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 ICP on BYDFi. We'll guide you through it
Choose how to purchase ICP 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 (ICP). 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 ICP 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 ICP 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 ICP 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 ICP
Trade
Answers
Is Internet Computer (ICP) a Good Investment?
Several factors come into play when evaluating the potential of Internet Computer (ICP) as an investment, making it a compelling option to consider. ICPs appeal lies in its innovative approach to blockchain technology, which has garnered significant attention from developers and users.
The rising adoption of ICP's ecosystem by decentralized application (dApp) developers and users is a significant driver of the ICP to USD price. As the Internet Computer gains traction, the on-chain activity within the network could experience an uptick, leading to a potential rise in the ICP price.
Furthermore, the web3 revolution can potentially be crucial in driving bullish momentum for ICP. With its position as one of the fastest general-purpose blockchains in the industry, the Internet Computer's robust platform for running Web 3.0 applications positions it favorably for the evolving landscape of decentralized services.
The sentiment in the overall crypto market can also impact ICP's price. A bullish sentiment among crypto investors may increase confidence in ICP as an investment, potentially driving the Internet Computer price higher.
ICP's innovative features and ambitions are rooted in its mission to reshape the internet, reduce computing costs, and enable a more decentralized network. The project's goals, as outlined by Dominic Williams, the founder and chief scientist of Dfinity, highlight its potential to revolutionize the internet and create an "open and free" worldwide Web 3.0.
The Internet Computer's underlying technology, including its chain-key technology and decentralized protocol, positions it to address long-standing IT issues, making it a compelling choice for developers and users. Additionally, as announced by the DFINITY Foundation, its collaboration with the Bitcoin network adds another layer of potential growth and innovation.
What Factors Can Influence Internet Computer Price?
It is impossible to provide an exact price prediction for ICP over any timeframe. However, several factors can affect its price and volatility:
Level of Network Governance Activity
Active involvement of ICP token holders in governance can influence market sentiment and perceived value.
Node Provider Rewards
Node operators receive ICP tokens as rewards, and increased on-chain activity boosts investor confidence.
Software Development and Adoption
Monetizing dApps using ICP can drive developer interest and broader adoption, impacting the demand for ICP tokens.
ICP Token Utility
ICP token is used for value transfer and transactions within dApps, enhancing the efficiency of digital transactions.
Crypto Market Sentiment
Market sentiment, speculative trading, and positive news can significantly influence short-term price movements of ICP.
What Is ICP Coin Used for?
The ICP token, the native utility token of the Internet Computer network, has several use cases, including:
Participate in Decentralized Governance on Internet Computer
As an ICP holder, you can actively participate in the governance of the Internet Computer ecosystem by staking your tokens, known as neurons. This participation allows you to submit proposals and vote on the future evolution of the blockchain network.
Native Currency on Internet Computer Protocol Ecosystem
ICP tokens are essential for transactions within the network, especially for dApps and smart contracts known as Canisters. These tokens can be converted to Cycles, the second native utility token within the Internet Computer network, enabling smooth transactions among Canisters.
Incentive Token for Nodes
Nodes within the network play a vital role in validating transactions and creating new blocks, and they receive rewards in ICP tokens for their contributions. This incentivizes the operation of nodes, ensuring the network's security and performance.
Trade or HODL ICP
The ICP token is one of the top cryptocurrencies by market cap and enjoys significant trading volume and liquidity. Trade Internet Computer token against other cryptos on the BYDFi Spot Market or hold ICP long-term if you believe in the project's future potential. Before trading, stay informed about the current ICP price, market cap, 24-hour trading volume, news, and DYOR.
Earn Passive Income by Lending Liquidity in ICP
In addition to staking ICP tokens for governance or becoming a node, you can lend your ICP holdings on BYDFi to earn attractive returns. Head to the BYDFi Crypto Lending section to lend liquidity in ICP and earn attractive daily interest over seven days, 14 days, or 28 days.
What Is the Difference Between Internet Computer (IC) and Bitcoin?
When comparing the Internet Computer (IC) and Bitcoin blockchains, it's essential to understand the key distinctions that set them apart. Here's a breakdown of the differences:
Primary Use Cases
Bitcoin's primary purpose is to facilitate digital, peer-to-peer transactions via the blockchain, focusing on being a digital currency. In contrast, the Internet Computer Protocol goes beyond just supporting a digital currency. It serves as a general-purpose blockchain, providing a platform for hosting tokens and enabling a wide range of decentralized applications (dapps). This makes it more versatile in terms of use cases.
Consensus Mechanism
The Bitcoin network relies on a proof-of-work (PoW) consensus mechanism, which, while secure, has limitations in terms of throughput, leading to scalability challenges. The Internet Computer network employs a highly optimized version of proof of stake (PoS) consensus known as Threshold Relay. This innovative approach ensures an extremely high level of scalability and security.
Transaction Speed and Throughput
Bitcoin has a transaction throughput of around 3-7 transactions per second (TPS), making it less suitable for real-world applications that require high-speed transactions. The Internet Computer boasts an unlimited throughput, and its capacity can increase as more nodes are added. As of August 2023, the IC network has achieved a throughput of over 4,000 TPS.
Smart Contract Capabilities
While Bitcoin primarily maintains the state of account ownership and token holdings, it cannot host complex smart contracts and dapps. The Internet Computer's advanced technology supports extremely complex smart contracts and diverse dapps, including those related to DeFi, games, social applications, enterprise solutions, and more.
Internet Computer has been working on a Bitcoin integration to bring smart contract capabilities to Bitcoin, further expanding the versatility of the largest cryptocurrency by market cap. This integration has significant implications for the DeFi ecosystem and opens up new possibilities for developers.
How to Stake ICP on Internet Computer Protocol
Staking ICP (Internet Computer) tokens is a way to actively participate in securing the network and earn rewards. The Network Nervous System (NNS) is the platform where you can stake ICP tokens. Here's how:
1. Create an Internet Identity: Start by creating an Internet Identity. This identity will serve as your entry point for various dApps on the Internet Computer. You can use the Internet Identity dApp and record your unique identity anchor number.
2. Access the Network Nervous System (NNS) dApp: Use your Internet Identity to sign in to the Network Nervous System (NNS) dApp. You can manage your staking and participate in voting on governance proposals here.
3. Add ICP Tokens: Buy ICP on BYDFi or other supported platforms and transfer them to your NNS account.
4. Stake ICP in a Neuron: Head to the Neurons tab within the NNS dApp. You can create a 'neuron' by staking a minimum of 1 ICP token for a specified period. You can choose a lock-up period from six months to a maximum of eight years.
5. Participate in Governance: By staking ICP in a neuron, you're securing the network and gaining the ability to participate in the governance of the Internet Computer. You can vote on proposals that determine the future development of the protocol.
6. Earn Rewards: Your staked ICP tokens will earn rewards over time. These rewards are distributed periodically based on your participation and the proposals you vote on.
