This time around we bring to you a brief guide on Digibyte. So buckle up to speculate another blockchain in the crypto world!
Get to know Digibyte
DigiByte another of the highly decentralized blockchain, which is public and is rapidly growing. They can neither be hacked or even be destroyed. This very property of DigiByte makes it the perfect solution for the protection of valuable stuff like important digital data, currency or information, .
You can send DigiBytes over the DigiByte Blockchain. They have this cool feature of being forever recorded on an immutable public ledger that is again decentralized on several computers.
As of now the company has a market capitalisation of USD 107 -110 million with the traded volume around USD 3-7 million.
DigiByte’s product portfolio comprises three major application areas: Digiexplorer, Digibot-Telegram and DigiByte Gaming. Digiexplorer is a kind of search engine for the entire DigiByte database.
Digiexplorer is a kind of search engine for the entire DigiByte database. Moreover, you can search for specific transactions. Digibot-Telegram is the product of cooperation between DigiByte and the news messenger Telegram. DigiByte Gaming is the opportunity to earn DigiByte coins by playing Counter Strike, League of Legends or World of Warcraft. These are therefore also called the currency and blockchain of the gamers.
What the blockchain has to offer?
While stepping into the virtual world of currency and transactions, security is one thing that is a major concern to many investors. Coupled with this the speed of transaction and the flexibility offered by a particular blockchain comes into consideration too. But according to the founders of Digibyte, the Blockchain is more secure, fast and flexible, here is how;
- Global Decentralization: The DigiByte blockchain is spread over a 100,000+ servers, computers, phones, and nodes worldwide.
- 5 Mining Algorithms: DigiByte uses five secure and advanced cryptographic mining algorithms to prevent mining centralization compared to single algorithm blockchains.
- Advanced Difficulty Stability: DigiByte has created DigiShield and MultiShield to protect it from malicious cyber attacks. These strong shields are considered to have the most advanced difficulty stability of any blockchain in the world today.
- Ability to quickly add new features: DigiByte upgrades its system quickly after any market changes; the upgrades also push transaction limit to several thousand per second. In this regard, it is more flexible than Bitcoin.
- DigiByte transactions occur much faster that Bitcoin transactions. One to three second transaction notifications. 15 seconds DigiByte blocks versus the10 minutes Bitcoin blocks. DigiBytes are confirmed after 1.5 minutes whereas it takes about 1 hour with Bitcoins.
Standing in the coin market
Currently trading at 0.1158 US dollars, Digibyte has had a turbulent trend since its inception.
How and where to buy Digibyte (DGB)
To make it easy for you, we bring you a step b step guide on how to buy DGB. So if you are interested to invest follow through;
- First we need to set up a wallet to store the DigiByte you’re about to buy. We’re going to set up a desktop wallet in this guide. Go to the DigiByte official wallet page. Choose the file that works for your computer and download it. Once it has downloaded, run the file.
- Upon complete installation run the program. The wallet will now begin synchronising to the blockchain. This can take some time. It may show you a warning that recent transactions might not be visible- you can hide the warning. Press settings. Then ‘Encrypt wallet’. Enter a password that’s hard to guess but which you won’t forget. Press OK. The wallet will give you a warning. Read it. Understand it. Then press ‘Yes’.
- Click ‘File’ and then ‘Backup wallet’ and save this file.
- Click the ‘Receive’ button, then ‘Request payment’. You will be given your wallet address, which looks like a long string of numbers and letters. Copy it down somewhere safe as we’ll need it soon.
- Now we are going to exchange some crypto coins for Digibyte. We are trading Ethereum here, you can trade any that is in your possession.
- We’ll use the site Kucoin to exchange your Ethereum for DigiByte. Click here to go to Kucoin, and click ‘Sign Up’ on the top right menu. Enter your email address, and a strong password. Press ‘Next’.
- You will receive a confirmation email. The link in the email will log you into your Kucoin account. Before you can deposit your Ethereum into the exchange you must set up two-factor authentication on your account.
- Once your 2-step is set up, press ‘Assets’ on the top menu. In the list of coins, find Ethereum (ETH) and press ‘Deposit’.
- On this screen you will be given a wallet address (a long string of numbers and letters) to deposit your Ethereum to. Copy this address down as you’ll need it soon.
- Now, return to Coinbase. Click ‘Accounts’ from the top menu, then find your Ethereum wallet listed on the left. Click ‘Send’.
- In the ‘Recipient’ box, paste the Ethereum wallet address we just copied from Kucoin. In amount, type how much Ethereum you wish to send (there is a ‘use max’ option if you wish to send it all). Click ‘Continue’.
- Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.
- Once the Ethereum shows in your ‘Available ETH'(takes time) balance we’re ready to trade it for DigiByte. Click here to jump straight to the DGB/ETH exchange market on Kucoin.
- First, look to the box marked ‘Buy/Sell’ and enter a 2-factor authentication code from your phone/computer to enable it. On the ‘Buy DGB’ side of the box, click the number beside ‘Best price’. This will input the lowest price that DGB are currently selling for. Below that, it will also show you how much this price is in dollars (this is price per coin).
- In the box marked ‘Amount’, click the blue symbol beside ‘Max’, and this will show you the maximum amount of DGB, at this price, that you can buy with your Ethereum. If you don’t want to spend all your Ethereum right now, you can manually type the amount of DGB you wish to buy in the box, or use the slider below it to change the percentage of Ethereum spent.
- Once you’re happy with the amount, press ‘Buy’. Your buy order has been placed. You will soon see your new DigiByte balance appear in ‘Available DGB’ on the sell side of the Buy/Sell box.
- Now lets move your new DigiByte to your personal wallet. Click the Kucoin logo in the top left of the screen. Click ‘Assets’ in the top menu.
- Find DigiByte and press ‘Withdraw’ In the boxes that appear, fill in this information: Address: Put the wallet address that you copied from DigiByte wallet. Amount: Type the number of coins you wish to withdraw.
- A pop-up will inform you the withdrawal is confirmed and has been submitted for processing. You will also be sent an email to confirm the withdrawal.
- Once your wallet is fully synchronised with the blockchain, your coins will show in the ‘Overview’ tab under ‘Balance’. And now you are a proud owner of DGB!
With this we take our leave and hope that this gives you a good picture of Digibyte in the crypto world. Feel free to comment in your views below and stay tuned for more news from the crypto galaxy!