With Zengo, you can safely and securely trade Bitcoin (BTC) for BITDAO (BIT). The following guide will walk you through how to swap BTC for BIT in a few easy steps.
Bitcoin (BTC) is the first widely accepted and popular cryptocurrency. Introduced in 2008 and launched in 2009 by an unknown group or individual named Satoshi Nakamoto. Bitcoin advocates for a democratized financial system independent of traditional banking systems. It operates on the Bitcoin blockchain and documents transactions on the blockchain network. Additionally, Bitcoin employs a proof-of-work (PoW) algorithm, allowing coin generation via mining. As an open-source, public-domain cryptocurrency, Bitcoin is also accessible to everyone, which expands its utility worldwide.
BITDAO (BIT) is a decentralized autonomous organization (DAO) founded by Bybit in 2021, and BIT is the governance token of this ecosystem. BIT’s main purpose is to facilitate the governance and development of the BITDAO network, enabling holders to participate in the governance of the DAO, fund new projects, and earn rewards from the ecosystem’s growth. Holders of BIT tokens manage the protocol and help to build a decentralized economy system.
Open your Zengo app and select the “Actions” button on the main menu.
Select the BTC and BIT pair (or vice versa) and enter the amount you wish to trade.
Please review all the transaction details and click “Confirm.” Zengo will send you a notification once the trade is finished.
Zengo offers smooth trade between BTC and BITDAO (BIT). Here are a few reasons why so many users choose Zengo as their primary crypto and NFT wallet:
Zengo is the safest and most secure solution for storing crypto and NFTs, employing advanced MPC technology and biometrical 3-factor authentication. Further, Zengo offers a robust Web3 firewall to provide a secure platform for interacting with various Web3 Dapps. Learn more about Zengo’s security standards.
As a non-custodial wallet, Zengo allows you to maintain complete control over your private keys and provides safe and secure access to your digital holdings. In addition to providing top-notch security, Zengo’s wallet is simple to use, making it suitable for beginners and experienced traders.
With Zengo, you can trade many crypto assets without paying high fees. You can transfer funds to other wallets without fees, but regular network fees are still charged. With Zengo, you can also choose between a faster transaction at a higher expense or a slower transaction at a reduced cost. It is up to you. More information on our network fees can be found here.
Thanks to Zengo’s incredibly secure biometric recovery system, you will never have to worry about losing access to your funds, even if you misplace or break your mobile device. As soon as this happens, you can immediately download your Zengo wallet app on another device and log in using your Face ID to gain access to your crypto portfolio.
While trading in cryptocurrencies can offer rewards and excitement, it’s essential to be mindful of the unpredictable nature of the crypto market. Zengo provides a safe environment for keeping and handling your cryptocurrency and NFT assets, but we do not offer any financial guidance. You should do extensive research before investing in cryptocurrencies or NFTs.
If you have more questions about the BTC to BIT transition in Zengo, the FAQ section below can guide you.
Bitcoin (BTC) has been the pioneer cryptocurrency since its launch in 2009. It operates on its blockchain platform and is designed to function as a decentralized digital currency, allowing peer-to-peer transactions without any intermediaries. On the other hand, BITDAO (BIT) is a governance token that serves the BitDAO community. It facilitates decentralized governance and treasury management, enabling holders to participate in decision-making and funding proposals.
Trading BTC for BIT on Zengo wallet refers to trading one coin for another through Zengo’s swapping feature.
A secure cryptocurrency wallet is essential for trading and storing tokens, including BTC and BIT. Zengo offers safety and user-friendliness, positioning itself as an ideal wallet for trading and holding your tokens with competitive trading fees and high-security standards.
Yes, minimum trading amounts exist, but they change with the market conditions and your trading assets. You can see that pair’s current minimum trading limits by logging into the Zengo app and selecting a trading pair. For more information on Zengo’s fees and limits, click here.
Using the Zengo non-custodial wallet, you can swap BTC and BIT for many cryptocurrencies, including ETH, DOGE, LINK, XTZ, SAND, and VGX. Remember, market conditions might affect the availability of specific pairs. You can view current options by opening the app and selecting your desired trading pair.
Yes, the Zengo platform allows you to transfer digital assets without limitations to other wallets, ensuring you maintain complete control. To start with the process, launch the app, choose BTC or BIT, select “Actions,” click “Send,” specify the amount and target wallet, and confirm with the onscreen instructions.
You’ll receive a notification from the Zengo app once your trade is complete. Additionally, in the Zengo app’s transaction history section, you can verify that your trade is confirmed when the status changes from “Trade Pending” to “Trade Received.”
Yes, using Zengo’s fiat-to-crypto on-ramp gateway, you can buy cryptocurrencies. However, some of the tokens might not be available to purchase. If that is the case, it is possible to buy well-known cryptos like Bitcoin, Tether, or Ethereum and then swap them for the desired token. For purchases, launch the app, click on “Actions,” navigate to “Buy,” select your preferred token, and then decide on the amount and payment option.
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