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How To Buy Bytecoin Online in 2022

Last updated 16th Aug 2022
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Bytecoin allows users to generate numerous untraceable one-time addresses from a single set of keys. This makes it almost impossible to establish a connection between transactions or addresses. Nowadays, Bytecoin can be found on most major exchanges.

This is the ultimate guide to buying Bytecoin online.

Best Brokers to Buy Bytecoin in 2022

We picked the best brokers where you can buy Bytecoin using fiat currency or cryptocurrency.

What Is the Difference Between Buying and Trading Bytecoin?

Buying involves exchanging fiat currency or cryptocurrency for Bytecoin. Exchanges offer Bytecoin in place of major cryptos like Bitcoin or stablecoin like Tether.

We recommend first purchasing Bitcoin or USDT with fiat currency like USD, AUD, and EUR on platforms like CoinSpot and Coinbase. Buy Bytecoin using the Bitcoin or Tether you acquired.

Trading involves speculating the price movement of BCN tokens. This is possible using several trading options such as Contract for Differences (CFDs). Investors can also trade speculatively through buying and selling on exchanges. Currently, exchanges only offer spot trading for Bytecoin.

How to Buy Bytecoin Online

Buy Bytecoin by first purchasing Bitcoin or USDT in a fiat-crypto exchange like Coinbase. Here’s a step-by-step guide on how to buy Bytecoin online:

Buy Bitcoin or USDT using fiat currencies

Buy Bitcoin or USDT from a fiat-to-crypto exchange like Coinbase or a P2P marketplace like Paxful. Here are the steps to first purchase the Bitcoin.

  • Step 1: Open an account on an exchange that exchanges Bitcoin for fiat currencies. This will require an email/phone and password combination during the registration process. Fill in all the mandatory Know your customer (KYC) details to finish the set-up.

  • Step 2: Fund the account via bank transfers, Paypal, or wire transfer.

  • Step 3: Initiate the trade, specifying the amount you wish to spend.

  • Step 4: Execute the trade

Exchange Bitcoin for another Bitcoin.

The two main pairs that involve Bytecoin are BCN/USDT and BCN/BTC. These pairs are available on crypto to crypto exchanges like Poloniex, HitBTC, and CoinEX. Here is a step by step guide:

  • Step 1: Transfer the Bitcoin from the fiat to the crypto exchange or from a wallet. Transfers should be within 1 hour.

  • Step 2: Trade Bitcoin for Bytecoin

  • Step 3: Use the buy widget to search for the BCN/BTC pair.

  • Step 4: Secure storage: Transfer your Bytecoin to a secure wallet. Examples of wallets that support BCN include Freewallet and the online Bytecoin wallet.

How to Trade Bytecoin?

Investors cannot trade Bytecoin on brokers like Plus500 or eToro. Traders can seek to trade on platforms like gate.io that offer trading options like futures and copy and spot trading.

Here’s a step-by-step guide on how to trade Bytecoin:

Step 1: Find a suitable broker
Step 2: Fund your account
Step 3: Decide how to trade

What Are the Different Ways to Pay for Bytecoin?

There are different methods to pay for your Bytecoin. Investors should understand that they have to purchase other main cryptos like Bitcoin.

Credit Card

Financial institutions offer credit cards against a line of credit. We recommend users check with their credit card institutions and exchange to see if their cards support purchasing cryptocurrencies.

Most exchanges accept Visa and MasterCard credit cards. Note that some institutions treat credit card purchases as cash advances that attract considerable interest. Purchasing crypto with a credit card is a risky investment.

Pros

Fast transactions - Credit cards are simple to use, and deposits are quick. It can help investors take advantage of volatile Bytecoin prices.
High-security standards - Exchanges now prefer the use of 3D secure credit cards. This feature protects your card against online fraud.

Cons

Spending limits - Banks often impose limits on the amount users can borrow.
Multiple fees - Some include commission fees, cash advance fees, and interest, which greatly affect the overall investment.
High risk - Interests charged on credit make it a risky investment if payments are missed.
Investors may not earn any rewards for purchasing crypto with their cards.

