It is likely that you know the big names in the cryptocurrency space if you have ever wanted to own some for yourself.
If you step a little deeper into this world you will find hundreds of alternatives to pick, and this is quite confusing as the gold rush around the crypto world implies plenties of both, opportunities and scams.
One of the currencies brought to my attention is DigiByte, which seems to be rapidly rising.
Understanding how to buy DigiByte is key for you to become the owner of this very inexpensive coin with potential.
- What you need to know before you buy DigiByte
- Where to buy DigiByte
This is no financial advise, all the content and the ideas present in this page and all the other pages of the website do not guarantee financial success and may lead to a loss of your money. You should always do your own due diligence before trading or seek professional advise.
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What you need to know before you buy DigiByte
Despite this is a trading website I still find useful to know a bit more about DigiByte rather than considering it as a temporary asset… After all I don’t dislike investing some of my money as part of my differentiation plan.
DigiByte is public since April 2017.
Thanks to its unorthodox five mining algorithm approach to validating transactions and its very low value it is one of those cryptocurrencies that did a nearly 2000 times increase in value in the exchange in just three months between November and January 2018.
This happened after a certain period of skepticism from investors who did not see very positively this mining approach.
DigiByte coin has been around since January of 2014 and has validated about 12,500,000 transactions by 2019.
DigiByte’s mining process is different than any other crypto currencies.
Among the five algorithms used to validate transactions there is one called Odocrypt, which is an algorithm that changes every 10 days.
Odocrypt was implemented to DigiByte starting from July 2019 and it is part of the DigiByte blockchain since.
Another peculiarity of DigiByte is its fast block timing, which is 15 seconds.
Finally, something that you may or may have not heard about, the “SegWit”, which stands for “Segregated Witness”.
In simple terms, it consists in making transactions faster as miners can validate more transactions in the same block.
Along with the above features, DigiByte is accessible in over 100 countries.
It brings Artificial Intelligence Automation and something similar to Ethereum like Smart Contracts.
DigiByte vs Bitcoin
Like I did for Ethereum, here’s the part when I compare DigiByte to Bitcoin.
We know that DigiByte’s strength is speed, and in fact we can approximate the potential transactions per second between Bitcoin and DigiByte.
We know that Bitcoin has a scalability problem which limits it to about 10 minutes on average to create a block of a size of 1 megabyte. If we let aside the theoretical transaction speed per second of 27, it is calculated that the average is only between 3.3 and 7.
DigiByte on the other hand, has a potential speed of 15-18 blocks per second, making it much faster than Bitcoin. Unfortunately, there is no practical test that can be done to compare the two, because Bitcoin is still the most used for transactions, despite not being the fastest, which makes it still a very strong competitor in the cryptocurrency rally where we will most likely see only one winner.
Another thing that Bitcoin cannot include in its skills are the five algorithms, which make DigiByte potentially more secure.
Are you a DigByte millionnaire?
Celebrate your achievement with this mug, every time you drink your favorite beverage!
What you need to know before you buy DigiByte
- DigiByte uses a 5 algorithm approach to mining.
- One of the 5 algorithms is call Odocrypt and changes every 10 days.
- DigiByte blockchain can process a block in 15 seconds.
- DigiByte is accessible in over 100 countries.
- It has features similar to Ethereum.
- It is designed for scalability.
Where to buy DigiByte
It’s about time to choose the best exchange for you to buy your DigiByte coins!
In this section I will try to help you narrow down the options to the five best options to acquire DigiByte.
- One of the largest exchanges with plenties of pairs to move money.
- Low transaction fees.
- Available in many countries and continuously growing to include more areas.
- Transaction fees vary depending on pair and state of the market.
- It operates in many countries where cryptocurrency is not yet regulated.
CoinSwitch is an exchange where you can trade a broad range of cryptocurrencies.
The count of assets available encompasses over 400 cryptocurrencies.
CoinSwitch accepts U.S. Dollar (USD), Great Britain Pound (GBP), Euro (EUR), Russian Ruble (RUB), Australian Dollar (AUD), and nearly all the cryptocurrencies available in the crypto space.
The purchase can be made by credit card where your exchange will commission you with a transaction fee of up to 0.49 percent depending on the asset that you want to purchase, the most popular ones are also the most expensive.
Due to the unpredictability of cryptocurrency you should always double check the fees applied at the moment of purchase as there is always a risk that the price goes up.
How to buy DigiByte on CoinSwitch
I have a little reward for you, if you decide to go with CoinSwitch, you can receive an extra $5 by registering through this link: Get your 5$ reward on CoinSwitch.
Once you are registered, all you need to do is going on the homepage and chose the currency that you wish to pay with and the currency that you want to buy.
Then you need to choose how much you want to spend and the system will show you how much you will buy and if you click ‘View all offers’ you will be brought to the list of available solutions for your purchase.
- Simplistic website with intuitive account setup process.
- Broad cryptocurrency pool with over 50 choices.
- Only accepts Euro to buy with.
- Not the cheapest transaction fees available.
