-built services is fairly limited. This includes discounts for financial services that the company plans to offer, alongside ongoing BRD rewards for regular activity on the app. Users can of course exchange the coin for an alternative cryptocurrency such as bitcoin or Ethereum. However its value will be determined by the success of its operations and how capable the company is in meeting their roadmap targets. Moreover, like most cryptocurrencies, users can also send and receive BRD between wallets, for little to no fees.
What does the future hold for Bread (BRD)
It is well worth remembering that cryptocurrency markets are extremely volatile. Whilst some coins have done well, many have not. Therefore it is important that you conduct your own, independent research prior to making any purchases.
Although the company have been trading since 2015, they later decided to release a cryptocurrency coin called Bread (BRD) with the purpose of raising additional funds to assist in the company’s growth. Prior to its launch in December 2017, more than 1 million users across 120 countries were using their wallet. The initial coin offering (ICO) raised US$12 million pre-sale, and an extra US$20 million during the crowdfund – selling out in 90 minutes. This extra funding has paved the way for a stringent set of roadmap targets for 2018 and beyond.
The first objective – scheduled for Q1 2018, will be to incorporate a variety of extra cryptocurrencies (including its own!) into its Bread wallet technology. The team hope to include all ERC20 and ERC644 compatible coins within its scope. Moving forward, the developers also plan to add additional features such as a token portfolio management system and a platform that will facilitate direct deposits.
Once the Bread team meets its roadmap targets, it plans to introduce a decentralised banking system. Backed by its in-house BRD coins running on the Ethereum network, users will be offered everyday services such as peer to peer lending, Cryptocurrency escrowing and investment opportunities into digital assets. Alongside notable partnerships with AnyPay and Cooley, the heavyweight appointment is that of Charlie Lee, the creator and founder of cryptocurrency Litecoin.
Nevertheless, it remains to be seen whether Bread can meet such ambitious targets. There is no guarantee that it will, and it is highly advisable to tread with caution before buying.