Debit Cards

Banks give debit cards that are linked to a bank account. Visa and Mastercard debit cards are readily accepted on exchanges. Clients can connect their debit card with the exchange and purchase cryptocurrency, which they can use to buy Bytecoin.

Pros

Quick transactions - Like credit cards, debit card transactions are also speedy. This also helps traders take advantage of volatile Bytecoin prices.
Ease of use - The process of connecting and depositing using the debit card is straightforward.
Secure - Exchanges like Coinbase only accept 3D secure cards, which mitigate against online fraud.

Cons

Usage restrictions - Some banks may restrict the use of their debit cards for the purchase of cryptocurrencies.

Bank Transfers

Bank transfers are the most popular way of depositing funds into an exchange or broker. It allows for a large deposit and is cheaper. Transfers may delay due to slow processing, which may take over 48 hours.

Some of the popular supported bank transfer options across the world include:

  • ACH transfers in the USA

  • SEPA for European transfers

  • Faster payments for the UK

  • OSKO payments for Australia

Pros

Larger transfers - Many banks allow for substantial limits on bank transfers.
Wide adoption - A large number of brokers and exchanges offer bank transfers as a payment option.

Cons

Slow- compared to credit cards and debit cards, bank transfers take longer. This may limit an investor during volatile Bytecoin markets.

E-Wallets

Investors can fund their accounts using E-wallets such as Paypal and Skrill. These are global online payment companies but maybe only available in certain regions only.

Traders can purchase Bitcoin or USDT using the funds from their Paypal on any major exchange. Transfer these cryptos to an exchange that offers Bytecoin and make a swap.

Pros

Ease of use - Those investors used to making online payments with e-wallets will find it easy to use online payment services.
Secure - e-wallets provide a secure method of funding your exchange’s account.

Cons

High fees - Investors may experience high charges such as processing fees compared to bank transfers.
Availability - Many exchanges do not offer e-wallets as a funding option.

What to Consider When Buying Bytecoin?

Market insiders believe there was a “pump and dump” Bytecoin scheme on Binance in 2017. These are fraudulent price manipulations through the spread of misinformation and have been around in economic settings since at least the 1700s. The result was a subsequent low uptake of the coin. Bytecoin’s all-time high price came in 2018 at a price point of $0.14.

Other factors to consider the following before buying Bytecoin include:

Competition

  • Bytecoin faces considerable competition from more established cryptocurrencies like Monero, Bitcoin, and Litecoin, facilitating peer-to-peer payments.

Roadmap

  • The developmental roadmap for Bytecoin seems complete. This is after the implementation of all security features. The last update on this open-source project was in late 2019.

Deposit fees

  • This largely depends on the mode of payment. Credit and debit card users usually have to pay deposit fees. These fees play a significant role in eroding the gains made from an investment.

Trading fees

  • Trading fees will vary across different exchanges. Some offer a fixed rate, while others will consider your 30-day average trading volume. Fees may be presented as a percentage of your total investment or as a fixed value depending on specific tiers.

Regulations

  • Consider exchanges regulated within your jurisdiction. This will make it easier to pay taxes and reduce the chances of getting scammed.

Long-term holding (HODL)

  • Investors who look to hold Bytecoin for the long run should consider the project’s roadmap and community activity.

Short-term Holding

  • Traders can look to make a quick buck with short-term holding, especially in volatile markets. This should be after careful technical and fundamental analysis.

Is It Safe to Buy Bytecoin Online?

Consider buying Bytecoin from exchanges that offer good security.

Check for the following features on an exchange to ensure your funds and Bytecoins are well protected.

Two-factor authentication

  • Apart from the email and password combination, ensure to activate the two-factor authentication using SMS or Google authenticator. Other exchanges may offer a question-answer combination before withdrawals.

Getting help from official sources only

  • Ask for help from the official channels only. Exchanges have dedicated support teams ready to offer assistance using live chats, email, and phones.

