AI has taken the tech world by storm, and many wonder if crypto has a role in this wave of innovation. Bittensor seems to be one of the most promising crypto AI projects. How can you get exposure to Bittensor’s TAO token? This guide will explain more about the project, and how best to invest.
Disclosure: ²Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts
What is Bittensor (TAO)?
Bittensor is a project integrating blockchain with machine learning in a decentralized network. This open-source protocol rewards collaborative training of machine learning models with TAO tokens based on the value they add. On Dec. 10, 2023, Bittensor (TAO) hit a new all-time high market price of $371.59. Favorable market conditions and decentralized AI have put wind in the sails of its token price.
Brief History of Bittensor (TAO)
TAO’s launch, significant in blockchain and AI circles, included no ICO or airdrop. TAO tokens are generated through mining and validation in the Bittensor network. Miners, who provide intelligence using specialized hardware or unique neural networks, and validators, who ensure adherence to consensus rules, are both rewarded. Each block distributes a reward of one TAO for miners and validators.
Bittensor envisions more than just a cryptocurrency role, aspiring to be a global open-source repository for machine intelligence. This goal promotes permission-less innovation in AI, with rewards and ownership within its network proportionally distributed. Bittensor’s approach intertwines blockchain, AI and open-source innovation.
How to Buy Bittensor (TAO)
Bittensor (TAO) is a new cryptocurrency that can be trickier to purchase than blue chips like Ethereum (ETH) or Bitcoin (BTC). Below is a guide on how to get your hands on Bittensor TAO.
Step 1: Open an Online Account
To start, you’ll need to create an account on a cryptocurrency exchange that supports Bittensor (TAO). This step is crucial as it’s where you’ll conduct your transactions. Choose a platform that aligns with your security needs, use requirements and transaction fees. Gate.io and Bitget are two exchanges to buy TAO from. You could also opt for the software wallet approach and purchase through a decentralized exchange (DEX).
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securely through Gate.io’s website
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securely through Bitget Wallet’s website
Best For:
A Reliable Crypto Wallet
Step 2: Buy a Wallet (Optional)
While holding your TAO in an exchange account is an option, using a wallet offers added security. There are two main types: hardware and software wallets.
Best Hardware Wallet: Ledger Nano S
The Ledger Nano S is a renowned hardware wallet, known for its robust security features and ease of use. It stores your TAO offline, making it nearly impervious to online hacking attempts. The Ledger Nano S is a top choice for those prioritizing security in their crypto holdings.
Best Software Wallet: Coinbase Wallet
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securely through Coinbase’s website
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards. ³Crypto rewards is an optional Coinbase offer. Upon purchase of USDC, you will be automatically opted in to rewards. If you’d like to opt out or learn more about rewards, you can click here. The rewards rate is subject to change and can vary by region. Customers will be able to see the latest applicable rates directly within their accounts.
For those who prefer an online option, the Coinbase Wallet is a leading software wallet. It offers a user-friendly interface and seamless integration with the Coinbase exchange, making it a convenient choice for managing and trading your TAO.
Step 3: Make Your Purchase
Once your account is set up and your exchange or wallet is funded, you’re all set to buy TAO. If you chose the exchange route, navigate to the trading section, select Bittensor (TAO) and proceed with the purchase.
If you are using a software wallet, you can connect to a DEX – like Uniswap – select Bittensor (TAO) and proceed with your purchase. It is typically recommended to transfer this to a hardware wallet immediately after.
Trade, Sell or Convert Bittensor (TAO)
Trading, selling, or converting your TAO depends on market conditions and your investment strategy. Trading involves exchanging TAO for other cryptocurrencies or fiat currencies, often done to capitalize on market movements. Selling is converting your TAO back into fiat currency. Converting refers to swapping TAO for other cryptocurrencies, most often a stable coin (crypto pegged to a dollar). Each exchange has its own set of supported currencies for conversion, so it’s important to check what’s available on your platform.
Current Crypto Prices
In December 2023, crypto has been rallying. Rumors of the Fed cutting rates in 2024 led to a stock and crypto market rally.
Is Bittensor (TAO) a Good Investment?
Birrensor (TAO) is a risky investment. It is playing at the intersection of two technologies, and experts are unsure where either will go in the future. The payoff is potentially massive, especially if centralized AI becomes mainstream. It is best to assess your risk tolerance and only invest money you are okay with losing when deciding to invest in Bittensor (TAO).
