BAX

Overview of BAX

BAX (BABB) is a native utility token that powers the Babb platform, offering fair, inclusive, and connected financial services. Founded in 2018 by Rushd Averroes, BAX aims to revolutionize the way people access financial services globally. The token operates on the Ethereum network, facilitating borderless peer-to-peer transfers with minimal fees and no exposure to complex interbank networks or foreign exchange conversion fees.

BAX tokens enable users to make free, quick, and frictionless transfers within the Babb app, connecting individuals worldwide. They also allow for easy conversion to other cryptocurrencies such as BTC, ETH, and stablecoins. BAX's mission is to simplify crypto usage and demonstrate the benefits of inclusive financial service platforms.

To obtain more information, you can visit their website: https://getbabb.comand try to log in or register to use more services.

Pros & Cons

Pros of BAX:

Borderless Transactions: BAX tokens enable borderless peer-to-peer transfers, allowing users to send funds almost anywhere in the world quickly and at minimal cost.

Inclusive Financial Services: BAX aims to make financial services accessible to everyone, including those who are unbanked or underbanked, through its platform and BAX tokens.

Community Support: BAX has a strong community of supporters who believe in its mission of democratizing access to financial services, which can contribute to the token's adoption and value.

Cons of BAX:

Dependence on the Babb Platform: The success of BAX is tied to the success of the Babb platform. If Babb doesn't gain traction, BAX's value could suffer.

Limited Adoption: Despite its potential, BABB's platform and BAX tokens may have limited adoption compared to more established cryptocurrencies and financial services providers.

What Makes BAX Unique？

BAX stands out from other cryptocurrencies due to its focus on financial inclusion and accessibility.

Financial Inclusion: BAX aims to provide banking services to the unbanked and underbanked populations worldwide, leveraging blockchain technology to offer low-cost, accessible financial services.

Hybrid Account: BAX offers the world's first Hybrid BABB Account, allowing users to seamlessly manage both fiat (GBP) and digital currencies in one place.

How does BAX Work？

BAX operates within the Babb platform, a comprehensive financial ecosystem designed to provide accessible and inclusive financial services. Central to this ecosystem is the Hybrid BABB Account, which allows users to manage both fiat currency (GBP) and digital currencies seamlessly in one place. This innovative account bridges traditional and digital financial systems, offering users the convenience of managing all their funds through a single platform.

One of the standout features of BAX is its ability to facilitate borderless peer-to-peer transfers. By leveraging blockchain technology, BAX allows users to send and receive funds globally without the need for traditional banking networks. This results in faster, cheaper transactions that bypass the complexities and expenses associated with interbank transfers and foreign exchange conversion fees.

The Babb platform also includes a Babb Bank Card, which comes in both virtual and physical forms. This card, supported by Mastercard, enables users to spend their funds anywhere Mastercard is accepted. By linking the Babb Bank Card to their Hybrid BABB Account, users can seamlessly integrate their digital assets into everyday transactions, making it easier to manage and utilize their finances.

Market & Price

The BAX token has been on a bit of a rollercoaster ride lately. As of June 3rd, 2024, it's sitting at $0.000096. In fact, it's down a touch over 2% compared to just yesterday. If you zoom out a bit further, the picture isn't much prettier. Over the past week, BAX has shed a chunk of its value, dropping by roughly 12.7%.

Things haven't always been this way for BAX. Back in April of 2018, it reached a record high of $0.00296. That means compared to its peak, BAX is currently trading at a whopping 96.7% discount. However, there is a silver lining. If you go back even further to October 2021, you'll find BAX languishing at its all-time low of $0.000016. In that sense, the current price represents a more than 500% increase from its absolute bottom.

Exchanges to Buy BAX

KuCoin: KuCoin is a global cryptocurrency exchange that provides a wide range of digital assets for trading. It's known for its extensive selection of tokens and competitive trading fees. See this link for details on how to buy BAX: https://www.kucoin.com/how-to-buy/babb.

Step 1: Create Your Free KuCoin Account

Sign up on KuCoin with your email address/mobile phone number and country of residence, and create a strong password to secure your account.

Step 2: Secure Your Account

Ensure stronger protection of your account by setting Google 2FA code, anti-phishing code, and trading password.

Step 3: Verify Your Account

Verify your identity by entering your personal information and uploading a valid Photo ID.

Step 4: Add a Payment Method

Add a credit/debit card or bank account after verifying your KuCoin account.

Step 5: Buy BAX

Use a variety of payment options to buy BAX on KuCoin.

MEXC: Formerly known as MXC Exchange, MEXC is a cryptocurrency trading platform that offers a diverse range of tokens for trading. It's known for its strong community and extensive token listings. See this link for details on how to buy BAX: https://www.mexc.com/how-to-buy/BAX.

Step 1: Create an Account

Start by registering for a free account on the MEXC crypto exchange. You can sign up via the MEXC app or website, using either your email or mobile number. After registration, you need to complete the Know Your Customer (KYC) verification process to verify your identity.

Step 2: Choose a Purchase Method

Once your account is set up, decide how you want to buy BAX tokens. Click on “Buy Crypto” on the MEXC website to see the available methods. You can purchase BAX using a credit or debit card (Visa or MasterCard), through P2P/OTC trading with other users (protected by escrow), by depositing USDT via SEPA for a spot trade or using third-party payment services like Simplex, Banxa, or Mercuryo.

