BAT: A Basic Guide to the Cryptocurrency That's Taking on YouTube and Facebook
BAT or Basic Attention Token, is a new cryptocurrency that creates a new way for advertisers to get on the internet. BAT is being dubbed as the future of digital advertising. It's aiming to take on giants like YouTube and Facebook by reforming the broken system.
Many have welcomed BAT with open arms in the crypto world because it solves some of the significant issues that plague the industry: fraudulent ads, privacy concerns, and spammy content. It also provides a more efficient system that rewards users for their attention.
BAT aims to be a better solution for both consumers and advertisers alike. But how does it work? Is it a worthy investment? What are its strengths and weaknesses? When considering BAT as an investment opportunity, ask yourself these questions.
What Is Basic Attention Token?
BAT is a decentralized platform that aims to fix the broken digital advertising system. BAT's goal is to create a new way for advertisers to buy ads on the internet, and it seeks to do so by reforming the current system. Currently, Google handles more than 60% of all online advertising. And Facebook and YouTube are two of the largest video platforms on earth. The problem with this system is that it's broken in many ways.
For example, consumers are plagued with spammy content and fraudulent ads that steal their data or take them to phishing sites. Meanwhile, advertisers have no control over where their ad dollars go because they're forced to use a blind bidding process.
There are also privacy concerns as consumers are constantly monitored by companies like Facebook or Google, which track our activity across the internet so that they can serve us ads we'll click on or be more inclined to buy.
BAT's goal solves all these problems by creating a new way for advertisers to show their ads without stealing your data or taking you to phishing websites - meaningless spammy content and fewer fraudulent ads out there.
How Does It Work?
BAT is a brand new cryptocurrency that has already generated much buzz in the crypto world. Its goal is to be the future of digital advertising.
BAT works by rewarding people with BAT tokens for their attention while browsing the internet. This can include videos, web pages, or anything you view on the internet. The more time you spend on those sites and watching ads, the more BAT tokens you will earn. Those tokens can then be used to watch content on your favorite websites or make purchases within apps.
This system rewards users for their attention and allows advertisers to find more targeted audiences rather than spamming social media feeds with unwanted advertisements.
While BAT has been met with much excitement in the crypto world, it also has its drawbacks and weaknesses. It is hard to predict how much value BAT will have in relation to traditional currencies like USD or Euro. Also, some people are concerned about website owners using this currency without telling customers because it could create confusion about who pays for what when visiting a site or app.
BAT's Strengths And Weaknesses
BAT is not without its weaknesses. The biggest downside to this cryptocurrency is that, at the time of writing, Facebook is banning all ads related to cryptocurrencies. This could cause a problem if people cannot find out about BAT and its future opportunities.
As far as strengths go, BAT offers a better solution for both advertisers and consumers. It rewards users for their attention with tokens, which are then used in exchange for advertising on the platform. You get paid for watching ads. Additionally, it offers more efficient deliverance by reducing fraud and spammy content on its platform. Less time is wasted when browsing the web.
BAT doesn't just offer more efficient deliverance; it also provides a safer experience for users since they can set limits on how much data they want to share with advertisers who use the platform. The token-based system also allows advertisers to target specific audiences instead of paying for "eyeballs" (anyone who sees your ad).
In addition, BAT's ability to reward users with tokens creates an incentive for them to maintain their privacy while browsing the internet and engage with ads - rather than avoiding them like most people do nowadays due to privacy concerns or being frustrated by fraudulent ad experiences.
Is It Worth Investing in BAT?
BAT is a cryptocurrency worth investing in because it's solving some of the significant issues plaguing the internet, such as fraud and spam. What's more, BAT provides an efficient system that rewards users for their attention. On top of all that, BAT is backed by some of the biggest names in the industry, such as YouTube founder Steve Chen and Facebook co-founder Chris Hughes.
From a financial perspective, it may not be wise to invest in BAT right now because there are many other cryptocurrencies with better rates and higher potentials for gains. However, if you're interested in the future of digital advertising and support reform of the broken system, then this could be a good investment opportunity.
Conclusion
Basic Attention Token is a decentralized ad exchange platform that aims to cut out the middleman (Facebook and YouTube) in the digital advertising world. It's important to note that BAT isn't a token that can be used to purchase items or perform any other type of transaction.
The BAT team has been building the platform since late 2017, and it's designed to be integrated directly into the browser. If you want to try this new cryptocurrency out, there are plenty of exchanges that offer it and tokens you can purchase with Bitcoin or Ethereum.