In this article we will explain to you how to purchase DigiByte (DGB) in a very simple way. The first thing we need to understand is what DigiByte is and how this digital currency works.
What is DigiByte?
DigiByte is a new form of currency that has no central authority, is open source, and allows everyone to get involved. DigiByte’s state of the art security makes it more secure than other digital currencies available. Furthermore, it is fast to use and can be sent to everyone around the world in just a matter of seconds.
At the moment, DigiByte has a dedicated community and over 100,000 nodes across the globe. Some people calls it a ‘sleeping giant’ of the cryptocurrencies because of its future potential. Until now, that remains to be seen.
But how is it possible to acquire this virtual currency? Here we will explain you how.
Getting Your Digibyte Wallet
The first thing you need to do is to set up a wallet to store the DigiByte that you want to buy. In order to do so, you will have to go to the DigiByte official wallet page where you will have all the information needed to download and setup a wallet.
There are different guides available to set up a wallet according to the kind of system you have. If you have a Windows computer, you will have to select the DigiByte Windows Wallet Setup.
Once you have downloaded the wallet, install it and run the program. During the installation process they will ask you where to store the files, so you should select the place in your computer.
In order to work properly, the wallet needs to have access to the internet. Once it is downloaded, it will start synchronizing to the blockchain, and this can take some time to be processed.
Then you should press the ‘Settings’ button, enter to ‘Encrypt wallet’ and select a difficult but easy to remember password. This password is very important because without it you would have no access to your coins.
After it, click on ‘File’ and then press ‘Backup wallet.’ It is very important to save the file in a safe place such as an external hard drive or USB.
The best way to store virtual currencies is by using a hardware wallet such as the one built by Ledger. The Ledger Nano S is a great device used to store virtual currencies that has proven to be secure and very useful.
If you have done everything, then you can click the ‘Receive’ button, and after it select the ‘Request payment.’
Copy the long address that will be displayed there and save it because we will have to use it later to store the coins bought in another platform.
Purchasing Digibyte’s DGB Coins
At the moment, there is no fiat market to purchase DigiByte, which is something uncomfortable for users that want to purchase this virtual currency for the first time. In order to buy it, we will have to use Ethereum (ETH), a very important and known currency in the crypto market.
To buy Ethereum we will do it through Coinbase, one of the most important and known platforms in the market, but you can do the same with another exchange in your region, the steps should be very similar.
You will have to create an account in Coinbase by pressing the ‘Sign up’ button on their site. There you will have to provide your name, email and password. The exchange follows very strict financial rules, and that means that they will have to verify your identity in a very serious way.
To verify the information provided you will have to give your phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy cryptocurrencies.
Once you have your account created you will have to purchase Ethereum. To do so, you will have to do it using a credit card or a bank transfer. Now that you already have money in the account, you will have to select ‘buy/sell’ on the top menu and select ‘Ethereum’ as the currency that you want to purchase.
Here you will have to select the amount of ETH that you want to buy. If you have already done it you will see that you have ETH available to buy DigiByte in another exchange.
We will be explaining this with Kucoin, but if you have another account in an exchange that allows you to buy DigiByte with Ethereum, go ahead there.
If you do not have an account here, you will have to Sign Up, option that is available in their main site. Once you confirm all the data provided, you will receive an email in which you have to confirm the account.
We highly recommend you to use two-factor authentication (2FA) because it is much safer than using just a normal username and password. Your funds will remain much safer if you leave the 2FA enabled.
Now we will have to move the ETH bought in Coinbase to Kucoin. Go to the menu and select ‘Assets,’ and after it, Ethereum (ETH). Once you are here you need to press ‘Deposit’ and a new address where you will send the ETH. Copy the address and go to Coinbase.
In Coinbase click the ‘Accounts’ section on the top menu, search your Ethereum wallet and press the ‘Send’ button that will be shown there. Once you have done that, paste the address copied from the Kucoin exchange. Check that the address is the same, and decide how much Ethereum you want to send. After it click ‘Continue’ and confirm the transaction if you are sure about it.
Once you have the coins in your Kucoin wallet, you can buy DigiByte. Go to the DGB/ETH market and search for the ‘Buy/Sell’ option. You will now have to go to the buy side of the site and press the ‘Best price’ option, allowing you to buy at the lowest price available at the moment.
After it, select the amount you want to purchase and press the ‘Buy’ button. Now, you will have the DigiByte that you wanted to buy in your account in Kucoin. The next step is to send them to your wallet, that we have downloaded at the beginning of the guide.
DigiByte is now being traded at $0.0284 dollars per coin, and has a market capitalization of $302 million dollars. That means that DigiByte is the 31st most important virtual currency in the market.
Are you thinking of buying DGB? Why or why not? Let us know in the comments.There is a lot of interest in this coin, so we expect even in a down market for there to be interested parties!