Step 3: Store or Use Your BAX

After purchasing BAX, you can store your tokens in your MEXC Account Wallet. From there, you can hold your BAX, transfer it to another wallet via blockchain, trade it for other cryptocurrencies, or stake it using MEXCs earning products for passive income, such as savings and Kickstarter programs.

DODO: DODO is a decentralized exchange (DEX) that aims to revolutionize how users interact with liquidity in the cryptocurrency space. Unlike traditional DEXs that rely on user-provided liquidity, DODO utilizes a PMM algorithm. This algorithm actively manages liquidity pools, ensuring sufficient funds are available for smooth trading experiences.

How to Store BAX？

Storing BABB (BAX) tokens involves choosing a secure wallet and following best practices to protect your assets.

MEXC Account Wallet: After purchasing BAX on the MEXC exchange, you can store your tokens in your MEXC Account Wallet. This is a convenient option if you plan to trade or stake your tokens on the platform. Ensure your account has strong security measures, such as two-factor authentication (2FA).

Trust Wallet: Trust Wallet is a mobile wallet that supports BAX and various other cryptocurrencies. Download the Trust Wallet app, create a new wallet, and securely store your recovery phrase. Transfer your BAX tokens from the exchange to your Trust Wallet address for secure storage.

MetaMask: MetaMask is a popular browser extension and mobile wallet that supports Ethereum-based tokens, including BAX. Install MetaMask, set up a new wallet, and securely save your seed phrase. Transfer your BAX tokens to your MetaMask wallet address for safekeeping.

Cold Wallets: For the highest level of security, consider using a hardware wallet, such as Ledger or Trezor. These wallets store your private keys offline, reducing the risk of hacking. Set up your hardware wallet, install the necessary apps, and transfer your BAX tokens from the exchange to your hardware wallet address.

Is It Safe？

The safety of BAX tokens, like any cryptocurrency, depends on various factors, including the security measures implemented by the platform, the wallet used for storage, and the user's practices.

Platform Security: The BABB platform aims to provide secure and inclusive financial services. They adhere to regulatory compliance, including Know Your Customer (KYC) procedures, which helps enhance security and trust.

Exchange Security: When purchasing BAX on exchanges like MEXC, the security of your tokens is dependent on the exchanges security protocols. MEXC implements industry-standard security measures such as two-factor authentication (2FA), encryption, and cold storage for funds.

Wallet Security: Both Trust Wallet and MetaMask are reputable wallets that support BAX. They offer secure storage solutions with features like seed phrases for recovery and encryption. Always ensure that you backup your seed phrase and store it in a safe place. Hardware wallets like Ledger and Trezor provide the highest level of security by keeping your private keys offline. This significantly reduces the risk of hacking.

How to Earn BAX Coins？

Earning BAX tokens can be achieved through various methods.

Staking: Platforms like MEXC offer staking opportunities where you can earn BAX tokens by staking other cryptocurrencies. Staking involves locking up your tokens for a specified period to support the network and earn rewards.

BABB App: Some services within the BABB app can offer rewards in BAX tokens for certain activities, such as making transactions, using the BABB Money Account, or utilizing other financial services provided by the platform.

Airdrops and Giveaways: Follow BABBs official social media channels and community forums for announcements about airdrops and giveaways. These events often distribute free BAX tokens to participants as part of marketing campaigns or community engagement initiatives.

Liquidity Mining: Decentralized exchanges (DEXs) provide liquidity to decentralized exchanges (DEXs) that support BAX trading pairs. By supplying liquidity, you can earn a share of the trading fees and potentially receive additional BAX tokens as rewards.

Conclusion

BAX is a cryptocurrency focused on financial inclusion and accessibility, aiming to revolutionize global financial services by offering low-cost, borderless peer-to-peer transfers on the Ethereum network. BAX supports seamless management of both fiat and digital currencies through the Hybrid BABB Account and offers a Mastercard-supported Babb Bank Card for everyday transactions.

Despite its innovative approach, BAX faces challenges such as its dependence on the Babb platform's success and limited adoption compared to established cryptocurrencies. Careful research is important before investing due to the inherent risks of the cryptocurrency market.

Frequently Asked Questions (FAQs)

How can I buy BAX tokens？

BAX tokens can be purchased on cryptocurrency exchanges such as KuCoin, MEXC, and DODO. You'll need to create an account, complete KYC verification, and choose a payment method to buy BAX.

What wallets support BAX？

BAX can be stored in wallets such as Trust Wallet, and MetaMask, and hardware wallets like Ledger and Trezor for secure storage.

Is BAX safe？

BAX's safety depends on the security measures of the platform, the wallet used for storage, and user practices.

How can I earn BAX tokens？

You can earn BAX tokens through staking, participating in activities within the BABB app, joining airdrops and giveaways, and providing liquidity on decentralized exchanges.

Risk Warning

Investing in cryptocurrencies requires an understanding of potential risks, including unstable prices, security threats, and regulatory shifts. Thorough research and professional guidance are advised for any such investment activities, recognizing these mentioned risks are just part of a wider risk environment.