Storing Bytecoin safely

  • We recommend transferring your Bytecoins to an external wallet after purchase. Hardware wallets like Ledger Nano S are the best, especially for a significant investment. Investors can also use the online Bytecoin wallet, which is a web and mobile wallet.

Passing only necessary KYC

  • Many exchanges will require investors to submit their data. We recommend only filling the mandatory fields to complete the verification process.

Use strong passwords for your hot wallet

  • The email and password credentials are the first line of defense for your exchange account and web wallet. We recommend the use of complex passwords to deter scammers and hackers from accessing your accounts.

Use a secure internet connection

  • Avoid accessing your wallet or exchange account over an unencrypted network such as public Wi-Fi. Consider using a VPN if your network connection is not secure.

Never give out your private keys

  • Store the keys safely to avoid leaks which may lead to losing your Bytecoins

How To Store Bytecoin?

Storing your Bytecoin securely is vital. Some exchanges provide digital wallets where the coins will be deposited. Other exchanges will require the investor to provide a wallet address where the coins will be deposited after purchase.

We recommend that investors who want to buy and HODL store their coins in an external offline wallet.

Short-term investors may keep their coins in an online wallet for easy operations.

There are different types of wallets available, and the choice will depend on the amount and type of investment.

Software wallets

These allow users to send, receive and store their Bytecoins online. They require internet connectivity for operations. They are easy to set up and access. Software wallets exist in several forms, including:

  • Web wallets - These are accessible via a browser without the need to download an app. Users can access their wallets using an email password combination, for instance, the Bytecoin web wallet.

  • Mobile wallets - This will require investors to download an application on their mobile phones. A data file is generated that stores your keys. Examples include the Bytecoin mobile wallet and Trust wallet.

  • Desktop wallets - These are downloadable apps on your computer. Again, a data file is generated with your crypto keys which you can access. Secure your device with an anti-virus. An example is the Bytecoin Desktop wallet.

We recommend having a backup copy of your keys stored safely.

Cold wallets

Long-term HODLers prefer to store their investment in cold wallets. They operate offline, making them difficult to hack. There are two categories of cold wallets.

  • Hardware wallets - These are USB-like devices that store your keys. The device is offline, and investors can create a seed phrase to use in case you lose the device. Examples include Ledger and Trezor wallets.

  • Paper wallets - This is paper that contains data needed to access your Bytecoins. It can be presented as a QR code.

How to Sell Bytecoin?

Bytecoin owners will need to sell their coins on exchanges or in person.

Exchanges

  • You will need to transfer your assets to an exchange that supports Bytecoin. These platforms allow you to buy another cryptocurrency like USDT first with Bytecoin. You can then cash out the USDT easily.

Selling Bytecoins in person

  • An investor can seek Bytecoin buyers online or in meetups. You are likely to find buyers in Bytecoin online communities.

Is It Worth Buying Bytecoin Right Now?

It is difficult to see the price of Bytecoin rebounding to its all-time high. After its listing on Binance in May 2017, prices rose by 114%, but the run subsided soon after, and prices have not recovered since then.

It is therefore difficult to see any improvement in the price since the roadmap for this open-source project looks complete. We expect prices to range between $0.0003 - $0.0001 in the short term, barring any external forces.

Final Thoughts

The best way to buy Bytecoin is to first purchase Bitcoin or USDT in a fiat-to-crypto exchange like Coinbase. The Bitcoin can then be exchanged for Bytecoin via a crypto-to-crypto exchange like gate.io.

FAQs

Can I buy Bytecoin in any country?
Is there a limit to how many Bytecoin I can buy?
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What is Bytecoin?
How does Bytecoin work?
Amala Pillai

Amala Pillai

Amala is custom content and news editor based in London. She is a former financial journalist based in Singapore with 7 years of experience covering a range of business and financial topics. Now she focuses on crypto and macro-economics. She has also covered feature profiles, tech, business politics and ESG— she was the Environment Editor for the Solutions Newspaper, 2016 and worked in an editorial capacity at both News corp (Dow Jones) and JBN. She also has experience as a content creator, strategist and brand editor for various financial institutions and banks.