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Invest in DigiByte in 2022

Last updated 26th Sep 2022
Disclosure

DigiByte is a protocol that was designed to compete with large networks such as Litecoin and Ripple.

The platform enables users to issue assets, launch applications, and even take advantage of virtual identities.

Let’s dive in to find out more.

Best way to invest in DigiByte in 2022

Nowadays, there are plenty of ways to invest in the Digibyte (DGB) token, and picking the one for you can be a daunting task.

To make this process a little bit easier for you, we have created a list of the best options.

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What is DigiByte

DigiByte enables users to send and receive its native token, DGB, on a worldwide scale, through an irreversible and permissionless system.

It was launched in January of 2014 by Jared Tate, and it is supported by The DigiByte Foundation.

The platform also allows its users to design decentralized applications (dApps) through its custom suite of smart contract tools.

DigiByte uses a variation of the Proof-of-Work (PoW) consensus algorithm found in Bitcoin to keep the network synchronized.

Users are incentivized to secure the network through mining and get rewarded in DGB coins as a result.

At the time of writing, DigiByte has a market cap of $690,000,000, with a circulating supply of 14.79 billion DGB tokens.

Pros

  • DigiByte offers fast transaction times.

  • The transaction fees are lower than many other platforms

  • Uses a multi-algorithm approach to enhance security

  • Supports smart contracts and dApps

Cons

  • Not as popular as its competitors

  • Complex wallet navigation

How does DigiByte Work

DigiByte has a multi-layer infrastructure.

First, we have the application layer, also known as the user layer, where anyone can access the decentralized applications using DGB.

Then there is the consensus layer where the transactions get recorded. This allows miners to manage the release of the DGB cryptocurrency token.

Then there’s the network layer, which is the foundational layer of the blockchain which deals with the operational procedures of the network.

The DGB token is the native cryptocurrency token that helps with the maintenance and operation of the DigiByte network.

Ways to buy DigiByte

There are multiple ways through which you can buy DigiByte (DGB) online with ease.

You can use cryptocurrency exchanges, P2P marketplaces, or in-person trading.

  • Cryptocurrency Exchanges – Cryptocurrency exchanges provide you with direct exposure to the cryptocurrency market, and here, the market defines the value of the token. You are also given access to charting tools and other features that you might need while purchasing the DGB token.

  • P2P Marketplaces – P2P cryptocurrency marketplaces provide you with the ability to buy or sell directly with another user. This means that you can just post that you are buying DGB; all you have to do is connect with a seller.

  • In-Person Trading – This is a process where you meet the person you are selling the cryptocurrencies to directly and sell DGB to them in person.

Here is everything you need to know about buying DigiByte (DGB):

  1. The first step is to pick your favorite cryptocurrency exchange or brokerage and just create an account. This should be a fairly simple and straightforward process, where all you have to do is find the “Sign Up” or “Join Us” button on the page, enter your email and some other credentials, and you are good to go. Note that some brokerages might require you to fulfill KYC and AML documents.

  2. The next step involves you funding your account. This is a process where you put funds into the account using FIAT currencies, such as USD, GBP, or EUR. All you really need to do here Is select the deposit option that works best for you and enter the amount you are willing to deposit.

  3. The last but most important step is where you buy the DigiByte (DGB) token itself. Just go over to the search bar on the page in question and type in “DigiByte.” Once you find it, simply click on “Buy” and select how much you would like to spend on the token.

How to invest in DigiByte

Nowadays there are various ways you can invest in the DigiByte (DGB) token.

Different platforms offer different features and it is important to know these to make an informed decision.

  • Exchanges. Exchanges connect you with the market directly where you can buy or trade DGB with ease. These platforms typically also offer analytical tools to help you understand market conditions.

  • Apps. There are many crypto applications specifically developed for iOS and Android devices that allow you to buy, sell, or trade a set of cryptocurrency tokens. All you have to do is find one that supports the DigiByte (DGB) cryptocurrency. Please note that there are scams out there that pose as legitimate platforms so make sure you do your due diligence.

Is it safe to invest in DigiByte right now?

Cryptocurrencies are highly volatile assets and DGB is no different.

The price of cryptos can swing significantly in either direction in a short period of time.

DGB has a strong community backing the project however there are no guarantees that its price will go up, despite what some people may claim on the internet.

You can reduce your level of risk by following the recommended security measures and only investing what you can afford to lose.

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.