LiteBit was probably named after Litecoin as in 2012, the company decided to make their platform after realizing that buying Litecoins (long before they became popular) was about as hard as manually creating an actual coin.
Despite not being as big as CoinSwitch it still counts a customer portfolio that goes over 600,000 between traders and investors.
Based in the Netherlands Litebit only accepts Euro.
Its transaction fees vary according to inflation, grading volume, and supply and demand status. On an average you should expect to pay about 2% of the value that you trade.
How to buy DigiByte on LiteBit
Once you are registered on LiteBit you need to click on the Buy menu, chose DigiByte from the first field, the system will show you how much you will have to pay in Euros including commissions with a detailed breakdown, and continue the process.
- Easy to use.
- Immediate purchases.
- Users from nations under the United States Embargo cannot use this service
- It only works in Euros.
Coindirect is one of the easiest platforms to use, very simple verification process that can be performed through your mobile phone and computer interchangeably with no need to install apps. Coindirect gives you access to over 30 different cryptocurrencies that you can trade 24 hours a day.
This means that you will be able to purchase minor cryptocurrencies at their current values (plus spread) unfortunately, only in Euros.
Coindirect is based in London, which is a good news for the UK as Great Britain has a shortage of reputable exchange platforms.
Additionally, with Coindirect, transaction fees will be included in the quoted price, regardless of their fluctuations during the transaction.
Furthermore, your DigiByte purchase from Coindirect is supported by a consortium of technology investors who are the builders of this system.
How to buy DigiByte on Coindirect
After verifying the identity (which is really simple and friendly, unlike other platforms), Coindirect will allow you to buy, there is a menu item called ‘Buy’.
At the moment of writing there are 34 cryptocurrencies that you can buy, including DigiByte.
All you need to do is choosing the icon of the cryptocurrency that you want to buy, in this case would be DigiByte.
The next step allows you to choose whether you want to pay with a credit card or a wallet.
Once you chose the amount that you want to spend (only in Euro) the system will show you the price, which includes their commission.
- Simple and useful learning path for cryptocurrency beginners.
- Pay your bills with crypto.
- Self Managed Super Funds (SMSF)
- Works only in Australia
If you live in Australia and you want to buy DigiByte, you can use Cointree.
Cointree is a well-rounded investment platform specialized in cryptocurrency.
Once registered you will access to more than 100 cryptocurrencies to trade.
Buying them is possible only with the Australian Dollar or the more popular cryptocurrencies. The company wants to incentivize new registration and will give you $10 once your information is verified.
Their fees under 1% for buying and selling assets with both credit cards or other coins are appealing, but they may vary based on your trading volume.
With a trade volume between $10,000 and $50,000 Cointree fees are between 0.15% and 0.2% while the credit card fee is 0.8%.
How to buy DigiByte on Cointree
Once you are registered and verified it is as simple as clicking the ‘Buy/sell’ menu, chose the amount of Australian Dollars that you want to spend and the coin that you want to buy.
That’s as simple as that.
- A wide range of cryptocurrencies for you to trade.
- Intuitive trading tools.
- Fixed rates for 15 minutes at a time on the mobile app.
- Accepts EUR, USD, and GBP.
- Not ideal to buy DigiByte as its rates are amongst the highest.
Changelly, one of the leaders in cryptocurrency exchanges, has introduced the concept of “instant trading”, which allows buyers and sellers to transact instantaneously.
After CoinSwitch it is the one with most coins with a total of over 130 choices.
There are no major spikes or drops in the difference between the actual trading rate and the what the system estimates when transacting.
Changelly will let you buy DigiByte using your phone where the mobile app has a fixed rate so that you could avoid the risk of market fluctuations.
The fee stays fixed for 15 minutes, which should be enough for you to complete the transaction at the estimated rate.
How to buy DigiByte on Changelly
Once you are registered, it is very straight forward, if you want to exchange your existing cryptocurrency for DigiByte you would need to simply choose the amount and the cryptocurrency that you want to exchange, then simply chose ‘DigiByte’ in the second field and click ‘Exchange now’ if you agree with the amount displayed by the website.
If you want to buy DigiByte with your national currency you will need to first chose ‘Buy’ and the system will allow you to choose between US Dollar, British Sterling or European Euro.
What you need to know before you buy DigiByte
Low transaction fees.
It operates in many countries where cryptocurrency is not yet regulated.
Simplistic website with intuitive account setup process.
Only accepts Euro to buy with.
Easy to use.
It only works in Euros.
Pay your bills with crypto.
Works only in Australia
Accepts EUR, USD, and GBP.
Not ideal to buy DigiByte as its rates are amongst the highest.
The Most Fitting Solutions
As I mentioned before, DigiByte is a blockchain that offers one of the greatest block speeds in the market.
Based on this review, two of the most fitting solution seems to be CoinSwitch.
This is thanks to its ability to accept multiple fiat currencies and offer the relatively low fees.
LiteBit lacks the fiat currencies and requires further steps in the process, Changelly has high transaction fees, and Coindirect, which is too small to facilitate rapid scaling. Hence why anyone wondering how to buy DigiByte should begin their endeavor with CoinSwitch.