Big Data Protocol (BDP) was designed to create a decentralized data marketplace and to transform data into a liquid and tradable asset, enabling data providers to earn rewards and users to access valuable data. This unique cryptocurrency has massive potential, but unfortunately, it is not available on many popular cryptocurrency exchange platforms.
That is why we have put together this guide to walk you through the process of buying BDP using alternative platforms, including decentralized exchanges (DEXs) and specialized token swap platforms.
Select a ERC-20 Digital Wallet
In order to buy BDP, you will have to choose a digital wallet that supports Ethereum-based tokens (ERC-20), because BDP is built on the Ethereum blockchain.
Here are some of the most popular digital wallet options that check those boxes:
- MetaMask
- Trust Wallet
- MyEtherWallet (MEW)
We have picked MetaMask as an example. Follow these steps to set up the Metamask wallet:
- Go to the MetaMask website and download the extension for your browser or install the mobile app.
- Follow the on-screen instructions to create a new wallet. Make sure to save your seed phrase, as you won’t be able to recover your wallet without it.
- Deposit some Ethereum (ETH) into your wallet, because ETH is needed to pay for transaction fees.
Select a Crypto Exchange
In the case of regular cryptocurrencies, you can simply choose a crypto exchange platform to buy it from. However, BDP is not available on major exchanges, so you’ll need to use a decentralized exchange to obtain it. We recommend using these popular DEXs:
- Uniswap: One of the largest and most user-friendly DEXs on the Ethereum network.
- SushiSwap: Another popular DEX that offers similar functionality to Uniswap.
Buy Big Data Protocol (BDP)
The next step is actually buying BDP using Uniswap as our DEX of choice. We have broken down the entire process into the following steps:
- Visit the Uniswap website and click on “Launch App”.
- Click “Connect Wallet” and choose MetaMask (or your preferred wallet).
- Select ETH as the Payment Token by making sure that Ethereum (ETH) is selected in the “From” field.
- In the “To” field, click “Select a token” and search for “BDP”. If BDP is not there, you will need to import it yourself by entering the BDP contract address: 0xf3b9569f82b18aef890de263b84189bd33ebe452.
- Specify the amount of ETH you want to swap for BDP.
- Click on the gear icon and adjust your slippage tolerance. A typical range is between 1-3%, but you might need it to be higher during periods of high volatility.
- Review the transaction details and click “Swap”. Confirm the transaction in your wallet and pay the associated fees.
- Once the transaction is confirmed on the Ethereum network, BDP tokens will appear in your wallet.
If you prefer to buy BDP using SushiSwap, follow this series of steps:
- Visit the SushiSwap website and click on “Enter App”.
- Connect a wallet of your choice, such as MetaMask.
- Select ETH in the “From” field.
- In the “To” field, search for BDP or enter the contract address.
- Enter the amount of ETH you want to swap.
- Set the slippage tolerance.
- Click “Swap” and confirm the transaction in your wallet.
- Wait for transaction confirmation, after the BDP tokens will show up in your wallet.
Safety Tips
Once BDP is in your crypto wallet, you will also have to make sure that it’s safe there. Here are some security measures that you need to implement:
- Keep your seed phrase in a secure location, ideally offline, as it is the key to accessing your wallet.
- Use hardware wallets like Ledger or Trezor for additional security.
- Enable Two-Factor Authentication (2FA) if it’s supported by your wallet.
Now that you have your Big Data Protocol tokens safely in your possession, you will need to keep an eye on their value with the help of portfolio tracking apps such as:
- CoinGecko
- Blockfolio
- Delta
Final Ideas
Buying Big Data Protocol (BDP) might seem quite technical at first, especially since it’s not available on mainstream exchanges. However, by following the steps outlined in this guide, you will be able to buy BDP through decentralized exchanges like Uniswap and SushiSwap without much hassle. Remember to set up a secure wallet, carefully follow the transaction steps, and store your tokens securely. With the right approach, you can add BDP to your cryptocurrency portfolio and participate in the growing ecosystem of decentralized data monetization.
