A Beginner´s Guide to Buying, Selling, Using, and Mining Digibyte:
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Our society has become accustomed to the instantaneous. From microwaves to fast food, weve been trained to receive our desires immediately. This has compounded exponentially since the arrival of the internet and our smart phones. Heck, you probably wouldnt be reading this article if the webpage had taken more than five seconds to load.
Financial transactions, it seems have not quite caught up with the modern era. Sending money to others can take days. High fees are taken and then finally the money comes into your account. This is not exactly how youd expect transactions to take place in the digital age. But Digibyte is here to help bring money transactions into the 21st century.
Digibyte (DGB) is a cryptocurrency built on a blockchain that is designed to be more secure and faster than your typical fiat currency or even cryptocurrency. A cryptocurrency by definition is a form of digital currency that is represented by a token. The coin is built on a blockchain, which is the ledger that records all of the transaction that are made with the coin. Digibyte is not administered by a centralized organization, but is operated by the open public. Meaning the public must do the work of helping with the transactions and growth of the block chain. Digibyte does this by utilizing the computing power of the people. Its servers, computers and nodes are spread worldwide to help with the speed and security of the transactions.
Digibyte doesnt come with many of the bells and whistles that other cryptocurrencies do. Instead it is meant to a simple but superior cryptocurrency in the areas of security and speed. Digibyte is designed to be the most secure and fastest cryptocurrency in the market. Further information on the nature of Digibyte can be found on websites like Reddit, which will help define the coin.
Its easy to get a hold of Digibyte tokens. First youll need to buy some Bitcoin, which youll use to transfer into Digibyte. Bitcoin can be bought with cash or with credit card through Coinbase. Next youll need to exchange the Bitcoin through an exchange site like Poloniex. On Poloniex youll need to create an account and deposit your Bitcoin. Here, you can exchange the bitcoin into Digibyte.
Next youll need to download the Digibyte wallet, which is free on their website and available on multiple platforms. Youll use your wallet address to move your newly purchased Digiby into your Digibyte wallet.
Ready to cashout on your Digibyte? Just follow the above steps, only in reverse. Use Poloniex to convert your Bitcoin back into Digibyte. Use the address given in Poloniex to transfer your Bitcoin to your Coinbase account. From there youll be able to sell it and turn it to the fiat currency of your choosing, like to USD. Then, visit your nearest ATM to withdraw your money.
There are many ways to use Digibyte, in fact, the possibilities are endless. Because Digibyte has its own true and established blockchain, it can essentially do everything the popular coins like Bitcoin and Litecoin can do. This includes building decentralized applications on top of the Digibyte blockchain and holding digital assets like money, music or data. One unique aspect of Digibyte is that it allows you to send payments to other users without the third party service of a bank or credit card company.
Digibyte can also be used by investing money in it to earn a later profit. By purchasing Digibyte and holding it in your wallet, you are betting that the price of the coin will increase over time in a way that makes you more money. The value of your fiat currency compared to the value of Digibyte will be reflected in the exchange rate. By watching the exchange rate and past trends, youll be able to know if its time to buy, sell or hold.
Coins can also be used for a myriad of other purposes, from purchasing household items, to buying food, to playing online games. Digibyte poker and gaming is fun way to use Digibyte.
Digibyte mining is when a user works on the Digibyte blockchain helping to record and validate processed transactions. Miners actually help create new Digibyte coins when they successfully mine a node on the blockchain. To do this they use high powered calculators often on specialized computers in order to complete the process.
Mining Digibyte can be a profitable hobby, as minors are rewarded for their efforts with more DGB coins. The more people mine Digibyte, the more the market cap for the coin grows. This will help the profitability grow and further incentivise miners to work on Digibyte.
Digibyte is known for being secure. Part of that security is due to the fact that Digibyte doesnt use one algorithm for mining, but five. Also there are over 43,000 full nodes, making it one of the most decentralized coins on the market. Mining Digibyte can be done on Windows 10 and by using a GPU on an AMD video card.
The more a coin grows, the more transactions it will have to process per second. This growth is called scaling, and Digibyte has arguably scaled as well as any coin on the market. For example Bitcoin can currently handle around 4 transactions per second, while Digibyte can handle around 280. Also Bitcoin currently has 10 minute block times, while Digibyte has only 15 second block times. Not only is Digibyte a faster cryptocurrency, but it will be able to handle growth over time as well. The price chart will show that Digibyte has already been able to handle an increased amount of growth.
Digibyte is a coin the has the possibility to compete with Bitcoin and Litecoin. Its promoted as a safer, more reliable and faster cryptocoin, bringing digital payments into the 21st century. The only feature that Bitcoin and Litecoin both have over Digibyte is current value. However keep an eye on the Digibyte chart. It might not be long before this coin is taking off.