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How to Buy DigiByte in 2022

Last updated 21st Jan 2022

DigiByte (DGB) is a freely-tradable cryptocurrency that’s available on multiple exchanges. It’s a modification of Bitcoin that aims to diversify speed, security, and capacity possibilities. If you are wondering whether you can add this altcoin to your cryptocurrency portfolio or want to learn the best way to purchase it, you are in the right place.

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What Is the Difference Between Buying and Trading Digibyte?

Before you decide whether to buy or trade Digibyte, you should understand what each of these terms entails:

Buying Digibyte- This refers to the process of exchanging a different cryptocurrency or a fiat currency for Digibyte. Once you remit the money, the seller sends the coins into your compatible wallet.

Trading Digibyte- It means forecasting the altcoin’s price and making a profit depending on the prediction’s accuracy. Brokers offer long-and short-term trading options such as contract of difference (CFD), marginal trading, and spread betting.

How to Buy Digibyte Online?

If you want to purchase Digibyte online, you should consider working with a credible cryptocurrency exchange. The best ones exist to give buyers the best buying experience. Here are the exact steps to follow to purchase these coins remotely:

Step 1- Find a suitable exchange.

There are plenty of exchanges today that can offer you the opportunity to purchase Digibyte successfully. However, it would be best to do due diligence to avoid falling prey to scammers.

You need to look for a licensed and accredited exchange that strictly adheres to Know-Your-Customer (KYC) requirements with a proven track record.

Other core factors that you should consider are security, liquidity, and affordability.

Step 2- Sign up and Fund a Purchase.

At this point, you should visit the exchange’s website and click on the signup button. Ensure you provide your real name, email address, identification details, and all the other required details to create your account. Moreover, complete the KYC verification process. The duration and requirements may differ slightly depending on your exchange.

You should also connect your payment method to the exchange. After that, make the required deposit.

Step 3- Make a purchase.

Calculate the amount of money that you need to spend to purchase the correct number of Digibyte coins. Enter the required amount on the buy widget and then confirm the purchase.

It would help if you considered transferring the coins from your exchange’s built-in wallet to an external wallet for security reasons. If you have a substantial amount of DGB coins or want to hold them for an extended period, consider purchasing a cold wallet.

How To Trade Digibyte?

Some people prefer to trade Digibyte since it allows them to make money without owning the coins. In other words, as a trader, you won’t need to worry about the hassle of buying and storing the crypto. Instead, you should follow the steps below.

Step 1- Find an online broker.

You should find a reputable broker that charges minimal fees and supports various payment and withdrawal methods. The platform should also offer users plenty of opportunities to learn how to trade Digibyte and maximize profits. Most importantly, it should guarantee your safety.

Once you’ve chosen a suitable broker, sign up and complete the Know-Your-Customer verification procedure.

Step 2- Deposit money.

You should now use the cheapest funding option available to deposit the money, if possible.

Step 3– Decide how to trade (CFDs, Spread Betting)

It would help if you considered CFDs, margins, spreading betting, and others. After analyzing the price volatility of Digibyte, you might opt for CDFs if you are ready to enter into a short-term contract that pays out the difference in the settlement price between the open and closing trades. However, if the analysis shows that you could earn more if you place a bet on the price movement of Digibyte, you should practice spread-betting.

Once you are ready, open a demo account to master the trading tricks.

What Are the Different Ways To Pay for Digibyte?

Exchanges list the different funding options they accept. Check the fees as well.

Some of the most common ways to pay for Digibyte are:

Credit cards- Credit cards are a moderately accepted mode of payment. They present an excellent option for crypto traders who urgently need loans to finance their purchases.

Pros

  • Convenient

  • Easy to use

  • Secure

  • Fast transactions

Cons

  • High interest and other fees

  • Transaction limits

  • Lack of anonymity

Debit Cards– Debit cards are also widely adopted. Unlike credit cards, you should have a positive bank balance to be able to use it.

Pros

  • Fast transactions

  • Relatively lower fees

  • Easy to use

  • Secure

Cons

  • Lack of anonymity

  • No credit

Cash- Several peer-to-peer (P2P) platforms accept cash as a form of payment. Look for one that operates within your country or takes your fiat currency to avoid conversion charges. Confirm that there is an escrow service in place.

Pros

  • Flexible and customer-centric exchange process

  • Independent of fees associated with brokerages and exchanges

  • Secure if you use reputable escrow services

Cons

  • Security risks due to lack of supervision

  • Escrow service fees increase the transaction cost

PayPal– PayPal is available in the US, UK, and many other countries. This method is typically more expensive than many other options.

Pros

  • Easy to open and fund an account.

  • Secure

Cons

  • Relatively higher transaction fees

  • No direct deposits

Wire Transfers– You can opt for this depending on the wire transfer method that your exchange uses. Fedwire and SWIFT are some of the most common ways.

Pros

  • Available across the world

  • Widely adopted by leading exchanges.

  • High deposit and withdrawal limits.

Cons

  • May have a high minimum deposit

What to Consider When Buying Digibyte?

Here are the primary considerations that you should make when buying Digibyte:

Competition- Digibyte is a modification of Bitcoin, making it a rival of Bitcoin, which is the largest cryptocurrency by market cap.

Digibyte is 40x faster than Bitcoin, making it a great way of sending and receiving value. Other cryptos such as Ripple, Ethereum, Cardano, and Dogecoin are other popular competitors of this altcoin.

