How To Buy DigiByte or DGB Cryptocurrency
DigiByte is an open-source, decentralized blockchain developed by Jared Tate and the DigiByte Foundation back in 2014. The DGB coin is its native asset.
The DigiByte blockchain is made up of three layers: the applications layer, the digital asset (public ledger) layer, and the global network layer. The decentralized apps and smart contracts are in the applications layer, and the asset layer is what brings the platform a greater degree of security. This is enforced by five separate mining algorithms. In fact, Digibyte was the first blockchain to generate a fork from a single proof-of-work algorithm to multi-algorithm mining. The global layer, on the other hand, supports communications and operations across the global network.
Another important advantage of this coin is its blocking speed: DGB is 40x faster than Bitcoin, as its blocks occur on the network every 15 seconds.
How to buy DigiByte Cryptocurrency?
Most exchanges that support this coin don’t allow buying DGB with traditional money and it is certainly not easy to purchase it with US dollars. Yet, there are a few cryptocurrency platforms where you can buy DigiByte directly with fiat currencies. These are:
– Bittylicious – a UK exchange that offers DGB/EUR and DGB/GBP pairs for trade. It uses SEPA bank transfers and credit/debit cards as payment methods. Keep in mind that fiat-to-crypto tradesare charged with 5.00% – 6.00%.
– LiteBit – a Dutch exchange that offers DGB/EUR pair for trade. It only accepts Euro via bank transfers, GiroPay, Sofort, and iDeal.
Another option to get some DigiByte is to buy Bitcoin first and then exchange it for DGB. There are a number of platforms that allow you to convert your fiat to BTC, yet we recommend Coinbase – a trusted and user-friendly exchange that deals in US dollars and supports convenient payment methods (credit/debit cards, bank transfers, and more).
Here are the steps you need to follow to get some DigiByte:
1. Sign up with Coinbase
Registration takes a just couple of minutes. Before you deposit, you need to verify your identity, which is a standard procedure – all exchanges that deal with fiat require verification. Then, add your bank account or credit/debit card in order to deposit.
2. Buy Bitcoin or Ether with debit card, bank wire or Paypal
Considering the ease of use of Coinbase’s platform, this step is not difficult either. Just go to the Buy/Sell section, select Bitcoin and enter the amount of fiat you wish to invest.
3. Open an account with an exchange that supports DigiByte
It seems that the most popular ones are Bittrex and Ploniex, but you can choose any from the list below.
4. Transfer your Bitcoin from Coinbase to that exchange
Most cryptocurrency exchanges do not charge any fees for bitcoin deposits.
5. Exchange your Bitcoin for DigiByte
All you have to do is find the BTC/DGB pair on the platform and proceed with the trade.
Once you get your DGB coins, you’d better store them in your own e-wallet. Most often the best option is to use the official wallets of the coin, if there are such. In the case of DigiByte, there are a number if wallet options accessible on their website. Just choose what’s best for you.
That’s it. If you wish to cash out your DGB coins (and the potential earnings) at some point, you will have to undergo the process described above vice versa.
Generally, trading in cryptocurrencies is also available with forex brokers like eToro. It is probably the best option for those of you who want to avoid all the crypto hassle involved in owning a digital coin. Another important advantage of trading in Bitcoin and other altcoins with forex brokers is that many of them are regulated, while most exchanges are not. Sadly, there aren’t any brokerages that support DigiByte yet.
How to Buy DigiByte or DGB Cryptocurrency Conclusion
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