What is Bread?
Bread is a decentralized cryptocurrency wallet intended to onramp beginners into Bitcoin, Ethereum and other cryptocurrencies. Bread is competing with Coinbase to be the go-to cryptocurrency application.
The application currently has over 1 million users in 150+ countries and protects over $6 billion in cryptocurrency funds.
What is Bread’s mission?
Bread’s mission is to build the world’s largest decentralized bank. They believe cryptocurrencies will completely change retail and investment banks. Banks will no longer hold people’s money. Instead people will control their own money by holding their own private keys by utilizing decentralized cryptocurrency wallets. However, they believe customers will still demand certain key banking services. For example, customers may want banks to offer: loans, bill services, and credit cards.
Bread believes that cryptocurrency wallets will be the window to those services. They plan to partner with service providers around the globe to provide the financial services people need.
Bread vs Coinbase
A key difference between bread and Coinbase is security. With Bread, individuals have custody of their own private keys. This means if it is hacked, investors will not lose their funds. This is because the BRD wallet is synchronized straight to the Blockchain. If Coinbase is hacked, investors’ funds may be at risk.
What is the purpose of the BRD Token?
According to Bread’s website the BRD token has two main purposes:
- Discounts on fees for financial services within the app (think Binance Coin)
- Tiered statuses with premium benefits based on the number of tokens held within the app (the more coins held the better the rewards and discounts).
In a typical customer reward system, one can earn more points and more rewards. However, since BRD has a fixed supply of tokens, eventually the top tier perks become unattainable. Bread proposes a solution through a ‘Rewards Waterfall.’
Where Can I Buy Bread?
Bread is currently trading on:
Bread aims to be the world’s largest decentralized bank. They want to empower people across the globe by leveraging the benefits that Bitcoin and other decentralized cryptocurrencies provide. They have a mobile application with over 1+ million users. The use cases for the BRD token are not as well established as they could be. Overall, this project has the potential to be a big success.