Deposit fees- Some exchanges charge huge deposit fees, while others offer the service for free. Before choosing an exchange, find out whether they charge deposit fees.

Trading fees– Crypto trading platforms charge users for their service. Some of them charge a fixed amount. Others will evaluate your trading account for a 30-day trading period and use the data to determine the fees. Some crypto platforms charge as low as 0.1%, while others charge more than 2%.

Regulations- For the safety of your Digibyte and data, you should buy the coin from regulated exchanges. Since some policies governing the buying and selling of this crypto also vary in different countries, do some research before making your final decision.

Volatility- You can’t ignore volatility since the price of Digibyte is incredibly volatile. As of October 2021, it was hovering around 0.046 USD. This followed a sharp drop in early September. At the time of completing this article, the price was 0.055 USD, according to CoinMarketCap.

Volatility could significantly increase or decrease the monetary worth of the coins within a short period.

Short-term holding– You should base your decision to hold your Digibyte coins for a short term on informed market analysis.

Availability of Digibyte Coins- Several exchanges, such as Binance, Kucoin, OKEx, and Changelly PRO, offer Digibyte.

Is It Safe To Buy Digibyte Online?

There are ways to mitigate the risk of cyber scams. One way to do that is to buy cryptocurrency from regulated exchanges. They have instituted policies that enhance the safety of their users.

Moreover, you can take the safety of your Digibyte coins to the next level by doing the following:

Using secure wallets- Hackers can gain access to your Digibyte coins if you store them on any online platform. Avoid storing the coins on your exchange unless they implement advanced security protocols. Overall, if you are a long-term Digibyte trader or can’t risk losing your coins, you should transfer them to a hardware wallet.

Two-factor authentication (2FA)- You can keep away unauthorized people from accessing your account by activating 2FA. It involves using two unique sets of authentication to verify the ownership of your account.

Mandatory KYC Verification details– KYC is essential for the security of exchanges and brokers. However, we recommend giving the required details only.

Seeking help from authorized individuals- Since you don’t want information on your account to land in the wrong hands, only get help from official sources. This includes the sanctioned website and approved emails.

Using secure internet connection- You should access your trading platforms and wallets on your private networks. At the same time, you should install secure antivirus software. Moreover, you should never click on suspicious emails or provide your login accounts to any second or third party. If necessary, you should also use a VPN to hide your identity.

How To Store Digibyte?

We’ve said that you should store your Digibyte in external wallets. There are two types of external wallets, and your choice should be based on your safety needs and the amount you want to store.

Here are the two categories of Digibyte wallets:

Hot wallets- These are digital wallets that are accessible online. They are divided further into desktop, mobile, and web wallets. Examples of these wallets are Exodus, Magnum wallet, DigiByte Go wallet, and DigiByte Core.

Cold wallets- These are wallets that store your Digibyte in an offline environment. Since these wallets keep your coins far away from the reach of hackers, they are considered the safest option. Some of the leading Digibyte cold wallets are Trezor Model T and Ledger Nano X.

How to Sell Digibyte?

Selling Digibyte is quite simple since several trading platforms offer the service. Select an exchange or broker. Let’s take a look at the pros and cons of these options.

Exchanges

Exchanges like Binance and Kucoin are great platforms to sell the altcoin for fiat currency or other cryptos. To do so with ease, you should follow these steps:

  1. Create an account on your chosen platform and verify it.

  2. If the Digibyte coins are stored in your external wallet, load your account with the coins from the storage.

  3. Create a sell order and confirm the transaction.

Pros

  • Most leading exchanges allow you to sell Digibyte for fiat currency like USD.

  • The selling process is simple.

  • Services are available 24/7.

Cons

  • Transaction and withdrawal fees may apply.

  • Exchanges hardly support all fiat currencies.

Brokers

The many safe and reliable DigiByte brokers out there offer credible trading tools that you can use at any time to trade the crypto.

Pros

  • Plenty of safe and reliable brokers.

  • Ability to sell for a fiat currency of your choice.

  • Risk management features

Cons

  • Higher fees apply

Sell in-person

Like other prominent cryptocurrencies, you can sell DigiByte for fiat currency in person. In this case, you look for a buyer either online or offline. If you are successful, you log into your wallet and remit the coins to the individual.

Pros

  • Can bypass KYC verification procedures

  • Escrow services eliminate security fears

  • Freedom to choose who to work with

Cons

  • Difficulty to recover your funds in case of a security breach

Is It Worth Buying Digibyte Right Now?

The price of Digibyte has been increasing almost consistently over the last three months. From around 0.041 USD in September 2021 to an average of 0.055 USD today. Some experts have projected that its price will hit 0.12 by the beginning of 2022.

Before you decide to purchase the coin now, remember to analyze the various factors that could change this positive trend. Consider the few turbulent years that currency has had. The next is the coin’s small market capitalization of approximately $808,735,000, according to CoinMarketCap currently.

Conduct an independent market analysis and make a decision based on your risk appetite.

Final Thoughts

You can purchase Digibyte from a large number of legitimate brokers and exchanges. We know how challenging it can be to select reliable options and offer competitive prices for the coin in the market. So, we’ve added a few of the best ones above. You can also use one or more payment methods we have highlighted to purchase Digibyte and increase your crypto portfolio.

FAQs

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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 and brand editor for various financial institutions and banks.